BEFORE THE PUBLIC SERVICE COMMISSION OF SOUTH CAROLINA

DOCKET NO. 2011-271-E

In the Matter of: ) ) Application of Duke Energy Carolinas, ) REBUTTAL TESTIMONY OF LLC for Authority to Adjust and Increase ) ROBERT B. HEVERT FOR Its Electric Rates and Charges ) DUKE ENERGY CAROLINAS, LLC ) )

TABLE OF CONTENTS

I. INTRODUCTION...... 3

II. RESPONSE TO THE DIRECT TESTIMONY OF MR. O’DONNELL ...... 8

III. RESPONSE TO MR. CHRISS ...... 42

IV. CONCLUSIONS ...... 44

I. INTRODUCTION

1 Q. ARE YOU THE SAME ROBERT B. HEVERT WHO PREVIOUSLY FILED

2 DIRECT TESTIMONY IN THIS PROCEEDING?

3 A. Yes. I provided Direct Testimony on behalf of Duke Energy Carolinas, LLC (“Duke

4 Energy Carolinas”, or the “Company”) a subsidiary of Duke Energy Corporation (“Duke

5 Energy”).

6 Q. PLEASE STATE THE PURPOSE OF YOUR REBUTTAL TESTIMONY.

7 A. The purpose of my Rebuttal Testimony is to respond to the Direct Testimonies Mr. Kevin

8 W. O’Donnell on behalf of the South Carolina Energy Users Committee and Mr. Steve

9 W. Chriss on behalf of Wal-Mart Stores East, LP and Sam’s East, Inc. (collectively, the

10 “Opposing ROE Witnesses”).

11 Q. HAVE YOU PREPARED ANY REBUTTAL EXHIBITS?

12 A. Yes. Rebuttal Exhibit No. RBH-1 through Rebuttal Exhibit No. RBH-14 have been

13 prepared by me or under my direct supervision.

14 Q. PLEASE BRIEFLY SUMMARIZE THE ANALYSES CONTAINED IN YOUR

15 REBUTTAL TESTIMONY.

16 A. As a preliminary matter, I recognize that proxy group composition is an area of

17 disagreement between Mr. O’Donnell and me in this proceeding.1 While I continue to

18 believe that the approach used in my Direct Testimony is reasonable, I also recognize that

19 the definition and application of the criteria used to develop comparison groups may be

20 subject to reasonable differences in judgment among analysts. Consequently, in order to

1 Mr. Chriss did not prepare any proxy group-related analyses. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 3 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E 1 narrow the range of disputed issues I have produced analytical results for three proxy

2 groups: (1) the proxy group contained in my Direct Testimony, revised to now include

3 three companies that I had excluded based on recently reported operating and financial

4 results and to exclude one company that has suspended dividend payments;2 (2) Mr.

5 O’Donnell’s comparison group including companies with merger activity; and (3) Mr.

6 O’Donnell’s comparison group of companies excluding those with merger activity.

7 For each of those groups, I applied the Constant Growth DCF and CAPM approaches (as

8 discussed in my Direct Testimony) based on data through September 30, 2011. As

9 demonstrated in Tables 1 through 3 (below), proxy group composition does not have a

10 material effect on the analytical results in this case.

2 See Direct Testimony of Robert B. Hevert at 27-30. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 4 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

Table 1: Summary of Results – Hevert Revised Proxy Group

Low Mean High Constant Growth DCF 30-Day Average 9.14% 10.48% 12.04% 90-Day Average 9.08% 10.42% 11.97% 180-Day Average 9.08% 10.42% 11.98%

Sharpe Ratio Derived Market DCF Derived CAPM Results Market Risk Premium Market Risk Premium Eighteen-Month Beta Coefficient Current 30-Year Treasury 11.65% 11.26% (3.29%) Near Term Projected 30-Year 12.33% 11.94% Treasury (3.97%) Average Bloomberg and Value Line Beta Coefficient Current 30-Year Treasury 11.55% 11.16% (3.29%) Near Term Projected 30-Year 12.23% 11.84% Treasury (3.97%)

REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 5 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

Table 2: Summary of Results – O’Donnell Proxy Group (Includes Merger Companies)

Low Mean High Constant Growth DCF 30-Day Average 9.10% 10.32% 11.79% 90-Day Average 9.09% 10.31% 11.78% 180-Day Average 9.12% 10.34% 11.81%

Sharpe Ratio Derived Market DCF Derived CAPM Results Market Risk Premium Market Risk Premium Eighteen-Month Beta Coefficient Current 30-Year Treasury 11.53% 11.15% (3.29%) Near Term Projected 30-Year 12.21% 11.83% Treasury (3.97%) Average Bloomberg and Value Line Beta Coefficient Current 30-Year Treasury 11.46% 11.08% (3.29%) Near Term Projected 30-Year 12.14% 11.75% Treasury (3.97%)

REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 6 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

Table 3: Summary of Results – O’Donnell Proxy Group (No Merger Companies)

Low Mean High Constant Growth DCF 30-Day Average 9.11% 10.29% 11.63% 90-Day Average 9.10% 10.27% 11.62% 180-Day Average 9.13% 10.30% 11.65% Multi-Stage DCF 30-Day Average 9.01% 10.55% 13.58% 90-Day Average 9.05% 10.53% 13.31% 180-Day Average 9.51% 10.58% 13.57% Supporting Methodologies Sharpe Ratio Derived Market DCF Derived CAPM Results Market Risk Premium Market Risk Premium Eighteen-Month Beta Coefficient Current 30-Year Treasury 11.59% 11.20% (3.29%) Near Term Projected 30-Year 12.27% 11.88% Treasury (3.97%) Average Bloomberg and Value Line Beta Coefficient Current 30-Year Treasury 11.49% 11.11% (3.29%) Near Term Projected 30-Year 12.17% 11.79% Treasury (3.97%) 1 Q. HOW IS THE BALANCE OF YOUR REBUTTAL TESTIMONY ORGANIZED?

2 A. The balance of my testimony is organized as follows:

3 • Section II contains my response to Mr. O’Donnell.

4 • Section III contains my response to Mr. Chriss.

5 • Section IV summarizes my conclusions.

REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 7 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 II. RESPONSE TO THE DIRECT TESTIMONY OF MR. O’DONNELL

2 Q. PLEASE PROVIDE A BRIEF SUMMARY OF MR. O’DONNELL’S DIRECT

3 TESTIMONY AND RECOMMENDATION.

4 A. Mr. O’Donnell recommends an ROE of 9.50 percent, which is based on his application of

5 the Constant Growth DCF, and Comparable Earnings approaches. Mr. O’Donnell

6 presents data for a proxy group of 35 companies including companies with merger

7 activity, a proxy group of 31 companies without merger activity, and also for Duke

8 Energy, the parent company of Duke Energy Carolinas. In applying his DCF analysis,

9 Mr. O’Donnell considers a variety of historical and projected growth rates, which

10 produce a range for his mean DCF results of 8.75 percent to 9.75 percent.3

11 Q. AS A GENERAL MATTER, DO YOU BELIEVE MR. O’DONNELL’S

12 RECOMMENDATION OF A 9.50 PERCENT ROE IS FAIR AND REASONABLE

13 FOR THE COMPANY, AND IS ADEQUATE TO SUPPORT CREDIT QUALITY

14 AND ACCESS TO CAPITAL?

15 A. No, I do not. An important consequence of the authorized return is the ability to generate

16 the cash flow (sometimes referred to as “Cash Flow from Operations”, or “CFO”) needed

17 to fund required debt service and capital investments, as well as dividends. While Mr.

18 O’Donnell is correct in pointing out that there generally are three forms of external

19 capital (i.e., common equity, preferred stock, and long-term debt),4 he fails to consider

20 the importance of internally generated funds as a source of financing capital

3 See Direct Testimony of Kevin W. O’Donnell, CFA, at 17. 4 Ibid. at 23. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 8 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 expenditures, as the primary financial measure of credit quality and as the source of

2 dividend payments. From the perspective of fixed income investors, CFO is one of the

3 most important metrics used to assess credit quality; companies with higher levels of

4 funds flow as a ratio of interest or debt tend to have higher credit ratings.5 Similarly,

5 equity investors are keenly focused on a company’s ability to fund capital investments

6 and dividends through cash from operations.

7 In fact, in its January 2011 “Credit Opinion” regarding Duke Energy Carolinas,

8 Moody’s Investors Service (“Moody’s”) noted that the Company’s “strong historical

9 financial credit metrics are expected to decline modestly over the next few years

10 associated with the largely debt-financed nature of its capital investment plans.”6

11 Speaking to factors that could result in negative ratings actions, Moody’s noted that

12 “[r]atings downgrades could occur if Duke Carolinas’ financial profile were to decline

13 more severely, for example to where its ratio of CFO pre w/c [working capital] to debt

14 fall to the high teen’s range for a sustained period of time.”7 In a later report focused on

15 cash flow ratios for the utility industry in general, Moody’s observed that the extent to

16 which cash flow-based ratios exceed target thresholds for given ratings categories (i.e.,

17 the “cushion”) “is not nearly as robust as it might first appear.”8 Moody’s went on to

5 See, for example, Investors Service, Rating Methodology: Regulated Electric and Gas Utilities, and August 2009. 6 Moody’s Investors Service, Credit Opinion: Duke Energy Carolinas, LLC, January 13, 2011. 7 Ibid (clarification added). 8 Moody’s Investors Service, U.S. Utility Cash Flow Ratios Are Less Robust Than They First Appear, November 2, 2011, at 1 REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 9 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 note that if the utility industry were to “exhibit sustained erosion to its cushion, the

2 likelihood for negative ratings action will increase.”9

3 Finally, I note that a material decrease in the Company’s authorized ROE likely would

4 diminish the financial community’s view of the credit-supportive nature of South

5 Carolina’s regulatory environment. Since the regulatory framework and cash-flow based

6 metrics account for nearly 50.00 percent of the weighted factors that Moody’s considers

7 in arriving at ratings determinations,10 Mr. O’Donnell’s recommended ROE of 9.50

8 percent, would put substantial pressure on the Company’s credit profile.

9 Q. WHAT ARE THE KEY AREAS OF DISAGREEMENT BETWEEN YOU AND

10 MR. O’DONNELL?

11 A. There are several areas in which I disagree with Mr. O’Donnell’s approach. In general,

12 those areas include: (1) proxy group selection criteria and comparison companies; (2)

13 growth rate estimates used in our DCF models; (3) Mr. O’Donnell’s application of the

14 comparable earnings analysis; (4) Mr. O’Donnell’s use of pension funding assumptions

15 in supporting his ROE recommendation; and (5) the use of the CAPM model to estimate

16 the Cost of Equity. In addition, while Mr. O’Donnell did not comment on my calculation

17 of flotation cost per se, he did not consider those costs in his ROE recommendation.

9 Ibid., At page 6 of its report, Moody’s identified Duke Energy Corporation as one of the seven companies with “possible cross-over rating risk” from Baa2 to Baa3. 10 See, Moody’s Investor Service, Credit Opinion: Duke Energy Carolinas, January 13, 2011. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 10 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 1. Proxy Group Selection Criteria and Comparison Companies

2 Q. PLEASE SUMMARIZE THE SCREENING CRITERIA BY WHICH MR.

3 O’DONNELL DEVELOPED HIS PROXY GROUP.

4 A. Mr. O’Donnell developed two comparable groups: one that includes companies involved

5 in merger activity and another that excludes companies involved in merger activity. Mr.

6 O’Donnell began with the companies listed in Value Line’s Electric Utility Industry

7 group. He then arrived at his two proxy groups by including only companies that met the

8 following two screening criteria:

9 1. S&P Quality Ranking of B or B+; and

10 2. Pays dividends, or has not recently reinstated or reduced dividends.11

11 Based on those criteria, Mr. O’Donnell arrived at the group of 35 companies (including

12 companies involved in mergers) and a group of 31 companies (excluding companies

13 involved in mergers).

14 Q. ARE THE SCOPE AND DEFINITION OF THE SCREENS APPLIED BY MR.

15 O’DONNELL GENERALLY CONSISTENT WITH THOSE APPLIED IN YOUR

16 DIRECT TESTIMONY?

17 A. While certain of the screening criteria are common to our analyses, there are significant

18 differences between our approaches. In my view, Mr. O’Donnell’s screening criteria are

19 far too general and result in a proxy group that, taken as a whole, is not sufficiently

20 comparable to Duke to arrive at a reasoned ROE recommendation. Finally, I disagree

11 See Direct Testimony of Kevin W. O’Donnell, CFA, at 11. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 11 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 with Mr. O’Donnell’s development of a proxy group including companies involved in

2 merger activity.

3 Q. IS THERE EVIDENCE THAT THE INVESTMENT COMMUNITY VIEWS

4 UTILITIES AS A GROUP OF COMPANIES WITH VARIED OPERATING

5 CHARACTERISTICS, AND THAT SUCH PERCEIVED DIFFERENCES

6 AFFECT INVESTORS’ ASSESSMENTS OF RELATIVE RISKS?

7 A. Yes, there is. Moody’s, for example, noted that “[r]egulated electric and gas companies

8 are a diverse universe in terms of business model (ranging from vertically integrated to

9 unbundled generation, transmission and/or distribution entities).”12 I do not believe that

10 Mr. O’Donnell has properly accounted for such diversity in his screening process.

11 Nonetheless, I have presented a set of updated analytical results for Mr. O’Donnell’s

12 proxy groups.

13 Q. DO YOU HAVE ANY COMMENTS REGARDING MR. O’DONNELL’S USE OF

14 THE S&P QUALITY RANKINGS AS A SCREENING CRITERION?

15 A. While I do not disagree with the use of independent credit agency ratings as a screening

16 criterion per se, I disagree with Mr. O’Donnell’s use of S&P’s quality ratings in lieu of

17 credit ratings. As a practical matter, changes in credit ratings are newsworthy events, and

18 can, at a minimum, increase a company’s borrowing costs and access to capital, and in

19 some cases have more far-reaching effects such as triggering redemptions, collateral

12 Moody’s Investors Service, Rating Methodology: Regulated Electric and Gas Utilities, August 2009. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 12 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 requirements, and other contractual clauses. For instance, Duke Energy, when disclosing

2 risk factors in its 2010 SEC Form 10-K, stated:

3 Duke Energy may be required to repay certain debt should the 4 credit ratings at Duke Energy Carolinas fall to a certain level at 5 S&P or Moody’s. As of December 31, 2010, Duke Energy had $4 6 million of senior unsecured notes which mature serially through 7 2012 that may be required to be repaid if Duke Energy Carolinas’ 8 senior unsecured debt ratings fall below BBB- at S&P or Baa3 at 9 Moody’s, and $14 million of senior unsecured notes which mature 10 serially through 2016 that may be required to be repaid if Duke 11 Energy Carolinas’ senior unsecured debt ratings fall below BBB at 12 S&P or Baa2 at Moody’s.13 13 Quality rankings, which attempt to distill historical data regarding earnings and dividends

14 to a single measure (i.e., B-, B, B+, etc.),14 are far less relevant to the process of

15 establishing a group of comparable companies than are credit ratings, which consider a

16 broad array of current and potential regulatory, business, and financial risks.

17 Q. DO YOU AGREE WITH MR. O’DONNELL’S CONSIDERATION OF DUKE

18 ENERGY, THE PARENT COMPANY OF DUKE ENERGY CAROLINAS, IN HIS

19 ANALYSES?

20 A. No, I do not. As noted in my Direct Testimony, Duke Energy is engaged in a merger

21 with Progress Energy and therefore is not eligible for inclusion in my proxy group.15 In

22 addition, it is my practice to exclude parent companies from the proxy groups of

23 subsidiary utilities, as the inclusion of a parent involves circular logic. Consequently, I

24 continue to not consider Duke Energy in my analyses.

13 Duke Energy Corporation, SEC Form 10-K, December 31, 2010, at 57, 58. 14 See Standard & Poor’s Quality Rankings Portfolio Performance, Risk, and Fundamental Analysis, October 2005, at 5-7. 15 See Direct Testimony of Robert B. Hevert, at 26. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 13 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 Q. WHAT WOULD BE THE EFFECT OF ADOPTING MR. O’DONNELL’S

2 COMPARABLES GROUP FOR YOUR DCF ANALYSIS?

3 A. While I disagree with the majority of companies in Mr. O’Donnell’s proxy groups,

4 applying my Constant Growth DCF methodology to his proxy group produces a range of

5 mean to mean high results of 10.27 percent to 11.65 percent for his proxy group (with no

6 merger activity; see, Rebuttal Exhibit No. RBH-3).16 As noted earlier, that range is

7 highly consistent with the Constant Growth DCF results derived from my Revised Proxy

8 Group.

9 2. DCF Model Growth Rate Estimates

10 Q. WHAT GROWTH RATES DID MR. O’DONNELL CONSIDER IN HIS DCF

11 ANALYSIS?

12 A. As noted in Exhibits KWO-1 and KWO-2, Mr. O’Donnell presents the following growth

13 rates in his testimony: (1) the historical and projected “Plowback Ratio” (also referred to

14 herein as “Sustainable Growth” rates or “Retention Growth” rates) as reported by Value

15 Line; (2) the historical ten-year and five-year compound annual growth rates in Earnings

16 Per Share (“EPS”), Book Value Per Share (“BVPS”), and Dividends Per Share (“DPS”)

17 growth rates as reported by Value Line; (3) the Value Line projected EPS, BVPS, and

18 DPS growth rates; and (4) consensus projected EPS growth rates, as reported by Charles

19 Schwab & Co. Of the growth rates presented in Exhibits KWO-1 and KWO-2, however,

16 Note: In performing this set of DCF calculations using Mr. O’Donnell’s proxy group, I excluded the negative earnings growth rates for Ameren and Edison International. The inclusion of negative growth rates violates the underlying assumption of the Constant Growth DCF of constant average growth rates in perpetuity. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 14 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 Mr. O’Donnell’s DCF results “place more weight on forecasted figures than historical

2 figures in estimating the cost of equity for the comparable group.”17 Despite the range in

3 growth rates presented in Exhibits KWO-1 and KWO-2, Mr. O’Donnell suggests that the

4 “proper growth rate range for the two comparable groups of companies to use in the DCF

5 analysis is 4.5% to 5.0%.”18

6 Q. DO YOU AGREE WITH THE GROWTH RATE ASSUMPTIONS INCLUDED IN

7 MR. O’DONNELL’S ANALYSIS?

8 A. No, I do not. In particular, I disagree with Mr. O’Donnell’s use of historical and

9 projected dividend and book value growth rates, and his application of the “Plowback

10 Ratio.”

11 Q. PLEASE EXPLAIN YOUR CONCERN WITH USING HISTORICAL AND

12 PROJECTED DIVIDEND AND BOOK VALUE GROWTH RATES IN THE DCF

13 MODEL.

14 A. First, as noted in my Direct Testimony, earnings are the fundamental driver of a

15 company’s ability to pay dividends. Management decisions to conserve cash for capital

16 investments, to manage the dividend payout for the purpose of minimizing future

17 dividend reductions, or to signal future earnings prospects, can influence dividend growth

18 rates in near-term periods. As Mr. O’Donnell acknowledges, however, over the long run

19 dividends are dependent on and will increase as a function of earnings.19 Similarly, book

20 value can increase over time only through the addition of retained earnings, or with the

17 Direct Testimony of Kevin W. O’Donnell, CFA, at 16. 18 Ibid. 19 Ibid., at 14. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 15 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 issuance of new equity. Both of those factors are derivative of earnings; retained

2 earnings increase with the amount of earnings not distributed as dividends, and the price

3 at which new equity is issued is a function of the earnings per share and the then-current

4 Price/Earnings ratio.

5 In addition, I disagree with Mr. O’Donnell’s notion that in practice, utility investors value

6 equity securities solely on the basis of growth in dividends.20 As noted in my Direct

7 Testimony, the Constant Growth DCF model assumes that earnings, dividends and book

8 value all grow at the same, constant rate in perpetuity, and that the payout and P/E ratios

9 stay constant over time. Such assumptions rarely (if ever) hold in practice. As a result,

10 investors consider both dividends and the “terminal value” or the price at which they

11 likely will be able to sell the stock, as the relevant sources of cash flow. As a practical

12 matter, the terminal price often is calculated as the product of the expected earnings per

13 share, and the expected P/E ratio at the end of the investment period. That is why the

14 growth rate in the DCF model is considered a “capital appreciation” growth rate; the

15 value of the stock increases at the projected earnings growth rate.21

16 Finally, I note that Value Line is the only service that provides dividend and book

17 value growth projections. To the extent that the earnings projections services used by

18 both Mr. O’Donnell and me represent survey data, the results are less likely to be biased

19 in one direction or another. In addition, academic research has clearly indicated that

20 Ibid., at 7. 21 Assumes a constant P/E ratio. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 16 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 measures of earnings and cash flow are strongly related to returns.22 Consequently,

2 neither dividend nor book value growth should be used in the application of the Constant

3 Growth DCF model.

4 Q. ARE THERE SPECIFIC REASONS TO USE ONLY EARNINGS GROWTH

5 FORECASTS IN THE CONSTANT GROWTH DCF MODEL AND NOT

6 ALTERNATIVE GROWTH ESTIMATES AS MR. O’DONNELL HAS DONE?

7 A. Yes, there are. Earnings are the fundamental driver of a company’s ability to pay

8 dividends and the basis on which book value grows.23 That is, both dividends and book

9 value growth are derivative of earnings growth. In that regard, according to the strict

10 assumptions of the Constant Growth DCF model, earnings, dividends and stock prices all

11 grow at the same constant rate in perpetuity. Under the fundamental assumption of

12 constant earnings growth, payout ratio, and P/E ratio, the Constant Growth DCF model

13 produces the same result whether the stock is held in perpetuity or sold after an assumed

14 holding period (see Rebuttal Exhibit No. RBH-7).

15 As Rebuttal Exhibit No. RBH-7 demonstrates, under the Constant Growth DCF

16 model assumptions, the assumed growth rate equals the rate of capital appreciation (i.e.,

17 the stock price growth rate). Given that investors tend to value common equity on the

18 basis of P/E ratios, the Cost of Equity is a function of the long-term growth in earnings,

19 not dividends or book value. In any event, analysts are aware that utility revenues are set

22 See, for example, Christofi, Christofi, Lori and Moliver, Evaluating Common Stocks Using Value Line’s Projected Cash Flows and Implied Growth Rate, Journal of Investing (Spring 1999); and Harris and Marston, Estimating Shareholder Risk Premia Using Analysts Growth Forecasts, Financial Management, 21 (Summer 1992). 23 See, Direct Testimony of Robert B. Hevert, at 36, 37. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 17 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 based on the subject company’s rate base or book value. Therefore, any relationship

2 between book value and projected growth already is reflected in analysts’ EPS growth

3 projections.

4 Q. PLEASE DESCRIBE THE ANALYSES YOU PERFORMED TO ASSESS THE

5 RELATIONSHIP BETWEEN PROXY COMPANY VALUATIONS AND

6 HISTORICAL AND PROJECTED EARNINGS, DIVIDEND AND BOOK VALUE

7 GROWTH RATES.

8 A. I conducted an analysis of the predictive capability of historical and projected earnings,

9 book value and dividend growth estimates on proxy company valuation levels. As

10 discussed below, my analysis was structured to assess the ability of historical and

11 projected earnings, book value and/or dividend growth estimates to explain proxy group

12 valuation levels. Essentially, the analysis was designed to determine whether investors

13 use historical Earnings per Share, Dividends per Share, or Book Value per Share growth

14 rates when valuing electric utilities.

15 As shown in Rebuttal Exhibit No. RBH-8, my analyses examine the relationship

16 between the Enterprise Value to EBITDA (“EV/EBITDA”) ratios of the Value Line

17 universe of companies, and the historical and projected EPS, BVPS growth rates and

18 DPS growth rates provided by Value Line. In order to establish a sample of sufficient

19 size to be statistically significant, I examined the relationship between the EV/EBITDA

20 ratio of the universe of Value Line electric utilities and the various growth rates reported

21 by Value Line as of September 30, 2011.

REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 18 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 I then performed a series of regression analyses in which the historical and

2 projected growth rates were included as explanatory variables, with the EV/EBITDA

3 ratio as the dependent variable. The intent of those analyses was to determine if

4 historical and projected earnings, book value and dividend growth rates are statistically

5 related to the companies’ valuation levels.

6 Q. WHAT DID THOSE ANALYSES REVEAL?

7 A. As shown in Rebuttal Exhibit No. RBH-8, the results of that analysis indicate that

8 historical and projected book value and dividend growth are not statistically significant

9 explanatory variables for EV/EBITDA ratios; nor are historical earnings growth rates.

10 The results of those analyses demonstrate that the only statistically significant variable

11 was the projected EPS growth rate.

12 Q. WHAT ARE YOUR CONCLUSIONS REGARDING THE USE OF NON-

13 EARNINGS GROWTH RATES IN THE FORMULATION OF THE DCF MODEL

14 FOR DUKE ENERGY CAROLINAS?

15 A. Based on the results of my regression analyses, my conclusion is that it is not appropriate

16 to rely on historical or projected growth rates of book value or dividend growth or

17 historical measures of earnings growth in the Constant Growth DCF model. I therefore

18 have continued to rely on projected EPS growth rates from Value Line, Zacks, and First

19 Call in developing my Constant Growth DCF results.

REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 19 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 Q. HOW DOES MR. O’DONNELL CALCULATE THE SUSTAINABLE GROWTH

2 RATES FOR HIS PROXY GROUP?

3 A. Mr. O’Donnell calculates the Sustainable Growth rates by obtaining the “percent retained

4 to common equity” from Value Line.24 As Mr. O’Donnell explains, the estimate is

5 calculated as the product of the expected earned return on common equity (“R”), and the

6 retention ratio (i.e., the portion of earnings not paid out in dividends, or “B”).25

7 Q. DO YOU AGREE WITH MR. O’DONNELL’S CALCULATION OF THE

8 SUSTAINABLE GROWTH RATE?

9 A. No, I do not. The “Plowback” method is premised on the theory that a firm’s growth is a

10 function of its expected earnings, and the extent to which it retains earnings to invest in

11 the enterprise. The form of the model that Mr. O’Donnell has relied on is its simplest

12 form, projecting growth as a function of retained earnings. However, by calculating the

13 expected growth rate as the product of B and R (which reflects growth from internally

14 generated funds), Mr. O’Donnell ignores the fact that companies can and do experience

15 growth through externally generated funds (i.e., issuances of equity). As noted earlier,

16 Mr. O’Donnell recognizes that utility’s fund investments by issuing common stock.26

17 To incorporate externally generated growth, the Sustainable Growth rate is

18 presented by the equation “BR + SV”, which reflects growth from both internally

19 generated funds (i.e., the “BR” term) and from issuances of equity (i.e., the “SV” term).

20 As noted above, the first term is the product of the retention ratio (i.e., “B”, or the portion

24 Direct Testimony of Kevin W. O’Donnell, CFA, at 13. 25 Ibid., at 12, 13. 26 Ibid., at 6. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 20 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 of net income not paid in dividends) and the expected return on equity (i.e., “R”, or the

2 portion of net income that is “plowed back” into the company as a means of funding

3 growth). The “SV” term can be represented as:

m 4 ( −1) x Common Shares growth rate b

5 where:

m 6 = the market to book ratio. b

7 In this form, the “SV” term reflects an element of growth as the product of (1) the growth

8 in shares outstanding and (2) that portion of the market-to-book ratio that exceeds unity.

9 Q. PUTTING ASIDE THE ISSUE OF EXTERNAL FINANCING, DO YOU HAVE

10 ANY OTHER CONCERNS WITH MR. O’DONNEL’S USE OF THE

11 “PLOWBACK RATIO”?

12 A. Yes, I do. The underlying premise of Mr. O’Donnell’s calculation is that future earnings

13 will increase as the retention ratio (i.e., the portion of earnings not paid out in dividends)

14 increases. That is, if future growth is modeled as “B x R”, growth will increase as the

15 retention ratio increases. There are, however, several reasons why that may not be the

16 case. Management decisions to conserve cash for capital investments, manage the

17 dividend payout for the purpose of minimizing future dividend reductions, or to signal

18 future earnings prospects can and do influence the dividend payout (and therefore

19 earnings retention) in the near-term. Consequently, it is appropriate to determine whether

20 the data used to calculate the Sustainable Growth rate support the assumption that higher

REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 21 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 earnings retention ratios necessarily are associated with higher future earnings growth

2 rates.

3 Q. DID YOU PERFORM ANY ANALYSIS TO TEST THAT ASSUMPTION?

4 A. Yes, I did. Based on Value Line data as of September 30, 2011, I calculated (in each year

5 of the historical periods) the dividend payout ratio, the retention ratio, and the subsequent

6 five-year earnings growth rate for each of the companies in Mr. O’Donnell’s proxy

7 group. I then performed a regression analysis in which the dependent variable was the

8 five-year earnings growth rate, and the explanatory variable was the earnings retention

9 ratio. The purpose of that analysis was to determine whether the Value Line historical

10 data empirically support the assumption that higher retention ratios necessarily produce

11 higher earnings growth rates.27

12 Q. WHAT DID THAT ANALYSIS REVEAL?

13 A. As shown in Table 4 (below, see also Rebuttal Exhibit No. RBH-9), there was a

14 statistically significant negative relationship between the earnings retention ratio and the

15 subsequent five-year earnings growth rate. That is, based on Value Line historical data,

16 earnings growth actually decreased as the retention ratio increased.

27 Value Line also is the data source for Mr. O’Donnell’s sustainable growth estimate. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 22 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

Table 4: Regression Results

Standard Coefficient Error t-Statistic Intercept 0.222 0.032 6.843 Retention Ratio -0.307 0.042 -7.383

1 Q. IS THERE ACADEMIC RESEARCH THAT SUPPORTS YOUR FINDINGS?

2 A. Yes, there is. In 2006, two articles appeared in Financial Analysts Journal, which

3 addressed the theory that high dividend payouts (i.e., low retention ratios) are associated

4 with low future earnings growth.28 Both of those articles cite a 2003 study by Arnott and

5 Asness29 who found that, over the course of 130 years of data, future earnings growth is

6 associated with high, rather than low payout ratios.30 In essence, the findings of all three

7 studies are consistent with my findings regarding the relationship between retention ratios

8 and future earnings growth for the electric utilities in Mr. O’Donnell’s proxy group; there

9 is a negative, not a positive relationship between the two. Considering those articles, it

10 appears that my findings are not anomalous. Given the strong statistical results of my

11 analyses, and the corroborating research discussed above, I continue to believe that Mr.

28 Ping Zhou, William Ruland, Dividend Payout and Future Earnings Growth, Financial Analysts Journal, Vol. 62, No. 3, 2006. See also Owain ap Gwilym, James Seaton, Karina Suddason, Stephen Thomas, International Evidence on the Payout Ratio, Earnings, Dividends and Returns, Financial Analysts Journal, Vol. 62, No. 1, 2006. 29 Robert Arnott, Clifford Asness, Surprise: Higher Dividends = Higher Earnings Growth, Financial Analysts Journal, Vol. 59, No. 1, 2003. 30 Since the payout ratio is the inverse of the retention ratio, the authors found that future earnings growth is negatively related to the retention ratio. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 23 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 O’Donnell’s reliance on the sustainable growth rate in his DCF analysis is not supported

2 by market data.31

3 Q. WHAT ARE YOUR CONCLUSIONS REGARDING THE USE OF RETENTION

4 GROWTH, DIVIDEND GROWTH, AND BOOK VALUE GROWTH IN THE

5 FORMULATION OF THE DCF MODEL FOR DUKE ENERGY CAROLINAS?

6 A. The analyses described above indicate that Mr. O’Donnell’s use of book value and

7 dividend growth rates and his “Plowback Ratio” method in the stock valuation process is

8 not supported by the data used by Mr. O’Donnell and me. Since projected earnings

9 growth is the only variable that has any predictive value with respect to the comparison

10 companies’ valuation levels, earnings growth should be the only variable used in the

11 Constant Growth DCF analyses. As such, my updated DCF analyses continue to be

12 based on projected earnings growth estimates.

13 Q. WHAT WOULD BE THE EFFECT ON MR. O’DONNELL’S CONSTANT

14 GROWTH DCF ANALYSIS IF HE HAD RELIED ONLY ON EARNINGS

15 GROWTH ESTIMATES?

16 A. As shown on Rebuttal Exhibit No. RBH-10, relying on earnings growth rates and the full

17 array of Mr. O’Donnell’s dividend yields in Exhibit KWO-2, Mr. O’Donnell’s DCF

18 results would be as follows:

31 As noted in my response to Mr. O’Donnell’s Comparable Earnings analysis, the “return” component of the “Plowback” rate calculation is subject to a series of assumptions that are not likely hold over the long-term. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 24 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

Table 5: O’Donnell DCF Results Based on Earnings Growth32

13 Wk. Avg. 4 Wk. Avg. Current Wk. Dividend Dividend Dividend Yield Yield Yield Value Line Growth 10.73% 10.74% 10.71% Rate Schwab Growth Rate 9.83% 9.83% 9.79%

1 It also should be noted that, while Mr. O’Donnell provides average dividend yields of

2 4.40 percent to 4.50 percent based on current, four and thirteen-week averages, he does

3 not use this range in his DCF calculation. Combining Mr. O’Donnell’s average forecast

4 EPS growth rate of 5.75 percent with the dividend yield range of 4.25 percent to 4.75

5 percent relied upon in his testimony results in a DCF range of 10.00 percent to 10.50

6 percent (excluding the effect of flotation costs).

7 Q. DO YOU HAVE ANY FURTHER COMMENTS REGARDING THE GROWTH

8 RATES THAT MR. O’DONNELL PRESENTS IN HIS TESTIMONY?

9 A. Yes, I do. Mr. O’Donnell presents eleven different historical and forecasted growth rates,

10 claiming that this approach is “more global” than the approach presented in my Direct

11 Testimony, and thus “only logical.”33 However, certain of Mr. O’Donnell’s average

12 growth rate estimates are so low that they cannot reasonably be considered estimates of

13 the Company’s long-term growth prospects. In particular using the “No Merger

14 Activity” group as an example, Mr. O’Donnell’s average ten-year historical earnings per

15 share growth rate (0.00 percent) and average ten-year historical dividends per share

32 Excludes flotation cost adjustment of 16 basis points (see Direct Testimony of Robert B. Hevert, at 67). 33 Direct Testimony of Kevin W. O’Donnell, CFA, at 29. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 25 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 growth rate (-0.80 percent), as well as his projected dividend per share growth (2.00

2 percent) for Duke Energy, are lower than the current projected 2.24 percent rate of

3 inflation (measured by the spread between the yield on 30-year Treasury securities and

4 the 30-year TIPS yield),34 and as such, represent negative real growth. In my view, it is

5 unreasonable to expect that investors would commit equity capital to a firm expected to

6 experience negative real growth in perpetuity. Consequently, those growth rate

7 projections have no relevant analytical value and should be given no consideration by the

8 Commission in the application of the DCF model.

9 In addition, most of the other historical growth rates presented by Mr. O’Donnell

10 (i.e., average five-year historical earnings per share and dividends per share (both 2.70

11 percent), and the average ten-year book value per share growth rate (3.10 percent) for his

12 proxy group) are only 46 to 86 basis points above the projected long-term inflation rate.

13 While not negative real growth rates, it is highly unlikely that long-term real growth of

14 0.46 percent to 0.86 percent would be sufficient to attract equity investors.

15 I also note that Mr. O’Donnell reasons that the historical growth rates he presents

16 are relevant to an examination of required returns since “[i]nvestors use all of this

17 information in determining the price at which they are willing to pay for the stock.”35 To

18 the extent that analysts such as those included in Mr. O’Donnell’s Charles Schwab

19 consensus earnings growth estimate already consider historical information in arriving at

34 Source: The Federal Reserve, http://www.federalreserve.gov/releases/h15/data.htm 35 Direct Testimony of Kevin W. O’Donnell, CFA, at 29. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 26 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 their conclusions and recommendations, any additional “consideration” would over-

2 weight the informational content of historical growth rates.

3 3. Mr. O’Donnell’s Comparable Earnings Analysis

4 Q. PLEASE SUMMARIZE MR. O’DONNELL’S COMPARABLE EARNINGS

5 ANALYSIS.

6 A. Mr. O’Donnell states that he used the Comparable Earnings method in this case to assess

7 the reasonableness of his DCF results, and to “provide an independent methodological

8 estimate of the return that investors would consider reasonable for Duke.”36 Mr.

9 O’Donnell’s Exhibits KWO-5 and KWO-6 contain the realized Return on Common

10 Equity from 2010 through the forecasted period up to 2016 for each of his two proxy

11 groups, as provided by Value Line.

12 Q. DO YOU AGREE WITH MR. O’DONNELL’S USE OF THE COMPARABLE

13 EARNINGS ANALYSIS AS A REASONABLENESS CHECK TO HIS DCF

14 RESULTS?

15 A. No, I do not. As noted below, for example, the projected realized Return on Common

16 Equity for many of Mr. O’Donnell’s proxy companies is significantly diluted by recent or

17 projected additions to net plant. That result is consistent with Mr. O’Donnell’s

18 recognition that utilities have begun to seek rate relief, and likely will continue to do so,

19 as a result of capital expenditures. The assumption that the Cost of Equity would

36 Ibid., at 18. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 27 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 materially decrease as capital investments increase, however, is contrary to market

2 evidence.

3 Q. HAVE YOU CONDUCTED ANY ANALYSES TO DEMONSTRATE HOW MR.

4 O’DONNELL’S PROXY COMPANIES’ EARNED ROE PROJECTIONS ARE

5 DILUTED BY ONGOING CAPITAL EXPENDITURES?

6 A. Yes, I have. In order to determine whether the earned ROE estimates Mr. O’Donnell

7 relies upon are reasonable indicators of the long-term ROE for his proxy companies, I

8 decomposed Value Line’s earned ROE projections using the “DuPont” formula, which

9 decomposes the Return on Common Equity into three components: (1) the Profit Margin

10 (net income/revenues); (2) Asset Turnover (revenues/net plant); and (3) the Equity

11 Multiplier (net plant/equity).

12 As Rebuttal Exhibit No. RBH-11 demonstrates, based on Mr. O’Donnell’s proxy

13 group including companies involved in mergers, the Asset Turnover rate declines from

14 2001 through Value Line’s 2014 – 2016 projection period. Over that same time period,

15 according to Value Line data, the proxy company average Net Plant experienced a

16 cumulative increase of greater than 130.00 percent. Since, as Mr. O’Donnell notes, the

17 utility industry is going through a period of increased capital investment,37 the lag

18 between the addition of net plant and revenue generated by those investments dilute the

19 Asset Turnover ratio, at least in the near term. Consequently the projected Return on

20 Common Equity also is diminished, as is its usefulness as a measure of investors’

21 expectations of long-term (i.e., in perpetuity) growth.

37 Ibid., at 15. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 28 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 In order to gain an additional perspective on the relationships between plant

2 additions and Asset Turnover, I conducted a regression analysis in which the annual

3 change in the Asset Turnover rate was the dependent variable, and the annual change in

4 Net Plant was the independent variable. As shown in Rebuttal Exhibit No. RBH-11, that

5 analysis shows a statistically significant negative relationship between the two variables,

6 such that as annual net plant increases, the Asset Turnover ratio decreases. Again, that

7 analysis calls into question the reasonableness of the “Plowback” method as a measure of

8 long-term growth.

9 Those findings also are important since, as noted earlier, the projected Return on

10 Common Equity also is an input to Mr. O’Donnell’s “Plowback” method of estimating

11 the long-term growth component of his Constant Growth DCF model; the downward bias

12 in the projected realized Return on Common Equity also results in a downward bias in

13 Mr. O’Donnell’s Constant Growth DCF results.

REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 29 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 4. Relevance of Pension Funding Assumptions in Establishing the Company’s Return on

2 Equity

3 Q. PLEASE SUMMARIZE MR. O’DONNELL’S POSITION REGARDING THE

4 RELEVANCE OF THE ASSUMED EQUITY RATE OF RETURN THE

5 COMPANY IS USING IN ITS RETIREMENT PORTFOLIO FOR

6 CALCULATING ITS PENSION EXPENSE.

7 A. Mr. O’Donnell suggests the Company’s “assumed return on equity for its pension

8 expense to be 8.5%,”38 and reasons that the difference in his calculated 8.50 percent

9 return and my recommended ROE does not “make sense.”39 While Mr. O’Donnell

10 appears to recognize that there is a difference between expected and realized returns, he

11 also suggests that “pension investments are typically more risky, and thereby deserve a

12 higher return, than an investment in a regulated utility.”40

13 Q. WHAT IS YOUR RESPONSE TO MR. O’DONNELL ON THOSE POINTS?

14 A. For several reasons, Mr. O’Donnell’s position is misplaced and not relevant to the

15 determination of the Company’s Cost of Equity. As Mr. O’Donnell supposed, one of my

16 concerns with his use of pension equity return expectations to estimate the authorized

17 equity return is that he ignores the crucial distinction between expected and required

18 returns. That is, the expectation that an asset will return a given amount is fundamentally

19 different than the return required by investors to take on the risks associated with the

38 Ibid., at 21. 39 Ibid. 40 Ibid., at 22. Please note that based on target asset relocation ratios, the calculated expected return on equities disclosed in the Duke Energy Corporation 2010 SEC Form 10-K is considerably higher than Mr. O’Donnell’s 8.50 percent estimate. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 30 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 investment. Expected returns are forecasts of future performance, whereas required

2 returns represent an opportunity cost, and are equal to the returns investors require in

3 order to be compensated to take on the risks of ownership. Thus, a pension fund asset

4 manager will match the expected returns available from various asset classes to the

5 expected liabilities that must be funded, while an investor seeking to maximize his risk-

6 adjusted return will only invest in a security if the expected return is equal to or greater

7 than the required return.

8 The distinction between expected and required returns, and the time horizon of

9 the liabilities being funded by pension assets was noted quite clearly by the Arkansas

10 Public Service Commission (the “APSC”) in Docket No. 04-121-U. In its decision, the

11 APSC commented on the Attorney General witness’ position that expected returns

12 disclosed in the context of pension fund assumptions could be used in determining the

13 ROE for a regulated utility, and noted that:

14 There are two major problems with this sort of analysis: (1) it is 15 unclear how long the time horizon is; and (2) these returns are 16 expected, not required. It is well-established that expected returns 17 may be less than, equal to, or greater than required returns. For 18 that reason, expected returns cannot be used directly as a proxy for 19 required returns, which is the information sought in a general rate 20 case.41

21 In that regard, it also is important to note that in the Order issued in Docket No. 2009-

22 226-E (Duke Energy Carolinas, LLC), the Commission found the stipulated increase in

23 rates, based on a 10.70 percent ROE, to be just and reasonable.42 Nowhere in that Order

41 Docket No. 04-121-U, Order No. 16, Arkansas Public Service Commission, September 19, 2005, at 19. 42 Public Service Commission of South Carolina, Docket No. 2009-226-E, Order No. 2010-79 Approving Increase in Electric Rates and Charges, January 27, 2010, at 47. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 31 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 does the Commission refer to Duke Energy’s pension plan funding assumptions as a basis

2 for its finding regarding the company’s ROE. Similarly, the authorized return for my

3 proxy companies consistently have exceeded their pension assumptions.43 As such, it

4 appears that utility commissions in general, and this Commission in particular have not

5 constrained the authorized ROE to the subject Company’s pension funding assumptions;

6 as the APSC pointed out, it would be inappropriate to do so.

7 Moreover, Mr. O’Donnell fails to take into consideration other very visible and

8 widely available measures of market returns. As noted earlier in my Rebuttal Testimony,

9 for example, Mr. O’Donnell relies heavily on Value Line for the projected and historical

10 growth rates used in his Constant Growth DCF analyses. In addition to projected

11 dividend, book value and earnings per share growth rates, Value Line also provides three

12 to five year total return projections for over 1,500 companies. Given the number of

13 companies contained in the Value Line universe, in aggregate those projections

14 reasonably could be considered to be measures of projected market returns. As shown in

15 Rebuttal Exhibit No. RBH-12, as of November 7, 2011, the market capitalization

16 weighted average return is approximately 16.06 percent. Those forecasts demonstrate

17 that Mr. O’Donnell’s calculation of the Company’s Pension fund equity return

18 expectation is fundamentally different than Value Line’s forecasts for overall market total

19 returns.

43 Source: Hevert Proxy Companies SEC Form 10-K disclosures, Regulatory Research Associates. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 32 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 Q. DO FINANCE TEXTS SUGGEST THAT A COMPANY’S COST OF EQUITY

2 CAN BE ASSESSED IN THE CONTEXT OF PENSION ASSET EXPECTED

3 RETURNS?

4 A. No, they do not. As noted in my Direct Testimony, widely used finance texts recommend

5 the use of multiple models in estimating the Cost of Equity, in particular the DCF,

6 CAPM, Risk Premium, and Arbitrage Pricing Theory approaches.44 In order to

7 determine whether Mr. O’Donnell’s use of expected returns for the purposes of pension

8 asset management also is an approach recommended by finance texts, I reviewed articles

9 published in financial journals, as well as additional texts that speak to the methods used

10 by analysts to estimate the Cost of Equity. With respect to published articles, as early as

11 1985 Brigham, Shome and Vinson addressed methods used to estimate the Cost of Equity

12 for regulated utilities. In their introduction, the authors noted that:

13 In the mid-1960s, Myron Gordon and others began applying the 14 theory of finance to help estimate utilities’ costs of capital. 15 Previously, the standard approach in cost of equity studies was the 16 “comparable earnings method”, which involved selecting a sample 17 of unregulated companies whose investment risk was judged to be 18 comparable to that of the utility in question, calculating the 19 average return on book equity (ROE) of these sample companies, 20 and setting the utility’s service rates at a level that would permit 21 the utility to achieve the same ROE as the comparable companies. 22 This procedure has now been thoroughly discredited...and it has 23 been replaced by three market-oriented approaches: (i) the DCF 24 method, (ii) the bond-yield-plus-risk-premium method, and (iii) the 25 CAPM, which is a specific version of the generalized bond-yield- 26 plus-risk-premium approach.45 27

44 See Direct Testimony of Robert B. Hevert, at 32,33. 45 Eugene F. Brigham, Dilip K. Shome, and Steve R. Vinson, The Risk Premium Approach to Measuring a Utility’s Cost of Equity, Financial Management, Spring, 1985. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 33 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 Similarly, an article published in Financial Analysts Journal surveyed financial analysts

2 to determine the analytical techniques that are used in practice.46 Regarding stock price

3 valuation and cost of capital estimation, the author asked respondents to comment only

4 on the DCF, CAPM, and Economic Value Added models. Nowhere in that article did the

5 author consider asking whether pension fund assumptions are relevant to the

6 determination of the cost of capital.

7 With respect to finance texts, I reviewed both academic and practitioner-oriented

8 volumes. Table 6 (below) summarizes the results of that review. As Table 6

9 demonstrates, the DCF, CAPM and Risk Premium approaches are commonly discussed

10 in both academic and practitioner texts. None of the texts, however, addressed the use of

11 expected pension fund returns as the basis for estimating the Cost of Equity.

46 Stanley B. Block, A Study of Financial Analysts: Practice and Theory, Financial Analysts Journal, July/August, 1999. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 34 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

Table 6: Cost of Equity Estimation Techniques Covered in Finance Texts

Text, Publication Date Authors Cost of Equity Techniques Discussed Academic Texts Principles of Corporate Brealey, Myers • DCF (including examples in the context Finance, 1988 of setting electricity rates) • Capital Asset Pricing Model • Arbitrage Pricing Model • Note: Brealey and Myers discuss pension management, but do not indicated that expected returns are measures of the Cost of Equity Financial Management: Brigham, • DCF, including flotation cost Theory and Practice, 2008 Ehrhardt adjustments • Capital Asset Pricing Model • Bond-Yield-Plus-Risk-Premium Fundamentals of Financial Brigham, • DCF, including flotation cost Management, 2004 Houston adjustments • Capital Asset Pricing Model • Bond-Yield-Plus-Risk-Premium Corporate Finance, 2007 Smart, • Capital Asset Pricing Model Megginson, Gitman Principles of Corporate Brealey, • Constant Growth DCF (including Finance, 2006 Myers, Allen examples in the context of setting electricity rates – updated) • Multi-Stage DCF • Capital Asset Pricing Model Practitioner Texts Cost of Capital; Applications Pratt, • Constant Growth DCF (including and Examples, 2010 Grabowski flotation cost adjustment) • Multi-Stage DCF • Capital Asset Pricing Model • Build-up Models New Regulatory Finance, Morin • Constant Growth DCF (including 2006 flotation cost adjustment) • Multi-Stage DCF • Capital Asset Pricing Model • Empirical CAPM • Risk Premium (Bond yield plus risk premium) • Fama French Three Factor Model REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 35 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

Text, Publication Date Authors Cost of Equity Techniques Discussed • Comparable Earnings 1 5. Relevance and Application of the CAPM

2 Q. DOES MR. O’DONNELL INCORPORATE A CAPM ANALYSIS INTO HIS

3 EVALUATION OF DUKE ENERGY CAROLINAS’S ROE?

4 A. No, he does not. Mr. O’Donnell states that he does not apply the CAPM because he

5 believes that an underlying assumption of the CAPM is that “calculated risk premiums

6 stay relatively constant over time,” and that he has, “found such assumptions to be

7 unrealistic.” 47 Mr. O’Donnell further suggests that, because he believes that Beta

8 coefficients may not reflect “sudden changes in a company’s stock”, the CAPM could

9 produce “meaningless answers.” 48 Finally, Mr. O’Donnell concludes that the CAPM

10 model is a “pure academic model,” and that investors “simply do not use such an

11 academic model in the [sic] daily ‘real life’ decisions.” 49

12 Q. DO YOU AGREE WITH MR. O’DONNELL’S ASSESSMENT OF THE CAPM

13 MODEL?

14 A. No, I do not. As a preliminary matter, all financial models have an “academic” element.

15 And while Mr. O’Donnell chooses not to use the CAPM because there are certain

16 elements of the model that require the application of reasoned judgment in arriving at

17 certain assumptions, the DCF model also is subject to disagreement as to its application;

18 much of my Rebuttal Testimony speaks to the areas in which I believe Mr. O’Donnell has

47 Direct Testimony of Kevin W. O’Donnell, CFA, at 30. 48 Ibid., at 32. 49 Ibid., at 33. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 36 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 misapplied that model. I agree with Mr. O’Donnell, however, that Beta coefficients

2 calculated over a relatively long time period may not reasonably reflect current market

3 conditions.50 As noted on page 44 of my Direct Testimony, Value Line and Bloomberg

4 calculate Beta coefficients over five and two year periods, respectively. Consequently,

5 those Beta coefficients may not adequately reflect investors’ sentiments during periods of

6 rapid and substantial market changes. It is for that reason that the CAPM results

7 presented in my Direct Testimony included analyses based on Beta coefficients

8 calculated over a twelve-month period. In my view, adjusting the model to reflect current

9 market realities is a far more reasonable approach than simply dismissing the approach as

10 “academic”. While analysts may differ in the application of certain assumptions

11 underlying the CAPM, so too do analysts differ in the application of the other ROE

12 estimation techniques. Simply dismissing the use of the CAPM on the basis of that

13 model’s underlying assumptions, however, may ignore market information that may be

14 useful in helping to determine the Company’s ROE.

15 Q. DOES MR. O’DONNELL INCORPORATE A CAPM ANALYSIS INTO HIS

16 EVALUATION OF DUKE ENERGY CAROLINAS’S ROE?

17 A. No, he does not. Mr. O’Donnell states that he does not apply the CAPM because he

18 believes that an underlying assumption of the CAPM is that “calculated risk premiums

19 stay relatively constant over time,” and that he has, “found such assumptions to be

20 unrealistic.” Mr. O’Donnell further suggests that, because he believes that Beta

21 coefficients may not reflect “sudden changes in a company’s stock”, the CAPM could

50 Ibid., at 32. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 37 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 produce “meaningless answers.” Finally, Mr. O’Donnell concludes that the CAPM

2 model is a “pure academic model,” and that investors “simply do not use such an

3 academic model in the [sic] daily ‘real life’ decisions.”

4 Q. DO YOU AGREE WITH MR. O’DONNELL’S ASSESSMENT OF THE CAPM

5 MODEL?

6 A. No, I do not. As a preliminary matter, all financial models have an “academic” element.

7 And while Mr. O’Donnell chooses not to use the CAPM because there are certain

8 elements of the model that require the application of reasoned judgment, the DCF model

9 also is subject to disagreement as to its application; much of my Rebuttal Testimony

10 speaks to the areas in which I believe Mr. O’Donnell has misapplied that model.

11 Moreover, while Mr. O’Donnell noted some of the assumptions underlying the

12 CAPM, he failed to point out the limiting assumptions underlying the Constant Growth

13 DCF model: (1) that earnings, dividends (and book value) grow at the same, constant

14 rate; (2) that the dividend payout ratio stays constant over time; (3) a constant

15 Price/Earnings multiple; and (4) a discount rate greater than the expected growth rate. In

16 my experience, it is difficult to assume that all of those assumptions will hold in

17 perpetuity. Because all financial models are susceptible to the effects of limiting

18 assumptions, as noted in the survey of financial literature regarding Cost of Equity

19 estimation techniques (see Table 6, above), it is common to use multiple methodologies

20 in estimating the Cost of Equity.

REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 38 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 Q. DO YOU AGREE WITH MR. O’DONNELL’S STATEMENT THAT BETA

2 COEFFICIENTS MAY NOT REFLECT CURRENT MARKET CONDITIONS? 51

3 A. As a general matter, I do. As noted on page 44 of my Direct Testimony, Value Line and

4 Bloomberg calculate Beta coefficients over five and two year periods, respectively.

5 Consequently, those Beta coefficients may not adequately reflect investors’ sentiments

6 during periods of rapid and substantial market changes. It is precisely for that reason that

7 the CAPM results presented in my Direct Testimony included analyses based on Beta

8 coefficients calculated over a twelve-month period. In my view, adjusting the model to

9 reflect current market realities is a far more reasonable approach than simply dismissing

10 the approach as “academic”.

11 Q. DO YOU ALSO AGREE WITH MR. O’DONNELL’S ASSERTION THAT THE

12 CAPM IS NOT USED IN THE “REAL WORLD”?

13 A. No, I do not. As noted earlier, the survey published by Financial Analysts Journal by

14 Stanley Block clearly indicated that the CAPM is used by practitioners. In fact, a 2001

15 article by Professors Graham and Harvey demonstrated that industry practitioners are far

16 more likely to use the CAPM than the DCF model.52 As such, I strongly disagree with

17 Mr. O’Donnell’s assertion that the CAPM is not used in practice.

51 Ibid., at 32. 52 John R. Graham, Campbell R. Harvey, The Theory and Practice of Corporate Finance: Evidence from the Field, Journal of Financial Economics, 2001. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 39 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 Q. WHAT IS YOUR CONCLUSION REGARDING MR. O’DONNELL’S

2 REJECTION OF THE CAPM?

3 A. As noted in my Direct Testimony and discussed earlier, the CAPM is widely accepted by

4 academics and practitioners alike in the establishment of the market-required ROE.53

5 While analysts may differ in the application of certain assumptions within the CAPM, so

6 too do analysts differ in the application of the other ROE estimation techniques. Simply

7 dismissing the use of the CAPM and the results produced by that methodology on the

8 basis of that model’s underlying assumptions ignores alternative market information that

9 may be useful in helping to determine the Company’s ROE.

10 6. Flotation Costs

11 Q. HAS MR. O’DONNELL INCORPORATED A FLOTATION COST

12 ADJUSTMENT INTO HIS ROE RECOMMENDATION?

13 A. No, he has not. Nor has he made any reply to my consideration of a flotation cost

14 adjustment in my Direct Testimony.

15 Q. WHAT IS YOUR POSITION REGARDING A FLOTATION COST

16 ADJUSTMENT?

17 A. As discussed in my Direct Testimony, I did not adjust my recommended ROE to reflect

18 the effect of flotation costs.54 While Mr. O’Donnell has not incorporated a flotation cost

19 adjustment into his analyses, I still maintain that such consideration is warranted, and in

20 fact necessary in a complete analysis of investors’ required returns.

53 See, Direct Tesitmony of Robert B. Hevert, at 32,33. 54 Ibid., at 67. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 40 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 Q. HAVE YOU UPDATED THE CALCULATION OF THE FLOTATION COST

2 ADJUSTMENT, AS PRESENTED IN YOUR DIRECT TESTIMONY?55

3 A. Yes, I have. Based on updated market data as of September 30, 2011, the flotation

4 adjustment amount is 0.15 percent (i.e., 15 basis points).56

5 7. Other Issues

6 Q. DID MR. O’DONNELL POINT TO ANY OTHER DATA POINTS IN SUPPORT

7 OF HIS 9.50 PERCENT ROE RECOMMENDATIONS?

8 A. Yes, Mr. O’Donnell suggests that “[o]ther rate of return witnesses across the United

9 States have also recognized the current period of historical low expected rates of return in

10 the marketplace.”57 In support of that position, Mr. O’Donnell points to three ROE

11 recommendations, two in Nevada one in North Carolina, which included

12 recommendations of 9.25 percent, 9.40 percent, and 9.70 percent.58

13 Q. ARE THERE OTHER RECENT ROE RECOMMENDATIONS NOT

14 MENTIONED BY MR. O’DONNELL?

15 A. Yes, there are. For example, from 2008 through 2011, there were a total of 126 ROE

16 recommendations made by vertically integrated investor-owned utilities.59 The average

17 recommended ROE over that period was 11.25 percent; which is 175 basis points above

18 Mr. O’Donnell’s 9.50 percent ROE recommendation. Consequently, I do not agree that

55 Ibid. 56 See Rebuttal Exhibit RBH-14. 57 Direct Testimony of Kevin W. O’Donnell, CFA, at 21. 58 Ibid. 59 Source: Regulatory Research Associates. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 41 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 the four data points noted by Mr. O’Donnell reasonably represent the views of “rate of

2 return witnesses across the United States.”

III. RESPONSE TO MR. CHRISS

3 Q. BRIEFLY SUMMARIZE MR. CHRISS’ TESTIMONY AND

4 RECOMMENDATIONS REGARDING THE COMPANY’S COST OF EQUITY.

5 A. With respect to the Company’s ROE, Mr. Chriss suggests that the inclusion of

6 Construction Work in Progress (“CWIP”) in rate base shifts risk “traditionally assumed

7 by investors” to ratepayers.60 Finally, Mr. Chriss observes that although the proposed

8 merger between Duke Energy Corporation and Progress Energy did not close during the

9 test year, the rates in effect as a result of this docket “likely will be in effect after the

10 companies have been combined.”61

11 Q. DOES MR. CHRISS MAKE A SPECIFIC RECOMMENDATION REGARDING

12 AN ADJUSTMENT WITH RESPECT TO EITHER OF THOSE ISSUES??

13 A. No, he does not.

14 Q. DO YOU AGREE WITH MR. CHRISS’S ASSESSMENT OF THE COMPANY’S

15 RISK RELATED TO CWIP IN RATE BASE?

16 A. No, I do not. I reviewed the legislative and regulatory treatment of CWIP in rate base for

17 the companies contained in my Revised Proxy Group and then expanded my analysis to

18 include the entire United States. Rebuttal Exhibit No. RBH-13 presents the results of my

19 research and indicates that 16 of the 25 jurisdictions served by my Revised Proxy Group

60 Direct Testimony of Steve W. Chriss, at 7. 61 Ibid., at 9. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 42 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1 companies as well 23 of 5162 jurisdictions across the country have implemented some

2 kind of legislative or regulatory framework that provide for the inclusion of CWIP in rate

3 base.

4 Q. WHAT DO YOU CONCLUDE IN THAT REGARD?

5 A. It is clear that the Company’s proposal is not unique to Duke Energy Carolina. In fact

6 such provisions are in place in over 60.00 percent of jurisdictions served by the

7 companies included in my Revised Proxy Group. In my view, for the purpose of

8 estimating the Cost of Equity the relevant analytical issue is whether the Company is so

9 less risky than its peers as a direct result of its proposal that investors would knowingly

10 and measurably reduce their return requirements. Since the risk- mitigating effects of the

11 recovery of CWIP are reflected in the proxy group, it is not appropriate to make an

12 adjustment to the Company’s ROE for the inclusion of CWIP in rate base.

13 Q. WHAT IS YOUR RESPONSE TO MR. CHRISS’ SUGGESTION THAT IF THE

14 MERGER IS APPROVED, THE APPROVED RATES FROM THIS CASE WILL

15 BE IN EFFECT AFTER THE MERGER?63

16 A. I appreciate that Mr. Chriss has not suggested that the Commission make an adjustment

17 for a transaction that has not yet closed. In that regard, I agree that it is appropriate to

18 view Duke Energy Carolinas without respect to the proposed merger and do not believe

19 that any adjustment to the Company’s ROE relating to the combined companies (however

20 such an adjustment might be developed) is appropriate.

62 Includes District of Columbia. 63 See Direct Testimony of Steve W. Chriss, at 9. REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 43 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

1

IV. CONCLUSIONS

2 Q. WHAT ARE YOUR OVERALL CONCLUSIONS?

3 A. My updated analytical results are provided in Tables 12 through 14 (below). As

4 discussed throughout my Rebuttal Testimony, the results of the updated Constant Growth

5 DCF analysis and CAPM analysis rely on analytical methodologies that are supported by

6 underlying market information. Those analytical results remain consistent with the

7 results presented in my Direct Testimony. For the reasons discussed throughout my

8 Rebuttal Testimony, the analyses and conclusions presented by Mr. O’Donnell are

9 unreasonably low and do not reflect current market requirements for the Company’s

10 ROE. Moreover, I view the CAPM results as a means of informing the range of

11 analytical results, and, based on the conclusion that current Beta coefficients more

12 accurately reflect current market conditions than longer-term Beta coefficients, I view the

13 CAPM results produced using those estimates as more informative.

REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 44 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

Table 12: Summary of Results – Hevert Revised Proxy Group

Low Mean High Constant Growth DCF 30-Day Average 9.14% 10.48% 12.04% 90-Day Average 9.08% 10.42% 11.97% 180-Day Average 9.08% 10.42% 11.98%

Sharpe Ratio Derived Market DCF Derived CAPM Results Market Risk Premium Market Risk Premium Eighteen-Month Beta Coefficient Current 30-Year Treasury 11.65% 11.26% (3.29%) Near Term Projected 30-Year 12.33% 11.94% Treasury (3.97%) Average Bloomberg and Value Line Beta Coefficient Current 30-Year Treasury 11.55% 11.16% (3.29%) Near Term Projected 30-Year 12.23% 11.84% Treasury (3.97%)

REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 45 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

Table 13: Summary of Results – O’Donnell Proxy Group (Includes Merger Companies)

Low Mean High Constant Growth DCF 30-Day Average 9.10% 10.32% 11.79% 90-Day Average 9.09% 10.31% 11.78% 180-Day Average 9.12% 10.34% 11.81%

Sharpe Ratio Derived Market DCF Derived CAPM Results Market Risk Premium Market Risk Premium Eighteen-Month Beta Coefficient Current 30-Year Treasury 11.53% 11.15% (3.29%) Near Term Projected 30-Year 12.21% 11.83% Treasury (3.97%) Average Bloomberg and Value Line Beta Coefficient Current 30-Year Treasury 11.46% 11.08% (3.29%) Near Term Projected 30-Year 12.14% 11.75% Treasury (3.97%)

REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 46 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

Table 14: Summary of Results – O’Donnell Proxy Group (No Merger Companies)

Low Mean High Constant Growth DCF 30-Day Average 9.11% 10.29% 11.63% 90-Day Average 9.10% 10.27% 11.62% 180-Day Average 9.13% 10.30% 11.65%

Sharpe Ratio Derived Market DCF Derived CAPM Results Market Risk Premium Market Risk Premium Eighteen-Month Beta Coefficient Current 30-Year Treasury 11.59% 11.20% (3.29%) Near Term Projected 30-Year 12.27% 11.88% Treasury (3.97%) Average Bloomberg and Value Line Beta Coefficient Current 30-Year Treasury 11.49% 11.11% (3.29%) Near Term Projected 30-Year 12.17% 11.79% Treasury (3.97%) 1 Q. DOES THIS CONCLUDE YOUR PRE-FILED REBUTTAL TESTIMONY?

2 A. Yes, it does.

REBUTTAL TESTIMONY OF ROBERT B. HEVERT Page 47 of 47 DUKE ENERGY CAROLINAS, LLC DOCKET NO. 2011-271-E

Rebuttal Exhibit No. RBH-1 Page 1 of 3

30 DAY CONSTANT GROWTH DCF - HEVERT REVISED GROUP

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11]

Expected Value Line Average ROE (Low ROE (Mean ROE (High Annualized Dividend Dividend Zacks EPS EPS Growth Growth Growth Growth Company Ticker Dividend Stock Price Yield Yield Growth Growth First Call Rate Rate) Rate) Rate)

American Electric Power AEP $1.84 $37.74 4.88% 4.98% 4.00% 4.50% 3.97% 4.16% 8.94% 9.13% 9.49% Cleco Corp. CNL $1.12 $34.64 3.23% 3.32% 7.00% 6.00% 3.00% 5.33% 6.28% 8.65% 10.35% Edison International EIX $1.28 $36.74 3.48% 3.55% 5.00% NA 2.90% 3.95% 6.43% 7.50% 8.57% Great Plains Energy Inc. GXP $0.83 $19.18 4.33% 4.48% 9.00% 6.00% 5.80% 6.93% 10.25% 11.41% 13.52% IDACORP, Inc. IDA $1.20 $37.28 3.22% 3.29% 4.70% 4.00% 4.67% 4.46% 7.28% 7.75% 7.99% Integrys Energy Group, Inc. TEG $2.72 $48.84 5.57% 5.78% 4.70% 9.00% 9.50% 7.73% 10.40% 13.52% 15.33% Otter Tail Corp. OTTR $1.19 $19.78 6.02% 6.25% 5.00% 13.00% 5.00% 7.67% 11.17% 13.91% 19.41% Pinnacle West Capital PNW $2.10 $43.13 4.87% 5.01% 5.30% 6.00% 6.25% 5.85% 10.30% 10.86% 11.27% Portland General POR $1.06 $23.70 4.47% 4.60% 5.00% 7.50% 5.32% 5.94% 9.58% 10.54% 12.14% Southern Co. SO $1.89 $41.60 4.54% 4.67% 5.00% 6.00% 5.95% 5.65% 9.66% 10.32% 10.68% Westar Energy WR $1.28 $25.98 4.93% 5.09% 6.10% 8.50% 5.18% 6.59% 10.24% 11.68% 13.64% PROXY GROUP MEAN 4.50% 4.64% 5.53% 7.05% 5.23% 5.84% 9.14% 10.48% 12.04%

PROXY GROUP MEDIAN 4.54% 4.67% 5.00% 6.00% 5.18% 5.85% 9.66% 10.54% 11.27%

Notes [1] Source: Bloomberg [2] Source: Bloomberg. Based on indicated number of days historical average, as of September 30, 2011 [3] Equals Col. [1]/Col. [2] [4] Equals Col. [3] x (1+(0.5 x Col. [8])) [5] Source: Zacks [6] Source: Value Line [7] Source: First Call [8] Equals Avg (Col. [5], [6], [7]) [9] Equals (Col. [3] x (1 + (0.5 x Minimum (Col. [5], [6], [7])))) + Minimum (Col. [5], [6], [7]) [10] Equals Col. [4] + Col. [8] [11] Equals (Col. [3] x (1 + (0.5 x Maximum (Col. [5], [6], [7])))) + Maximum (Col. [5], [6], [7]) Rebuttal Exhibit No. RBH-1 Page 2 of 3

90 DAY CONSTANT GROWTH DCF - HEVERT REVISED GROUP

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11]

Expected Value Line Average ROE (Low ROE (Mean ROE (High Annualized Dividend Dividend Zacks EPS EPS Growth Growth Growth Growth Company Ticker Dividend Stock Price Yield Yield Growth Growth First Call Rate Rate) Rate) Rate)

American Electric Power AEP $1.84 $37.51 4.91% 5.01% 4.00% 4.50% 3.97% 4.16% 8.97% 9.16% 9.52% Cleco Corp. CNL $1.12 $34.49 3.25% 3.33% 7.00% 6.00% 3.00% 5.33% 6.30% 8.67% 10.36% Edison International EIX $1.28 $37.64 3.40% 3.47% 5.00% NA 2.90% 3.95% 6.35% 7.42% 8.49% Great Plains Energy Inc. GXP $0.83 $19.87 4.18% 4.32% 9.00% 6.00% 5.80% 6.93% 10.10% 11.26% 13.37% IDACORP, Inc. IDA $1.20 $38.24 3.14% 3.21% 4.70% 4.00% 4.67% 4.46% 7.20% 7.66% 7.91% Integrys Energy Group, Inc. TEG $2.72 $49.92 5.45% 5.66% 4.70% 9.00% 9.50% 7.73% 10.28% 13.39% 15.21% Otter Tail Corp. OTTR $1.19 $20.62 5.77% 5.99% 5.00% 13.00% 5.00% 7.67% 10.91% 13.66% 19.15% Pinnacle West Capital PNW $2.10 $43.25 4.86% 5.00% 5.30% 6.00% 6.25% 5.85% 10.28% 10.85% 11.26% Portland General POR $1.06 $24.50 4.33% 4.45% 5.00% 7.50% 5.32% 5.94% 9.43% 10.39% 11.99% Southern Co. SO $1.89 $40.43 4.67% 4.81% 5.00% 6.00% 5.95% 5.65% 9.79% 10.46% 10.81% Westar Energy WR $1.28 $26.12 4.90% 5.06% 6.10% 8.50% 5.18% 6.59% 10.21% 11.66% 13.61% PROXY GROUP MEAN 4.44% 4.57% 5.53% 7.05% 5.23% 5.84% 9.08% 10.42% 11.97%

PROXY GROUP MEDIAN 4.67% 4.81% 5.00% 6.00% 5.18% 5.85% 9.79% 10.46% 11.26%

Notes [1] Source: Bloomberg [2] Source: Bloomberg. Based on indicated number of days historical average, as of September 30, 2011 [3] Equals Col. [1]/Col. [2] [4] Equals Col. [3] x (1+(0.5 x Col. [8])) [5] Source: Zacks [6] Source: Value Line [7] Source: First Call [8] Equals Avg (Col. [5], [6], [7]) [9] Equals (Col. [3] x (1 + (0.5 x Minimum (Col. [5], [6], [7])))) + Minimum (Col. [5], [6], [7]) [10] Equals Col. [4] + Col. [8] [11] Equals (Col. [3] x (1 + (0.5 x Maximum (Col. [5], [6], [7])))) + Maximum (Col. [5], [6], [7]) Rebuttal Exhibit No. RBH-1 Page 3 of 3

180 DAY CONSTANT GROWTH DCF - HEVERT REVISED GROUP

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11]

Expected Value Line Average ROE (Low ROE (Mean ROE (High Annualized Dividend Dividend Zacks EPS EPS Growth Growth Growth Growth Company Ticker Dividend Stock Price Yield Yield Growth Growth First Call Rate Rate) Rate) Rate)

American Electric Power AEP $1.84 $36.70 5.01% 5.12% 4.00% 4.50% 3.97% 4.16% 9.08% 9.27% 9.63% Cleco Corp. CNL $1.12 $33.90 3.30% 3.39% 7.00% 6.00% 3.00% 5.33% 6.35% 8.73% 10.42% Edison International EIX $1.28 $37.63 3.40% 3.47% 5.00% NA 2.90% 3.95% 6.35% 7.42% 8.49% Great Plains Energy Inc. GXP $0.83 $19.93 4.17% 4.31% 9.00% 6.00% 5.80% 6.93% 10.09% 11.24% 13.35% IDACORP, Inc. IDA $1.20 $38.21 3.14% 3.21% 4.70% 4.00% 4.67% 4.46% 7.20% 7.67% 7.91% Integrys Energy Group, Inc. TEG $2.72 $50.04 5.44% 5.65% 4.70% 9.00% 9.50% 7.73% 10.26% 13.38% 15.19% Otter Tail Corp. OTTR $1.19 $21.57 5.52% 5.73% 5.00% 13.00% 5.00% 7.67% 10.66% 13.40% 18.88% Pinnacle West Capital PNW $2.10 $42.99 4.89% 5.03% 5.30% 6.00% 6.25% 5.85% 10.31% 10.88% 11.29% Portland General POR $1.06 $24.10 4.40% 4.53% 5.00% 7.50% 5.32% 5.94% 9.51% 10.47% 12.06% Southern Co. SO $1.89 $39.40 4.80% 4.93% 5.00% 6.00% 5.95% 5.65% 9.92% 10.58% 10.94% Westar Energy WR $1.28 $26.21 4.88% 5.04% 6.10% 8.50% 5.18% 6.59% 10.19% 11.64% 13.59% PROXY GROUP MEAN 4.45% 4.58% 5.53% 7.05% 5.23% 5.84% 9.08% 10.42% 11.98%

PROXY GROUP MEDIAN 4.80% 4.93% 5.00% 6.00% 5.18% 5.85% 9.92% 10.58% 11.29%

Notes [1] Source: Bloomberg [2] Source: Bloomberg. Based on indicated number of days historical average, as of September 30, 2011 [3] Equals Col. [1]/Col. [2] [4] Equals Col. [3] x (1+(0.5 x Col. [8])) [5] Source: Zacks [6] Source: Value Line [7] Source: First Call [8] Equals Avg (Col. [5], [6], [7]) [9] Equals (Col. [3] x (1 + (0.5 x Minimum (Col. [5], [6], [7])))) + Minimum (Col. [5], [6], [7]) [10] Equals Col. [4] + Col. [8] [11] Equals (Col. [3] x (1 + (0.5 x Maximum (Col. [5], [6], [7])))) + Maximum (Col. [5], [6], [7]) Rebuttal Exhibit No. RBH-2 Page 1 of 3

30 DAY CONSTANT GROWTH DCF - O'DONNELL PROXY GROUP

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11]

Expected Value Line Average ROE (Low ROE (Mean ROE (High Annualized Dividend Dividend Zacks EPS EPS Growth Growth Growth Growth Company Ticker Dividend Stock Price Yield Yield Growth Growth First Call Rate Rate) Rate) Rate)

Allete ALE $1.78 $37.66 4.73% 4.85% 5.0% 4.5% 6.0% 5.17% 9.33% 10.02% 10.87% Alliant Energy Corp. LNT $1.70 $39.25 4.33% 4.47% 6.00% 7.00% 6.50% 6.50% 10.46% 10.97% 11.48% Ameren Corp. AEE $1.54 $29.70 5.19% 5.25% 4.00% NA 1.00% 2.50% 6.21% 7.75% 9.29% American Electric Power AEP $1.84 $37.74 4.88% 4.98% 4.00% 4.50% 3.97% 4.16% 8.94% 9.13% 9.49% Black Hills Corp. BKH $1.46 $30.32 4.81% 4.96% 5.00% 8.50% 5.00% 6.17% 9.94% 11.13% 13.52% CenterPoint Energy CNP $0.79 $19.52 4.05% 4.15% 5.70% 3.00% 6.44% 5.05% 7.11% 9.20% 10.62% Central Vermont Public Service CV $0.92 $35.01 2.63% 2.70% NA 2.00% 8.90% 5.45% 4.65% 8.15% 11.64% CH Energy Group CHG $2.22 $53.79 4.13% 4.21% NA 4.00% NA 4.00% 8.21% 8.21% 8.21% Cleco Corp. CNL $1.12 $34.64 3.23% 3.32% 7.00% 6.00% 3.00% 5.33% 6.28% 8.65% 10.35% CMS Energy Corp. CMS $0.84 $19.54 4.30% 4.43% 5.50% 7.00% 6.03% 6.18% 9.92% 10.61% 11.45% Consolidated Edison ED $2.40 $56.34 4.26% 4.33% 3.00% 3.00% 3.55% 3.18% 7.32% 7.51% 7.89% Constellation Energy Group, Inc. CEG $0.96 $38.09 2.52% 2.64% 6.00% 18.00% 3.77% 9.26% 6.34% 11.89% 20.75% DTE Energy Co. DTE $2.35 $49.37 4.76% 4.86% 5.00% 4.50% 3.47% 4.32% 8.31% 9.19% 9.88% Edison International EIX $1.28 $36.74 3.48% 3.55% 5.00% NA 2.90% 3.95% 6.43% 7.50% 8.57% Exelon Corp. EXC $2.10 $42.70 4.92% 5.04% 5.00% NA NA 5.00% 10.04% 10.04% 10.04% Great Plains Energy Inc. GXP $0.83 $19.18 4.33% 4.48% 9.00% 6.00% 5.80% 6.93% 10.25% 11.41% 13.52% Hawaiian Electric HE $1.24 $23.81 5.21% 5.45% 8.60% 11.00% 8.60% 9.40% 14.03% 14.85% 16.49% IDACORP, Inc. IDA $1.20 $37.28 3.22% 3.29% 4.70% 4.00% 4.67% 4.46% 7.28% 7.75% 7.99% Integrys Energy Group, Inc. TEG $2.72 $48.84 5.57% 5.78% 4.70% 9.00% 9.50% 7.73% 10.40% 13.52% 15.33% MGE Energy, Inc. MGEE $1.53 $41.30 3.71% 3.78% 4.00% 4.00% 4.00% 4.00% 7.78% 7.78% 7.78% Northeast Utilities NU $1.10 $33.90 3.24% 3.37% 8.20% 7.50% 7.69% 7.80% 10.87% 11.17% 11.58% NV Energy NVE $0.48 $14.48 3.32% 3.47% 8.80% 9.50% 10.12% 9.47% 12.26% 12.95% 13.60% Otter Tail Corp. OTTR $1.19 $19.78 6.02% 6.25% 5.00% 13.00% 5.00% 7.67% 11.17% 13.91% 19.41% Pepco Holdings, Inc. POM $1.08 $18.91 5.71% 5.85% 4.30% 2.50% 7.50% 4.77% 8.28% 10.61% 13.43% PG&E Corp PCG $1.82 $41.87 4.35% 4.45% 5.00% 6.00% 3.81% 4.94% 8.24% 9.39% 10.48% Pinnacle West Capital PNW $2.10 $43.13 4.87% 5.01% 5.30% 6.00% 6.25% 5.85% 10.30% 10.86% 11.27% PNM Resources PNM $0.50 $15.00 3.33% 3.62% 16.70% 19.50% 15.85% 17.35% 19.45% 20.97% 23.16% Progress Energy PGN $2.48 $49.38 5.02% 5.12% 4.50% 3.50% 3.85% 3.95% 8.61% 9.07% 9.63% Public Service Enterprise Group PEG $1.37 $33.39 4.10% 4.12% 2.00% 1.00% 0.14% 1.05% 4.25% 5.17% 6.14% SCANA Corp. SCG $1.94 $39.59 4.90% 5.00% 4.30% 3.00% 4.82% 4.04% 7.97% 9.04% 9.84% TECO Energy, Inc. TE $0.86 $17.72 4.85% 5.02% 4.70% 10.50% 5.81% 7.00% 9.67% 12.03% 15.61% UIL Holdings Corp. UIL $1.73 $32.83 5.26% 5.36% 4.00% 3.00% 4.05% 3.68% 8.34% 9.04% 9.42% Vectren Corp. VVC $1.38 $26.90 5.13% 5.27% 5.00% 5.50% 5.57% 5.36% 10.26% 10.62% 10.84% Westar Energy WR $1.28 $25.98 4.93% 5.09% 6.10% 8.50% 5.18% 6.59% 10.24% 11.68% 13.64% Xcel Energy, Inc. XEL $1.04 $24.46 4.25% 4.36% 4.90% 5.00% 5.05% 4.98% 9.26% 9.34% 9.41% PROXY GROUP MEAN 4.39% 4.51% 5.64% 6.56% 5.57% 5.81% 9.10% 10.32% 11.79%

PROXY GROUP MEDIAN 4.35% 4.48% 5.00% 5.75% 5.05% 5.17% 8.94% 10.02% 10.84%

Notes [1] Source: Bloomberg [2] Source: Bloomberg. Based on indicated number of days historical average, as of September 30, 2011 [3] Equals Col. [1]/Col. [2] [4] Equals Col. [3] x (1+(0.5 x Col. [8])) [5] Source: Zacks [6] Source: Value Line [7] Source: First Call [8] Equals Avg (Col. [5], [6], [7]) [9] Equals (Col. [3] x (1 + (0.5 x Minimum (Col. [5], [6], [7])))) + Minimum (Col. [5], [6], [7]) [10] Equals Col. [4] + Col. [8] [11] Equals (Col. [3] x (1 + (0.5 x Maximum (Col. [5], [6], [7])))) + Maximum (Col. [5], [6], [7]) Rebuttal Exhibit No. RBH-2 Page 2 of 3

90 DAY CONSTANT GROWTH DCF - O'DONNELL PROXY GROUP

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11]

Expected Value Line Average ROE (Low ROE (Mean ROE (High Annualized Dividend Dividend Zacks EPS EPS Growth Growth Growth Growth Company Ticker Dividend Stock Price Yield Yield Growth Growth First Call Rate Rate) Rate) Rate)

Allete ALE $1.78 $39.07 4.56% 4.67% 5.00% 4.50% 6.00% 5.17% 9.16% 9.84% 10.69% Alliant Energy Corp. LNT $1.70 $39.63 4.29% 4.43% 6.00% 7.00% 6.50% 6.50% 10.42% 10.93% 11.44% Ameren Corp. AEE $1.54 $29.00 5.31% 5.38% 4.00% NA 1.00% 2.50% 6.34% 7.88% 9.42% American Electric Power AEP $1.84 $37.51 4.91% 5.01% 4.00% 4.50% 3.97% 4.16% 8.97% 9.16% 9.52% Black Hills Corp. BKH $1.46 $30.03 4.86% 5.01% 5.00% 8.50% 5.00% 6.17% 9.98% 11.18% 13.57% CenterPoint Energy CNP $0.79 $19.32 4.09% 4.19% 5.70% 3.00% 6.44% 5.05% 7.15% 9.24% 10.66% Central Vermont Public Service CV $0.92 $34.64 2.66% 2.73% NA 2.00% 8.90% 5.45% 4.68% 8.18% 11.67% CH Energy Group CHG $2.22 $53.14 4.18% 4.26% NA 4.00% NA 4.00% 8.26% 8.26% 8.26% Cleco Corp. CNL $1.12 $34.49 3.25% 3.33% 7.00% 6.00% 3.00% 5.33% 6.30% 8.67% 10.36% CMS Energy Corp. CMS $0.84 $19.45 4.32% 4.45% 5.50% 7.00% 6.03% 6.18% 9.94% 10.63% 11.47% Consolidated Edison ED $2.40 $54.09 4.44% 4.51% 3.00% 3.00% 3.55% 3.18% 7.50% 7.69% 8.07% Constellation Energy Group, Inc. CEG $0.96 $37.70 2.55% 2.66% 6.00% 18.00% 3.77% 9.26% 6.36% 11.92% 20.78% DTE Energy Co. DTE $2.35 $49.46 4.75% 4.85% 5.00% 4.50% 3.47% 4.32% 8.30% 9.18% 9.87% Edison International EIX $1.28 $37.64 3.40% 3.47% 5.00% NA 2.90% 3.95% 6.35% 7.42% 8.49% Exelon Corp. EXC $2.10 $42.53 4.94% 5.06% 5.00% NA NA 5.00% 10.06% 10.06% 10.06% Great Plains Energy Inc. GXP $0.83 $19.87 4.18% 4.32% 9.00% 6.00% 5.80% 6.93% 10.10% 11.26% 13.37% Hawaiian Electric HE $1.24 $23.77 5.22% 5.46% 8.60% 11.00% 8.60% 9.40% 14.04% 14.86% 16.50% IDACORP, Inc. IDA $1.20 $38.24 3.14% 3.21% 4.70% 4.00% 4.67% 4.46% 7.20% 7.66% 7.91% Integrys Energy Group, Inc. TEG $2.72 $49.92 5.45% 5.66% 4.70% 9.00% 9.50% 7.73% 10.28% 13.39% 15.21% MGE Energy, Inc. MGEE $1.53 $40.88 3.74% 3.82% 4.00% 4.00% 4.00% 4.00% 7.82% 7.82% 7.82% Northeast Utilities NU $1.10 $34.16 3.22% 3.35% 8.20% 7.50% 7.69% 7.80% 10.84% 11.14% 11.55% NV Energy NVE $0.48 $14.82 3.24% 3.39% 8.80% 9.50% 10.12% 9.47% 12.18% 12.86% 13.52% Otter Tail Corp. OTTR $1.19 $20.62 5.77% 5.99% 5.00% 13.00% 5.00% 7.67% 10.91% 13.66% 19.15% Pepco Holdings, Inc. POM $1.08 $19.08 5.66% 5.79% 4.30% 2.50% 7.50% 4.77% 8.23% 10.56% 13.37% PG&E Corp PCG $1.82 $41.84 4.35% 4.46% 5.00% 6.00% 3.81% 4.94% 8.24% 9.39% 10.48% Pinnacle West Capital PNW $2.10 $43.25 4.86% 5.00% 5.30% 6.00% 6.25% 5.85% 10.28% 10.85% 11.26% PNM Resources PNM $0.50 $15.60 3.20% 3.48% 16.70% 19.50% 15.85% 17.35% 19.31% 20.83% 23.02% Progress Energy PGN $2.48 $47.88 5.18% 5.28% 4.50% 3.50% 3.85% 3.95% 8.77% 9.23% 9.80% Public Service Enterprise Group PEG $1.37 $32.49 4.22% 4.24% 2.00% 1.00% 0.14% 1.05% 4.36% 5.29% 6.26% SCANA Corp. SCG $1.94 $39.29 4.94% 5.04% 4.30% 3.00% 4.82% 4.04% 8.01% 9.08% 9.88% TECO Energy, Inc. TE $0.86 $18.21 4.72% 4.89% 4.70% 10.50% 5.81% 7.00% 9.53% 11.89% 15.47% UIL Holdings Corp. UIL $1.73 $32.38 5.34% 5.44% 4.00% 3.00% 4.05% 3.68% 8.42% 9.12% 9.50% Vectren Corp. VVC $1.38 $27.04 5.10% 5.24% 5.00% 5.50% 5.57% 5.36% 10.23% 10.60% 10.82% Westar Energy WR $1.28 $26.12 4.90% 5.06% 6.10% 8.50% 5.18% 6.59% 10.21% 11.66% 13.61% Xcel Energy, Inc. XEL $1.04 $24.18 4.30% 4.41% 4.90% 5.00% 5.05% 4.98% 9.31% 9.39% 9.46% PROXY GROUP MEAN 4.38% 4.50% 5.64% 6.56% 5.57% 5.81% 9.09% 10.31% 11.78%

PROXY GROUP MEDIAN 4.44% 4.51% 5.00% 5.75% 5.05% 5.17% 8.97% 9.84% 10.69%

Notes [1] Source: Bloomberg [2] Source: Bloomberg. Based on indicated number of days historical average, as of September 30, 2011 [3] Equals Col. [1]/Col. [2] [4] Equals Col. [3] x (1+(0.5 x Col. [8])) [5] Source: Zacks [6] Source: Value Line [7] Source: First Call [8] Equals Avg (Col. [5], [6], [7]) [9] Equals (Col. [3] x (1 + (0.5 x Minimum (Col. [5], [6], [7])))) + Minimum (Col. [5], [6], [7]) [10] Equals Col. [4] + Col. [8] [11] Equals (Col. [3] x (1 + (0.5 x Maximum (Col. [5], [6], [7])))) + Maximum (Col. [5], [6], [7]) Rebuttal Exhibit No. RBH-2 Page 3 of 3

180 DAY CONSTANT GROWTH DCF - O'DONNELL PROXY GROUP

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11]

Expected Value Line Average ROE (Low ROE (Mean ROE (High Annualized Dividend Dividend Zacks EPS EPS Growth Growth Growth Growth Company Ticker Dividend Stock Price Yield Yield Growth Growth First Call Rate Rate) Rate) Rate)

Allete ALE $1.78 $38.80 4.59% 4.71% 5.00% 4.50% 6.00% 5.17% 9.19% 9.87% 10.72% Alliant Energy Corp. LNT $1.70 $39.30 4.33% 4.47% 6.00% 7.00% 6.50% 6.50% 10.46% 10.97% 11.48% Ameren Corp. AEE $1.54 $28.73 5.36% 5.43% 4.00% NA 1.00% 2.50% 6.39% 7.93% 9.47% American Electric Power AEP $1.84 $36.70 5.01% 5.12% 4.00% 4.50% 3.97% 4.16% 9.08% 9.27% 9.63% Black Hills Corp. BKH $1.46 $31.01 4.71% 4.85% 5.00% 8.50% 5.00% 6.17% 9.83% 11.02% 13.41% CenterPoint Energy CNP $0.79 $18.18 4.35% 4.46% 5.70% 3.00% 6.44% 5.05% 7.41% 9.50% 10.93% Central Vermont Public Service CV $0.92 $28.58 3.22% 3.31% NA 2.00% 8.90% 5.45% 5.25% 8.76% 12.26% CH Energy Group CHG $2.22 $51.72 4.29% 4.38% NA 4.00% NA 4.00% 8.38% 8.38% 8.38% Cleco Corp. CNL $1.12 $33.90 3.30% 3.39% 7.00% 6.00% 3.00% 5.33% 6.35% 8.73% 10.42% CMS Energy Corp. CMS $0.84 $19.45 4.32% 4.45% 5.50% 7.00% 6.03% 6.18% 9.94% 10.63% 11.47% Consolidated Edison ED $2.40 $52.42 4.58% 4.65% 3.00% 3.00% 3.55% 3.18% 7.65% 7.83% 8.21% Constellation Energy Group, Inc. CEG $0.96 $35.25 2.72% 2.85% 6.00% 18.00% 3.77% 9.26% 6.54% 12.11% 20.97% DTE Energy Co. DTE $2.35 $48.99 4.80% 4.90% 5.00% 4.50% 3.47% 4.32% 8.35% 9.22% 9.92% Edison International EIX $1.28 $37.63 3.40% 3.47% 5.00% NA 2.90% 3.95% 6.35% 7.42% 8.49% Exelon Corp. EXC $2.10 $42.09 4.99% 5.11% 5.00% NA NA 5.00% 10.11% 10.11% 10.11% Great Plains Energy Inc. GXP $0.83 $19.93 4.17% 4.31% 9.00% 6.00% 5.80% 6.93% 10.09% 11.24% 13.35% Hawaiian Electric HE $1.24 $24.31 5.10% 5.34% 8.60% 11.00% 8.60% 9.40% 13.92% 14.74% 16.38% IDACORP, Inc. IDA $1.20 $38.21 3.14% 3.21% 4.70% 4.00% 4.67% 4.46% 7.20% 7.67% 7.91% Integrys Energy Group, Inc. TEG $2.72 $50.04 5.44% 5.65% 4.70% 9.00% 9.50% 7.73% 10.26% 13.38% 15.19% MGE Energy, Inc. MGEE $1.53 $41.01 3.73% 3.81% 4.00% 4.00% 4.00% 4.00% 7.81% 7.81% 7.81% Northeast Utilities NU $1.10 $34.20 3.22% 3.34% 8.20% 7.50% 7.69% 7.80% 10.84% 11.14% 11.55% NV Energy NVE $0.48 $14.84 3.24% 3.39% 8.80% 9.50% 10.12% 9.47% 12.18% 12.86% 13.52% Otter Tail Corp. OTTR $1.19 $21.57 5.52% 5.73% 5.00% 13.00% 5.00% 7.67% 10.66% 13.40% 18.88% Pepco Holdings, Inc. POM $1.08 $18.97 5.69% 5.83% 4.30% 2.50% 7.50% 4.77% 8.27% 10.60% 13.41% PG&E Corp PCG $1.82 $43.63 4.17% 4.27% 5.00% 6.00% 3.81% 4.94% 8.06% 9.21% 10.30% Pinnacle West Capital PNW $2.10 $42.99 4.89% 5.03% 5.30% 6.00% 6.25% 5.85% 10.31% 10.88% 11.29% PNM Resources PNM $0.50 $15.02 3.33% 3.62% 16.70% 19.50% 15.85% 17.35% 19.44% 20.97% 23.15% Progress Energy PGN $2.48 $47.02 5.27% 5.38% 4.50% 3.50% 3.85% 3.95% 8.87% 9.33% 9.89% Public Service Enterprise Group PEG $1.37 $32.25 4.25% 4.27% 2.00% 1.00% 0.14% 1.05% 4.39% 5.32% 6.29% SCANA Corp. SCG $1.94 $39.94 4.86% 4.95% 4.30% 3.00% 4.82% 4.04% 7.93% 8.99% 9.79% TECO Energy, Inc. TE $0.86 $18.34 4.69% 4.85% 4.70% 10.50% 5.81% 7.00% 9.50% 11.86% 15.44% UIL Holdings Corp. UIL $1.73 $31.62 5.46% 5.57% 4.00% 3.00% 4.05% 3.68% 8.55% 9.25% 9.63% Vectren Corp. VVC $1.38 $27.01 5.11% 5.25% 5.00% 5.50% 5.57% 5.36% 10.24% 10.60% 10.82% Westar Energy WR $1.28 $26.21 4.88% 5.04% 6.10% 8.50% 5.18% 6.59% 10.19% 11.64% 13.59% Xcel Energy, Inc. XEL $1.04 $24.09 4.32% 4.42% 4.90% 5.00% 5.05% 4.98% 9.32% 9.41% 9.48% PROXY GROUP MEAN 4.41% 4.54% 5.64% 6.56% 5.57% 5.81% 9.12% 10.34% 11.81%

PROXY GROUP MEDIAN 4.58% 4.65% 5.00% 5.75% 5.05% 5.17% 9.08% 9.87% 10.82%

Notes [1] Source: Bloomberg [2] Source: Bloomberg. Based on indicated number of days historical average, as of September 30, 2011 [3] Equals Col. [1]/Col. [2] [4] Equals Col. [3] x (1+(0.5 x Col. [8])) [5] Source: Zacks [6] Source: Value Line [7] Source: First Call [8] Equals Avg (Col. [5], [6], [7]) [9] Equals (Col. [3] x (1 + (0.5 x Minimum (Col. [5], [6], [7])))) + Minimum (Col. [5], [6], [7]) [10] Equals Col. [4] + Col. [8] [11] Equals (Col. [3] x (1 + (0.5 x Maximum (Col. [5], [6], [7])))) + Maximum (Col. [5], [6], [7]) Rebuttal Exhibit No. RBH-3 Page 1 of 3

30 DAY CONSTANT GROWTH DCF - O'DONNELL PROXY GROUP LESS COMPANIES PARTY TO MERGER

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11]

Expected Value Line Average ROE (Low ROE (Mean ROE (High Annualized Dividend Dividend Zacks EPS EPS Growth Growth Growth Growth Company Ticker Dividend Stock Price Yield Yield Growth Growth First Call Rate Rate) Rate) Rate)

Allete ALE $1.78 $37.66 4.73% 4.85% 5.0% 4.5% 6.0% 5.17% 9.33% 10.02% 10.87% Alliant Energy Corp. LNT $1.70 $39.25 4.33% 4.47% 6.00% 7.00% 6.50% 6.50% 10.46% 10.97% 11.48% Ameren Corp. AEE $1.54 $29.70 5.19% 5.25% 4.00% NA 1.00% 2.50% 6.21% 7.75% 9.29% American Electric Power AEP $1.84 $37.74 4.88% 4.98% 4.00% 4.50% 3.97% 4.16% 8.94% 9.13% 9.49% Black Hills Corp. BKH $1.46 $30.32 4.81% 4.96% 5.00% 8.50% 5.00% 6.17% 9.94% 11.13% 13.52% CenterPoint Energy CNP $0.79 $19.52 4.05% 4.15% 5.70% 3.00% 6.44% 5.05% 7.11% 9.20% 10.62% Central Vermont Public Service CV $0.92 $35.01 2.63% 2.70% NA 2.00% 8.90% 5.45% 4.65% 8.15% 11.64% CH Energy Group CHG $2.22 $53.79 4.13% 4.21% NA 4.00% NA 4.00% 8.21% 8.21% 8.21% Cleco Corp. CNL $1.12 $34.64 3.23% 3.32% 7.00% 6.00% 3.00% 5.33% 6.28% 8.65% 10.35% CMS Energy Corp. CMS $0.84 $19.54 4.30% 4.43% 5.50% 7.00% 6.03% 6.18% 9.92% 10.61% 11.45% Consolidated Edison ED $2.40 $56.34 4.26% 4.33% 3.00% 3.00% 3.55% 3.18% 7.32% 7.51% 7.89% DTE Energy Co. DTE $2.35 $49.37 4.76% 4.86% 5.00% 4.50% 3.47% 4.32% 8.31% 9.19% 9.88% Edison International EIX $1.28 $36.74 3.48% 3.55% 5.00% NA 2.90% 3.95% 6.43% 7.50% 8.57% Great Plains Energy Inc. GXP $0.83 $19.18 4.33% 4.48% 9.00% 6.00% 5.80% 6.93% 10.25% 11.41% 13.52% Hawaiian Electric HE $1.24 $23.81 5.21% 5.45% 8.60% 11.00% 8.60% 9.40% 14.03% 14.85% 16.49% IDACORP, Inc. IDA $1.20 $37.28 3.22% 3.29% 4.70% 4.00% 4.67% 4.46% 7.28% 7.75% 7.99% Integrys Energy Group, Inc. TEG $2.72 $48.84 5.57% 5.78% 4.70% 9.00% 9.50% 7.73% 10.40% 13.52% 15.33% MGE Energy, Inc. MGEE $1.53 $41.30 3.71% 3.78% 4.00% 4.00% 4.00% 4.00% 7.78% 7.78% 7.78% NV Energy NVE $0.48 $14.48 3.32% 3.47% 8.80% 9.50% 10.12% 9.47% 12.26% 12.95% 13.60% Otter Tail Corp. OTTR $1.19 $19.78 6.02% 6.25% 5.00% 13.00% 5.00% 7.67% 11.17% 13.91% 19.41% Pepco Holdings, Inc. POM $1.08 $18.91 5.71% 5.85% 4.30% 2.50% 7.50% 4.77% 8.28% 10.61% 13.43% PG&E Corp PCG $1.82 $41.87 4.35% 4.45% 5.00% 6.00% 3.81% 4.94% 8.24% 9.39% 10.48% Pinnacle West Capital PNW $2.10 $43.13 4.87% 5.01% 5.30% 6.00% 6.25% 5.85% 10.30% 10.86% 11.27% PNM Resources PNM $0.50 $15.00 3.33% 3.62% 16.70% 19.50% 15.85% 17.35% 19.45% 20.97% 23.16% Public Service Enterprise Group PEG $1.37 $33.39 4.10% 4.12% 2.00% 1.00% 0.14% 1.05% 4.25% 5.17% 6.14% SCANA Corp. SCG $1.94 $39.59 4.90% 5.00% 4.30% 3.00% 4.82% 4.04% 7.97% 9.04% 9.84% TECO Energy, Inc. TE $0.86 $17.72 4.85% 5.02% 4.70% 10.50% 5.81% 7.00% 9.67% 12.03% 15.61% UIL Holdings Corp. UIL $1.73 $32.83 5.26% 5.36% 4.00% 3.00% 4.05% 3.68% 8.34% 9.04% 9.42% Vectren Corp. VVC $1.38 $26.90 5.13% 5.27% 5.00% 5.50% 5.57% 5.36% 10.26% 10.62% 10.84% Westar Energy WR $1.28 $25.98 4.93% 5.09% 6.10% 8.50% 5.18% 6.59% 10.24% 11.68% 13.64% Xcel Energy, Inc. XEL $1.04 $24.46 4.25% 4.36% 4.90% 5.00% 5.05% 4.98% 9.26% 9.34% 9.41% PROXY GROUP MEAN 4.45% 4.57% 5.60% 6.24% 5.62% 5.72% 9.11% 10.29% 11.63%

PROXY GROUP MEDIAN 4.34% 4.47% 5.00% 5.75% 5.05% 5.19% 8.64% 9.37% 10.73%

Notes [1] Source: Bloomberg [2] Source: Bloomberg. Based on indicated number of days historical average, as of September 30, 2011 [3] Equals Col. [1]/Col. [2] [4] Equals Col. [3] x (1+(0.5 x Col. [8])) [5] Source: Zacks [6] Source: Value Line [7] Source: First Call [8] Equals Avg (Col. [5], [6], [7]) [9] Equals (Col. [3] x (1 + (0.5 x Minimum (Col. [5], [6], [7])))) + Minimum (Col. [5], [6], [7]) [10] Equals Col. [4] + Col. [8] [11] Equals (Col. [3] x (1 + (0.5 x Maximum (Col. [5], [6], [7])))) + Maximum (Col. [5], [6], [7]) Rebuttal Exhibit No. RBH-3 Page 2 of 3

90 DAY CONSTANT GROWTH DCF - O'DONNELL PROXY GROUP LESS COMPANIES PARTY TO MERGER

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11]

Expected Value Line Average ROE (Low ROE (Mean ROE (High Annualized Dividend Dividend Zacks EPS EPS Growth Growth Growth Growth Company Ticker Dividend Stock Price Yield Yield Growth Growth First Call Rate Rate) Rate) Rate)

Allete ALE $1.78 $39.07 4.56% 4.67% 5.00% 4.50% 6.00% 5.17% 9.16% 9.84% 10.69% Alliant Energy Corp. LNT $1.70 $39.63 4.29% 4.43% 6.00% 7.00% 6.50% 6.50% 10.42% 10.93% 11.44% Ameren Corp. AEE $1.54 $29.00 5.31% 5.38% 4.00% NA 1.00% 2.50% 6.34% 7.88% 9.42% American Electric Power AEP $1.84 $37.51 4.91% 5.01% 4.00% 4.50% 3.97% 4.16% 8.97% 9.16% 9.52% Black Hills Corp. BKH $1.46 $30.03 4.86% 5.01% 5.00% 8.50% 5.00% 6.17% 9.98% 11.18% 13.57% CenterPoint Energy CNP $0.79 $19.32 4.09% 4.19% 5.70% 3.00% 6.44% 5.05% 7.15% 9.24% 10.66% Central Vermont Public Service CV $0.92 $34.64 2.66% 2.73% NA 2.00% 8.90% 5.45% 4.68% 8.18% 11.67% CH Energy Group CHG $2.22 $53.14 4.18% 4.26% NA 4.00% NA 4.00% 8.26% 8.26% 8.26% Cleco Corp. CNL $1.12 $34.49 3.25% 3.33% 7.00% 6.00% 3.00% 5.33% 6.30% 8.67% 10.36% CMS Energy Corp. CMS $0.84 $19.45 4.32% 4.45% 5.50% 7.00% 6.03% 6.18% 9.94% 10.63% 11.47% Consolidated Edison ED $2.40 $54.09 4.44% 4.51% 3.00% 3.00% 3.55% 3.18% 7.50% 7.69% 8.07% DTE Energy Co. DTE $2.35 $49.46 4.75% 4.85% 5.00% 4.50% 3.47% 4.32% 8.30% 9.18% 9.87% Edison International EIX $1.28 $37.64 3.40% 3.47% 5.00% NA 2.90% 3.95% 6.35% 7.42% 8.49% Great Plains Energy Inc. GXP $0.83 $19.87 4.18% 4.32% 9.00% 6.00% 5.80% 6.93% 10.10% 11.26% 13.37% Hawaiian Electric HE $1.24 $23.77 5.22% 5.46% 8.60% 11.00% 8.60% 9.40% 14.04% 14.86% 16.50% IDACORP, Inc. IDA $1.20 $38.24 3.14% 3.21% 4.70% 4.00% 4.67% 4.46% 7.20% 7.66% 7.91% Integrys Energy Group, Inc. TEG $2.72 $49.92 5.45% 5.66% 4.70% 9.00% 9.50% 7.73% 10.28% 13.39% 15.21% MGE Energy, Inc. MGEE $1.53 $40.88 3.74% 3.82% 4.00% 4.00% 4.00% 4.00% 7.82% 7.82% 7.82% NV Energy NVE $0.48 $14.82 3.24% 3.39% 8.80% 9.50% 10.12% 9.47% 12.18% 12.86% 13.52% Otter Tail Corp. OTTR $1.19 $20.62 5.77% 5.99% 5.00% 13.00% 5.00% 7.67% 10.91% 13.66% 19.15% Pepco Holdings, Inc. POM $1.08 $19.08 5.66% 5.79% 4.30% 2.50% 7.50% 4.77% 8.23% 10.56% 13.37% PG&E Corp PCG $1.82 $41.84 4.35% 4.46% 5.00% 6.00% 3.81% 4.94% 8.24% 9.39% 10.48% Pinnacle West Capital PNW $2.10 $43.25 4.86% 5.00% 5.30% 6.00% 6.25% 5.85% 10.28% 10.85% 11.26% PNM Resources PNM $0.50 $15.60 3.20% 3.48% 16.70% 19.50% 15.85% 17.35% 19.31% 20.83% 23.02% Public Service Enterprise Group PEG $1.37 $32.49 4.22% 4.24% 2.00% 1.00% 0.14% 1.05% 4.36% 5.29% 6.26% SCANA Corp. SCG $1.94 $39.29 4.94% 5.04% 4.30% 3.00% 4.82% 4.04% 8.01% 9.08% 9.88% TECO Energy, Inc. TE $0.86 $18.21 4.72% 4.89% 4.70% 10.50% 5.81% 7.00% 9.53% 11.89% 15.47% UIL Holdings Corp. UIL $1.73 $32.38 5.34% 5.44% 4.00% 3.00% 4.05% 3.68% 8.42% 9.12% 9.50% Vectren Corp. VVC $1.38 $27.04 5.10% 5.24% 5.00% 5.50% 5.57% 5.36% 10.23% 10.60% 10.82% Westar Energy WR $1.28 $26.12 4.90% 5.06% 6.10% 8.50% 5.18% 6.59% 10.21% 11.66% 13.61% Xcel Energy, Inc. XEL $1.04 $24.18 4.30% 4.41% 4.90% 5.00% 5.05% 4.98% 9.31% 9.39% 9.46% PROXY GROUP MEAN 4.43% 4.55% 5.60% 6.24% 5.62% 5.72% 9.10% 10.27% 11.62%

PROXY GROUP MEDIAN 4.44% 4.51% 5.00% 5.50% 5.12% 5.17% 8.97% 9.39% 10.69%

Notes [1] Source: Bloomberg [2] Source: Bloomberg. Based on indicated number of days historical average, as of September 30, 2011 [3] Equals Col. [1]/Col. [2] [4] Equals Col. [3] x (1+(0.5 x Col. [8])) [5] Source: Zacks [6] Source: Value Line [7] Source: First Call [8] Equals Avg (Col. [5], [6], [7]) [9] Equals (Col. [3] x (1 + (0.5 x Minimum (Col. [5], [6], [7])))) + Minimum (Col. [5], [6], [7]) [10] Equals Col. [4] + Col. [8] [11] Equals (Col. [3] x (1 + (0.5 x Maximum (Col. [5], [6], [7])))) + Maximum (Col. [5], [6], [7]) Rebuttal Exhibit No. RBH-3 Page 3 of 3

180 DAY CONSTANT GROWTH DCF - O'DONNELL PROXY GROUP LESS COMPANIES PARTY TO MERGER

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11]

Expected Value Line Average ROE (Low ROE (Mean ROE (High Annualized Dividend Dividend Zacks EPS EPS Growth Growth Growth Growth Company Ticker Dividend Stock Price Yield Yield Growth Growth First Call Rate Rate) Rate) Rate)

Allete ALE $1.78 $38.80 4.59% 4.71% 5.00% 4.50% 6.00% 5.17% 9.19% 9.87% 10.72% Alliant Energy Corp. LNT $1.70 $39.30 4.33% 4.47% 6.00% 7.00% 6.50% 6.50% 10.46% 10.97% 11.48% Ameren Corp. AEE $1.54 $28.73 5.36% 5.43% 4.00% NA 1.00% 2.50% 6.39% 7.93% 9.47% American Electric Power AEP $1.84 $36.70 5.01% 5.12% 4.00% 4.50% 3.97% 4.16% 9.08% 9.27% 9.63% Black Hills Corp. BKH $1.46 $31.01 4.71% 4.85% 5.00% 8.50% 5.00% 6.17% 9.83% 11.02% 13.41% CenterPoint Energy CNP $0.79 $18.18 4.35% 4.46% 5.70% 3.00% 6.44% 5.05% 7.41% 9.50% 10.93% Central Vermont Public Service CV $0.92 $28.58 3.22% 3.31% NA 2.00% 8.90% 5.45% 5.25% 8.76% 12.26% CH Energy Group CHG $2.22 $51.72 4.29% 4.38% NA 4.00% NA 4.00% 8.38% 8.38% 8.38% Cleco Corp. CNL $1.12 $33.90 3.30% 3.39% 7.00% 6.00% 3.00% 5.33% 6.35% 8.73% 10.42% CMS Energy Corp. CMS $0.84 $19.45 4.32% 4.45% 5.50% 7.00% 6.03% 6.18% 9.94% 10.63% 11.47% Consolidated Edison ED $2.40 $52.42 4.58% 4.65% 3.00% 3.00% 3.55% 3.18% 7.65% 7.83% 8.21% DTE Energy Co. DTE $2.35 $48.99 4.80% 4.90% 5.00% 4.50% 3.47% 4.32% 8.35% 9.22% 9.92% Edison International EIX $1.28 $37.63 3.40% 3.47% 5.00% NA 2.90% 3.95% 6.35% 7.42% 8.49% Great Plains Energy Inc. GXP $0.83 $19.93 4.17% 4.31% 9.00% 6.00% 5.80% 6.93% 10.09% 11.24% 13.35% Hawaiian Electric HE $1.24 $24.31 5.10% 5.34% 8.60% 11.00% 8.60% 9.40% 13.92% 14.74% 16.38% IDACORP, Inc. IDA $1.20 $38.21 3.14% 3.21% 4.70% 4.00% 4.67% 4.46% 7.20% 7.67% 7.91% Integrys Energy Group, Inc. TEG $2.72 $50.04 5.44% 5.65% 4.70% 9.00% 9.50% 7.73% 10.26% 13.38% 15.19% MGE Energy, Inc. MGEE $1.53 $41.01 3.73% 3.81% 4.00% 4.00% 4.00% 4.00% 7.81% 7.81% 7.81% NV Energy NVE $0.48 $14.84 3.24% 3.39% 8.80% 9.50% 10.12% 9.47% 12.18% 12.86% 13.52% Otter Tail Corp. OTTR $1.19 $21.57 5.52% 5.73% 5.00% 13.00% 5.00% 7.67% 10.66% 13.40% 18.88% Pepco Holdings, Inc. POM $1.08 $18.97 5.69% 5.83% 4.30% 2.50% 7.50% 4.77% 8.27% 10.60% 13.41% PG&E Corp PCG $1.82 $43.63 4.17% 4.27% 5.00% 6.00% 3.81% 4.94% 8.06% 9.21% 10.30% Pinnacle West Capital PNW $2.10 $42.99 4.89% 5.03% 5.30% 6.00% 6.25% 5.85% 10.31% 10.88% 11.29% PNM Resources PNM $0.50 $15.02 3.33% 3.62% 16.70% 19.50% 15.85% 17.35% 19.44% 20.97% 23.15% Public Service Enterprise Group PEG $1.37 $32.25 4.25% 4.27% 2.00% 1.00% 0.14% 1.05% 4.39% 5.32% 6.29% SCANA Corp. SCG $1.94 $39.94 4.86% 4.95% 4.30% 3.00% 4.82% 4.04% 7.93% 8.99% 9.79% TECO Energy, Inc. TE $0.86 $18.34 4.69% 4.85% 4.70% 10.50% 5.81% 7.00% 9.50% 11.86% 15.44% UIL Holdings Corp. UIL $1.73 $31.62 5.46% 5.57% 4.00% 3.00% 4.05% 3.68% 8.55% 9.25% 9.63% Vectren Corp. VVC $1.38 $27.01 5.11% 5.25% 5.00% 5.50% 5.57% 5.36% 10.24% 10.60% 10.82% Westar Energy WR $1.28 $26.21 4.88% 5.04% 6.10% 8.50% 5.18% 6.59% 10.19% 11.64% 13.59% Xcel Energy, Inc. XEL $1.04 $24.09 4.32% 4.42% 4.90% 5.00% 5.05% 4.98% 9.32% 9.41% 9.48% PROXY GROUP MEAN 4.46% 4.58% 5.60% 6.24% 5.62% 5.72% 9.13% 10.30% 11.65%

PROXY GROUP MEDIAN 4.58% 4.65% 5.00% 5.50% 5.12% 5.17% 9.08% 9.50% 10.82%

Notes [1] Source: Bloomberg [2] Source: Bloomberg. Based on indicated number of days historical average, as of September 30, 2011 [3] Equals Col. [1]/Col. [2] [4] Equals Col. [3] x (1+(0.5 x Col. [8])) [5] Source: Zacks [6] Source: Value Line [7] Source: First Call [8] Equals Avg (Col. [5], [6], [7]) [9] Equals (Col. [3] x (1 + (0.5 x Minimum (Col. [5], [6], [7])))) + Minimum (Col. [5], [6], [7]) [10] Equals Col. [4] + Col. [8] [11] Equals (Col. [3] x (1 + (0.5 x Maximum (Col. [5], [6], [7])))) + Maximum (Col. [5], [6], [7]) Rebuttal Exhibit No. RBH-4 Page 1 of 9

CAPM USING ALTERNATIVE MARKET RISK PREMIUM CALCULATIONS

[3] [4] [5] [6] [7] [8] Market Risk Premium Return on Equity Sharpe Market Sharpe Market Risk Free Average Ratio DCF Ratio DCF Rate Beta Derived Derived Derived Derived

HEVERT REVISED PROXY GROUP EIGHTEEN-MONTH BETA [1] Current 30-Year Treasury (30-day average) 3.29% 0.779 10.74% 10.23% 11.65% 11.26% [2] Near-Term Projected 30-Year Treasury 3.97% 0.779 10.74% 10.23% 12.33% 11.94%

HEVERT REVISED PROXY GROUP AVERAGE BLOOMBERG AND VALUE LINE BETA [1] Current 30-Year Treasury (30-day average) 3.29% 0.770 10.74% 10.23% 11.55% 11.16% [2] Near-Term Projected 30-Year Treasury 3.97% 0.770 10.74% 10.23% 12.23% 11.84%

O'DONNELL PROXY GROUP MERGER COMPANIES INCLUDED EIGHTEEN-MONTH BETA [1] Current 30-Year Treasury (30-day average) 3.29% 0.768 10.74% 10.23% 11.53% 11.15% [2] Near-Term Projected 30-Year Treasury 3.97% 0.768 10.74% 10.23% 12.21% 11.83%

O'DONNELL PROXY GROUP MERGER COMPANIES INCLUDED AVERAGE BLOOMBERG AND VALUE LINE BETA [1] Current 30-Year Treasury (30-day average) 3.29% 0.761 10.74% 10.23% 11.46% 11.08% [2] Near-Term Projected 30-Year Treasury 3.97% 0.761 10.74% 10.23% 12.14% 11.75%

O'DONNELL PROXY GROUP NO MERGER COMPANIES EIGHTEEN-MONTH BETA [1] Current 30-Year Treasury (30-day average) 3.29% 0.773 10.74% 10.23% 11.59% 11.20% [2] Near-Term Projected 30-Year Treasury 3.97% 0.773 10.74% 10.23% 12.27% 11.88%

O'DONNELL PROXY GROUP NO MERGER COMPANIES AVERAGE BLOOMBERG AND VALUE LINE BETA [1] Current 30-Year Treasury (30-day average) 3.29% 0.764 10.74% 10.23% 11.49% 11.11% [2] Near-Term Projected 30-Year Treasury 3.97% 0.764 10.74% 10.23% 12.17% 11.79%

Notes: [1] Source: Bloomberg [2] Source: Blue Chip Financial Forecasts, Vol. 30, No. 9, September 1, 2011, at 2 [3] see Notes [1] and [2] [4] Source: Eighteen-Month = Rebuttal Exhibit No. RBH-12, Average Bloomberg and Value Line = Rebuttal Exhibit No. RBH-11 [5] Equals Col. [13] [6] Source: Rebuttal Exhibit No. RBH-10, pages 2-9 [7] Equals (Col. [4] x Col. [5]) + Col. [3] [8] Equals (Col. [4] x Col. [6]) + Col. [3]

MARKET RISK PREMIUM USING EXPECTED MARKET SHARPE RATIO

[9] [10] [11] [12] [13] Historical Market

RPh Volh VOLe Sharpe Ratio RPe

6.70% 20.28% 32.49% 33.04% 10.74%

[14] [15] [16] [17]

Jan12 VIX Feb12 VIX Mar12 VIX Date VXV Futures Futures Futures

9/30/2011 41.24 35.50 34.70 34.25 9/29/2011 38.18 33.80 33.25 33.00 9/28/2011 39.52 34.30 33.65 33.35 9/27/2011 37.21 33.05 32.65 32.45 9/26/2011 38.03 33.30 32.95 32.70 9/23/2011 39.55 33.95 33.60 33.30 9/22/2011 39.15 33.80 33.40 33.20 9/21/2011 36.19 32.30 32.20 32.00 9/20/2011 33.62 31.30 31.30 31.35 9/19/2011 33.81 31.45 31.50 31.60 9/16/2011 32.95 30.80 30.90 31.05 9/15/2011 33.52 31.00 31.05 31.15 9/14/2011 34.96 31.75 31.65 31.70 9/13/2011 36.06 32.20 32.10 32.15 9/12/2011 37.06 32.25 32.15 32.15 9/9/2011 36.64 31.85 31.75 31.90 9/8/2011 33.71 30.70 30.75 30.80 9/7/2011 32.96 30.25 30.30 30.40 9/6/2011 35.38 31.00 31.00 31.20 9/2/2011 33.79 30.40 30.50 30.70 9/1/2011 31.99 29.95 30.05 30.30 8/31/2011 31.67 29.70 29.85 30.05 8/30/2011 32.47 30.35 30.50 30.65 8/29/2011 31.98 29.55 29.70 29.95 8/26/2011 34.41 30.45 30.50 30.70 8/25/2011 36.61 30.85 30.90 30.95 8/24/2011 34.80 30.30 30.25 30.35 8/23/2011 34.79 29.90 29.85 29.80 8/22/2011 38.26 30.05 29.90 29.85 8/19/2011 37.90 29.70 29.65 29.65

Average 32.49

Notes: [9] Source: Morningstar, Inc. [1] RP h = historical arithmetic average Risk Premium RP h Vol =× RP [10] Source: Morningstar, Inc. ee Volh [2] Vol h = historical market volatility

[11] Vol e = expected market volatility (average of Cols. [14]-[17]) [12] Equals Col. [9] / Col. [10] [13] Equals Col. [11] x Col. [12] [14] Source: Bloomberg [15] Source: Bloomberg [16] Source: Bloomberg [17] Source: Bloomberg Rebuttal Exhibit No. RBH-4 Page 2 of 9

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

[18] [19] [20] Estimated Weighted Index S&P 500 Weighted Index Long-Term Est. Required Dividend Yield Growth Rate Market Return

2.32% 11.07% 13.52%

[21] Current 30-Year Treasury (30-day average) 3.29%

[22] Implied Market Risk Premium: 10.23%

STANDARD AND POOR'S 500 INDEX

[23] [24] [25] [26] [27] Cap-Weighted Weight in Long-Term Long-Term Estimated Cap-Weighted Name Ticker Index Growth Est. Growth Est. Dividend Yield Dividend Yield

3M CO MMM 0.48% 12.25% 0.06% 3.10% 0.01% ABBOTT LABORATORIES ABT 0.75% 8.76% 0.07% 3.72% 0.03% ABERCROMBIE & FITCH CO-CL A ANF 0.05% 26.58% 0.01% 1.14% 0.00% ACCENTURE PLC-CL A ACN 0.35% 13.50% 0.05% 2.36% 0.01% ACE LTD ACE 0.19% 11.40% 0.02% 2.23% 0.00% ADOBE SYSTEMS INC ADBE 0.11% 12.38% 0.01% 0.00% 0.00% ADVANCED MICRO DEVICES AMD 0.03% 10.28% 0.00% 0.00% 0.00% AES CORP AES 0.07% 8.00% 0.01% 0.00% 0.00% AETNA INC AET 0.13% 10.80% 0.01% 1.23% 0.00% AFLAC INC AFL 0.15% 10.47% 0.02% 3.48% 0.01% AGILENT TECHNOLOGIES INC A 0.10% 15.00% 0.02% 0.00% 0.00% AIR PRODUCTS & CHEMICALS INC APD 0.15% 12.15% 0.02% 2.85% 0.00% AIRGAS INC ARG 0.05% 13.91% 0.01% 1.83% 0.00% AK STEEL HOLDING CORP AKS 0.01% 5.00% 0.00% 3.06% 0.00% AKAMAI TECHNOLOGIES INC AKAM 0.03% 15.64% 0.01% 0.00% 0.00% ALCOA INC AA 0.10% n/a n/a 1.25% 0.00% ALLEGHENY TECHNOLOGIES INC ATI 0.04% 15.00% 0.01% 1.95% 0.00% ALLERGAN INC AGN 0.24% 15.01% 0.04% 0.25% 0.00% ALLSTATE CORP ALL 0.12% 10.00% 0.01% 3.54% 0.00% ALPHA NATURAL RESOURCES INC ANR 0.04% 34.00% 0.01% 0.00% 0.00% ALTERA CORP ALTR 0.10% 15.17% 0.01% 0.87% 0.00% ALTRIA GROUP INC MO 0.53% 8.00% 0.04% 5.93% 0.03% AMAZON.COM INC AMZN 0.93% 28.68% 0.27% 0.00% 0.00% AMEREN CORPORATION AEE 0.07% -2.43% 0.00% 5.17% 0.00% AMERICAN ELECTRIC POWER AEP 0.17% 4.00% 0.01% 4.83% 0.01% AMERICAN EXPRESS CO AXP 0.51% 10.67% 0.05% 1.62% 0.01% AMERICAN INTERNATIONAL GROUP AIG 0.39% 11.00% 0.04% 0.00% 0.00% AMERICAN TOWER CORP-CL A AMT 0.20% 20.06% 0.04% 0.00% 0.00% AMERIPRISE FINANCIAL INC AMP 0.09% 13.20% 0.01% 2.15% 0.00% AMERISOURCEBERGEN CORP ABC 0.09% 13.33% 0.01% 0.93% 0.00% AMGEN INC AMGN 0.48% 9.11% 0.04% 1.27% 0.01% AMPHENOL CORP-CL A APH 0.07% 15.10% 0.01% 0.15% 0.00% ANADARKO PETROLEUM CORP APC 0.30% 22.87% 0.07% 0.58% 0.00% ANALOG DEVICES INC ADI 0.09% 11.25% 0.01% 2.98% 0.00% AON CORP AON 0.13% 8.33% 0.01% 1.44% 0.00% APACHE CORP APA 0.29% 12.32% 0.04% 0.80% 0.00% APARTMENT INVT & MGMT CO -A AIV 0.03% 9.39% 0.00% 2.17% 0.00% APOLLO GROUP INC-CL A APOL 0.05% 9.04% 0.00% 0.00% 0.00% APPLE INC AAPL 3.35% 21.26% 0.71% 0.00% 0.00% APPLIED MATERIALS INC AMAT 0.13% 13.00% 0.02% 2.85% 0.00% ARCHER-DANIELS-MIDLAND CO ADM 0.16% 10.00% 0.02% 2.56% 0.00% ASSURANT INC AIZ 0.03% 10.33% 0.00% 1.96% 0.00% AT&T INC T 1.60% 4.87% 0.08% 6.05% 0.10% AUTODESK INC ADSK 0.06% 15.50% 0.01% 0.00% 0.00% AUTOMATIC DATA PROCESSING ADP 0.22% 10.60% 0.02% 3.14% 0.01% AUTONATION INC AN 0.05% 18.74% 0.01% 0.00% 0.00% AUTOZONE INC AZO 0.12% 13.75% 0.02% 0.00% 0.00% AVALONBAY COMMUNITIES INC AVB 0.10% 12.57% 0.01% 3.13% 0.00% AVERY DENNISON CORP AVY 0.03% 7.00% 0.00% 3.83% 0.00% AVON PRODUCTS INC AVP 0.08% 11.00% 0.01% 4.90% 0.00% BAKER HUGHES INC BHI 0.19% 23.00% 0.04% 1.29% 0.00% BALL CORP BLL 0.05% 5.00% 0.00% 0.88% 0.00% BANK OF NEW YORK MELLON CORP BK 0.22% 8.44% 0.02% 2.57% 0.01% BANK OF AMERICA CORP BAC 0.59% 8.40% 0.05% 0.69% 0.00% BAXTER INTERNATIONAL INC BAX 0.30% 10.76% 0.03% 2.27% 0.01% Rebuttal Exhibit No. RBH-4 Page 3 of 9

STANDARD AND POOR'S 500 INDEX

[23] [24] [25] [26] [27] Cap-Weighted Weight in Long-Term Long-Term Estimated Cap-Weighted Name Ticker Index Growth Est. Growth Est. Dividend Yield Dividend Yield

BB&T CORP BBT 0.14% 7.00% 0.01% 3.01% 0.00% BECTON DICKINSON AND CO BDX 0.15% 10.73% 0.02% 2.19% 0.00% BED BATH & BEYOND INC BBBY 0.14% 14.17% 0.02% 0.00% 0.00% BEMIS COMPANY BMS 0.03% 7.00% 0.00% 3.38% 0.00% BERKSHIRE HATHAWAY INC-CL B BRK/B 0.72% n/a n/a 0.00% 0.00% BEST BUY CO INC BBY 0.08% 10.00% 0.01% 2.66% 0.00% BIG LOTS INC BIG 0.02% 11.33% 0.00% 0.00% 0.00% BIOGEN IDEC INC BIIB 0.21% 9.99% 0.02% 0.00% 0.00% BLACKROCK INC BLK 0.19% 15.25% 0.03% 3.71% 0.01% BMC SOFTWARE INC BMC 0.06% 14.00% 0.01% 0.00% 0.00% BOEING CO/THE BA 0.42% 15.43% 0.07% 2.81% 0.01% BOSTON PROPERTIES INC BXP 0.12% 8.56% 0.01% 2.26% 0.00% BOSTON SCIENTIFIC CORP BSX 0.09% 7.11% 0.01% 0.00% 0.00% BRISTOL-MYERS SQUIBB CO BMY 0.51% 2.73% 0.01% 3.67% 0.02% BROADCOM CORP-CL A BRCM 0.15% 14.50% 0.02% 1.07% 0.00% BROWN-FORMAN CORP-CLASS B BF/B 0.06% n/a n/a 2.31% 0.00% CA INC CA 0.09% 9.00% 0.01% 1.03% 0.00% CABLEVISION SYSTEMS-NY GRP-A CVC 0.03% 12.98% 0.00% 3.64% 0.00% CABOT OIL & GAS CORP COG 0.06% 27.00% 0.02% 0.19% 0.00% CAMERON INTERNATIONAL CORP CAM 0.10% 17.00% 0.02% 0.00% 0.00% CAMPBELL SOUP CO CPB 0.10% 6.00% 0.01% 3.75% 0.00% CAPITAL ONE FINANCIAL CORP COF 0.17% 11.06% 0.02% 0.61% 0.00% CARDINAL HEALTH INC CAH 0.14% 11.50% 0.02% 1.83% 0.00% CAREFUSION CORP CFN 0.05% 13.77% 0.01% 0.00% 0.00% CARMAX INC KMX 0.05% 14.70% 0.01% 0.00% 0.00% CARNIVAL CORP CCL 0.17% 15.00% 0.03% 3.11% 0.01% CATERPILLAR INC CAT 0.45% 13.33% 0.06% 2.42% 0.01% CB RICHARD ELLIS GROUP INC-A CBG 0.04% 11.50% 0.00% 0.00% 0.00% CBS CORP-CLASS B NON VOTING CBS 0.12% 17.12% 0.02% 1.65% 0.00% CELGENE CORP CELG 0.27% 24.94% 0.07% 0.00% 0.00% CENTERPOINT ENERGY INC CNP 0.08% 5.50% 0.00% 4.03% 0.00% CENTURYLINK INC CTL 0.19% -1.45% 0.00% 8.76% 0.02% CEPHALON INC CEPH 0.06% 5.67% 0.00% 0.00% 0.00% CERNER CORP CERN 0.11% 19.67% 0.02% 0.00% 0.00% CF INDUSTRIES HOLDINGS INC CF 0.08% 12.00% 0.01% 0.81% 0.00% C.H. ROBINSON WORLDWIDE INC CHRW 0.11% 16.25% 0.02% 1.71% 0.00% CHESAPEAKE ENERGY CORP CHK 0.16% 11.00% 0.02% 1.24% 0.00% CHEVRON CORP CVX 1.75% 0.37% 0.01% 3.37% 0.06% CHIPOTLE MEXICAN GRILL INC CMG 0.09% 21.00% 0.02% 0.00% 0.00% CHUBB CORP CB 0.16% 9.80% 0.02% 2.67% 0.00% CIGNA CORP CI 0.11% 11.56% 0.01% 0.08% 0.00% CINCINNATI FINANCIAL CORP CINF 0.04% 5.00% 0.00% 6.11% 0.00% CINTAS CORP CTAS 0.03% 11.33% 0.00% 1.82% 0.00% CISCO SYSTEMS INC CSCO 0.79% 9.25% 0.07% 1.55% 0.01% CITIGROUP INC C 0.71% 8.50% 0.06% 0.11% 0.00% CITRIX SYSTEMS INC CTXS 0.10% 15.75% 0.02% 0.00% 0.00% CLIFFS NATURAL RESOURCES INC CLF 0.07% 12.00% 0.01% 1.44% 0.00% CLOROX COMPANY CLX 0.08% 9.33% 0.01% 3.60% 0.00% CME GROUP INC CME 0.16% 13.33% 0.02% 2.18% 0.00% CMS ENERGY CORP CMS 0.05% 5.73% 0.00% 4.28% 0.00% COACH INC COH 0.14% 15.17% 0.02% 1.78% 0.00% COCA-COLA CO/THE KO 1.47% 8.00% 0.12% 2.77% 0.04% COCA-COLA ENTERPRISES CCE 0.08% 7.00% 0.01% 2.08% 0.00% COGNIZANT TECH SOLUTIONS-A CTSH 0.18% 21.71% 0.04% 0.00% 0.00% COLGATE-PALMOLIVE CO CL 0.41% 8.75% 0.04% 2.43% 0.01% COMCAST CORP-CLASS A CMCSA 0.41% 14.69% 0.06% 2.14% 0.01% COMERICA INC CMA 0.04% 6.37% 0.00% 1.75% 0.00% COMPUTER SCIENCES CORP CSC 0.04% 9.00% 0.00% 2.24% 0.00% COMPUWARE CORP CPWR 0.02% 10.50% 0.00% 0.00% 0.00% CONAGRA FOODS INC CAG 0.10% 7.23% 0.01% 3.88% 0.00% CONOCOPHILLIPS COP 0.82% -0.29% 0.00% 4.11% 0.03% CONSOLIDATED EDISON INC ED 0.16% 3.22% 0.01% 4.21% 0.01% CONSOL ENERGY INC CNX 0.07% 25.65% 0.02% 1.18% 0.00% CONSTELLATION ENERGY GROUP CEG 0.07% 2.33% 0.00% 2.49% 0.00% CONSTELLATION BRANDS INC-A STZ 0.03% 13.00% 0.00% 0.00% 0.00% CORNING INC GLW 0.18% 11.00% 0.02% 1.64% 0.00% COSTCO WHOLESALE CORP COST 0.34% 12.90% 0.04% 1.09% 0.00% COVENTRY HEALTH CARE INC CVH 0.04% 9.57% 0.00% 0.00% 0.00% Rebuttal Exhibit No. RBH-4 Page 4 of 9

STANDARD AND POOR'S 500 INDEX

[23] [24] [25] [26] [27] Cap-Weighted Weight in Long-Term Long-Term Estimated Cap-Weighted Name Ticker Index Growth Est. Growth Est. Dividend Yield Dividend Yield

COVIDIEN PLC COV 0.21% 11.86% 0.02% 1.78% 0.00% CR BARD INC BCR 0.07% 11.20% 0.01% 0.89% 0.00% CSX CORP CSX 0.19% 12.50% 0.02% 2.42% 0.00% CUMMINS INC CMI 0.15% 11.50% 0.02% 1.42% 0.00% CVS CAREMARK CORP CVS 0.43% 10.83% 0.05% 1.32% 0.01% DANAHER CORP DHR 0.27% 14.80% 0.04% 0.21% 0.00% DARDEN RESTAURANTS INC DRI 0.05% 12.79% 0.01% 3.91% 0.00% DAVITA INC DVA 0.06% 12.71% 0.01% 0.00% 0.00% DEAN FOODS CO DF 0.02% 12.50% 0.00% 0.00% 0.00% DEERE & CO DE 0.25% 11.67% 0.03% 2.12% 0.01% DELL INC DELL 0.24% 7.00% 0.02% 0.00% 0.00% DENBURY RESOURCES INC DNR 0.04% 20.85% 0.01% 0.00% 0.00% DENTSPLY INTERNATIONAL INC XRAY 0.04% 11.75% 0.00% 0.48% 0.00% DEVON ENERGY CORPORATION DVN 0.22% 13.93% 0.03% 1.20% 0.00% DEVRY INC DV 0.02% 11.08% 0.00% 0.69% 0.00% DIAMOND OFFSHORE DRILLING DO 0.07% 11.00% 0.01% 6.36% 0.00% DIRECTV-CLASS A DTV 0.30% 20.71% 0.06% 0.00% 0.00% DISCOVER FINANCIAL SERVICES DFS 0.12% 10.00% 0.01% 1.05% 0.00% DISCOVERY COMMUNICATIONS-A DISCA 0.05% 20.95% 0.01% 0.00% 0.00% DOMINION RESOURCES INC/VA D 0.27% 5.00% 0.01% 3.87% 0.01% DOVER CORP DOV 0.08% 14.33% 0.01% 2.46% 0.00% DOW CHEMICAL CO/THE DOW 0.25% 6.00% 0.02% 4.00% 0.01% DR HORTON INC DHI 0.03% 7.67% 0.00% 1.66% 0.00% DR PEPPER SNAPPLE GROUP INC DPS 0.08% 8.00% 0.01% 3.01% 0.00% DTE ENERGY COMPANY DTE 0.08% 5.00% 0.00% 4.72% 0.00% DU PONT (E.I.) DE NEMOURS DD 0.35% 8.45% 0.03% 4.10% 0.01% DUKE ENERGY CORP DUK 0.25% 4.33% 0.01% 4.98% 0.01% DUN & BRADSTREET CORP DNB 0.03% 10.00% 0.00% 2.35% 0.00% E*TRADE FINANCIAL CORP ETFC 0.02% 11.00% 0.00% 0.00% 0.00% EASTMAN CHEMICAL CO EMN 0.05% 7.50% 0.00% 2.76% 0.00% EATON CORP ETN 0.11% 10.00% 0.01% 3.86% 0.00% EBAY INC EBAY 0.36% 12.46% 0.04% 0.00% 0.00% ECOLAB INC ECL 0.11% 13.25% 0.01% 1.44% 0.00% EDISON INTERNATIONAL EIX 0.12% 1.00% 0.00% 3.38% 0.00% EDWARDS LIFESCIENCES CORP EW 0.08% 21.89% 0.02% 0.00% 0.00% EL PASO CORP EP 0.13% n/a n/a 0.23% 0.00% ELECTRONIC ARTS INC ERTS 0.06% 17.00% 0.01% 0.00% 0.00% ELI LILLY & CO LLY 0.41% -4.83% -0.02% 5.31% 0.02% EMC CORP/MASS EMC 0.41% 15.86% 0.07% 0.00% 0.00% EMERSON ELECTRIC CO EMR 0.29% 13.80% 0.04% 3.34% 0.01% ENTERGY CORP ETR 0.11% -0.83% 0.00% 5.08% 0.01% EOG RESOURCES INC EOG 0.18% 80.10% 0.14% 0.90% 0.00% EQT CORP EQT 0.08% 24.77% 0.02% 1.65% 0.00% EQUIFAX INC EFX 0.04% 9.33% 0.00% 2.08% 0.00% EQUITY RESIDENTIAL EQR 0.15% 10.43% 0.02% 3.00% 0.00% ESTEE LAUDER COMPANIES-CL A EL 0.10% 13.94% 0.01% 0.96% 0.00% EXELON CORP EXC 0.27% -0.43% 0.00% 4.94% 0.01% EXPEDIA INC EXPE 0.06% 12.58% 0.01% 1.09% 0.00% EXPEDITORS INTL WASH INC EXPD 0.08% 15.63% 0.01% 1.18% 0.00% EXPRESS SCRIPTS INC ESRX 0.17% 15.67% 0.03% 0.00% 0.00% EXXON MOBIL CORP XOM 3.34% 4.94% 0.17% 2.56% 0.09% F5 NETWORKS INC FFIV 0.05% 22.90% 0.01% 0.00% 0.00% FAMILY DOLLAR STORES FDO 0.06% 14.10% 0.01% 1.43% 0.00% FASTENAL CO FAST 0.09% 19.40% 0.02% 1.90% 0.00% FEDERATED INVESTORS INC-CL B FII 0.02% 5.00% 0.00% 5.52% 0.00% FEDEX CORP FDX 0.20% 13.63% 0.03% 0.77% 0.00% FIDELITY NATIONAL INFORMATIO FIS 0.07% 13.50% 0.01% 0.82% 0.00% FIFTH THIRD BANCORP FITB 0.09% 6.00% 0.01% 2.41% 0.00% FIRST HORIZON NATIONAL CORP FHN 0.01% 7.50% 0.00% 0.69% 0.00% FIRST SOLAR INC FSLR 0.05% 20.67% 0.01% 0.00% 0.00% FIRSTENERGY CORP FE 0.18% 2.50% 0.00% 4.90% 0.01% FISERV INC FISV 0.07% 13.00% 0.01% 0.00% 0.00% FLIR SYSTEMS INC FLIR 0.04% 14.03% 0.01% 0.48% 0.00% FLOWSERVE CORP FLS 0.04% 17.50% 0.01% 1.71% 0.00% FLUOR CORP FLR 0.08% 14.50% 0.01% 1.13% 0.00% FMC CORP FMC 0.05% 9.71% 0.00% 0.82% 0.00% FMC TECHNOLOGIES INC FTI 0.09% 13.00% 0.01% 0.00% 0.00% FORD MOTOR CO F 0.34% 7.84% 0.03% 0.00% 0.00% Rebuttal Exhibit No. RBH-4 Page 5 of 9

STANDARD AND POOR'S 500 INDEX

[23] [24] [25] [26] [27] Cap-Weighted Weight in Long-Term Long-Term Estimated Cap-Weighted Name Ticker Index Growth Est. Growth Est. Dividend Yield Dividend Yield

FOREST LABORATORIES INC FRX 0.08% -4.00% 0.00% 0.00% 0.00% FORTUNE BRANDS INC FO 0.08% 13.00% 0.01% 1.52% 0.00% FRANKLIN RESOURCES INC BEN 0.20% 9.33% 0.02% 1.04% 0.00% FREEPORT-MCMORAN COPPER FCX 0.27% n/a n/a 4.76% 0.01% FRONTIER COMMUNICATIONS CORP FTR 0.06% -9.64% -0.01% 12.27% 0.01% GAMESTOP CORP-CLASS A GME 0.03% 9.75% 0.00% 0.00% 0.00% GANNETT CO GCI 0.02% n/a n/a 2.25% 0.00% GAP INC/THE GPS 0.08% 8.00% 0.01% 2.64% 0.00% GENERAL DYNAMICS CORP GD 0.19% 8.57% 0.02% 3.12% 0.01% GENERAL ELECTRIC CO GE 1.53% 13.50% 0.21% 3.84% 0.06% GENERAL MILLS INC GIS 0.23% 8.33% 0.02% 2.98% 0.01% GENUINE PARTS CO GPC 0.08% 11.14% 0.01% 3.54% 0.00% GENWORTH FINANCIAL INC-CL A GNW 0.03% 21.13% 0.01% 0.00% 0.00% GILEAD SCIENCES INC GILD 0.28% 15.25% 0.04% 0.00% 0.00% GOLDMAN SACHS GROUP INC GS 0.45% 9.42% 0.04% 1.48% 0.01% GOODRICH CORP GR 0.14% 12.85% 0.02% 0.94% 0.00% GOODYEAR TIRE & RUBBER CO GT 0.02% 44.29% 0.01% 0.00% 0.00% GOOGLE INC-CL A GOOG 1.24% 18.60% 0.23% 0.00% 0.00% H&R BLOCK INC HRB 0.04% 10.00% 0.00% 4.51% 0.00% HALLIBURTON CO HAL 0.27% 14.10% 0.04% 1.19% 0.00% HARLEY-DAVIDSON INC HOG 0.08% 16.33% 0.01% 1.36% 0.00% HARMAN INTERNATIONAL HAR 0.02% 20.00% 0.00% 0.33% 0.00% HARRIS CORP HRS 0.04% 10.00% 0.00% 3.33% 0.00% HARTFORD FINANCIAL SVCS GRP HIG 0.07% 8.97% 0.01% 2.29% 0.00% HASBRO INC HAS 0.04% 16.00% 0.01% 3.65% 0.00% HCP INC HCP 0.14% 7.12% 0.01% 5.48% 0.01% HEALTH CARE REIT INC HCN 0.08% 11.68% 0.01% 6.09% 0.00% HELMERICH & PAYNE HP 0.04% 13.30% 0.01% 0.62% 0.00% HERSHEY CO/THE HSY 0.09% 7.50% 0.01% 2.30% 0.00% HESS CORP HES 0.17% 8.43% 0.01% 0.76% 0.00% HEWLETT-PACKARD CO HPQ 0.42% 7.25% 0.03% 1.48% 0.01% HJ HEINZ CO HNZ 0.15% 7.67% 0.01% 3.81% 0.01% HOME DEPOT INC HD 0.49% 12.50% 0.06% 3.06% 0.01% HONEYWELL INTERNATIONAL INC HON 0.33% 14.50% 0.05% 3.04% 0.01% HORMEL FOODS CORP HRL 0.07% 11.00% 0.01% 2.51% 0.00% HOSPIRA INC HSP 0.06% 10.51% 0.01% 0.00% 0.00% HOST HOTELS & RESORTS INC HST 0.07% 12.48% 0.01% 1.32% 0.00% HUDSON CITY BANCORP INC HCBK 0.03% 4.50% 0.00% 6.52% 0.00% HUMANA INC HUM 0.11% 8.50% 0.01% 0.69% 0.00% HUNTINGTON BANCSHARES INC HBAN 0.04% 5.50% 0.00% 1.93% 0.00% INTL BUSINESS MACHINES CORP IBM 1.98% 11.00% 0.22% 1.57% 0.03% ILLINOIS TOOL WORKS ITW 0.19% 14.70% 0.03% 3.23% 0.01% INGERSOLL-RAND PLC IR 0.09% 12.00% 0.01% 1.63% 0.00% INTEGRYS ENERGY GROUP INC TEG 0.04% 4.50% 0.00% 5.59% 0.00% INTEL CORP INTC 1.06% 11.10% 0.12% 3.64% 0.04% INTERCONTINENTALEXCHANGE INC ICE 0.08% 16.00% 0.01% 0.00% 0.00% INTERPUBLIC GROUP OF COS INC IPG 0.03% 10.50% 0.00% 3.33% 0.00% INTL FLAVORS & FRAGRANCES IFF 0.04% 6.00% 0.00% 2.09% 0.00% INTL GAME TECHNOLOGY IGT 0.04% 15.35% 0.01% 1.67% 0.00% INTERNATIONAL PAPER CO IP 0.10% 5.00% 0.00% 4.28% 0.00% INTUIT INC INTU 0.14% 13.20% 0.02% 0.63% 0.00% INTUITIVE SURGICAL INC ISRG 0.13% 19.50% 0.03% 0.00% 0.00% INVESCO LTD IVZ 0.07% 12.75% 0.01% 3.15% 0.00% IRON MOUNTAIN INC IRM 0.06% 15.67% 0.01% 2.44% 0.00% ITT CORP ITT 0.07% 9.67% 0.01% 2.54% 0.00% J.C. PENNEY CO INC JCP 0.05% 13.47% 0.01% 3.17% 0.00% JABIL CIRCUIT INC JBL 0.04% 12.00% 0.00% 1.57% 0.00% JACOBS ENGINEERING GROUP INC JEC 0.04% 14.33% 0.01% 0.00% 0.00% JANUS CAPITAL GROUP INC JNS 0.01% 7.00% 0.00% 3.07% 0.00% JDS UNIPHASE CORP JDSU 0.02% 10.50% 0.00% 0.00% 0.00% JM SMUCKER CO/THE SJM 0.08% 7.50% 0.01% 2.63% 0.00% JOHNSON CONTROLS INC JCI 0.17% 17.55% 0.03% 2.24% 0.00% JOHNSON & JOHNSON JNJ 1.65% 6.00% 0.10% 3.58% 0.06% JOY GLOBAL INC JOYG 0.06% 15.60% 0.01% 1.13% 0.00% JPMORGAN CHASE & CO JPM 1.11% 9.07% 0.10% 3.21% 0.04% JUNIPER NETWORKS INC JNPR 0.09% 16.83% 0.01% 0.00% 0.00% KELLOGG CO K 0.18% 8.80% 0.02% 3.14% 0.01% KEYCORP KEY 0.05% 6.78% 0.00% 1.68% 0.00% Rebuttal Exhibit No. RBH-4 Page 6 of 9

STANDARD AND POOR'S 500 INDEX

[23] [24] [25] [26] [27] Cap-Weighted Weight in Long-Term Long-Term Estimated Cap-Weighted Name Ticker Index Growth Est. Growth Est. Dividend Yield Dividend Yield

KIMBERLY-CLARK CORP KMB 0.26% 6.90% 0.02% 3.93% 0.01% KIMCO REALTY CORP KIM 0.06% 6.32% 0.00% 4.77% 0.00% KLA-TENCOR CORPORATION KLAC 0.06% 9.67% 0.01% 3.17% 0.00% KOHLS CORP KSS 0.13% 12.20% 0.02% 2.05% 0.00% KRAFT FOODS INC-CLASS A KFT 0.56% 9.00% 0.05% 3.30% 0.02% KROGER CO KR 0.12% 9.81% 0.01% 1.95% 0.00% L-3 COMMUNICATIONS HOLDINGS LLL 0.06% 7.17% 0.00% 2.88% 0.00% LABORATORY CRP OF AMER HLDGS LH 0.08% 12.00% 0.01% 0.00% 0.00% LEGG MASON INC LM 0.04% 9.67% 0.00% 1.25% 0.00% LEGGETT & PLATT INC LEG 0.03% 20.00% 0.01% 5.45% 0.00% LENNAR CORP-A LEN 0.02% 8.00% 0.00% 1.25% 0.00% LEUCADIA NATIONAL CORP LUK 0.05% n/a n/a 0.00% 0.00% LEXMARK INTERNATIONAL INC-A LXK 0.02% -2.00% 0.00% 0.00% 0.00% LIFE TECHNOLOGIES CORP LIFE 0.07% 10.00% 0.01% 0.00% 0.00% LIMITED BRANDS INC LTD 0.11% 14.50% 0.02% 3.34% 0.00% LINCOLN NATIONAL CORP LNC 0.05% 9.90% 0.00% 1.71% 0.00% LINEAR TECHNOLOGY CORP LLTC 0.06% 9.67% 0.01% 3.51% 0.00% LOCKHEED MARTIN CORP LMT 0.23% 8.93% 0.02% 4.26% 0.01% LOEWS CORP L 0.13% n/a n/a 0.72% 0.00% LORILLARD INC LO 0.15% 12.00% 0.02% 4.72% 0.01% LOWE'S COS INC LOW 0.23% 14.03% 0.03% 2.75% 0.01% LSI CORP LSI 0.03% 14.50% 0.00% 0.00% 0.00% M & T BANK CORP MTB 0.08% 5.77% 0.00% 4.01% 0.00% MACY'S INC M 0.11% 7.10% 0.01% 1.27% 0.00% MARATHON OIL CORP MRO 0.15% 4.40% 0.01% 3.43% 0.01% MARATHON PETROLEUM CORP MPC 0.09% 20.00% 0.02% 2.12% 0.00% MARRIOTT INTERNATIONAL-CL A MAR 0.09% 19.53% 0.02% 1.22% 0.00% MARSH & MCLENNAN COS MMC 0.14% 10.67% 0.01% 3.23% 0.00% MASCO CORP MAS 0.02% 15.00% 0.00% 4.23% 0.00% MASTERCARD INC-CLASS A MA 0.36% 19.89% 0.07% 0.19% 0.00% MATTEL INC MAT 0.08% 10.00% 0.01% 3.56% 0.00% MCCORMICK & CO-NON VTG SHRS MKC 0.05% 8.00% 0.00% 2.42% 0.00% MCDONALD'S CORP MCD 0.86% 9.89% 0.08% 2.83% 0.02% MCGRAW-HILL COMPANIES INC MHP 0.12% 10.50% 0.01% 2.49% 0.00% MCKESSON CORP MCK 0.17% 14.33% 0.02% 0.89% 0.00% MEAD JOHNSON NUTRITION CO MJN 0.13% 11.50% 0.02% 1.50% 0.00% MEADWESTVACO CORP MWV 0.04% 10.00% 0.00% 4.07% 0.00% MEDCO HEALTH SOLUTIONS INC MHS 0.17% 13.33% 0.02% 0.00% 0.00% MEDTRONIC INC MDT 0.33% 8.36% 0.03% 2.97% 0.01% MEMC ELECTRONIC MATERIALS WFR 0.01% 15.00% 0.00% 0.00% 0.00% MERCK & CO. INC. MRK 0.95% 4.48% 0.04% 4.80% 0.05% METLIFE INC MET 0.28% 10.97% 0.03% 3.43% 0.01% METROPCS COMMUNICATIONS INC PCS 0.03% 24.92% 0.01% 0.00% 0.00% MICROCHIP TECHNOLOGY INC MCHP 0.06% 12.00% 0.01% 4.49% 0.00% MICRON TECHNOLOGY INC MU 0.05% 9.34% 0.00% 0.00% 0.00% MICROSOFT CORP MSFT 1.97% 11.58% 0.23% 2.68% 0.05% MOLEX INC MOLX 0.02% 11.67% 0.00% 3.85% 0.00% MOLSON COORS BREWING CO -B TAP 0.06% n/a n/a 3.08% 0.00% MONSANTO CO MON 0.30% 15.58% 0.05% 2.01% 0.01% MONSTER WORLDWIDE INC MWW 0.01% 16.80% 0.00% 0.00% 0.00% MOODY'S CORP MCO 0.07% 11.67% 0.01% 1.54% 0.00% MORGAN STANLEY MS 0.25% 8.74% 0.02% 1.53% 0.00% MOSAIC CO/THE MOS 0.14% n/a n/a 0.41% 0.00% MOTOROLA MOBILITY HOLDINGS I MMI 0.11% 13.33% 0.01% 0.00% 0.00% MOTOROLA SOLUTIONS INC MSI 0.14% n/a n/a 0.69% 0.00% MURPHY OIL CORP MUR 0.08% n/a n/a 2.52% 0.00% MYLAN INC MYL 0.07% 13.50% 0.01% 0.00% 0.00% NABORS INDUSTRIES LTD NBR 0.03% 10.40% 0.00% 0.00% 0.00% NASDAQ OMX GROUP/THE NDAQ 0.04% 11.00% 0.00% 0.00% 0.00% NATIONAL OILWELL VARCO INC NOV 0.21% 18.00% 0.04% 0.85% 0.00% NETAPP INC NTAP 0.12% 18.50% 0.02% 0.00% 0.00% NETFLIX INC NFLX 0.06% 29.89% 0.02% 0.00% 0.00% NEWELL RUBBERMAID INC NWL 0.03% 10.25% 0.00% 2.46% 0.00% NEWFIELD EXPLORATION CO NFX 0.05% 11.30% 0.01% 0.00% 0.00% NEWMONT MINING CORP NEM 0.29% 15.50% 0.04% 1.59% 0.00% NEWS CORP-CL A NWSA 0.27% 27.35% 0.07% 1.06% 0.00% NEXTERA ENERGY INC NEE 0.22% 5.10% 0.01% 4.02% 0.01% NICOR INC GAS 0.02% n/a n/a 3.38% 0.00% Rebuttal Exhibit No. RBH-4 Page 7 of 9

STANDARD AND POOR'S 500 INDEX

[23] [24] [25] [26] [27] Cap-Weighted Weight in Long-Term Long-Term Estimated Cap-Weighted Name Ticker Index Growth Est. Growth Est. Dividend Yield Dividend Yield

NIKE INC -CL B NKE 0.31% 12.03% 0.04% 1.54% 0.00% NISOURCE INC NI 0.06% n/a n/a 4.31% 0.00% NOBLE CORP NE 0.07% 13.00% 0.01% 2.11% 0.00% NOBLE ENERGY INC NBL 0.12% 27.15% 0.03% 1.11% 0.00% NORDSTROM INC JWN 0.09% 12.25% 0.01% 1.96% 0.00% NORFOLK SOUTHERN CORP NSC 0.20% 18.00% 0.04% 2.69% 0.01% NORTHEAST UTILITIES NU 0.06% 7.89% 0.00% 3.27% 0.00% NORTHERN TRUST CORP NTRS 0.08% 6.40% 0.01% 3.09% 0.00% NORTHROP GRUMMAN CORP NOC 0.14% 8.33% 0.01% 3.75% 0.01% NOVELLUS SYSTEMS INC NVLS 0.02% 11.50% 0.00% 0.00% 0.00% NRG ENERGY INC NRG 0.05% 18.34% 0.01% 0.00% 0.00% NUCOR CORP NUE 0.09% 12.00% 0.01% 4.58% 0.00% NVIDIA CORP NVDA 0.07% 14.65% 0.01% 0.00% 0.00% NYSE EURONEXT NYX 0.06% 10.00% 0.01% 5.16% 0.00% O'REILLY AUTOMOTIVE INC ORLY 0.09% 17.00% 0.01% 0.00% 0.00% OCCIDENTAL PETROLEUM CORP OXY 0.55% 12.02% 0.07% 2.46% 0.01% OMNICOM GROUP OMC 0.10% 8.00% 0.01% 2.70% 0.00% ONEOK INC OKE 0.06% 15.00% 0.01% 3.29% 0.00% ORACLE CORP ORCL 1.37% 14.61% 0.20% 0.83% 0.01% OWENS-ILLINOIS INC OI 0.02% 5.00% 0.00% 0.00% 0.00% PACCAR INC PCAR 0.12% 12.33% 0.01% 2.60% 0.00% PALL CORP PLL 0.05% 12.00% 0.01% 1.57% 0.00% PARKER HANNIFIN CORP PH 0.09% 6.00% 0.01% 3.57% 0.00% PATTERSON COS INC PDCO 0.03% 14.33% 0.00% 0.90% 0.00% PAYCHEX INC PAYX 0.09% 11.00% 0.01% 4.70% 0.00% PEABODY ENERGY CORP BTU 0.09% 28.50% 0.02% 1.00% 0.00% PEOPLE'S UNITED FINANCIAL PBCT 0.04% 7.67% 0.00% 5.52% 0.00% PEPCO HOLDINGS INC POM 0.04% 6.33% 0.00% 5.74% 0.00% PEPSICO INC PEP 0.93% 8.55% 0.08% 3.28% 0.03% PERKINELMER INC PKI 0.02% 7.00% 0.00% 1.46% 0.00% PFIZER INC PFE 1.31% 4.55% 0.06% 4.52% 0.06% P G & E CORP PCG 0.16% 4.00% 0.01% 4.31% 0.01% PHILIP MORRIS INTERNATIONAL PM 1.04% 9.05% 0.09% 4.53% 0.05% PINNACLE WEST CAPITAL PNW 0.04% 6.25% 0.00% 4.90% 0.00% PIONEER NATURAL RESOURCES CO PXD 0.07% 27.70% 0.02% 0.20% 0.00% PITNEY BOWES INC PBI 0.04% n/a n/a 7.86% 0.00% PLUM CREEK TIMBER CO PCL 0.05% n/a n/a 4.84% 0.00% PNC FINANCIAL SERVICES GROUP PNC 0.24% 5.94% 0.01% 2.43% 0.01% PPG INDUSTRIES INC PPG 0.11% 8.00% 0.01% 3.18% 0.00% PPL CORPORATION PPL 0.16% 12.18% 0.02% 4.92% 0.01% PRAXAIR INC PX 0.27% 12.71% 0.03% 2.14% 0.01% PRECISION CASTPARTS CORP PCP 0.21% 11.87% 0.03% 0.08% 0.00% PRICELINE.COM INC PCLN 0.21% 20.66% 0.04% 0.00% 0.00% PRINCIPAL FINANCIAL GROUP PFG 0.07% 11.87% 0.01% 2.64% 0.00% PROCTER & GAMBLE CO/THE PG 1.64% 9.20% 0.15% 3.32% 0.05% PROGRESS ENERGY INC PGN 0.14% 4.85% 0.01% 4.80% 0.01% PROGRESSIVE CORP PGR 0.11% 7.75% 0.01% 2.04% 0.00% PROLOGIS INC PLD 0.11% 9.00% 0.01% 3.99% 0.00% PRUDENTIAL FINANCIAL INC PRU 0.21% 13.47% 0.03% 2.86% 0.01% PUBLIC SERVICE ENTERPRISE GP PEG 0.16% 3.50% 0.01% 4.10% 0.01% PUBLIC STORAGE PSA 0.18% 6.48% 0.01% 3.32% 0.01% PULTEGROUP INC PHM 0.01% 10.00% 0.00% 0.00% 0.00% QEP RESOURCES INC QEP 0.05% 23.00% 0.01% 0.37% 0.00% QUALCOMM INC QCOM 0.77% 15.59% 0.12% 1.61% 0.01% QUANTA SERVICES INC PWR 0.04% 13.13% 0.00% 0.00% 0.00% QUEST DIAGNOSTICS INC DGX 0.07% 11.44% 0.01% 0.82% 0.00% RALPH LAUREN CORP RL 0.08% 13.67% 0.01% 0.63% 0.00% RANGE RESOURCES CORP RRC 0.09% 28.00% 0.02% 0.28% 0.00% RAYTHEON COMPANY RTN 0.14% 9.00% 0.01% 4.01% 0.01% RED HAT INC RHT 0.08% 17.86% 0.01% 0.00% 0.00% REGIONS FINANCIAL CORP RF 0.04% 5.65% 0.00% 1.20% 0.00% REPUBLIC SERVICES INC RSG 0.10% 8.90% 0.01% 2.92% 0.00% REYNOLDS AMERICAN INC RAI 0.21% 10.00% 0.02% 5.67% 0.01% ROBERT HALF INTL INC RHI 0.03% 13.25% 0.00% 2.63% 0.00% ROCKWELL AUTOMATION INC ROK 0.08% 13.25% 0.01% 2.60% 0.00% ROCKWELL COLLINS INC COL 0.08% 9.65% 0.01% 1.90% 0.00% ROPER INDUSTRIES INC ROP 0.06% 14.50% 0.01% 0.64% 0.00% ROSS STORES INC ROST 0.09% 13.29% 0.01% 1.08% 0.00% Rebuttal Exhibit No. RBH-4 Page 8 of 9

STANDARD AND POOR'S 500 INDEX

[23] [24] [25] [26] [27] Cap-Weighted Weight in Long-Term Long-Term Estimated Cap-Weighted Name Ticker Index Growth Est. Growth Est. Dividend Yield Dividend Yield

ROWAN COMPANIES INC RDC 0.04% 13.33% 0.00% 0.00% 0.00% RR DONNELLEY & SONS CO RRD 0.03% 10.00% 0.00% 7.37% 0.00% RYDER SYSTEM INC R 0.02% 13.02% 0.00% 2.98% 0.00% SAFEWAY INC SWY 0.06% 11.60% 0.01% 3.05% 0.00% SAIC INC SAI 0.04% 8.00% 0.00% 0.00% 0.00% SALESFORCE.COM INC CRM 0.15% 27.64% 0.04% 0.00% 0.00% SANDISK CORP SNDK 0.09% 12.79% 0.01% 0.00% 0.00% SARA LEE CORP SLE 0.09% 7.50% 0.01% 6.75% 0.01% SCANA CORP SCG 0.05% 4.32% 0.00% 4.79% 0.00% SCHLUMBERGER LTD SLB 0.76% 17.85% 0.14% 1.62% 0.01% SCHWAB (CHARLES) CORP SCHW 0.13% 19.00% 0.02% 2.16% 0.00% SCRIPPS NETWORKS INTER-CL A SNI 0.04% 15.08% 0.01% 0.91% 0.00% SEALED AIR CORP SEE 0.03% 9.50% 0.00% 3.09% 0.00% SEARS HOLDINGS CORP SHLD 0.06% n/a n/a 0.00% 0.00% SEMPRA ENERGY SRE 0.12% 7.00% 0.01% 3.29% 0.00% SHERWIN-WILLIAMS CO/THE SHW 0.07% 9.78% 0.01% 1.97% 0.00% SIGMA-ALDRICH SIAL 0.07% n/a n/a 1.17% 0.00% SIMON PROPERTY GROUP INC SPG 0.31% 7.99% 0.02% 2.98% 0.01% SLM CORP SLM 0.06% 10.00% 0.01% 2.68% 0.00% SNAP-ON INC SNA 0.02% 10.00% 0.00% 0.00% 0.00% SOUTHERN CO SO 0.34% 6.00% 0.02% 4.42% 0.02% SOUTHWEST AIRLINES CO LUV 0.06% 6.00% 0.00% 0.18% 0.00% SOUTHWESTERN ENERGY CO SWN 0.11% 15.15% 0.02% 0.00% 0.00% SPECTRA ENERGY CORP SE 0.15% 5.00% 0.01% 4.24% 0.01% SPRINT NEXTEL CORP S 0.09% 4.00% 0.00% 0.00% 0.00% ST JUDE MEDICAL INC STJ 0.11% 12.00% 0.01% 1.24% 0.00% STANLEY BLACK & DECKER INC SWK 0.08% 14.00% 0.01% 3.33% 0.00% STAPLES INC SPLS 0.09% 11.00% 0.01% 2.90% 0.00% STARBUCKS CORP SBUX 0.26% 17.11% 0.05% 1.47% 0.00% STARWOOD HOTELS & RESORTS HOT 0.07% 26.97% 0.02% 0.82% 0.00% STATE STREET CORP STT 0.15% 4.86% 0.01% 2.05% 0.00% STERICYCLE INC SRCL 0.07% 17.33% 0.01% 0.00% 0.00% STRYKER CORP SYK 0.17% 11.38% 0.02% 1.43% 0.00% SUNOCO INC SUN 0.03% 30.95% 0.01% 1.94% 0.00% SUNTRUST BANKS INC STI 0.09% 6.45% 0.01% 0.58% 0.00% SUPERVALU INC SVU 0.01% 10.00% 0.00% 5.30% 0.00% SYMANTEC CORP SYMC 0.12% 8.57% 0.01% 0.00% 0.00% SYSCO CORP SYY 0.15% 10.00% 0.01% 4.42% 0.01% T ROWE PRICE GROUP INC TROW 0.12% 10.75% 0.01% 2.59% 0.00% TARGET CORP TGT 0.31% 11.02% 0.03% 2.19% 0.01% TECO ENERGY INC TE 0.03% 5.00% 0.00% 4.97% 0.00% TELLABS INC TLAB 0.01% 8.33% 0.00% 1.86% 0.00% TENET HEALTHCARE CORP THC 0.02% 9.60% 0.00% 0.00% 0.00% TERADATA CORP TDC 0.09% 12.60% 0.01% 0.00% 0.00% TERADYNE INC TER 0.02% 11.25% 0.00% 0.00% 0.00% TESORO CORP TSO 0.03% 5.74% 0.00% 0.06% 0.00% TEXAS INSTRUMENTS INC TXN 0.29% 10.79% 0.03% 1.99% 0.01% TEXTRON INC TXT 0.05% 49.05% 0.02% 0.59% 0.00% THERMO FISHER SCIENTIFIC INC TMO 0.18% 14.00% 0.03% 0.00% 0.00% TIFFANY & CO TIF 0.07% 17.25% 0.01% 1.91% 0.00% TIME WARNER CABLE TWC 0.19% 20.92% 0.04% 3.06% 0.01% TIME WARNER INC TWX 0.30% 15.55% 0.05% 3.14% 0.01% TITANIUM METALS CORP TIE 0.03% n/a n/a 1.00% 0.00% TJX COMPANIES INC TJX 0.20% 13.33% 0.03% 1.33% 0.00% TORCHMARK CORP TMK 0.03% 9.00% 0.00% 1.44% 0.00% TOTAL SYSTEM SERVICES INC TSS 0.03% 10.14% 0.00% 1.65% 0.00% TRAVELERS COS INC/THE TRV 0.19% 10.25% 0.02% 3.28% 0.01% TYCO INTERNATIONAL LTD TYC 0.18% 12.67% 0.02% 2.43% 0.00% TYSON FOODS INC-CL A TSN 0.05% 8.50% 0.00% 0.94% 0.00% UNION PACIFIC CORP UNP 0.38% 17.28% 0.07% 2.19% 0.01% UNITED PARCEL SERVICE-CL B UPS 0.44% 11.72% 0.05% 3.23% 0.01% UNITED TECHNOLOGIES CORP UTX 0.61% 12.52% 0.08% 2.63% 0.02% UNITEDHEALTH GROUP INC UNH 0.47% 13.47% 0.06% 1.32% 0.01% UNUM GROUP UNM 0.06% 9.33% 0.01% 1.83% 0.00% URBAN OUTFITTERS INC URBN 0.03% 18.67% 0.01% 0.00% 0.00% US BANCORP USB 0.43% 8.33% 0.04% 2.08% 0.01% UNITED STATES STEEL CORP X 0.03% 8.00% 0.00% 0.91% 0.00% VALERO ENERGY CORP VLO 0.10% 4.01% 0.00% 1.12% 0.00% Rebuttal Exhibit No. RBH-4 Page 9 of 9

STANDARD AND POOR'S 500 INDEX

[23] [24] [25] [26] [27] Cap-Weighted Weight in Long-Term Long-Term Estimated Cap-Weighted Name Ticker Index Growth Est. Growth Est. Dividend Yield Dividend Yield

VARIAN MEDICAL SYSTEMS INC VAR 0.06% 14.47% 0.01% 0.00% 0.00% VENTAS INC VTR 0.13% 5.35% 0.01% 4.67% 0.01% VERISIGN INC VRSN 0.05% 13.50% 0.01% 0.00% 0.00% VERIZON COMMUNICATIONS INC VZ 0.99% 8.30% 0.08% 5.34% 0.05% VF CORP VFC 0.13% 11.50% 0.01% 2.06% 0.00% VIACOM INC-CLASS B VIA/B 0.19% 16.80% 0.03% 1.12% 0.00% VISA INC-CLASS A SHARES V 0.42% 19.00% 0.08% 0.68% 0.00% VORNADO REALTY TRUST VNO 0.13% 2.87% 0.00% 3.67% 0.00% VULCAN MATERIALS CO VMC 0.03% 9.33% 0.00% 3.63% 0.00% WAL-MART STORES INC WMT 1.69% 11.25% 0.19% 2.81% 0.05% WALGREEN CO WAG 0.28% 12.50% 0.04% 2.60% 0.01% WALT DISNEY CO/THE DIS 0.53% 15.81% 0.08% 1.29% 0.01% WASHINGTON POST-CLASS B WPO 0.02% n/a n/a 0.00% 0.00% WASTE MANAGEMENT INC WM 0.15% 10.00% 0.01% 4.17% 0.01% WATERS CORP WAT 0.07% 12.60% 0.01% 0.00% 0.00% WATSON PHARMACEUTICALS INC WPI 0.09% 12.00% 0.01% 0.00% 0.00% WELLPOINT INC WLP 0.22% 10.20% 0.02% 1.53% 0.00% WELLS FARGO & CO WFC 1.21% 9.10% 0.11% 2.03% 0.02% WESTERN DIGITAL CORP WDC 0.06% 6.33% 0.00% 0.00% 0.00% WESTERN UNION CO WU 0.09% 11.88% 0.01% 1.95% 0.00% WEYERHAEUSER CO WY 0.08% 5.00% 0.00% 3.89% 0.00% WHIRLPOOL CORP WHR 0.04% 15.00% 0.01% 3.76% 0.00% WHOLE FOODS MARKET INC WFM 0.11% 16.85% 0.02% 0.59% 0.00% WILLIAMS COS INC WMB 0.14% n/a n/a 3.47% 0.00% WINDSTREAM CORP WIN 0.06% 0.35% 0.00% 8.58% 0.00% WISCONSIN ENERGY CORP WEC 0.07% 7.13% 0.00% 3.32% 0.00% WW GRAINGER INC GWW 0.10% 13.94% 0.01% 1.69% 0.00% WYNDHAM WORLDWIDE CORP WYN 0.04% 14.55% 0.01% 2.10% 0.00% WYNN RESORTS LTD WYNN 0.14% 55.19% 0.08% 1.58% 0.00% XCEL ENERGY INC XEL 0.11% 4.68% 0.01% 4.19% 0.00% XEROX CORP XRX 0.09% n/a n/a 2.44% 0.00% XILINX INC XLNX 0.07% 11.75% 0.01% 2.73% 0.00% XL GROUP PLC XL 0.05% 10.00% 0.01% 2.27% 0.00% YAHOO! INC YHOO 0.16% 14.68% 0.02% 0.00% 0.00% YUM! BRANDS INC YUM 0.22% 11.58% 0.03% 2.11% 0.00% ZIMMER HOLDINGS INC ZMH 0.10% 10.58% 0.01% 0.00% 0.00% ZIONS BANCORPORATION ZION 0.02% 8.20% 0.00% 0.28% 0.00%

Notes: [18] Equals sum of Col. [27] [19] Equals sum of Col. [25] [20] Equals ([18] x (1 + (0.5 x [19]))) + [19] [21] Source: Bloomberg [22] Equals [20] − [21] [23] Equals weight in S&P 500 based on market capitalization [24] Source: Bloomberg [25] Equals Col. [23] x Col. [24] if Col. [24] ≠ n/a, otherwise equals zero [26] Source: Bloomberg [27] Equals Col. [23] x Col. [26] if Col. [26] ≠ n/a, otherwise equals zero AVERAGE HISTORICAL BETA COEFFICIENTS Rebuttal Exhibit No. RBH-5 BLOOMBERG AND VALUE LINE Page 1 of 3

Hevert Revised Proxy Group Bloomberg Value Line Average

American Electric Power AEP 0.70 0.70 0.70 Cleco Corp. CNL 0.79 0.65 0.72 Edison International EIX 0.80 0.80 0.80 Great Plains Energy Inc. GXP 0.81 0.75 0.78 IDACORP, Inc. IDA 0.87 0.70 0.78 Integrys/WPS Resources TEG 0.86 0.90 0.88 Otter Tail Corp. OTTR 0.89 0.95 0.92 Pinnacle West Capital PNW 0.81 0.70 0.76 Portland General POR 0.83 0.75 0.79 Southern Co. SO 0.59 0.55 0.57 Westar Energy WR 0.78 0.75 0.76 Average Beta Coefficient 0.79 0.75 0.770

Sources: Bloomberg and Value Line, as of September 30, 2011. AVERAGE HISTORICAL BETA COEFFICIENTS Rebuttal Exhibit No. RBH-5 BLOOMBERG AND VALUE LINE Page 2 of 3

O'Donnell Proxy Group Merger Companies Included Bloomberg Value Line Average

Allete ALE 0.83 0.70 0.76 Alliant Energy Corp. LNT 0.89 0.70 0.79 Ameren Corp. AEE 0.78 0.80 0.79 American Electric Power AEP 0.70 0.70 0.70 Black Hills Corp. BKH 0.89 0.80 0.85 Center Point Energy CNP 0.81 0.80 0.80 Central Vermont Public Service CV 0.55 0.75 0.65 CH Energy Group CHG 0.74 0.65 0.70 Cleco Corp. CNL 0.79 0.65 0.72 CMS Energy Corp. CMS 0.81 0.75 0.78 Consolidated Edison ED 0.62 0.65 0.63 Constellation Energy Group, Inc. CEG 0.87 0.80 0.84 DTE Energy Co. DTE 0.81 0.75 0.78 Edison International EIX 0.80 0.80 0.80 Exelon Corp. EXC 0.73 0.85 0.79 Great Plains Energy Inc. GXP 0.81 0.75 0.78 Hawaiian Electric HE 0.80 0.70 0.75 IDACORP, Inc. IDA 0.87 0.70 0.78 Integrys/WPS Resources TEG 0.86 0.90 0.88 MGE Energy, Inc. MGEE 0.74 0.60 0.67 Northeast Utilities NU 0.77 0.70 0.73 NV Energy NVE 0.77 0.85 0.81 Otter Tail Corp. OTTR 0.89 0.95 0.92 Pepco Holdings, Inc. POM 0.74 0.80 0.77 PG&E Corp PCG 0.62 0.55 0.59 Pinnacle West Capital PNW 0.81 0.70 0.76 PNM Resources PNM 0.96 0.95 0.96 Progress Energy PGN 0.58 0.60 0.59 Public Service Enterprise Group PEG 0.84 0.75 0.80 SCANA Corp. SCG 0.74 0.65 0.69 TECO Energy, Inc. TE 0.92 0.85 0.89 UIL Holdings Corp. UIL 0.74 0.70 0.72 Vectren Corp. VVC 0.78 0.70 0.74 Westar Energy WR 0.78 0.75 0.76 Xcel Energy, Inc. XEL 0.69 0.65 0.67 0.78 0.74 0.761

Sources: Bloomberg and Value Line, as of September 30, 2011. AVERAGE HISTORICAL BETA COEFFICIENTS Rebuttal Exhibit No. RBH-5 BLOOMBERG AND VALUE LINE Page 3 of 3

O'Donnell Proxy Group No Merger Companies Bloomberg Value Line Average

Allete ALE 0.83 0.70 0.76 Alliant Energy Corp. LNT 0.89 0.70 0.79 Ameren Corp. AEE 0.78 0.80 0.79 American Electric Power AEP 0.70 0.70 0.70 Black Hills Corp. BKH 0.89 0.80 0.85 Center Point Energy CNP 0.81 0.80 0.80 Central Vermont Public Service CV 0.55 0.75 0.65 CH Energy Group CHG 0.74 0.65 0.70 Cleco Corp. CNL 0.79 0.65 0.72 CMS Energy Corp. CMS 0.81 0.75 0.78 Consolidated Edison ED 0.62 0.65 0.63 DTE Energy Co. DTE 0.81 0.75 0.78 Edison International EIX 0.80 0.80 0.80 Great Plains Energy Inc. GXP 0.81 0.75 0.78 Hawaiian Electric HE 0.80 0.70 0.75 IDACORP, Inc. IDA 0.87 0.70 0.78 Integrys/WPS Resources TEG 0.86 0.90 0.88 MGE Energy, Inc. MGEE 0.74 0.60 0.67 NV Energy NVE 0.77 0.85 0.81 Otter Tail Corp. OTTR 0.89 0.95 0.92 Pepco Holdings, Inc. POM 0.74 0.80 0.77 PG&E Corp PCG 0.62 0.55 0.59 Pinnacle West Capital PNW 0.81 0.70 0.76 PNM Resources PNM 0.96 0.95 0.96 Public Service Enterprise Group PEG 0.84 0.75 0.80 SCANA Corp. SCG 0.74 0.65 0.69 TECO Energy, Inc. TE 0.92 0.85 0.89 UIL Holdings Corp. UIL 0.74 0.70 0.72 Vectren Corp. VVC 0.78 0.70 0.74 Westar Energy WR 0.78 0.75 0.76 Xcel Energy, Inc. XEL 0.69 0.65 0.67 0.79 0.74 0.764

Sources: Bloomberg and Value Line, as of September 30, 2011. Rebuttal Exhibit No. RBH-6 Page 1 of 18

EIGHTEEN-MONTH BETA CALCULATION

ALE LNT AEE AEP BKH CNP CV CHG Date Price Return Price Return Price Return Price Return Price Return Price Return Price Return Price Return 9/30/2011 36.63 -0.81% 38.68 0.36% 29.77 -1.52% 38.02 1.52% 30.64 1.59% 19.62 3.43% 35.21 0.23% 52.17 0.04% 9/23/2011 36.93 -5.04% 38.54 -3.72% 30.23 -0.62% 37.45 -0.19% 30.16 -3.86% 18.97 -4.82% 35.13 -1.04% 52.15 -2.81% 9/16/2011 38.89 5.77% 40.03 4.16% 30.42 5.15% 37.52 1.96% 31.37 5.13% 19.93 2.10% 35.5 1.84% 53.66 1.65% 9/9/2011 36.77 -2.39% 38.43 -2.14% 28.93 -2.10% 36.8 -3.11% 29.84 -1.29% 19.52 0.36% 34.86 0.03% 52.79 -2.51% 9/2/2011 37.67 -0.92% 39.27 -0.51% 29.55 1.20% 37.98 1.12% 30.23 2.58% 19.45 -0.51% 34.85 0.03% 54.15 -2.82% 8/26/2011 38.02 4.54% 39.47 4.12% 29.20 2.82% 37.56 1.35% 29.47 3.55% 19.55 4.38% 34.84 -0.11% 55.72 6.72% 8/19/2011 36.37 -1.28% 37.91 1.31% 28.40 3.65% 37.06 3.64% 28.46 -2.20% 18.73 0.16% 34.88 0.00% 52.21 -0.89% 8/12/2011 36.84 -5.83% 37.42 1.60% 27.40 -0.80% 35.76 -1.32% 29.10 1.04% 18.70 0.86% 34.88 -0.34% 52.68 1.07% 8/5/2011 39.12 -2.81% 36.83 -6.55% 27.62 -4.16% 36.24 -1.68% 28.80 -3.61% 18.54 -5.31% 35.00 -0.26% 52.12 2.06% 7/29/2011 40.25 -3.75% 39.41 -3.83% 28.82 -1.81% 36.86 -2.25% 29.88 -3.11% 19.58 -3.36% 35.09 -0.20% 51.07 -5.06% 7/22/2011 41.82 1.26% 40.98 0.44% 29.35 1.87% 37.71 0.61% 30.84 1.21% 20.26 4.49% 35.16 0.11% 53.79 0.54% 7/15/2011 41.30 -1.10% 40.80 -2.37% 28.81 -0.79% 37.48 -2.27% 30.47 0.73% 19.39 -1.82% 35.12 -2.77% 53.50 -0.24% 7/8/2011 41.76 0.55% 41.79 0.89% 29.04 -0.58% 38.35 0.45% 30.25 -0.92% 19.75 -0.20% 36.12 0.33% 53.63 -0.70% 7/1/2011 41.53 2.77% 41.42 4.02% 29.21 3.36% 38.18 2.91% 30.53 2.04% 19.79 4.43% 36.00 0.76% 54.01 3.65% 6/24/2011 40.41 3.86% 39.82 0.23% 28.26 -0.46% 37.10 -1.43% 29.92 -0.63% 18.95 1.12% 35.73 3.99% 52.11 0.46% 6/17/2011 38.91 1.86% 39.73 0.30% 28.39 0.11% 37.64 1.40% 30.11 3.26% 18.74 -0.64% 34.36 -0.09% 51.87 0.50% 6/10/2011 38.20 -1.55% 39.61 -1.49% 28.36 -2.44% 37.12 -1.04% 29.16 -2.21% 18.86 -1.20% 34.39 0.56% 51.61 -1.22% 6/3/2011 38.80 -1.62% 40.21 -0.72% 29.07 -2.09% 37.51 -2.11% 29.82 -2.74% 19.09 0.05% 34.20 40.63% 52.25 -1.04% 5/27/2011 39.44 -0.83% 40.50 -0.12% 29.69 -1.10% 38.32 -0.60% 30.66 -0.13% 19.08 0.63% 24.32 4.74% 52.80 -0.99% 5/20/2011 39.77 -1.39% 40.55 -0.47% 30.02 1.11% 38.55 2.58% 30.70 -3.12% 18.96 1.23% 23.22 1.26% 53.33 -0.89% 5/13/2011 40.33 0.75% 40.74 1.27% 29.69 2.06% 37.58 3.44% 31.69 -6.90% 18.73 0.05% 22.93 -0.43% 53.81 1.82% 5/6/2011 40.03 -1.14% 40.23 1.75% 29.09 -0.75% 36.33 -0.41% 34.04 -2.04% 18.72 0.65% 23.03 -1.62% 52.85 -1.44% 4/29/2011 40.49 1.48% 39.54 2.33% 29.31 1.95% 36.48 2.79% 34.75 4.17% 18.60 1.75% 23.41 2.45% 53.62 4.93% 4/22/2011 39.90 1.76% 38.64 -0.49% 28.75 -0.28% 35.49 0.08% 33.36 1.15% 18.28 2.24% 22.85 -1.30% 51.10 1.25% 4/15/2011 39.21 -0.20% 38.83 -1.97% 28.83 1.26% 35.46 0.42% 32.98 -1.49% 17.88 2.17% 23.15 2.21% 50.47 0.26% 4/8/2011 39.29 0.08% 39.61 0.87% 28.47 1.06% 35.31 -0.59% 33.48 -1.53% 17.50 -1.41% 22.65 -1.86% 50.34 -1.55% 4/1/2011 39.26 3.48% 39.27 1.00% 28.17 2.18% 35.52 2.33% 34.00 3.50% 17.75 3.62% 23.08 -1.62% 51.13 3.78% 3/25/2011 37.94 3.13% 38.88 1.14% 27.57 1.77% 34.71 2.66% 32.85 3.89% 17.13 2.76% 23.46 4.64% 49.27 3.05% 3/18/2011 36.79 -3.13% 38.44 -3.37% 27.09 -2.31% 33.81 -5.59% 31.62 -1.53% 16.67 3.54% 22.42 -2.90% 47.81 -2.13% 3/11/2011 37.98 -2.31% 39.78 0.63% 27.73 -0.57% 35.81 1.36% 32.11 2.72% 16.10 1.39% 23.09 2.90% 48.85 -0.93% 3/4/2011 38.88 3.51% 39.53 2.38% 27.89 1.34% 35.33 0.14% 31.26 2.09% 15.88 1.28% 22.44 2.56% 49.31 0.43% 2/25/2011 37.56 0.43% 38.61 -1.10% 27.52 -4.74% 35.28 -1.34% 30.62 -0.42% 15.68 -1.38% 21.88 -0.77% 49.10 0.74% 2/18/2011 37.40 -0.58% 39.04 0.33% 28.89 0.52% 35.76 -0.28% 30.75 0.79% 15.90 -1.79% 22.05 0.18% 48.74 -2.13% 2/11/2011 37.62 1.13% 38.91 3.59% 28.74 1.81% 35.86 0.67% 30.51 0.10% 16.19 0.31% 22.01 2.04% 49.80 0.85% 2/4/2011 37.20 0.49% 37.56 1.68% 28.23 -0.60% 35.62 -0.67% 30.48 -0.94% 16.14 0.69% 21.57 0.19% 49.38 0.98% 1/28/2011 37.02 -0.59% 36.94 -1.28% 28.40 -0.80% 35.86 -1.59% 30.77 1.08% 16.03 0.82% 21.53 -0.19% 48.90 0.62% 1/21/2011 37.24 -1.04% 37.42 -0.03% 28.63 1.56% 36.44 2.79% 30.44 -1.55% 15.90 1.27% 21.57 -1.46% 48.60 -2.10% 1/14/2011 37.63 0.45% 37.43 0.21% 28.19 -0.35% 35.45 -1.53% 30.92 -0.03% 15.70 0.13% 21.89 -1.49% 49.64 -0.12% 1/7/2011 37.46 0.54% 37.35 1.58% 28.29 0.35% 36.00 0.06% 30.93 3.10% 15.68 -0.25% 22.22 1.65% 49.70 1.66% 12/31/2010 37.26 -0.27% 36.77 -0.81% 28.19 -0.35% 35.98 0.17% 30.00 -1.96% 15.72 -1.13% 21.86 -2.93% 48.89 -0.97% 12/24/2010 37.36 1.44% 37.07 0.60% 28.29 -0.39% 35.92 -0.19% 30.60 0.33% 15.90 0.19% 22.52 1.40% 49.37 -0.76% 12/17/2010 36.83 1.63% 36.85 0.88% 28.40 -0.39% 35.99 0.98% 30.50 -1.10% 15.87 0.19% 22.21 4.96% 49.75 1.99% 12/10/2010 36.24 1.54% 36.53 -1.46% 28.51 -2.46% 35.64 -0.97% 30.84 2.49% 15.84 -0.38% 21.16 3.32% 48.78 2.74% 12/3/2010 35.69 -0.22% 37.07 2.06% 29.23 1.11% 35.99 0.39% 30.09 -2.68% 15.90 0.70% 20.48 2.09% 47.48 2.24% 11/26/2010 35.77 1.76% 36.32 0.08% 28.91 -0.93% 35.85 0.28% 30.92 4.74% 15.79 -0.19% 20.06 -0.45% 46.44 -0.49% 11/19/2010 35.15 -0.48% 36.29 -0.38% 29.18 -0.38% 35.75 -2.11% 29.52 -0.64% 15.82 -1.80% 20.15 0.10% 46.67 0.56% 11/12/2010 35.32 -3.79% 36.43 -3.19% 29.29 -1.81% 36.52 -3.13% 29.71 -9.20% 16.11 -3.42% 20.13 -1.66% 46.41 -1.23% 11/5/2010 36.71 0.91% 37.63 3.01% 29.83 2.93% 37.70 0.69% 32.72 2.76% 16.68 0.72% 20.47 1.24% 46.99 3.39% 10/29/2010 36.38 -2.26% 36.53 -0.25% 28.98 0.52% 37.44 2.02% 31.84 -2.87% 16.56 0.85% 20.22 -1.99% 45.45 -1.52% 10/22/2010 37.22 -0.35% 36.62 1.30% 28.83 -0.17% 36.70 2.11% 32.78 0.37% 16.42 1.80% 20.63 1.93% 46.15 0.33% 10/15/2010 37.35 0.11% 36.15 0.03% 28.88 -1.03% 35.94 -0.69% 32.66 0.68% 16.13 0.25% 20.24 -0.15% 46.00 2.31% 10/8/2010 37.31 1.36% 36.14 -1.42% 29.18 1.35% 36.19 -0.08% 32.44 2.40% 16.09 1.19% 20.27 0.45% 44.96 1.06% 10/1/2010 36.81 1.85% 36.66 1.64% 28.79 2.97% 36.22 -0.77% 31.68 3.16% 15.90 1.60% 20.18 -0.30% 44.49 1.27% 9/24/2010 36.14 1.69% 36.07 0.45% 27.96 1.97% 36.50 1.73% 30.71 1.82% 15.65 4.13% 20.24 2.27% 43.93 4.45% 9/17/2010 35.54 -0.73% 35.91 0.06% 27.42 -1.33% 35.88 -2.05% 30.16 -0.49% 15.03 -1.12% 19.79 -0.70% 42.06 -0.33% 9/10/2010 35.80 -2.69% 35.89 0.14% 27.79 -3.00% 36.63 1.41% 30.31 -2.26% 15.20 -0.39% 19.93 -1.34% 42.20 -1.12% 9/3/2010 36.79 2.28% 35.84 1.13% 28.65 1.34% 36.12 1.15% 31.01 0.32% 15.26 2.01% 20.20 1.35% 42.68 0.38% 8/27/2010 35.97 1.87% 35.44 -0.39% 28.27 4.16% 35.71 2.56% 30.91 2.42% 14.96 2.82% 19.93 2.26% 42.52 3.83% 8/20/2010 35.31 -1.34% 35.58 0.51% 27.14 -1.60% 34.82 -1.97% 30.18 -3.27% 14.55 0.34% 19.49 0.26% 40.95 -0.85% 8/13/2010 35.79 -3.45% 35.40 0.54% 27.58 1.40% 35.52 -1.28% 31.20 -4.38% 14.50 -2.29% 19.44 -4.61% 41.30 -2.53% 8/6/2010 37.07 2.80% 35.21 1.88% 27.20 7.21% 35.98 0.00% 32.63 2.22% 14.84 4.29% 20.38 -4.05% 42.37 1.36% 7/30/2010 36.06 -0.17% 34.56 -1.14% 25.37 0.32% 35.98 0.50% 31.92 0.16% 14.23 -0.14% 21.24 0.19% 41.80 0.87% 7/23/2010 36.12 3.29% 34.96 4.14% 25.29 2.80% 35.80 2.99% 31.87 9.18% 14.25 2.30% 21.20 6.05% 41.44 4.33% 7/16/2010 34.97 -0.43% 33.57 0.12% 24.60 -1.20% 34.76 -0.23% 29.19 -3.54% 13.93 -0.85% 19.99 -2.20% 39.72 -0.92% 7/9/2010 35.12 4.12% 33.53 6.55% 24.90 5.15% 34.84 7.56% 30.26 6.70% 14.05 7.83% 20.44 3.13% 40.09 2.64% 7/2/2010 33.73 -3.74% 31.47 -2.15% 23.68 -2.39% 32.39 -1.82% 28.36 -2.81% 13.03 -3.62% 19.82 -2.12% 39.06 -1.31% 6/25/2010 35.04 -2.53% 32.16 -4.11% 24.26 -5.01% 32.99 -3.14% 29.18 -2.70% 13.52 -3.50% 20.25 -1.17% 39.58 -2.01% 6/18/2010 35.95 5.46% 33.54 3.55% 25.54 5.89% 34.06 4.96% 29.99 4.57% 14.01 5.58% 20.49 1.04% 40.39 3.41% 6/11/2010 34.09 1.52% 32.39 3.15% 24.12 0.12% 32.45 4.27% 28.68 2.10% 13.27 0.53% 20.28 2.79% 39.06 2.22% 6/4/2010 33.58 -2.72% 31.40 -2.30% 24.09 -2.31% 31.12 -2.63% 28.09 -2.09% 13.20 -3.08% 19.73 -1.74% 38.21 -1.75% 5/28/2010 34.52 -0.32% 32.14 1.10% 24.66 2.15% 31.96 1.59% 28.69 -1.07% 13.62 2.18% 20.08 2.45% 38.89 -2.51% 5/21/2010 34.63 -6.10% 31.79 -6.83% 24.14 -3.79% 31.46 -4.67% 29.00 -5.72% 13.33 -5.80% 19.60 -5.81% 39.89 -5.14% 5/14/2010 36.88 4.98% 34.12 7.40% 25.09 3.68% 33.00 3.38% 30.76 4.70% 14.15 2.91% 20.81 1.51% 42.05 5.92% 5/7/2010 35.13 -3.67% 31.77 -7.11% 24.20 -6.78% 31.92 -6.94% 29.38 -10.67% 13.75 -4.25% 20.50 -6.01% 39.70 -4.15% 4/30/2010 36.47 -1.72% 34.20 -4.01% 25.96 -3.21% 34.30 0.82% 32.89 0.74% 14.36 -1.44% 21.81 -1.89% 41.42 -3.72% 4/23/2010 37.11 5.34% 35.63 3.31% 26.82 1.78% 34.02 0.86% 32.65 2.54% 14.57 1.75% 22.23 6.57% 43.02 1.99% 4/16/2010 35.23 0.69% 34.49 2.62% 26.35 -0.60% 33.73 -1.58% 31.84 -0.09% 14.32 -1.24% 20.86 2.20% 42.18 1.35% 4/9/2010 34.99 3.61% 33.61 -0.53% 26.51 0.23% 34.27 -0.64% 31.87 3.31% 14.50 0.00% 20.41 0.59% 41.62 0.85% 4/2/2010 33.77 1.96% 33.79 1.90% 26.45 3.20% 34.49 1.17% 30.85 2.70% 14.50 2.18% 20.29 1.65% 41.27 1.60% 3/26/2010 33.12 -1.37% 33.16 1.41% 25.63 -1.57% 34.09 -1.25% 30.04 2.07% 14.19 -1.66% 19.96 1.73% 40.62 -2.31% 3/19/2010 33.58 0.78% 32.70 -3.17% 26.04 2.08% 34.52 1.23% 29.43 1.17% 14.43 1.33% 19.62 -3.92% 41.58 1.17% 3/12/2010 33.32 -0.95% 33.77 2.80% 25.51 -1.66% 34.10 -0.44% 29.09 1.93% 14.24 1.64% 20.42 -1.59% 41.10 -1.42% 3/5/2010 33.64 6.96% 32.85 3.86% 25.94 4.98% 34.25 1.87% 28.54 2.40% 14.01 4.71% 20.75 5.54% 41.69 4.25% 2/26/2010 31.45 -3.65% 31.63 -2.44% 24.71 -3.66% 33.62 -1.03% 27.87 -0.07% 13.38 -7.91% 19.66 -1.70% 39.99 -1.28% 2/19/2010 32.64 3.23% 32.42 4.68% 25.65 4.44% 33.97 3.10% 27.89 7.19% 14.53 6.45% 20.00 3.79% 40.51 5.06% 2/12/2010 31.62 2.40% 30.97 0.88% 24.56 -1.21% 32.95 -2.05% 26.02 -0.50% 13.65 -1.94% 19.27 0.89% 38.56 -2.43% 2/5/2010 30.88 -1.34% 30.70 -1.60% 24.86 -2.70% 33.64 -2.91% 26.15 0.65% 13.92 -0.22% 19.10 -2.75% 39.52 -0.08% 1/29/2010 31.30 1.85% 31.20 -2.38% 25.55 -0.89% 34.65 -2.17% 25.98 -0.76% 13.95 -1.76% 19.64 -1.95% 39.55 -2.87% 1/22/2010 30.73 -3.36% 31.96 -2.29% 25.78 -5.71% 35.42 -1.64% 26.18 -2.60% 14.20 -2.81% 20.03 -3.05% 40.72 -2.96% 1/15/2010 31.80 -1.33% 32.71 1.96% 27.34 1.22% 36.01 1.12% 26.88 1.78% 14.61 2.60% 20.66 0.34% 41.96 3.66% 1/8/2010 32.23 -1.38% 32.08 6.01% 27.01 -3.36% 35.61 2.36% 26.41 -0.83% 14.24 -1.86% 20.59 -1.01% 40.48 -4.80% 1/1/2010 32.68 -1.54% 30.26 -2.98% 27.95 -2.03% 34.79 -0.94% 26.63 -2.53% 14.51 -1.76% 20.80 -0.34% 42.52 0.35% 12/25/2009 33.19 -1.10% 31.19 2.33% 28.53 1.89% 35.12 0.11% 27.32 3.09% 14.77 1.51% 20.87 1.56% 42.37 2.44% 12/18/2009 33.56 -3.34% 30.48 0.03% 28.00 0.65% 35.08 -1.41% 26.50 1.92% 14.55 0.69% 20.55 1.08% 41.36 -1.48% 12/11/2009 34.72 1.52% 30.47 4.60% 27.82 3.00% 35.58 5.30% 26.00 7.53% 14.45 4.94% 20.33 2.37% 41.98 1.43% 12/4/2009 34.20 2.64% 29.13 6.90% 27.01 5.59% 33.79 7.10% 24.18 2.15% 13.77 6.25% 19.86 4.64% 41.39 1.70% Rebuttal Exhibit No. RBH-6 Page 2 of 18

EIGHTEEN-MONTH BETA CALCULATION

ALE LNT AEE AEP BKH CNP CV CHG Date Price Return Price Return Price Return Price Return Price Return Price Return Price Return Price Return 11/27/2009 33.32 1.93% 27.25 -0.47% 25.58 1.19% 31.55 0.90% 23.67 0.55% 12.96 1.49% 18.98 -1.71% 40.70 -1.76% 11/20/2009 32.69 -0.58% 27.38 -0.83% 25.28 -1.71% 31.27 -1.11% 23.54 -1.59% 12.77 1.11% 19.31 2.55% 41.43 -0.72% 11/13/2009 32.88 -0.24% 27.61 0.95% 25.72 4.21% 31.62 1.90% 23.92 0.00% 12.63 -0.86% 18.83 -2.54% 41.73 -2.27% 11/6/2009 32.96 -2.63% 27.35 2.97% 24.68 1.40% 31.03 2.68% 23.92 -1.85% 12.74 1.11% 19.32 -0.36% 42.70 3.12% 10/30/2009 33.85 -2.08% 26.56 -3.31% 24.34 -3.41% 30.22 -1.91% 24.37 -3.64% 12.60 -1.95% 19.39 -3.00% 41.41 -5.00% 10/23/2009 34.57 1.35% 27.47 -0.90% 25.20 -1.60% 30.81 -1.97% 25.29 -1.44% 12.85 -0.70% 19.99 -1.91% 43.59 -0.71% 10/16/2009 34.11 2.37% 27.72 1.99% 25.61 1.35% 31.43 2.34% 25.66 2.07% 12.94 2.13% 20.38 1.80% 43.90 0.92% 10/9/2009 33.32 1.09% 27.18 1.12% 25.27 3.06% 30.71 1.12% 25.14 3.50% 12.67 3.68% 20.02 3.04% 43.50 -1.09% 10/2/2009 32.96 -1.88% 26.88 -5.35% 24.52 -3.77% 30.37 -1.97% 24.29 -2.80% 12.22 -0.24% 19.43 -2.70% 43.98 -1.74% 9/25/2009 33.59 -1.98% 28.40 0.78% 25.48 -2.19% 30.98 -3.37% 24.99 -3.66% 12.25 -1.92% 19.97 0.05% 44.76 -2.04% 9/18/2009 34.27 3.47% 28.18 7.68% 26.05 2.36% 32.06 4.46% 25.94 5.88% 12.49 0.32% 19.96 6.00% 45.69 3.46% 9/11/2009 33.12 -0.30% 26.17 0.38% 25.45 -5.36% 30.69 -0.97% 24.50 0.49% 12.45 3.15% 18.83 2.67% 44.16 -1.47% 9/4/2009 33.22 -2.15% 26.07 -2.69% 26.89 -2.47% 30.99 -2.73% 24.38 -6.80% 12.07 -3.98% 18.34 -1.66% 44.82 -4.84% 8/28/2009 33.95 0.00% 26.79 0.37% 27.57 1.92% 31.86 1.17% 26.16 -2.75% 12.57 -1.80% 18.65 -4.90% 47.10 -4.79% 8/21/2009 33.95 1.16% 26.69 0.91% 27.05 2.42% 31.49 1.22% 26.90 3.46% 12.80 2.56% 19.61 1.71% 49.47 2.91% 8/14/2009 33.56 -0.94% 26.45 1.85% 26.41 0.00% 31.11 -0.26% 26.00 -0.84% 12.48 1.13% 19.28 5.99% 48.07 -1.35% 8/7/2009 33.88 5.94% 25.97 -0.73% 26.41 3.85% 31.19 0.74% 26.22 0.81% 12.34 2.41% 18.19 -1.36% 48.73 -1.54% 7/31/2009 31.98 1.07% 26.16 -2.64% 25.43 -1.28% 30.96 0.06% 26.01 1.09% 12.05 1.52% 18.44 -0.49% 49.49 -3.32% 7/24/2009 31.64 6.71% 26.87 4.55% 25.76 6.58% 30.94 3.83% 25.73 6.94% 11.87 6.08% 18.53 2.09% 51.19 5.01% 7/17/2009 29.65 5.70% 25.70 1.42% 24.17 3.47% 29.80 4.45% 24.06 5.16% 11.19 2.47% 18.15 2.02% 48.75 4.86% 7/10/2009 28.05 -1.61% 25.34 -1.78% 23.36 -3.59% 28.53 0.88% 22.88 -0.31% 10.92 -0.18% 17.79 -2.36% 46.49 -0.11% 7/3/2009 28.51 -0.80% 25.80 0.86% 24.23 -1.22% 28.28 -1.15% 22.95 -0.48% 10.94 -1.08% 18.22 -1.09% 46.54 -1.52% 6/26/2009 28.74 0.28% 25.58 1.35% 24.53 1.91% 28.61 0.85% 23.06 0.22% 11.06 2.88% 18.42 5.38% 47.26 2.49% 6/19/2009 28.66 0.49% 25.24 0.60% 24.07 -1.39% 28.37 1.32% 23.01 -0.52% 10.75 0.84% 17.48 -2.73% 46.11 2.95% 6/12/2009 28.52 4.97% 25.09 3.59% 24.41 1.37% 28.00 4.48% 23.13 2.21% 10.66 6.71% 17.97 0.11% 44.79 3.70% 6/5/2009 27.17 2.84% 24.22 2.06% 24.08 3.53% 26.80 1.75% 22.63 5.75% 9.99 -1.28% 17.95 11.08% 43.19 4.15% 5/29/2009 26.42 0.80% 23.73 0.94% 23.26 2.06% 26.34 4.73% 21.40 8.63% 10.12 2.74% 16.16 1.76% 41.47 1.00% 5/22/2009 26.21 -0.46% 23.51 -0.25% 22.79 -1.81% 25.15 0.84% 19.70 1.49% 9.85 -1.99% 15.88 -3.17% 41.06 -3.66% 5/15/2009 26.33 -2.84% 23.57 -3.95% 23.21 -5.84% 24.94 -4.63% 19.41 -6.14% 10.05 -8.05% 16.40 -1.38% 42.62 -4.07% 5/8/2009 27.10 0.93% 24.54 9.75% 24.65 2.92% 26.15 -2.93% 20.68 3.45% 10.93 -0.73% 16.63 -1.66% 44.43 -4.35% 5/1/2009 26.85 8.40% 22.36 -3.25% 23.95 8.13% 26.94 2.98% 19.99 5.21% 11.01 6.79% 16.91 1.44% 46.45 5.23% 4/24/2009 24.77 -4.10% 23.11 -4.82% 22.15 -1.51% 26.16 -4.28% 19.00 -0.63% 10.31 -2.00% 16.67 -2.11% 44.14 -1.16% 4/17/2009 25.83 -1.49% 24.28 -3.23% 22.49 -1.83% 27.33 3.52% 19.12 1.22% 10.52 2.83% 17.03 -6.84% 44.66 -5.54% 4/10/2009 26.22 -3.10% 25.09 1.62% 22.91 -1.55% 26.40 0.38% 18.89 2.11% 10.23 -3.13% 18.28 4.94% 47.28 0.17% 4/3/2009 27.06 2.23% 24.69 0.69% 23.27 -0.17% 26.30 0.11% 18.50 3.76% 10.56 3.83% 17.42 -4.86% 47.20 6.35% 3/27/2009 26.47 -2.22% 24.52 5.51% 23.31 6.00% 26.27 -4.72% 17.83 0.62% 10.17 -2.87% 18.31 -6.96% 44.38 4.23% 3/20/2009 27.07 9.02% 23.24 7.34% 21.99 9.08% 27.57 9.19% 17.72 13.44% 10.47 3.25% 19.68 4.79% 42.58 6.21% 3/13/2009 24.83 2.99% 21.65 3.39% 20.16 -3.86% 25.25 1.77% 15.62 3.38% 10.14 14.19% 18.78 0.27% 40.09 1.34% 3/6/2009 24.11 -9.50% 20.94 -9.47% 20.97 -11.82% 24.81 -11.55% 15.11 -15.16% 8.88 -13.95% 18.73 -9.08% 39.56 -5.04% 2/27/2009 26.64 -4.41% 23.13 -4.42% 23.78 -7.58% 28.05 -4.79% 17.81 -6.21% 10.32 -12.76% 20.60 -11.66% 41.66 -6.30% 2/20/2009 27.87 -7.72% 24.20 -11.26% 25.73 -19.59% 29.46 -7.39% 18.99 -11.59% 11.83 -9.90% 23.32 -6.76% 44.46 -7.91% 2/13/2009 30.20 -7.36% 27.27 -6.26% 32.00 -5.04% 31.81 -4.24% 21.48 -9.18% 13.13 -8.76% 25.01 -0.32% 48.28 -7.26% 2/6/2009 32.60 4.82% 29.09 0.90% 33.70 1.35% 33.22 5.96% 23.65 -10.75% 14.39 7.55% 25.09 11.02% 52.06 2.93% 1/30/2009 31.10 2.71% 28.83 3.78% 33.25 0.48% 31.35 -1.85% 26.50 3.84% 13.38 3.08% 22.60 1.12% 50.58 8.31% 1/23/2009 30.28 -3.07% 27.78 -0.32% 33.09 1.91% 31.94 -1.72% 25.52 -2.56% 12.98 1.88% 22.35 -1.72% 46.70 -1.93% 1/16/2009 31.24 2.23% 27.87 -0.57% 32.47 -0.58% 32.50 -0.34% 26.19 -0.11% 12.74 -0.86% 22.74 1.16% 47.62 1.51% 1/9/2009 30.56 -5.80% 28.03 -5.59% 32.66 -4.28% 32.61 -4.09% 26.22 -3.92% 12.85 0.00% 22.48 -7.18% 46.91 -6.25% 1/2/2009 32.44 3.97% 29.69 5.85% 34.12 6.00% 34.00 5.99% 27.29 3.45% 12.85 6.20% 24.22 11.41% 50.04 4.01% 12/26/2008 31.20 0.94% 28.05 1.19% 32.19 -1.53% 32.08 0.53% 26.38 1.07% 12.10 -2.58% 21.74 4.82% 48.11 3.06% 12/19/2008 30.91 2.59% 27.72 -8.82% 32.69 -0.18% 31.91 6.97% 26.10 2.88% 12.42 -2.36% 20.74 2.62% 46.68 3.73% 12/12/2008 30.13 -2.87% 30.40 1.47% 32.75 -2.82% 29.83 -0.27% 25.37 1.72% 12.72 -0.62% 20.21 6.37% 45.00 4.36% 12/5/2008 31.02 -9.35% 29.96 -5.99% 33.70 -5.28% 29.91 -4.41% 24.94 -3.37% 12.80 -1.01% 19.00 0.58% 43.12 -1.42% 11/28/2008 34.22 2.12% 31.87 4.42% 35.58 8.94% 31.29 7.86% 25.81 5.30% 12.93 7.84% 18.89 9.57% 43.74 6.29% 11/21/2008 33.51 -1.44% 30.52 4.63% 32.66 -3.00% 29.01 -6.27% 24.51 -2.00% 11.99 1.18% 17.24 -17.87% 41.15 0.37% 11/14/2008 34.00 -3.55% 29.17 -2.15% 33.67 4.31% 30.95 0.26% 25.01 -4.18% 11.85 -2.55% 20.99 3.60% 41.00 -1.54% 11/7/2008 35.25 0.71% 29.81 1.46% 32.28 -0.52% 30.87 -5.39% 26.10 3.37% 12.16 5.56% 20.26 1.76% 41.64 0.99% 10/31/2008 35.00 -2.21% 29.38 2.16% 32.45 9.89% 32.63 5.33% 25.25 3.82% 11.52 9.61% 19.91 -1.14% 41.23 2.38% 10/24/2008 35.79 1.82% 28.76 3.12% 29.53 -2.48% 30.98 2.08% 24.32 -1.42% 10.51 3.04% 20.14 -0.59% 40.27 0.73% 10/17/2008 35.15 -1.24% 27.89 14.82% 30.28 9.95% 30.35 8.39% 24.67 3.61% 10.20 12.33% 20.26 -8.74% 39.98 6.93% 10/10/2008 35.59 -17.29% 24.29 -21.85% 27.54 -25.57% 28.00 -21.22% 23.81 -21.55% 9.08 -33.24% 22.20 -2.29% 37.39 -13.37% 10/3/2008 43.03 -4.14% 31.08 -6.27% 37.00 -7.91% 35.54 -4.36% 30.35 -6.47% 13.60 -8.17% 22.72 -5.37% 43.16 -3.21% 9/26/2008 44.89 -2.05% 33.16 -4.41% 40.18 -3.27% 37.16 -2.67% 32.45 -10.31% 14.81 -0.13% 24.01 -2.71% 44.59 -8.81% 9/19/2008 45.83 3.69% 34.69 2.33% 41.54 3.31% 38.18 -2.40% 36.18 10.07% 14.83 -4.01% 24.68 9.20% 48.90 18.09% 9/12/2008 44.20 6.25% 33.90 -0.26% 40.21 0.65% 39.12 4.46% 32.87 1.23% 15.45 -1.90% 22.60 -2.12% 41.41 3.76% 9/5/2008 41.60 -1.47% 33.99 -2.75% 39.95 -4.56% 37.45 -4.07% 32.47 -3.96% 15.75 -0.82% 23.09 -4.98% 39.91 0.28% 8/29/2008 42.22 -0.85% 34.95 0.23% 41.86 -1.53% 39.04 0.21% 33.81 -1.43% 15.88 -1.24% 24.30 1.17% 39.80 -1.99% 8/22/2008 42.58 0.47% 34.87 1.28% 42.51 1.21% 38.96 1.14% 34.30 2.94% 16.08 1.52% 24.02 -2.12% 40.61 1.27% 8/15/2008 42.38 9.17% 34.43 -0.38% 42.00 3.91% 38.52 -1.48% 33.32 -0.80% 15.84 -2.52% 24.54 5.23% 40.10 9.47% 8/8/2008 38.82 -5.29% 34.56 8.75% 40.42 3.14% 39.10 0.85% 33.59 4.32% 16.25 6.07% 23.32 7.61% 36.63 0.38% 8/1/2008 40.99 -0.82% 31.78 -0.44% 39.19 -2.27% 38.77 -2.24% 32.20 -0.74% 15.32 0.86% 21.67 -2.30% 36.49 -3.64% 7/25/2008 41.33 0.44% 31.92 -2.21% 40.10 -0.87% 39.66 0.48% 32.44 2.21% 15.19 -0.98% 22.18 7.15% 37.87 4.12% 7/18/2008 41.15 -4.15% 32.64 -4.31% 40.45 -1.39% 39.47 -1.62% 31.74 -0.60% 15.34 -3.76% 20.70 3.97% 36.37 -1.46% 7/11/2008 42.93 3.07% 34.11 1.85% 41.02 -2.29% 40.12 1.42% 31.93 3.30% 15.94 0.25% 19.91 5.12% 36.91 5.79% 7/4/2008 41.65 -0.19% 33.49 -0.77% 41.98 1.50% 39.56 -0.05% 30.91 -4.36% 15.90 2.32% 18.94 -0.58% 34.89 1.87% 6/27/2008 41.73 -6.18% 33.75 -5.52% 41.36 -3.14% 39.58 -4.26% 32.32 -7.45% 15.54 -3.78% 19.05 -6.11% 34.25 -8.47% 6/20/2008 44.48 -2.24% 35.72 -3.85% 42.70 -1.82% 41.34 -3.39% 34.92 -2.16% 16.15 -2.48% 20.29 0.40% 37.42 0.29% 6/13/2008 45.50 2.36% 37.15 0.49% 43.49 -0.37% 42.79 1.98% 35.69 1.54% 16.56 -0.48% 20.21 1.56% 37.31 0.16% 6/6/2008 44.45 0.07% 36.97 -1.52% 43.65 -3.96% 41.96 -0.87% 35.15 -0.26% 16.64 -1.77% 19.90 -2.16% 37.25 -1.66% 5/30/2008 44.42 1.95% 37.54 1.05% 45.45 1.20% 42.33 0.47% 35.24 0.40% 16.94 3.74% 20.34 -4.64% 37.88 -1.07% 5/23/2008 43.57 1.18% 37.15 -0.80% 44.91 -2.52% 42.13 -2.95% 35.10 -1.35% 16.33 3.03% 21.33 -2.42% 38.29 3.26% 5/16/2008 43.06 2.30% 37.45 1.82% 46.07 0.35% 43.41 -1.05% 35.58 -1.14% 15.85 4.07% 21.86 -2.84% 37.08 0.90% 5/9/2008 42.09 1.37% 36.78 -2.83% 45.91 -3.85% 43.87 -2.71% 35.99 -4.99% 15.23 -3.12% 22.50 -5.78% 36.75 0.96% 5/2/2008 41.52 -2.74% 37.85 -0.63% 47.75 4.74% 45.09 1.83% 37.88 -1.61% 15.72 0.96% 23.88 0.51% 36.40 -8.20% 4/25/2008 42.69 1.45% 38.09 0.18% 45.59 -0.63% 44.28 -0.87% 38.50 -1.91% 15.57 -0.76% 23.76 -3.92% 39.65 -1.64% 4/18/2008 42.08 5.15% 38.02 4.34% 45.88 3.08% 44.67 1.13% 39.25 5.48% 15.69 3.98% 24.73 8.75% 40.31 5.11% 4/11/2008 40.02 0.43% 36.44 0.72% 44.51 -1.29% 44.17 2.96% 37.21 0.19% 15.09 1.00% 22.74 -1.60% 38.35 -3.13% 4/4/2008 39.85 4.13% 36.18 4.33% 45.09 3.80% 42.90 4.71% 37.14 6.24% 14.94 6.33% 23.11 -4.03% 39.59 3.56% 3/28/2008 38.27 0.34% 34.68 -0.17% 43.44 -0.28% 40.97 0.34% 34.96 -3.93% 14.05 -0.78% 24.08 -4.78% 38.23 -2.92% 3/21/2008 38.14 6.66% 34.74 0.14% 43.56 4.84% 40.83 1.49% 36.39 1.36% 14.16 1.80% 25.29 9.81% 39.38 8.16% 3/14/2008 35.76 2.11% 34.69 0.64% 41.55 0.14% 40.23 -1.01% 35.90 1.30% 13.91 -2.04% 23.03 -1.24% 36.41 3.09% 3/7/2008 35.02 -2.83% 34.47 -0.78% 41.49 -2.83% 40.64 -0.68% 35.44 -0.89% 14.20 -3.27% 23.32 -2.63% 35.32 -1.29% 2/29/2008 36.04 -2.78% 34.74 -3.77% 42.70 -2.18% 40.92 -3.26% 35.76 -1.81% 14.68 -4.30% 23.95 -10.00% 35.78 -5.14% 2/22/2008 37.07 -2.29% 36.10 0.00% 43.65 -1.00% 42.30 -1.86% 36.42 -2.20% 15.34 0.26% 26.61 -1.22% 37.72 -3.18% 2/15/2008 37.94 -0.32% 36.10 -2.17% 44.09 -0.47% 43.10 -0.14% 37.24 -4.51% 15.30 -1.80% 26.94 -5.04% 38.96 -0.38% 2/8/2008 38.06 -2.66% 36.90 -1.28% 44.30 -2.72% 43.16 -1.82% 39.00 -2.94% 15.58 -3.53% 28.37 -4.03% 39.11 -0.56% 2/1/2008 39.10 8.25% 37.38 4.82% 45.54 3.08% 43.96 6.36% 40.18 6.44% 16.15 5.35% 29.56 0.03% 39.33 9.28% Rebuttal Exhibit No. RBH-6 Page 3 of 18

EIGHTEEN-MONTH BETA CALCULATION

ALE LNT AEE AEP BKH CNP CV CHG Date Price Return Price Return Price Return Price Return Price Return Price Return Price Return Price Return 1/25/2008 36.12 1.57% 35.66 -3.15% 44.18 -6.20% 41.33 -7.79% 37.75 -5.10% 15.33 -3.46% 29.55 1.16% 35.99 -2.47% 1/18/2008 35.56 -6.79% 36.82 -11.49% 47.10 -9.18% 44.82 -6.55% 39.78 -4.83% 15.88 -5.59% 29.21 3.77% 36.90 -7.45% 1/11/2008 38.15 0.93% 41.60 4.10% 51.86 -2.00% 47.96 3.61% 41.80 -0.10% 16.82 1.82% 28.15 -4.74% 39.87 -5.66% 1/4/2008 37.80 -5.81% 39.96 -2.77% 52.92 -2.77% 46.29 -1.26% 41.84 -5.70% 16.52 -5.44% 29.55 -6.19% 42.26 -5.08% 12/28/2007 40.13 -1.91% 41.10 -3.68% 54.43 0.15% 46.88 -1.41% 44.37 -1.18% 17.47 0.52% 31.50 -3.96% 44.52 -1.04% 12/21/2007 40.91 4.92% 42.67 3.04% 54.35 1.08% 47.55 0.36% 44.90 5.70% 17.38 -5.18% 32.80 9.12% 44.99 5.78% 12/14/2007 38.99 -5.04% 41.41 -2.33% 53.77 0.15% 47.38 -3.64% 42.48 -1.85% 18.33 0.94% 30.06 -0.79% 42.53 -2.57% 12/7/2007 41.06 0.24% 42.40 2.12% 53.69 -0.30% 49.17 3.15% 43.28 3.89% 18.16 1.74% 30.30 9.54% 43.65 -1.51% 11/30/2007 40.96 -3.37% 41.52 2.37% 53.85 0.49% 47.67 2.63% 41.66 0.12% 17.85 2.06% 27.66 -0.43% 44.32 -2.01% 11/23/2007 42.39 1.73% 40.56 -1.22% 53.59 1.09% 46.45 0.09% 41.61 1.91% 17.49 -0.96% 27.78 -3.51% 45.23 3.57% 11/16/2007 41.67 1.46% 41.06 0.22% 53.01 0.40% 46.41 0.06% 40.83 -1.45% 17.66 -3.07% 28.79 -1.47% 43.67 2.10% 11/9/2007 41.07 -2.79% 40.97 2.20% 52.80 -0.64% 46.38 -2.23% 41.43 -3.25% 18.22 6.49% 29.22 -7.18% 42.77 -4.66% 11/2/2007 42.25 -7.14% 40.09 1.44% 53.14 -0.54% 47.44 -0.48% 42.82 -2.64% 17.11 4.14% 31.48 -4.00% 44.86 -5.84% 10/26/2007 45.50 6.23% 39.52 4.49% 53.43 1.85% 47.67 4.47% 43.98 6.51% 16.43 2.88% 32.79 4.89% 47.64 5.96% 10/19/2007 42.83 -6.51% 37.82 -6.32% 52.46 -2.85% 45.63 -5.41% 41.29 -4.51% 15.97 -5.61% 31.26 -14.07% 44.96 -7.53% 10/12/2007 45.81 0.46% 40.37 3.43% 54.00 0.54% 48.24 0.56% 43.24 -0.18% 16.92 0.30% 36.38 -4.34% 48.62 -1.84% 10/5/2007 45.60 1.88% 39.03 1.85% 53.71 2.30% 47.97 4.10% 43.32 5.61% 16.87 5.24% 38.03 4.08% 49.53 3.62% 9/28/2007 44.76 0.95% 38.32 0.92% 52.50 -1.52% 46.08 0.02% 41.02 -2.84% 16.03 -3.26% 36.54 0.16% 47.80 -2.37% 9/21/2007 44.34 2.38% 37.97 2.57% 53.31 2.44% 46.07 2.17% 42.22 1.93% 16.57 2.66% 36.48 9.68% 48.96 7.11% 9/14/2007 43.31 2.15% 37.02 -0.72% 52.04 2.81% 45.09 1.21% 41.42 -0.24% 16.14 0.88% 33.26 -3.51% 45.71 -0.13% 9/7/2007 42.40 0.69% 37.29 -1.56% 50.62 -0.32% 44.55 0.16% 41.52 0.80% 16.00 -1.36% 34.47 -4.52% 45.77 -3.17% 8/31/2007 42.11 -0.31% 37.88 -3.49% 50.78 -0.53% 44.48 -4.90% 41.19 -2.46% 16.22 -4.81% 36.10 0.92% 47.27 -1.97% 8/24/2007 42.24 1.42% 39.25 2.64% 51.05 1.37% 46.77 0.65% 42.23 0.12% 17.04 6.70% 35.77 -6.24% 48.22 -1.51% 8/17/2007 41.65 -2.09% 38.24 3.21% 50.36 -1.95% 46.47 -0.92% 42.18 0.72% 15.97 -1.24% 38.15 5.01% 48.96 3.44% 8/10/2007 42.54 0.00% 37.05 2.07% 51.36 8.04% 46.90 6.49% 41.88 12.64% 16.17 1.00% 36.33 6.85% 47.33 9.79% 8/3/2007 42.54 -3.93% 36.30 -2.86% 47.54 -2.50% 44.04 1.97% 37.18 -1.98% 16.01 -2.73% 34.00 -1.82% 43.11 -0.55% 7/27/2007 44.28 -10.92% 37.37 -7.50% 48.76 -5.32% 43.19 -6.52% 37.93 -6.30% 16.46 -4.47% 34.63 -9.68% 43.35 -8.51% 7/20/2007 49.71 0.34% 40.40 1.05% 51.50 1.20% 46.20 -0.37% 40.48 -2.29% 17.23 -3.64% 38.34 -2.67% 47.38 0.42% 7/13/2007 49.54 4.76% 39.98 2.62% 50.89 2.64% 46.37 2.02% 41.43 1.40% 17.88 0.56% 39.39 0.77% 47.18 3.83% 7/6/2007 47.29 38.96 49.58 45.45 40.86 17.78 39.09 45.44 Rebuttal Exhibit No. RBH-6 Page 4 of 18

EIGHTEEN-MONTH BETA CALCULATION

CNL CMS ED CEG DTE EIX EXC GXP Date Price Return Price Return Price Return Price Return Price Return Price Return Price Return Price Return 9/30/2011 34.14 -1.98% 19.79 0.66% 57.02 0.49% 38.06 0.29% 49.02 1.13% 38.25 3.07% 42.61 0.42% 19.3 -1.03% 9/23/2011 34.83 -2.79% 19.66 -3.20% 56.74 -1.18% 37.95 -2.99% 48.47 -4.13% 37.11 -1.72% 42.43 -2.30% 19.5 -1.66% 9/16/2011 35.83 5.91% 20.31 7.97% 57.42 4.17% 39.12 3.27% 50.56 4.31% 37.76 6.79% 43.43 2.48% 19.83 5.76% 9/9/2011 33.83 -1.89% 18.81 -2.54% 55.12 -1.69% 37.88 -0.84% 48.47 -2.36% 35.36 -2.29% 42.38 -0.54% 18.75 -1.00% 9/2/2011 34.48 -0.26% 19.3 0.36% 56.07 0.86% 38.2 3.92% 49.64 0.55% 36.19 0.58% 42.61 1.43% 18.94 1.72% 8/26/2011 34.57 3.94% 19.23 1.85% 55.59 2.26% 36.76 0.05% 49.37 3.91% 35.98 0.33% 42.01 0.62% 18.62 2.20% 8/19/2011 33.26 -0.42% 18.88 3.51% 54.36 1.17% 36.74 3.06% 47.51 1.19% 35.86 3.11% 41.75 2.53% 18.22 1.73% 8/12/2011 33.40 3.95% 18.24 -0.16% 53.73 0.86% 35.65 -2.06% 46.95 -0.38% 34.78 -0.77% 40.72 -3.00% 17.91 -2.24% 8/5/2011 32.13 -7.46% 18.27 -4.55% 53.27 1.27% 36.40 -6.26% 47.13 -5.44% 35.05 -7.93% 41.98 -4.74% 18.32 -9.17% 7/29/2011 34.72 -2.96% 19.14 -3.96% 52.60 -1.83% 38.83 -0.28% 49.84 -2.71% 38.07 -2.96% 44.07 0.85% 20.17 -2.98% 7/22/2011 35.78 2.32% 19.93 1.17% 53.58 0.62% 38.94 0.49% 51.23 1.79% 39.23 1.71% 43.70 0.76% 20.79 -0.38% 7/15/2011 34.97 -1.33% 19.70 -1.79% 53.25 -0.58% 38.75 -0.18% 50.33 -0.08% 38.57 -1.23% 43.37 -0.60% 20.87 -1.51% 7/8/2011 35.44 0.48% 20.06 -0.25% 53.56 -0.92% 38.82 0.57% 50.37 -0.85% 39.05 0.46% 43.63 0.65% 21.19 0.47% 7/1/2011 35.27 2.65% 20.11 3.13% 54.06 3.17% 38.60 3.93% 50.80 3.59% 38.87 0.44% 43.35 3.17% 21.09 2.93% 6/24/2011 34.36 0.23% 19.50 -0.91% 52.40 -0.72% 37.14 1.23% 49.04 -0.41% 38.70 -1.38% 42.02 0.67% 20.49 -1.68% 6/17/2011 34.28 1.24% 19.68 1.13% 52.78 1.83% 36.69 -0.22% 49.24 -0.20% 39.24 0.62% 41.74 -0.29% 20.84 2.56% 6/10/2011 33.86 -0.79% 19.46 -1.42% 51.83 -0.94% 36.77 0.16% 49.34 -1.83% 39.00 0.23% 41.86 0.94% 20.32 -1.50% 6/3/2011 34.13 -1.24% 19.74 0.20% 52.32 -0.78% 36.71 -0.76% 50.26 -1.68% 38.91 -1.04% 41.47 -0.55% 20.63 -1.24% 5/27/2011 34.56 -0.75% 19.70 -2.86% 52.73 -2.19% 36.99 -1.07% 51.12 -1.50% 39.32 -1.01% 41.70 -1.33% 20.89 -0.38% 5/20/2011 34.82 -0.37% 20.28 0.35% 53.91 -0.39% 37.39 1.36% 51.90 -1.22% 39.72 0.43% 42.26 1.25% 20.97 -0.38% 5/13/2011 34.95 0.20% 20.21 0.30% 54.12 1.92% 36.89 2.50% 52.54 2.70% 39.55 0.15% 41.74 1.14% 21.05 1.49% 5/6/2011 34.88 -0.63% 20.15 1.77% 53.10 1.88% 35.99 -1.18% 51.16 1.25% 39.49 0.56% 41.27 -2.13% 20.74 0.78% 4/29/2011 35.10 0.95% 19.80 1.90% 52.12 2.84% 36.42 10.03% 50.53 2.14% 39.27 1.68% 42.17 3.74% 20.58 3.05% 4/22/2011 34.77 0.49% 19.43 0.78% 50.68 -0.06% 33.10 -1.37% 49.47 0.26% 38.62 -0.26% 40.65 0.00% 19.97 -0.50% 4/15/2011 34.60 -1.20% 19.28 0.10% 50.71 -0.37% 33.56 1.42% 49.34 0.26% 38.72 3.89% 40.65 0.52% 20.07 -2.24% 4/8/2011 35.02 0.66% 19.26 -2.23% 50.90 -0.29% 33.09 5.65% 49.21 -0.30% 37.27 0.59% 40.44 -1.75% 20.53 0.88% 4/1/2011 34.79 3.70% 19.70 2.98% 51.05 2.08% 31.32 0.93% 49.36 3.31% 37.05 1.17% 41.16 1.40% 20.35 3.83% 3/25/2011 33.55 2.91% 19.13 1.16% 50.01 1.01% 31.03 1.21% 47.78 1.59% 36.62 2.55% 40.59 1.40% 19.60 3.21% 3/18/2011 32.60 -1.42% 18.91 -1.66% 49.51 -1.51% 30.66 -5.52% 47.03 -4.00% 35.71 -5.43% 40.03 -7.25% 18.99 -2.57% 3/11/2011 33.07 0.46% 19.23 0.31% 50.27 1.13% 32.45 6.78% 48.99 2.66% 37.76 0.83% 43.16 4.94% 19.49 1.35% 3/4/2011 32.92 2.68% 19.17 0.21% 49.71 0.61% 30.39 0.70% 47.72 1.58% 37.45 4.00% 41.13 -0.39% 19.23 0.31% 2/25/2011 32.06 0.98% 19.13 -2.50% 49.41 0.80% 30.18 -3.58% 46.98 -0.32% 36.01 -1.83% 41.29 -0.70% 19.17 -2.79% 2/18/2011 31.75 0.38% 19.62 1.82% 49.02 -2.16% 31.30 -0.32% 47.13 0.40% 36.68 -0.92% 41.58 -1.14% 19.72 -1.30% 2/11/2011 31.63 1.44% 19.27 -0.41% 50.10 1.03% 31.40 -3.89% 46.94 1.38% 37.02 0.73% 42.06 -1.61% 19.98 1.47% 2/4/2011 31.18 -0.42% 19.35 0.05% 49.59 -0.96% 32.67 1.59% 46.30 0.17% 36.75 1.21% 42.75 2.00% 19.69 -0.10% 1/28/2011 31.31 0.97% 19.34 1.10% 50.07 0.40% 32.16 0.28% 46.22 -0.64% 36.31 -2.89% 41.91 -3.01% 19.71 -0.25% 1/21/2011 31.01 -1.56% 19.13 0.68% 49.87 0.08% 32.07 0.06% 46.52 -0.70% 37.39 -1.03% 43.21 0.79% 19.76 -0.05% 1/14/2011 31.50 1.74% 19.00 0.48% 49.83 0.59% 32.05 0.12% 46.85 1.10% 37.78 -2.48% 42.87 0.68% 19.77 1.65% 1/7/2011 30.96 0.65% 18.91 1.67% 49.54 -0.06% 32.01 4.51% 46.34 2.25% 38.74 0.36% 42.58 2.26% 19.45 0.31% 12/31/2010 30.76 -0.84% 18.60 -2.92% 49.57 -0.06% 30.63 -1.48% 45.32 -0.35% 38.60 -0.26% 41.64 -0.60% 19.39 -0.67% 12/24/2010 31.02 -0.19% 19.16 0.37% 49.60 0.53% 31.09 8.14% 45.48 0.24% 38.70 0.05% 41.89 1.97% 19.52 1.04% 12/17/2010 31.08 2.24% 19.09 1.76% 49.34 0.94% 28.75 1.34% 45.37 -1.60% 38.68 1.31% 41.08 2.60% 19.32 0.26% 12/10/2010 30.40 -0.72% 18.76 0.75% 48.88 -0.29% 28.37 -1.49% 46.11 1.16% 38.18 0.29% 40.04 -0.02% 19.27 -0.26% 12/3/2010 30.62 -0.33% 18.62 4.14% 49.02 1.74% 28.80 -0.69% 45.58 1.06% 38.07 2.73% 40.05 1.32% 19.32 1.95% 11/26/2010 30.72 0.29% 17.88 0.28% 48.18 -0.93% 29.00 -0.58% 45.10 -1.33% 37.06 -2.09% 39.53 -1.17% 18.95 1.83% 11/19/2010 30.63 -0.20% 17.83 -0.06% 48.63 -2.23% 29.17 0.79% 45.71 0.00% 37.85 0.75% 40.00 -0.12% 18.61 -1.06% 11/12/2010 30.69 -3.22% 17.84 -2.94% 49.74 -2.47% 28.94 -5.79% 45.71 -2.39% 37.57 -1.70% 40.05 -2.72% 18.81 -3.09% 11/5/2010 31.71 1.41% 18.38 0.00% 51.00 2.57% 30.72 1.59% 46.83 0.15% 38.22 3.58% 41.17 0.86% 19.41 2.00% 10/29/2010 31.27 1.20% 18.38 -1.66% 49.72 1.22% 30.24 -3.63% 46.76 -0.36% 36.90 2.53% 40.82 -2.81% 19.03 1.55% 10/22/2010 30.90 0.32% 18.69 -0.64% 49.12 1.07% 31.38 -4.15% 46.93 -0.38% 35.99 1.04% 42.00 -2.67% 18.74 -1.16% 10/15/2010 30.80 1.38% 18.81 -0.16% 48.60 0.68% 32.74 1.84% 47.11 -0.23% 35.62 1.19% 43.15 -0.12% 18.96 0.05% 10/8/2010 30.38 1.64% 18.84 3.40% 48.27 -0.12% 32.15 -0.83% 47.22 1.59% 35.20 1.65% 43.20 0.40% 18.95 -0.11% 10/1/2010 29.89 1.77% 18.22 0.89% 48.33 -0.94% 32.42 0.43% 46.48 1.40% 34.63 -0.17% 43.03 0.12% 18.97 0.16% 9/24/2010 29.37 1.63% 18.06 1.86% 48.79 1.82% 32.28 4.77% 45.84 -1.01% 34.69 2.48% 42.98 2.07% 18.94 0.58% 9/17/2010 28.90 -0.55% 17.73 0.17% 47.92 0.48% 30.81 -0.80% 46.31 -2.44% 33.85 -1.57% 42.11 -1.66% 18.83 -0.69% 9/10/2010 29.06 -0.27% 17.70 -0.51% 47.69 -1.55% 31.06 -0.16% 47.47 -0.15% 34.39 -1.40% 42.82 1.42% 18.96 -0.52% 9/3/2010 29.14 1.71% 17.79 0.17% 48.44 1.17% 31.11 4.36% 47.54 0.87% 34.88 2.65% 42.22 3.58% 19.06 1.98% 8/27/2010 28.65 2.10% 17.76 4.23% 47.88 2.53% 29.81 3.15% 47.13 2.66% 33.98 0.35% 40.76 0.87% 18.69 0.92% 8/20/2010 28.06 -0.46% 17.04 -1.84% 46.70 -1.79% 28.90 -2.56% 45.91 -0.65% 33.86 -0.24% 40.41 -2.32% 18.52 1.20% 8/13/2010 28.19 -2.22% 17.36 2.78% 47.55 -0.04% 29.66 -1.95% 46.21 -1.32% 33.94 -0.18% 41.37 -1.90% 18.30 -1.24% 8/6/2010 28.83 0.98% 16.89 6.09% 47.57 3.14% 30.25 -4.27% 46.83 1.45% 34.00 2.56% 42.17 0.81% 18.53 3.29% 7/30/2010 28.55 -0.73% 15.92 -0.87% 46.12 -0.39% 31.60 -7.47% 46.16 -3.95% 33.15 0.73% 41.83 1.97% 17.94 0.67% 7/23/2010 28.76 4.13% 16.06 2.82% 46.30 2.75% 34.15 4.79% 48.06 1.97% 32.91 1.11% 41.02 -1.11% 17.82 3.60% 7/16/2010 27.62 -0.93% 15.62 -0.32% 45.06 -0.46% 32.59 -2.75% 47.13 -1.26% 32.55 -1.54% 41.48 2.12% 17.20 -2.82% 7/9/2010 27.88 6.66% 15.67 6.74% 45.27 4.82% 33.51 7.37% 47.73 4.97% 33.06 6.20% 40.62 7.23% 17.70 4.42% 7/2/2010 26.14 -0.68% 14.68 -3.29% 43.19 -1.48% 31.21 -9.04% 45.47 -2.28% 31.13 -4.74% 37.88 -1.28% 16.95 -2.08% 6/25/2010 26.32 -2.81% 15.18 -2.32% 43.84 -2.34% 34.31 -6.36% 46.53 -3.76% 32.68 -4.86% 38.37 -6.96% 17.31 -3.03% 6/18/2010 27.08 4.64% 15.54 4.23% 44.89 4.08% 36.64 2.95% 48.35 4.90% 34.35 4.82% 41.24 3.38% 17.85 4.14% 6/11/2010 25.88 0.82% 14.91 4.56% 43.13 3.53% 35.59 2.95% 46.09 3.76% 32.77 2.79% 39.89 6.01% 17.14 0.41% 6/4/2010 25.67 -3.02% 14.26 -2.86% 41.66 -2.18% 34.57 -2.29% 44.42 -2.40% 31.88 -1.48% 37.63 -2.51% 17.07 -2.74% 5/28/2010 26.47 0.76% 14.68 -0.68% 42.59 -1.62% 35.38 6.09% 45.51 0.26% 32.36 2.05% 38.60 -2.10% 17.55 2.09% 5/21/2010 26.27 -4.02% 14.78 -5.01% 43.29 -2.59% 33.35 -8.53% 45.39 -4.04% 31.71 -5.79% 39.43 -5.40% 17.19 -7.38% 5/14/2010 27.37 5.31% 15.56 3.25% 44.44 0.23% 36.46 5.74% 47.30 3.52% 33.66 1.91% 41.68 0.34% 18.56 2.88% 5/7/2010 25.99 -5.15% 15.07 -7.32% 44.34 -1.90% 34.48 -2.46% 45.69 -5.15% 33.03 -3.90% 41.54 -4.70% 18.04 -6.67% 4/30/2010 27.40 -1.08% 16.26 -0.73% 45.20 -0.46% 35.35 -5.35% 48.17 0.50% 34.37 0.00% 43.59 -0.82% 19.33 1.58% 4/23/2010 27.70 3.71% 16.38 4.20% 45.41 1.95% 37.35 1.00% 47.93 5.02% 34.37 1.30% 43.95 0.76% 19.03 1.76% 4/16/2010 26.71 0.75% 15.72 -1.13% 44.54 -0.69% 36.98 -1.07% 45.64 -1.04% 33.93 -0.85% 43.62 -1.45% 18.70 -1.73% 4/9/2010 26.51 -0.93% 15.90 1.79% 44.85 -0.11% 37.38 3.69% 46.12 1.63% 34.22 -0.23% 44.26 -0.05% 19.03 1.22% 4/2/2010 26.76 2.02% 15.62 0.58% 44.90 1.63% 36.05 1.55% 45.38 1.52% 34.30 0.82% 44.28 2.52% 18.80 2.68% 3/26/2010 26.23 -1.43% 15.53 -1.83% 44.18 -0.27% 35.50 -1.14% 44.70 -0.89% 34.02 -1.13% 43.19 -3.20% 18.31 -3.43% 3/19/2010 26.61 0.11% 15.82 0.70% 44.30 1.37% 35.91 0.06% 45.10 0.51% 34.41 1.83% 44.62 1.04% 18.96 2.49% 3/12/2010 26.58 2.11% 15.71 0.13% 43.70 0.18% 35.89 -2.07% 44.87 -0.38% 33.79 0.03% 44.16 -2.95% 18.50 1.87% 3/5/2010 26.03 3.13% 15.69 2.75% 43.62 2.04% 36.65 4.51% 45.04 3.73% 33.78 3.52% 45.50 5.08% 18.16 1.97% 2/26/2010 25.24 -3.88% 15.27 -1.99% 42.75 -0.88% 35.07 1.42% 43.42 -2.65% 32.63 -4.70% 43.30 -3.52% 17.81 -2.41% 2/19/2010 26.26 5.12% 15.58 5.06% 43.13 2.16% 34.58 6.76% 44.60 6.32% 34.24 5.06% 44.88 3.65% 18.25 3.22% 2/12/2010 24.98 0.08% 14.83 0.14% 42.22 -2.22% 32.39 1.09% 41.95 0.41% 32.59 0.40% 43.30 -2.12% 17.68 1.32% 2/5/2010 24.96 -3.70% 14.81 -2.37% 43.18 -1.28% 32.04 -0.74% 41.78 -0.62% 32.46 -2.58% 44.24 -3.02% 17.45 -2.30% 1/29/2010 25.92 0.39% 15.17 -0.33% 43.74 0.53% 32.28 -0.80% 42.04 -0.05% 33.32 -1.62% 45.62 -2.12% 17.86 -2.30% 1/22/2010 25.82 -3.48% 15.22 -3.00% 43.51 -4.83% 32.54 -5.54% 42.06 -4.26% 33.87 -3.89% 46.61 -4.09% 18.28 -3.18% 1/15/2010 26.75 0.15% 15.69 0.90% 45.72 1.04% 34.45 1.20% 43.93 1.78% 35.24 2.14% 48.60 0.62% 18.88 -2.53% 1/8/2010 26.71 -2.27% 15.55 -0.70% 45.25 -0.40% 34.04 -3.21% 43.16 -0.99% 34.50 -0.81% 48.30 -1.17% 19.37 -0.10% 1/1/2010 27.33 -1.51% 15.66 -1.45% 45.43 -0.94% 35.17 -3.14% 43.59 -2.20% 34.78 -2.50% 48.87 -1.31% 19.39 -2.07% 12/25/2009 27.75 2.25% 15.89 1.40% 45.86 1.08% 36.31 3.59% 44.57 3.70% 35.67 0.88% 49.52 -0.44% 19.80 -0.55% 12/18/2009 27.14 1.65% 15.67 1.36% 45.37 0.42% 35.05 2.46% 42.98 -2.21% 35.36 -2.43% 49.74 -3.62% 19.91 5.40% 12/11/2009 26.70 1.68% 15.46 4.04% 45.18 2.57% 34.21 1.94% 43.95 4.22% 36.24 4.02% 51.61 4.69% 18.89 3.11% 12/4/2009 26.26 2.98% 14.86 5.09% 44.05 3.79% 33.56 4.61% 42.17 5.87% 34.84 3.05% 49.30 3.44% 18.32 2.63% Rebuttal Exhibit No. RBH-6 Page 5 of 18

EIGHTEEN-MONTH BETA CALCULATION

CNL CMS ED CEG DTE EIX EXC GXP Date Price Return Price Return Price Return Price Return Price Return Price Return Price Return Price Return 11/27/2009 25.50 0.39% 14.14 0.64% 42.44 1.29% 32.08 2.52% 39.83 0.38% 33.81 2.33% 47.66 1.82% 17.85 0.39% 11/20/2009 25.40 1.07% 14.05 -2.23% 41.90 -1.32% 31.29 -3.37% 39.68 0.00% 33.04 -0.84% 46.81 0.43% 17.78 -0.61% 11/13/2009 25.13 2.24% 14.37 6.21% 42.46 2.24% 32.38 0.50% 39.68 3.50% 33.32 0.39% 46.61 -0.19% 17.89 3.11% 11/6/2009 24.58 -0.69% 13.53 1.73% 41.53 2.09% 32.22 4.20% 38.34 3.68% 33.19 4.31% 46.70 -0.55% 17.35 0.29% 10/30/2009 24.75 -0.92% 13.30 -2.13% 40.68 -2.70% 30.92 -2.86% 36.98 -2.30% 31.82 -2.51% 46.96 -5.84% 17.30 -3.35% 10/23/2009 24.98 -1.89% 13.59 -1.16% 41.81 1.16% 31.83 -4.01% 37.85 3.61% 32.64 -2.57% 49.87 -0.46% 17.90 -2.66% 10/16/2009 25.46 -0.43% 13.75 2.08% 41.33 0.58% 33.16 0.61% 36.53 4.01% 33.50 1.21% 50.10 1.38% 18.39 -0.22% 10/9/2009 25.57 4.58% 13.47 1.97% 41.09 1.83% 32.96 7.40% 35.12 3.17% 33.10 1.78% 49.42 3.00% 18.43 3.08% 10/2/2009 24.45 -1.93% 13.21 -1.05% 40.35 -1.75% 30.69 -3.61% 34.04 -2.83% 32.52 -4.75% 47.98 -3.77% 17.88 0.11% 9/25/2009 24.93 -1.03% 13.35 -0.60% 41.07 -0.99% 31.84 -2.24% 35.03 -0.62% 34.14 -2.43% 49.86 -2.94% 17.86 -0.61% 9/18/2009 25.19 2.94% 13.43 3.39% 41.48 4.67% 32.57 2.45% 35.25 0.37% 34.99 4.29% 51.37 6.16% 17.97 0.73% 9/11/2009 24.47 0.87% 12.99 0.00% 39.63 -0.60% 31.79 1.08% 35.12 0.69% 33.55 1.30% 48.39 -0.23% 17.84 0.62% 9/4/2009 24.26 -1.06% 12.99 -4.77% 39.87 -1.29% 31.45 -0.76% 34.88 -0.49% 33.12 -1.72% 48.50 -3.98% 17.73 0.00% 8/28/2009 24.52 -1.68% 13.64 0.52% 40.39 -0.27% 31.69 1.18% 35.05 -0.82% 33.70 -0.88% 50.51 -1.23% 17.73 -1.72% 8/21/2009 24.94 2.00% 13.57 2.73% 40.50 -0.34% 31.32 7.63% 35.34 3.61% 34.00 5.46% 51.14 2.32% 18.04 2.79% 8/14/2009 24.45 -0.37% 13.21 2.32% 40.64 1.96% 29.10 -0.68% 34.11 -0.90% 32.24 1.38% 49.98 -0.12% 17.55 0.92% 8/7/2009 24.54 3.59% 12.91 -0.23% 39.86 1.27% 29.30 2.09% 34.42 -0.12% 31.80 -1.61% 50.04 -1.61% 17.39 9.17% 7/31/2009 23.69 -1.04% 12.94 0.54% 39.36 0.90% 28.70 -2.71% 34.46 -0.69% 32.32 -1.85% 50.86 -6.58% 15.93 0.44% 7/24/2009 23.94 5.84% 12.87 4.72% 39.01 4.33% 29.50 6.73% 34.70 6.41% 32.93 6.12% 54.44 5.87% 15.86 1.99% 7/17/2009 22.62 3.19% 12.29 3.54% 37.39 2.07% 27.64 3.33% 32.61 5.67% 31.03 3.12% 51.42 6.37% 15.55 5.00% 7/10/2009 21.92 -1.39% 11.87 -1.66% 36.63 -1.74% 26.75 2.14% 30.86 0.39% 30.09 -1.73% 48.34 -2.09% 14.81 -2.63% 7/3/2009 22.23 1.93% 12.07 0.75% 37.28 0.65% 26.19 -1.24% 30.74 -3.82% 30.62 -2.14% 49.37 -2.62% 15.21 -1.43% 6/26/2009 21.81 -2.20% 11.98 -0.58% 37.04 0.68% 26.52 -1.12% 31.96 2.11% 31.29 -1.14% 50.70 1.52% 15.43 -0.06% 6/19/2009 22.30 0.22% 12.05 -2.03% 36.79 -0.78% 26.82 -1.51% 31.30 -2.07% 31.65 -2.59% 49.94 -1.27% 15.44 -2.95% 6/12/2009 22.25 4.46% 12.30 4.41% 37.08 3.63% 27.23 -0.29% 31.96 1.43% 32.49 9.06% 50.58 4.37% 15.91 2.32% 6/5/2009 21.30 4.11% 11.78 3.88% 35.78 0.90% 27.31 0.11% 31.51 4.17% 29.79 1.88% 48.46 0.94% 15.55 3.19% 5/29/2009 20.46 1.84% 11.34 3.09% 35.46 2.49% 27.28 6.48% 30.25 3.84% 29.24 1.53% 48.01 2.94% 15.07 0.27% 5/22/2009 20.09 -3.32% 11.00 -2.14% 34.60 -0.75% 25.62 3.31% 29.13 -1.05% 28.80 1.55% 46.64 -1.23% 15.03 1.55% 5/15/2009 20.78 -2.21% 11.24 -5.63% 34.86 -7.24% 24.80 -5.13% 29.44 -6.98% 28.36 -6.31% 47.22 -5.84% 14.80 -2.31% 5/8/2009 21.25 -0.23% 11.91 -0.75% 37.58 0.56% 26.14 5.06% 31.65 3.87% 30.27 3.31% 50.15 6.75% 15.15 4.55% 5/1/2009 21.30 -0.47% 12.00 3.54% 37.37 -0.21% 24.88 8.13% 30.47 9.02% 29.30 4.05% 46.98 5.05% 14.49 1.90% 4/24/2009 21.40 -4.25% 11.59 -2.93% 37.45 -3.38% 23.01 0.48% 27.95 -3.75% 28.16 0.32% 44.72 -3.08% 14.22 -3.07% 4/17/2009 22.35 0.27% 11.94 -2.29% 38.76 -0.33% 22.90 -1.29% 29.04 0.59% 28.07 -2.60% 46.14 -3.49% 14.67 3.82% 4/10/2009 22.29 0.00% 12.22 0.16% 38.89 -0.92% 23.20 2.61% 28.87 1.16% 28.82 -2.37% 47.81 -1.63% 14.13 4.28% 4/3/2009 22.29 -0.09% 12.20 2.52% 39.25 2.27% 22.61 9.65% 28.54 0.96% 29.52 2.00% 48.60 6.25% 13.55 -1.45% 3/27/2009 22.31 4.40% 11.90 0.68% 38.38 1.56% 20.62 6.18% 28.27 3.93% 28.94 1.44% 45.74 4.52% 13.75 5.20% 3/20/2009 21.37 6.21% 11.82 4.79% 37.79 7.79% 19.42 7.59% 27.20 6.50% 28.53 3.41% 43.76 4.14% 13.07 11.23% 3/13/2009 20.12 -3.55% 11.28 3.77% 35.06 3.30% 18.05 16.45% 25.54 6.20% 27.59 16.27% 42.02 -5.89% 11.75 1.21% 3/6/2009 20.86 1.66% 10.87 -1.72% 33.94 -6.27% 15.50 -21.56% 24.05 -10.16% 23.73 -12.82% 44.65 -5.44% 11.61 -14.25% 2/27/2009 20.52 3.27% 11.06 6.24% 36.21 -3.54% 19.76 -8.52% 26.77 -8.85% 27.22 -1.98% 47.22 -1.50% 13.54 -4.18% 2/20/2009 19.87 -9.02% 10.41 -9.16% 37.54 -4.65% 21.60 -14.08% 29.37 -9.99% 27.77 -10.99% 47.94 -10.71% 14.13 -8.90% 2/13/2009 21.84 -5.58% 11.46 -5.21% 39.37 -4.63% 25.14 -6.54% 32.63 -6.66% 31.20 -6.25% 53.69 -7.13% 15.51 -23.75% 2/6/2009 23.13 1.23% 12.09 2.89% 41.28 1.30% 26.90 2.28% 34.96 1.33% 33.28 2.18% 57.81 6.62% 20.34 6.66% 1/30/2009 22.85 4.58% 11.75 -2.25% 40.75 1.75% 26.30 -1.46% 34.50 2.31% 32.57 1.12% 54.22 -0.79% 19.07 1.17% 1/23/2009 21.85 -2.28% 12.02 6.75% 40.05 -0.05% 26.69 -3.33% 33.72 -2.96% 32.21 -3.07% 54.65 -0.27% 18.85 -1.41% 1/16/2009 22.36 0.63% 11.26 0.72% 40.07 1.03% 27.61 3.21% 34.75 -2.39% 33.23 4.46% 54.80 1.16% 19.12 -1.14% 1/9/2009 22.22 -5.57% 11.18 6.99% 39.66 1.02% 26.75 3.20% 35.60 -1.68% 31.81 -3.69% 54.17 -5.25% 19.34 -2.77% 1/2/2009 23.53 6.28% 10.45 10.58% 39.26 2.48% 25.92 2.41% 36.21 2.93% 33.03 6.21% 57.17 8.50% 19.89 6.14% 12/26/2008 22.14 0.05% 9.45 -2.78% 38.31 -0.85% 25.31 4.46% 35.18 1.12% 31.10 -0.29% 52.69 -0.04% 18.74 -2.09% 12/19/2008 22.13 3.22% 9.72 -1.82% 38.64 -0.62% 24.23 -10.82% 34.79 1.02% 31.19 -3.82% 52.71 -3.66% 19.14 0.90% 12/12/2008 21.44 -3.60% 9.90 0.61% 38.88 -0.23% 27.17 -1.49% 34.44 0.88% 32.43 3.25% 54.71 3.17% 18.97 3.66% 12/5/2008 22.24 -5.64% 9.84 -3.15% 38.97 -3.52% 27.58 12.71% 34.14 -8.20% 31.41 -5.96% 53.03 -5.66% 18.30 -2.61% 11/28/2008 23.57 6.27% 10.16 6.17% 40.39 0.97% 24.47 1.66% 37.19 1.25% 33.40 5.80% 56.21 12.42% 18.79 6.64% 11/21/2008 22.18 2.69% 9.57 -11.06% 40.00 2.07% 24.07 -1.88% 36.73 -0.11% 31.57 -5.68% 50.00 -1.13% 17.62 -3.40% 11/14/2008 21.60 1.31% 10.76 4.87% 39.19 -6.98% 24.53 3.98% 36.77 -3.01% 33.47 -5.00% 50.57 -6.04% 18.24 -0.76% 11/7/2008 21.32 -7.34% 10.26 0.10% 42.13 -2.75% 23.59 -2.56% 37.91 7.39% 35.23 -1.01% 53.82 -0.77% 18.38 -5.45% 10/31/2008 23.01 10.10% 10.25 1.99% 43.32 7.73% 24.21 4.35% 35.30 6.94% 35.59 9.88% 54.24 11.72% 19.44 6.58% 10/24/2008 20.90 -0.62% 10.05 -0.89% 40.21 2.71% 23.20 -3.57% 33.01 -1.99% 32.39 -1.13% 48.55 -10.92% 18.24 0.00% 10/17/2008 21.03 3.14% 10.14 11.55% 39.15 4.09% 24.06 0.84% 33.68 10.72% 32.76 8.33% 54.50 15.03% 18.24 5.98% 10/10/2008 20.39 -17.58% 9.09 -23.93% 37.61 -12.86% 23.86 -16.63% 30.42 -22.83% 30.24 -23.42% 47.38 -21.28% 17.21 -22.89% 10/3/2008 24.74 -3.02% 11.95 -7.51% 43.16 -1.15% 28.62 13.35% 39.42 -3.31% 39.49 -1.50% 60.19 -10.38% 22.32 -0.58% 9/26/2008 25.51 -4.46% 12.92 0.16% 43.66 -1.47% 25.25 -1.98% 40.77 -3.69% 40.09 0.12% 67.16 -1.15% 22.45 -3.19% 9/19/2008 26.70 5.58% 12.90 -6.45% 44.31 1.68% 25.76 -55.87% 42.33 -3.00% 40.04 -5.81% 67.94 -0.66% 23.19 -0.77% 9/12/2008 25.29 3.82% 13.79 3.37% 43.58 7.45% 58.37 -7.80% 43.64 5.31% 42.51 -0.58% 68.39 5.26% 23.37 2.73% 9/5/2008 24.36 -3.37% 13.34 -1.69% 40.56 -0.83% 63.31 -5.10% 41.44 -1.71% 42.76 -6.88% 64.97 -14.47% 22.75 -2.99% 8/29/2008 25.21 -1.68% 13.57 3.12% 40.90 -0.87% 66.71 -0.18% 42.16 -0.78% 45.92 -0.86% 75.96 0.08% 23.45 -1.88% 8/22/2008 25.64 -1.08% 13.16 -0.68% 41.26 1.23% 66.83 5.84% 42.49 1.89% 46.32 3.55% 75.90 3.42% 23.90 -0.42% 8/15/2008 25.92 1.57% 13.25 -2.93% 40.76 -1.78% 63.14 -15.32% 41.70 1.76% 44.73 -4.18% 73.39 -1.48% 24.00 -3.58% 8/8/2008 25.52 2.90% 13.65 3.25% 41.50 6.96% 74.56 -5.50% 40.98 2.94% 46.68 -0.26% 74.49 -1.26% 24.89 0.16% 8/1/2008 24.80 1.39% 13.22 -2.22% 38.80 1.36% 78.90 2.56% 39.81 -2.97% 46.80 -1.83% 75.44 -6.48% 24.85 0.65% 7/25/2008 24.46 3.95% 13.52 -0.81% 38.28 -0.52% 76.93 -6.55% 41.03 -2.12% 47.67 -4.28% 80.67 -3.30% 24.69 -1.44% 7/18/2008 23.53 -3.96% 13.63 -3.06% 38.48 -0.75% 82.32 3.51% 41.92 -4.10% 49.80 -3.75% 83.42 -7.87% 25.05 -3.02% 7/11/2008 24.50 3.11% 14.06 -1.40% 38.77 1.57% 79.53 -3.04% 43.71 2.34% 51.74 0.88% 90.55 0.10% 25.83 4.66% 7/4/2008 23.76 1.63% 14.26 -2.19% 38.17 -0.65% 82.02 1.54% 42.71 3.04% 51.29 2.74% 90.46 3.98% 24.68 -2.30% 6/27/2008 23.38 -5.54% 14.58 -4.83% 38.42 -3.20% 80.78 -2.27% 41.45 -3.58% 49.92 -2.88% 87.00 -2.87% 25.26 -4.86% 6/20/2008 24.75 0.08% 15.32 -2.48% 39.69 -1.66% 82.66 -4.04% 42.99 -2.54% 51.40 -2.73% 89.57 -0.20% 26.55 -0.19% 6/13/2008 24.73 0.98% 15.71 2.21% 40.36 0.80% 86.14 -1.12% 44.11 1.31% 52.84 3.06% 89.75 2.68% 26.60 3.34% 6/6/2008 24.49 -1.96% 15.37 -1.41% 40.04 -3.05% 87.12 1.03% 43.54 -1.58% 51.27 -3.68% 87.41 -0.67% 25.74 -1.87% 5/30/2008 24.98 1.92% 15.59 3.45% 41.30 0.51% 86.23 0.48% 44.24 1.70% 53.23 2.31% 88.00 -0.37% 26.23 0.04% 5/23/2008 24.51 -1.37% 15.07 -1.05% 41.09 -1.34% 85.82 3.01% 43.50 -0.75% 52.03 -1.79% 88.33 3.84% 26.22 -0.64% 5/16/2008 24.85 1.39% 15.23 1.40% 41.65 -0.72% 83.31 2.12% 43.83 3.15% 52.98 2.48% 85.06 2.56% 26.39 0.84% 5/9/2008 24.51 -0.12% 15.02 -0.60% 41.95 -1.27% 81.58 -3.40% 42.49 2.76% 51.70 -2.45% 82.94 -3.63% 26.17 -1.36% 5/2/2008 24.54 1.70% 15.11 4.93% 42.49 2.51% 84.45 -3.04% 41.35 0.76% 53.00 0.19% 86.06 -0.38% 26.53 4.41% 4/25/2008 24.13 -0.12% 14.40 -1.17% 41.45 -0.17% 87.10 -6.32% 41.04 -3.59% 52.90 -0.77% 86.39 -0.79% 25.41 -0.16% 4/18/2008 24.16 6.90% 14.57 2.97% 41.52 0.61% 92.98 3.63% 42.57 4.70% 53.31 4.67% 87.08 5.59% 25.45 2.75% 4/11/2008 22.60 0.22% 14.15 -0.98% 41.27 -0.77% 89.72 2.93% 40.66 0.17% 50.93 -0.49% 82.47 -0.84% 24.77 0.41% 4/4/2008 22.55 3.20% 14.29 6.17% 41.59 5.42% 87.17 -1.47% 40.59 4.86% 51.18 4.47% 83.17 4.28% 24.67 1.07% 3/28/2008 21.85 -4.38% 13.46 -2.68% 39.45 -3.33% 88.47 5.47% 38.71 -1.28% 48.99 0.60% 79.76 -0.80% 24.41 -0.37% 3/21/2008 22.85 3.16% 13.83 2.83% 40.81 0.34% 83.88 -4.30% 39.21 -0.15% 48.70 -0.43% 80.40 0.82% 24.50 -0.81% 3/14/2008 22.15 0.82% 13.45 -2.25% 40.67 -0.44% 87.65 1.00% 39.27 -0.63% 48.91 -1.49% 79.75 2.26% 24.70 0.16% 3/7/2008 21.97 -4.10% 13.76 -4.38% 40.85 -0.10% 86.78 -1.78% 39.52 -0.73% 49.65 0.51% 77.99 4.20% 24.66 -3.03% 2/29/2008 22.91 -5.45% 14.39 -6.80% 40.89 -2.97% 88.35 -7.57% 39.81 -4.51% 49.40 -3.83% 74.85 -4.87% 25.43 -5.50% 2/22/2008 24.23 -1.06% 15.44 -1.66% 42.14 -0.61% 95.59 -1.84% 41.69 -0.19% 51.37 -0.91% 78.68 0.04% 26.91 -0.92% 2/15/2008 24.49 -3.96% 15.70 0.00% 42.40 -2.24% 97.38 3.30% 41.77 -0.22% 51.84 1.37% 78.65 3.66% 27.16 -1.24% 2/8/2008 25.50 -1.92% 15.70 -2.30% 43.37 -2.28% 94.27 -1.04% 41.86 -3.97% 51.14 -4.36% 75.87 -2.00% 27.50 -2.20% 2/1/2008 26.00 4.21% 16.07 5.58% 44.38 2.57% 95.26 6.42% 43.59 5.11% 53.47 6.96% 77.42 5.91% 28.12 5.20% Rebuttal Exhibit No. RBH-6 Page 6 of 18

EIGHTEEN-MONTH BETA CALCULATION

CNL CMS ED CEG DTE EIX EXC GXP Date Price Return Price Return Price Return Price Return Price Return Price Return Price Return Price Return 1/25/2008 24.95 -4.04% 15.22 -3.49% 43.27 -2.98% 89.51 -3.52% 41.47 -2.88% 49.99 -1.34% 73.10 -3.64% 26.73 -3.85% 1/18/2008 26.00 -7.14% 15.77 -6.74% 44.60 -4.94% 92.78 -10.60% 42.70 -3.61% 50.67 -7.21% 75.86 -9.78% 27.80 -2.46% 1/11/2008 28.00 3.90% 16.91 -0.35% 46.92 -2.09% 103.78 2.15% 44.30 3.02% 54.61 2.30% 84.08 2.50% 28.50 0.60% 1/4/2008 26.95 -2.81% 16.97 -3.80% 47.92 -2.06% 101.60 -1.39% 43.00 -3.74% 53.38 -1.28% 82.03 -0.88% 28.33 -3.41% 12/28/2007 27.73 0.54% 17.64 -0.68% 48.93 0.60% 103.03 1.71% 44.67 -1.13% 54.07 -2.79% 82.76 0.61% 29.33 0.10% 12/21/2007 27.58 0.77% 17.76 1.25% 48.64 -1.26% 101.30 0.37% 45.18 -3.44% 55.62 0.87% 82.26 -1.99% 29.30 -1.35% 12/14/2007 27.37 -2.70% 17.54 -1.90% 49.26 -0.46% 100.93 -2.42% 46.79 -7.35% 55.14 -3.94% 83.93 -1.56% 29.70 -1.79% 12/7/2007 28.13 0.68% 17.88 2.58% 49.49 2.15% 103.43 3.21% 50.50 2.96% 57.40 2.54% 85.26 5.17% 30.24 1.89% 11/30/2007 27.94 0.47% 17.43 1.51% 48.45 0.00% 100.21 0.68% 49.05 0.59% 55.98 2.66% 81.07 0.53% 29.68 -1.30% 11/23/2007 27.81 2.70% 17.17 3.25% 48.45 3.46% 99.53 2.31% 48.76 0.54% 54.53 -0.13% 80.64 1.05% 30.07 -0.07% 11/16/2007 27.08 2.58% 16.63 1.46% 46.83 1.08% 97.28 0.80% 48.50 1.38% 54.60 -3.62% 79.80 -3.11% 30.09 -0.40% 11/9/2007 26.40 1.66% 16.39 -1.68% 46.33 -1.22% 96.51 2.39% 47.84 -2.35% 56.65 -1.34% 82.36 0.72% 30.21 3.57% 11/2/2007 25.97 0.66% 16.67 -0.36% 46.90 0.49% 94.26 -0.46% 48.99 0.04% 57.42 1.38% 81.77 1.93% 29.17 1.89% 10/26/2007 25.80 4.03% 16.73 4.17% 46.67 3.44% 94.70 7.53% 48.97 3.03% 56.64 4.58% 80.22 6.76% 28.63 -1.34% 10/19/2007 24.80 -6.17% 16.06 -3.14% 45.12 -3.53% 88.07 -2.85% 47.53 -5.94% 54.16 -4.18% 75.14 -5.10% 29.02 -3.68% 10/12/2007 26.43 -0.23% 16.58 -1.78% 46.77 -1.06% 90.65 2.57% 50.53 3.25% 56.52 -0.19% 79.18 3.37% 30.13 3.08% 10/5/2007 26.49 4.83% 16.88 0.36% 47.27 2.10% 88.38 3.02% 48.94 1.03% 56.63 2.13% 76.60 1.65% 29.23 1.46% 9/28/2007 25.27 2.97% 16.82 1.26% 46.30 -1.45% 85.79 -3.16% 48.44 -1.58% 55.45 -3.13% 75.36 -3.07% 28.81 0.35% 9/21/2007 24.54 4.03% 16.61 2.09% 46.98 1.56% 88.59 4.33% 49.22 0.94% 57.24 3.45% 77.75 1.67% 28.71 1.48% 9/14/2007 23.59 3.60% 16.27 2.65% 46.26 1.58% 84.91 1.53% 48.76 2.16% 55.33 4.57% 76.47 4.38% 28.29 0.39% 9/7/2007 22.77 -1.17% 15.85 -2.88% 45.54 -0.87% 83.63 0.83% 47.73 -0.17% 52.91 0.38% 73.26 3.66% 28.18 -0.56% 8/31/2007 23.04 -4.16% 16.32 -1.27% 45.94 -1.84% 82.94 -5.17% 47.81 -2.55% 52.71 -3.81% 70.67 -3.38% 28.34 -1.67% 8/24/2007 24.04 4.52% 16.53 3.64% 46.80 1.83% 87.46 4.99% 49.06 2.87% 54.80 2.76% 73.14 2.55% 28.82 -1.40% 8/17/2007 23.00 -2.75% 15.95 2.84% 45.96 -3.10% 83.30 3.41% 47.69 -0.73% 53.33 0.36% 71.32 -2.10% 29.23 0.34% 8/10/2007 23.65 3.37% 15.51 -1.84% 47.43 8.11% 80.55 -2.36% 48.04 3.94% 53.14 -0.58% 72.85 2.48% 29.13 7.93% 8/3/2007 22.88 1.78% 15.80 -1.25% 43.87 0.50% 82.50 -2.84% 46.22 -0.28% 53.45 1.42% 71.09 2.11% 26.99 -1.96% 7/27/2007 22.48 -8.13% 16.00 -8.83% 43.65 -3.79% 84.91 -11.75% 46.35 -8.92% 52.70 -8.93% 69.62 -11.75% 27.53 -3.34% 7/20/2007 24.47 -1.92% 17.55 -0.57% 45.37 -1.56% 96.22 2.13% 50.89 -0.02% 57.87 -0.58% 78.89 0.93% 28.48 -2.47% 7/13/2007 24.95 1.13% 17.65 0.86% 46.09 1.95% 94.21 7.25% 50.90 4.69% 58.21 3.03% 78.16 2.29% 29.20 0.00% 7/6/2007 24.67 17.50 45.21 87.84 48.62 56.50 76.41 29.20 Rebuttal Exhibit No. RBH-6 Page 7 of 18

EIGHTEEN-MONTH BETA CALCULATION

HE IDA TEG MGEE NU NVE OTTR POM Date Price Return Price Return Price Return Price Return Price Return Price Return Price Return Price Return 9/30/2011 24.28 -1.50% 37.78 0.40% 48.62 1.63% 40.67 -0.59% 33.65 -1.06% 14.71 4.18% 18.3 -5.33% 18.92 1.67% 9/23/2011 24.65 -0.08% 37.63 -3.64% 47.84 -4.24% 40.91 -2.50% 34.01 -1.28% 14.12 -4.21% 19.33 -4.40% 18.61 -3.02% 9/16/2011 24.67 5.88% 39.05 8.87% 49.96 5.80% 41.96 4.56% 34.45 4.08% 14.74 5.14% 20.22 3.64% 19.19 4.12% 9/9/2011 23.3 0.47% 35.87 -1.40% 47.22 -2.54% 40.13 -1.67% 33.1 -1.84% 14.02 -2.09% 19.51 -1.22% 18.43 -3.61% 9/2/2011 23.19 -1.11% 36.38 -1.03% 48.45 -1.96% 40.81 -3.04% 33.72 -1.14% 14.32 -1.38% 19.75 -1.20% 19.12 1.70% 8/26/2011 23.45 3.58% 36.76 2.60% 49.42 3.26% 42.09 4.31% 34.11 5.87% 14.52 0.41% 19.99 0.35% 18.80 1.51% 8/19/2011 22.64 0.94% 35.83 -0.91% 47.86 1.89% 40.35 2.18% 32.22 -0.68% 14.46 5.24% 19.92 -1.78% 18.52 2.04% 8/12/2011 22.43 -0.49% 36.16 -1.44% 46.97 -1.28% 39.49 -1.18% 32.44 0.62% 13.74 2.31% 20.28 1.50% 18.15 0.06% 8/5/2011 22.54 -3.68% 36.69 -6.43% 47.58 -5.24% 39.96 -2.73% 32.24 -5.18% 13.43 -9.50% 19.98 -3.85% 18.14 -2.89% 7/29/2011 23.40 -5.30% 39.21 -2.75% 50.21 -3.54% 41.08 -1.15% 34.00 -3.79% 14.84 -2.82% 20.78 -4.50% 18.68 -3.91% 7/22/2011 24.71 2.49% 40.32 1.20% 52.05 0.62% 41.56 0.12% 35.34 1.09% 15.27 0.33% 21.76 0.32% 19.44 0.21% 7/15/2011 24.11 -2.43% 39.84 -0.92% 51.73 -1.64% 41.51 0.17% 34.96 -0.99% 15.22 -1.87% 21.69 -0.14% 19.40 -2.76% 7/8/2011 24.71 0.77% 40.21 0.30% 52.59 0.06% 41.44 1.30% 35.31 -1.15% 15.51 -0.51% 21.72 1.92% 19.95 0.35% 7/1/2011 24.52 4.12% 40.09 3.01% 52.56 3.42% 40.91 1.79% 35.72 3.12% 15.59 3.25% 21.31 2.35% 19.88 3.65% 6/24/2011 23.55 -0.84% 38.92 0.57% 50.82 0.95% 40.19 0.22% 34.64 -0.26% 15.10 -2.27% 20.82 -0.72% 19.18 -0.47% 6/17/2011 23.75 1.50% 38.70 1.52% 50.34 0.88% 40.10 0.93% 34.73 2.51% 15.45 -1.53% 20.97 1.16% 19.27 0.94% 6/10/2011 23.40 -2.09% 38.12 -2.21% 49.90 -1.79% 39.73 -0.72% 33.88 -1.11% 15.69 3.16% 20.73 -1.85% 19.09 -2.20% 6/3/2011 23.90 -2.89% 38.98 -0.08% 50.81 -2.23% 40.02 -2.51% 34.26 -2.17% 15.21 -2.12% 21.12 -1.72% 19.52 -1.86% 5/27/2011 24.61 -3.83% 39.01 -0.56% 51.97 -3.17% 41.05 -1.54% 35.02 -2.99% 15.54 -2.20% 21.49 -2.14% 19.89 -1.24% 5/20/2011 25.59 -1.69% 39.23 -1.18% 53.67 -0.41% 41.69 -1.02% 36.10 0.47% 15.89 1.02% 21.96 -1.13% 20.14 0.50% 5/13/2011 26.03 0.12% 39.70 1.28% 53.89 1.97% 42.12 3.36% 35.93 1.78% 15.73 1.81% 22.21 -2.54% 20.04 2.51% 5/6/2011 26.00 2.00% 39.20 -0.03% 52.85 0.94% 40.75 -3.00% 35.30 -0.84% 15.45 1.71% 22.79 -2.52% 19.55 1.45% 4/29/2011 25.49 3.32% 39.21 2.64% 52.36 4.10% 42.01 2.76% 35.60 3.58% 15.19 1.95% 23.38 3.00% 19.27 4.56% 4/22/2011 24.67 0.12% 38.20 -1.04% 50.30 -0.65% 40.88 -0.07% 34.37 1.21% 14.90 0.20% 22.70 0.22% 18.43 -0.65% 4/15/2011 24.64 -1.28% 38.60 -0.54% 50.63 0.42% 40.91 -0.22% 33.96 -1.65% 14.87 -1.06% 22.65 -0.18% 18.55 0.00% 4/8/2011 24.96 -1.27% 38.81 0.96% 50.42 -0.98% 41.00 -0.58% 34.53 -1.00% 15.03 0.00% 22.69 -0.83% 18.55 -1.17% 4/1/2011 25.28 3.95% 38.44 3.36% 50.92 2.54% 41.24 2.92% 34.88 2.14% 15.03 3.09% 22.88 2.33% 18.77 2.12% 3/25/2011 24.32 3.40% 37.19 0.92% 49.66 1.08% 40.07 2.14% 34.15 1.43% 14.58 1.60% 22.36 3.37% 18.38 1.72% 3/18/2011 23.52 -4.08% 36.85 -1.15% 49.13 -2.19% 39.23 -2.92% 33.67 -2.55% 14.35 -3.24% 21.63 -1.77% 18.07 -2.80% 3/11/2011 24.52 -0.57% 37.28 -0.88% 50.23 1.03% 40.41 -0.30% 34.55 2.13% 14.83 1.02% 22.02 -1.21% 18.59 -1.48% 3/4/2011 24.66 2.62% 37.61 -0.27% 49.72 2.47% 40.53 -0.81% 33.83 0.68% 14.68 0.34% 22.29 -0.22% 18.87 2.39% 2/25/2011 24.03 -2.08% 37.71 -1.23% 48.52 -1.66% 40.86 -1.78% 33.60 0.48% 14.63 -1.94% 22.34 -0.89% 18.43 -2.49% 2/18/2011 24.54 -1.96% 38.18 -0.44% 49.34 0.18% 41.60 0.05% 33.44 -0.39% 14.92 2.26% 22.54 -0.49% 18.90 -0.37% 2/11/2011 25.03 0.32% 38.35 1.37% 49.25 2.14% 41.58 1.34% 33.57 -0.50% 14.59 0.83% 22.65 -1.13% 18.97 2.71% 2/4/2011 24.95 0.73% 37.83 0.34% 48.22 1.07% 41.03 -0.80% 33.74 2.96% 14.47 0.70% 22.91 0.97% 18.47 -0.43% 1/28/2011 24.77 0.28% 37.70 -0.71% 47.71 -0.62% 41.36 -1.76% 32.77 0.58% 14.37 0.84% 22.69 0.80% 18.55 0.11% 1/21/2011 24.70 0.20% 37.97 0.21% 48.01 0.08% 42.10 -1.75% 32.58 1.78% 14.25 -0.14% 22.51 -1.92% 18.53 1.53% 1/14/2011 24.65 -0.44% 37.89 1.80% 47.97 -0.68% 42.85 0.21% 32.01 1.20% 14.27 -0.70% 22.95 2.41% 18.25 -0.16% 1/7/2011 24.76 8.64% 37.22 0.65% 48.30 -0.43% 42.76 0.00% 31.63 -0.78% 14.37 2.28% 22.41 -0.58% 18.28 0.16% 12/31/2010 22.79 1.51% 36.98 -1.41% 48.51 -1.40% 42.76 -1.40% 31.88 0.06% 14.05 -0.92% 22.54 -2.30% 18.25 -1.08% 12/24/2010 22.45 0.63% 37.51 -0.21% 49.20 -0.08% 43.37 0.87% 31.86 -0.06% 14.18 -0.70% 23.07 0.65% 18.45 0.76% 12/17/2010 22.31 0.27% 37.59 0.24% 49.24 0.10% 42.99 1.92% 31.88 0.66% 14.28 3.10% 22.92 4.32% 18.31 0.60% 12/10/2010 22.25 0.23% 37.50 0.43% 49.19 2.89% 42.18 1.03% 31.67 0.09% 13.85 -0.50% 21.97 4.27% 18.20 -2.15% 12/3/2010 22.20 -0.09% 37.34 2.84% 47.81 -2.57% 41.75 0.02% 31.64 -0.16% 13.92 0.65% 21.07 2.73% 18.60 1.81% 11/26/2010 22.22 -0.98% 36.31 1.14% 49.07 -2.64% 41.74 0.05% 31.69 0.83% 13.83 0.88% 20.51 -1.20% 18.27 -2.14% 11/19/2010 22.44 0.85% 35.90 -1.21% 50.40 -1.43% 41.72 0.51% 31.43 0.45% 13.71 -0.51% 20.76 0.78% 18.67 -0.59% 11/12/2010 22.25 -4.67% 36.34 -2.47% 51.13 -4.11% 41.51 -0.65% 31.29 -1.45% 13.78 -2.13% 20.60 -1.76% 18.78 -2.54% 11/5/2010 23.34 3.55% 37.26 1.25% 53.32 0.24% 41.78 3.03% 31.75 1.50% 14.08 3.00% 20.97 2.04% 19.27 0.05% 10/29/2010 22.54 1.58% 36.80 0.33% 53.19 -0.37% 40.55 0.00% 31.28 1.39% 13.67 4.51% 20.55 -2.56% 19.26 -0.77% 10/22/2010 22.19 -1.99% 36.68 1.44% 53.39 0.38% 40.55 -1.03% 30.85 0.49% 13.08 -0.61% 21.09 -1.26% 19.41 -0.10% 10/15/2010 22.64 0.62% 36.16 -0.52% 53.19 0.23% 40.97 1.59% 30.70 1.29% 13.16 0.69% 21.36 2.01% 19.43 1.67% 10/8/2010 22.50 -1.01% 36.35 -0.85% 53.07 1.43% 40.33 1.33% 30.31 1.61% 13.07 -0.46% 20.94 2.60% 19.11 1.87% 10/1/2010 22.73 0.58% 36.66 5.62% 52.32 1.79% 39.80 1.40% 29.83 0.78% 13.13 -0.23% 20.41 0.29% 18.76 1.35% 9/24/2010 22.60 -2.25% 34.71 -0.40% 51.40 2.86% 39.25 1.50% 29.60 1.65% 13.16 3.79% 20.35 3.46% 18.51 2.15% 9/17/2010 23.12 0.13% 34.85 -2.27% 49.97 0.50% 38.67 0.73% 29.12 -1.02% 12.68 -2.08% 19.67 1.39% 18.12 -0.38% 9/10/2010 23.09 -4.47% 35.66 -1.19% 49.72 -0.98% 38.39 1.91% 29.42 -0.20% 12.95 -1.97% 19.40 -0.26% 18.19 -1.62% 9/3/2010 24.17 0.67% 36.09 1.21% 50.21 1.95% 37.67 0.78% 29.48 0.89% 13.21 3.20% 19.45 3.62% 18.49 2.38% 8/27/2010 24.01 0.38% 35.66 1.48% 49.25 0.65% 37.38 3.55% 29.22 2.38% 12.80 1.83% 18.77 -0.11% 18.06 1.18% 8/20/2010 23.92 0.38% 35.14 -0.82% 48.93 1.01% 36.10 -0.39% 28.54 -0.73% 12.57 -1.95% 18.79 -0.63% 17.85 1.88% 8/13/2010 23.83 -0.08% 35.43 -1.72% 48.44 -1.40% 36.24 -4.38% 28.75 -0.76% 12.82 -0.31% 18.91 -4.78% 17.52 1.10% 8/6/2010 23.85 1.27% 36.05 2.36% 49.13 3.76% 37.90 1.15% 28.97 4.06% 12.86 1.26% 19.86 -3.36% 17.33 2.48% 7/30/2010 23.55 -1.96% 35.22 -2.03% 47.35 -0.80% 37.47 -0.37% 27.84 -0.39% 12.70 -0.94% 20.55 0.74% 16.91 -0.53% 7/23/2010 24.02 3.22% 35.95 3.51% 47.73 4.67% 37.61 3.41% 27.95 3.63% 12.82 3.47% 20.40 7.59% 17.00 5.07% 7/16/2010 23.27 -1.31% 34.73 -0.32% 45.60 -1.75% 36.37 -1.60% 26.97 0.33% 12.39 -1.67% 18.96 -3.51% 16.18 -3.00% 7/9/2010 23.58 5.17% 34.84 6.15% 46.41 6.42% 36.96 2.75% 26.88 4.80% 12.60 6.87% 19.65 2.50% 16.68 6.51% 7/2/2010 22.42 -3.20% 32.82 -2.23% 43.61 -2.39% 35.97 -1.53% 25.65 -0.54% 11.79 -2.32% 19.17 -2.39% 15.66 -2.61% 6/25/2010 23.16 -0.81% 33.57 -4.03% 44.68 -4.45% 36.53 -1.11% 25.79 -4.02% 12.07 -4.13% 19.64 -3.73% 16.08 -3.94% 6/18/2010 23.35 4.06% 34.98 6.48% 46.76 4.66% 36.94 3.47% 26.87 3.31% 12.59 4.39% 20.40 1.95% 16.74 6.29% 6/11/2010 22.44 3.51% 32.85 3.01% 44.68 3.09% 35.70 4.23% 26.01 2.56% 12.06 3.08% 20.01 5.82% 15.75 2.21% 6/4/2010 21.68 -1.28% 31.89 -3.51% 43.34 -4.16% 34.25 -3.03% 25.36 -2.27% 11.70 -0.76% 18.91 -4.45% 15.41 -4.46% 5/28/2010 21.96 0.37% 33.05 2.16% 45.22 -1.65% 35.32 -1.89% 25.95 -0.61% 11.79 -0.84% 19.79 1.33% 16.13 1.51% 5/21/2010 21.88 -5.40% 32.35 -6.50% 45.98 -5.00% 36.00 -3.95% 26.11 -1.84% 11.89 -4.19% 19.53 -7.62% 15.89 -4.51% 5/14/2010 23.13 4.57% 34.60 3.78% 48.40 4.60% 37.48 6.12% 26.60 4.19% 12.41 3.85% 21.14 5.17% 16.64 2.15% 5/7/2010 22.12 -5.27% 33.34 -7.59% 46.27 -6.73% 35.32 -3.92% 25.53 -8.13% 11.95 -4.32% 20.10 -9.54% 16.29 -2.69% 4/30/2010 23.35 -2.30% 36.08 -1.15% 49.61 -1.14% 36.76 -0.59% 27.79 0.11% 12.49 -2.42% 22.22 -2.67% 16.74 1.09% 4/23/2010 23.90 5.05% 36.50 3.49% 50.18 3.78% 36.98 3.18% 27.76 1.39% 12.80 4.40% 22.83 2.19% 16.56 -0.66% 4/16/2010 22.75 0.53% 35.27 0.60% 48.35 1.30% 35.84 -0.58% 27.38 -1.55% 12.26 -0.24% 22.34 2.15% 16.67 -2.00% 4/9/2010 22.63 -0.18% 35.06 -0.17% 47.73 -0.71% 36.05 1.69% 27.81 -0.57% 12.29 -0.65% 21.87 -1.40% 17.01 -1.62% 4/2/2010 22.67 1.89% 35.12 2.24% 48.07 3.80% 35.45 2.72% 27.97 3.52% 12.37 1.39% 22.18 0.27% 17.29 3.78% 3/26/2010 22.25 -0.22% 34.35 -1.91% 46.31 0.15% 34.51 -2.51% 27.02 -0.52% 12.20 1.67% 22.12 0.91% 16.66 -3.03% 3/19/2010 22.30 1.87% 35.02 -0.26% 46.24 -0.34% 35.40 1.17% 27.16 1.31% 12.00 2.65% 21.92 -1.13% 17.18 -0.17% 3/12/2010 21.89 4.09% 35.11 2.27% 46.40 1.05% 34.99 0.95% 26.81 1.13% 11.69 -0.09% 22.17 6.79% 17.21 0.94% 3/5/2010 21.03 3.24% 34.33 3.94% 45.92 4.17% 34.66 4.43% 26.51 3.55% 11.70 5.31% 20.76 3.85% 17.05 1.37% 2/26/2010 20.37 2.26% 33.03 0.03% 44.08 -3.59% 33.19 -3.35% 25.60 -4.01% 11.11 -3.89% 19.99 -3.48% 16.82 -1.75% 2/19/2010 19.92 -0.10% 33.02 4.00% 45.72 11.08% 34.34 4.76% 26.67 6.13% 11.56 4.24% 20.71 3.09% 17.12 3.76% 2/12/2010 19.94 4.84% 31.75 4.06% 41.16 -0.29% 32.78 0.46% 25.13 -0.04% 11.09 -2.38% 20.09 -2.90% 16.50 2.80% 2/5/2010 19.02 -3.84% 30.51 -2.68% 41.28 -1.36% 32.63 -2.39% 25.14 -0.71% 11.36 -1.39% 20.69 -4.21% 16.05 -2.25% 1/29/2010 19.78 -6.26% 31.35 -0.60% 41.85 0.43% 33.43 -0.68% 25.32 -0.55% 11.52 -3.92% 21.60 -5.26% 16.42 0.24% 1/22/2010 21.10 -1.86% 31.54 -3.04% 41.67 0.48% 33.66 -4.10% 25.46 -1.89% 11.99 -2.60% 22.80 -3.47% 16.38 -4.71% 1/15/2010 21.50 1.65% 32.53 0.71% 41.47 1.42% 35.10 -0.34% 25.95 -0.35% 12.31 3.62% 23.62 -2.03% 17.19 3.55% 1/8/2010 21.15 1.20% 32.30 1.10% 40.89 -2.62% 35.22 -1.45% 26.04 0.97% 11.88 -4.04% 24.11 -2.86% 16.60 -1.48% 1/1/2010 20.90 -1.37% 31.95 -2.08% 41.99 -1.13% 35.74 -1.38% 25.79 -1.68% 12.38 -1.28% 24.82 -0.56% 16.85 -2.43% 12/25/2009 21.19 2.71% 32.63 2.97% 42.47 1.00% 36.24 0.67% 26.23 0.61% 12.54 1.21% 24.96 3.65% 17.27 1.53% 12/18/2009 20.63 -0.29% 31.69 1.64% 42.05 -0.97% 36.00 0.56% 26.07 2.24% 12.39 1.06% 24.08 1.95% 17.01 -2.24% 12/11/2009 20.69 5.03% 31.18 2.90% 42.46 3.46% 35.80 0.70% 25.50 3.66% 12.26 2.17% 23.62 -0.42% 17.40 2.84% 12/4/2009 19.70 -1.50% 30.30 2.54% 41.04 7.58% 35.55 3.77% 24.60 2.50% 12.00 4.90% 23.72 2.64% 16.92 5.62% Rebuttal Exhibit No. RBH-6 Page 8 of 18

EIGHTEEN-MONTH BETA CALCULATION

HE IDA TEG MGEE NU NVE OTTR POM Date Price Return Price Return Price Return Price Return Price Return Price Return Price Return Price Return 11/27/2009 20.00 4.49% 29.55 0.34% 38.15 0.00% 34.26 -1.83% 24.00 0.21% 11.44 -0.44% 23.11 -0.47% 16.02 3.09% 11/20/2009 19.14 0.00% 29.45 1.13% 38.15 -0.42% 34.90 -1.16% 23.95 1.01% 11.49 -2.54% 23.22 -1.65% 15.54 0.32% 11/13/2009 19.14 1.38% 29.12 1.08% 38.31 7.16% 35.31 -1.81% 23.71 2.64% 11.79 0.26% 23.61 0.25% 15.49 1.51% 11/6/2009 18.88 5.77% 28.81 2.56% 35.75 3.32% 35.96 2.68% 23.10 0.22% 11.76 2.62% 23.55 1.25% 15.26 2.21% 10/30/2009 17.85 -2.30% 28.09 -2.43% 34.60 -1.76% 35.02 -2.40% 23.05 -0.13% 11.46 1.60% 23.26 -2.72% 14.93 1.22% 10/23/2009 18.27 -0.38% 28.79 -0.42% 35.22 -0.54% 35.88 -1.67% 23.08 -2.29% 11.28 -2.42% 23.91 -0.87% 14.75 -3.47% 10/16/2009 18.34 -2.29% 28.91 -1.06% 35.41 -2.42% 36.49 -0.73% 23.62 0.51% 11.56 0.17% 24.12 0.08% 15.28 1.33% 10/9/2009 18.77 4.45% 29.22 3.14% 36.29 3.77% 36.76 2.74% 23.50 1.91% 11.54 2.49% 24.10 6.40% 15.08 5.16% 10/2/2009 17.97 -2.02% 28.33 -0.74% 34.97 -1.91% 35.78 -2.64% 23.06 -3.23% 11.26 -2.00% 22.65 -7.55% 14.34 -3.95% 9/25/2009 18.34 -0.33% 28.54 -1.35% 35.65 -0.08% 36.75 -1.71% 23.83 -2.62% 11.49 -2.63% 24.50 -3.28% 14.93 -1.71% 9/18/2009 18.40 7.92% 28.93 2.88% 35.68 3.15% 37.39 3.26% 24.47 3.34% 11.80 2.08% 25.33 5.81% 15.19 9.36% 9/11/2009 17.05 0.77% 28.12 -0.32% 34.59 2.04% 36.21 1.29% 23.68 -0.17% 11.56 -2.12% 23.94 1.61% 13.89 -1.98% 9/4/2009 16.92 -4.78% 28.21 -2.69% 33.90 -1.88% 35.75 -0.69% 23.72 -1.29% 11.81 -3.36% 23.56 -1.87% 14.17 -2.75% 8/28/2009 17.77 0.40% 28.99 -0.41% 34.55 -2.57% 36.00 -1.88% 24.03 -1.15% 12.22 -1.77% 24.01 -0.83% 14.57 -0.14% 8/21/2009 17.70 -1.61% 29.11 3.34% 35.46 3.84% 36.69 1.97% 24.31 2.49% 12.44 4.19% 24.21 -0.08% 14.59 3.40% 8/14/2009 17.99 2.16% 28.17 0.00% 34.15 0.83% 35.98 0.98% 23.72 1.45% 11.94 -0.33% 24.23 -1.66% 14.11 1.44% 8/7/2009 17.61 -1.45% 28.17 1.62% 33.87 0.27% 35.63 -0.67% 23.38 1.61% 11.98 4.17% 24.64 5.66% 13.91 -3.27% 7/31/2009 17.87 3.59% 27.72 2.63% 33.78 0.72% 35.87 -1.99% 23.01 0.04% 11.50 -1.20% 23.32 -6.53% 14.38 -0.42% 7/24/2009 17.25 -1.15% 27.01 3.88% 33.54 7.26% 36.60 3.80% 23.00 4.12% 11.64 5.05% 24.95 6.22% 14.44 5.32% 7/17/2009 17.45 -1.47% 26.00 4.08% 31.27 8.95% 35.26 4.38% 22.09 3.32% 11.08 3.45% 23.49 11.01% 13.71 2.54% 7/10/2009 17.71 -6.99% 24.98 -2.57% 28.70 -3.07% 33.78 0.81% 21.38 -4.30% 10.71 -1.92% 21.16 -2.17% 13.37 3.72% 7/3/2009 19.04 2.20% 25.64 -1.38% 29.61 1.09% 33.51 0.45% 22.34 0.99% 10.92 1.39% 21.63 0.37% 12.89 -3.73% 6/26/2009 18.63 -0.21% 26.00 2.20% 29.29 1.81% 33.36 -0.86% 22.12 0.68% 10.77 -1.19% 21.55 1.08% 13.39 1.36% 6/19/2009 18.67 -3.01% 25.44 0.79% 28.77 -1.00% 33.65 2.56% 21.97 -0.68% 10.90 0.83% 21.32 -2.16% 13.21 -2.37% 6/12/2009 19.25 2.50% 25.24 3.10% 29.06 2.79% 32.81 1.93% 22.12 4.19% 10.81 4.55% 21.79 8.14% 13.53 1.12% 6/5/2009 18.78 8.87% 24.48 5.20% 28.27 4.36% 32.19 3.74% 21.23 2.12% 10.34 3.40% 20.15 6.33% 13.38 3.08% 5/29/2009 17.25 2.92% 23.27 3.47% 27.09 -2.94% 31.03 4.83% 20.79 2.72% 10.00 -0.10% 18.95 1.39% 12.98 4.51% 5/22/2009 16.76 4.68% 22.49 0.54% 27.91 0.94% 29.60 -2.63% 20.24 -1.65% 10.01 0.40% 18.69 -2.15% 12.42 4.46% 5/15/2009 16.01 -4.02% 22.37 -6.71% 27.65 -7.09% 30.40 -1.27% 20.58 -2.92% 9.97 -5.05% 19.10 -9.48% 11.89 -6.08% 5/8/2009 16.68 8.03% 23.98 -0.21% 29.76 1.99% 30.79 0.88% 21.20 -1.76% 10.50 1.45% 21.10 -6.60% 12.66 3.35% 5/1/2009 15.44 1.91% 24.03 4.39% 29.18 15.15% 30.52 2.21% 21.58 6.62% 10.35 7.25% 22.59 2.68% 12.25 5.51% 4/24/2009 15.15 -8.18% 23.02 -2.87% 25.34 -4.56% 29.86 -3.05% 20.24 -4.03% 9.65 -2.03% 22.00 -2.96% 11.61 -5.30% 4/17/2009 16.50 3.97% 23.70 0.21% 26.55 2.12% 30.80 -3.24% 21.09 -1.91% 9.85 0.00% 22.67 -2.75% 12.26 -1.21% 4/10/2009 15.87 9.68% 23.65 -0.55% 26.00 -2.44% 31.83 -1.27% 21.50 1.99% 9.85 0.51% 23.31 -2.59% 12.41 -1.04% 4/3/2009 14.47 3.80% 23.78 0.46% 26.65 1.37% 32.24 3.20% 21.08 -2.86% 9.80 2.19% 23.93 7.26% 12.54 -3.69% 3/27/2009 13.94 3.11% 23.67 -0.42% 26.29 0.31% 31.24 0.90% 21.70 0.09% 9.59 1.37% 22.31 6.59% 13.02 7.87% 3/20/2009 13.52 1.65% 23.77 7.17% 26.21 11.53% 30.96 6.83% 21.68 8.94% 9.46 7.13% 20.93 6.51% 12.07 6.44% 3/13/2009 13.30 6.83% 22.18 1.93% 23.50 11.85% 28.98 3.02% 19.90 -0.50% 8.83 7.68% 19.65 17.17% 11.34 9.46% 3/6/2009 12.45 -10.24% 21.76 -10.60% 21.01 -12.64% 28.13 -6.48% 20.00 -8.72% 8.20 -11.54% 16.77 -3.68% 10.36 -30.93% 2/27/2009 13.87 -14.80% 24.34 0.37% 24.05 -35.68% 30.08 -0.13% 21.91 -0.68% 9.27 3.00% 17.41 -7.15% 15.00 -6.02% 2/20/2009 16.28 -23.14% 24.25 -9.92% 37.39 -11.10% 30.12 -6.14% 22.06 -8.16% 9.00 -11.15% 18.75 -8.80% 15.96 -9.52% 2/13/2009 21.18 -5.70% 26.92 -6.66% 42.06 -4.47% 32.09 -1.78% 24.02 -3.73% 10.13 -7.15% 20.56 -2.23% 17.64 -5.06% 2/6/2009 22.46 3.60% 28.84 -0.93% 44.03 5.46% 32.67 1.93% 24.95 4.83% 10.91 1.68% 21.03 3.75% 18.58 4.32% 1/30/2009 21.68 0.51% 29.11 0.55% 41.75 1.88% 32.05 2.86% 23.80 1.84% 10.73 3.07% 20.27 4.75% 17.81 1.54% 1/23/2009 21.57 -1.06% 28.95 -1.90% 40.98 -5.03% 31.16 -2.75% 23.37 -1.77% 10.41 0.58% 19.35 -4.91% 17.54 1.39% 1/16/2009 21.80 -0.73% 29.51 0.44% 43.15 -1.93% 32.04 1.91% 23.79 -4.42% 10.35 2.07% 20.35 -3.46% 17.30 -1.76% 1/9/2009 21.96 -1.57% 29.38 0.65% 44.00 -0.52% 31.44 -4.12% 24.89 2.43% 10.14 -1.74% 21.08 -13.11% 17.61 -3.51% 1/2/2009 22.31 3.48% 29.19 0.79% 44.23 7.54% 32.79 1.36% 24.30 4.83% 10.32 8.52% 24.26 5.11% 18.25 7.67% 12/26/2008 21.56 -1.69% 28.96 -2.39% 41.13 -1.34% 32.35 2.02% 23.18 2.25% 9.51 2.92% 23.08 -2.04% 16.95 0.12% 12/19/2008 21.93 -5.56% 29.67 2.17% 41.69 -0.64% 31.71 -1.89% 22.67 -4.47% 9.24 -2.63% 23.56 7.88% 16.93 -1.86% 12/12/2008 23.22 2.74% 29.04 -1.56% 41.96 -0.29% 32.32 -3.29% 23.73 4.77% 9.49 7.23% 21.84 15.25% 17.25 0.82% 12/5/2008 22.60 -17.13% 29.50 -2.96% 42.08 -4.75% 33.42 -5.59% 22.65 -2.79% 8.85 -6.65% 18.95 0.85% 17.11 -4.89% 11/28/2008 27.27 0.70% 30.40 6.55% 44.18 -0.65% 35.40 2.16% 23.30 2.42% 9.48 12.86% 18.79 17.07% 17.99 6.77% 11/21/2008 27.08 1.50% 28.53 -2.39% 44.47 2.51% 34.65 3.28% 22.75 -1.81% 8.40 -6.87% 16.05 -7.33% 16.85 -5.02% 11/14/2008 26.68 1.25% 29.23 3.03% 43.38 -3.34% 33.55 -2.24% 23.17 10.28% 9.02 -1.96% 17.32 -16.57% 17.74 -1.55% 11/7/2008 26.35 -1.01% 28.37 6.41% 44.88 -5.85% 34.32 -3.68% 21.01 -6.87% 9.20 10.98% 20.76 -11.58% 18.02 -12.74% 10/31/2008 26.62 5.93% 26.66 7.07% 47.67 8.05% 35.63 8.73% 22.56 8.83% 8.29 9.80% 23.48 11.76% 20.65 10.49% 10/24/2008 25.13 2.87% 24.90 0.48% 44.12 2.41% 32.77 -0.55% 20.73 3.08% 7.55 0.40% 21.01 -5.57% 18.69 -0.32% 10/17/2008 24.43 1.83% 24.78 2.86% 43.08 4.95% 32.95 6.05% 20.11 5.01% 7.52 -0.40% 22.25 1.14% 18.75 10.95% 10/10/2008 23.99 -13.02% 24.09 -15.06% 41.05 -17.95% 31.07 -11.68% 19.15 -22.63% 7.55 -20.27% 22.00 -23.00% 16.90 -26.10% 10/3/2008 27.58 -4.30% 28.36 -7.14% 50.03 -5.28% 35.18 -1.98% 24.75 -4.51% 9.47 -6.33% 28.57 -8.40% 22.87 -2.85% 9/26/2008 28.82 1.48% 30.54 -2.74% 52.82 -0.08% 35.89 2.25% 25.92 -2.67% 10.11 3.48% 31.19 3.93% 23.54 2.97% 9/19/2008 28.40 8.98% 31.40 2.58% 52.86 -1.09% 35.10 3.27% 26.63 -0.89% 9.77 -8.61% 30.01 -24.88% 22.86 -6.27% 9/12/2008 26.06 5.59% 30.61 3.34% 53.44 4.95% 33.99 0.62% 26.87 3.39% 10.69 0.47% 39.95 7.16% 24.39 3.22% 9/5/2008 24.68 -6.69% 29.62 -0.60% 50.92 -2.58% 33.78 -0.35% 25.99 -3.35% 10.64 -5.34% 37.28 -6.12% 23.63 -6.79% 8/29/2008 26.45 2.12% 29.80 -2.30% 52.27 -0.63% 33.90 -1.82% 26.89 -4.07% 11.24 2.27% 39.71 -0.08% 25.35 1.40% 8/22/2008 25.90 2.82% 30.50 -1.58% 52.60 2.55% 34.53 -1.54% 28.03 4.36% 10.99 -1.35% 39.74 -0.87% 25.00 1.09% 8/15/2008 25.19 -1.60% 30.99 2.62% 51.29 1.20% 35.07 0.95% 26.86 -0.11% 11.14 -2.02% 40.09 1.49% 24.73 -1.20% 8/8/2008 25.60 5.70% 30.20 2.86% 50.68 1.62% 34.74 -1.17% 26.89 9.04% 11.37 2.71% 39.50 -12.40% 25.03 3.17% 8/1/2008 24.22 -0.86% 29.36 -1.41% 49.87 0.38% 35.15 1.77% 24.66 -0.56% 11.07 -1.77% 45.09 2.29% 24.26 -1.54% 7/25/2008 24.43 1.54% 29.78 1.64% 49.68 -0.14% 34.54 3.72% 24.80 0.81% 11.27 -6.78% 44.08 -1.01% 24.64 -1.20% 7/18/2008 24.06 -0.66% 29.30 -2.14% 49.75 -4.73% 33.30 -3.00% 24.60 -3.91% 12.09 -2.58% 44.53 6.23% 24.94 -0.68% 7/11/2008 24.22 -2.65% 29.94 5.83% 52.22 2.90% 34.33 7.42% 25.60 2.44% 12.41 1.72% 41.92 7.68% 25.11 -0.08% 7/4/2008 24.88 0.61% 28.29 -3.08% 50.75 1.22% 31.96 -4.68% 24.99 -2.15% 12.20 -4.84% 38.93 2.07% 25.13 1.00% 6/27/2008 24.73 -3.25% 29.19 -5.96% 50.14 -2.64% 33.53 -4.66% 25.54 -3.62% 12.82 -5.39% 38.14 -5.83% 24.88 -3.60% 6/20/2008 25.56 -3.55% 31.04 -2.60% 51.50 -0.62% 35.17 1.53% 26.50 -1.27% 13.55 -2.45% 40.50 2.40% 25.81 -3.33% 6/13/2008 26.50 -1.01% 31.87 1.46% 51.82 1.29% 34.64 1.14% 26.84 3.03% 13.89 3.58% 39.55 3.05% 26.70 3.65% 6/6/2008 26.77 1.48% 31.41 2.45% 51.16 -0.37% 34.25 -0.29% 26.05 -0.23% 13.41 -1.18% 38.38 2.24% 25.76 -4.73% 5/30/2008 26.38 0.08% 30.66 0.72% 51.35 0.92% 34.35 0.41% 26.11 1.60% 13.57 1.57% 37.54 2.37% 27.04 0.90% 5/23/2008 26.36 -0.23% 30.44 -2.90% 50.88 0.00% 34.21 -1.18% 25.70 -2.50% 13.36 -2.62% 36.67 -0.22% 26.80 1.71% 5/16/2008 26.42 0.65% 31.35 0.32% 50.88 3.16% 34.62 0.96% 26.36 -3.37% 13.72 0.22% 36.75 2.28% 26.35 3.09% 5/9/2008 26.25 4.42% 31.25 -5.33% 49.32 1.21% 34.29 -3.60% 27.28 -1.66% 13.69 -2.00% 35.93 -4.69% 25.56 -1.39% 5/2/2008 25.14 1.29% 33.01 2.71% 48.73 0.64% 35.57 1.89% 27.74 4.01% 13.97 0.58% 37.70 0.56% 25.92 3.02% 4/25/2008 24.82 -0.08% 32.14 -1.05% 48.42 -1.96% 34.91 -1.10% 26.67 0.45% 13.89 5.07% 37.49 2.63% 25.16 -1.83% 4/18/2008 24.84 1.85% 32.48 3.37% 49.39 3.18% 35.30 6.39% 26.55 2.71% 13.22 3.12% 36.53 4.49% 25.63 5.39% 4/11/2008 24.39 -0.69% 31.42 -2.87% 47.87 -0.21% 33.18 -2.30% 25.85 0.90% 12.82 -1.84% 34.96 -2.16% 24.32 -2.25% 4/4/2008 24.56 4.60% 32.35 2.70% 47.97 4.15% 33.96 1.77% 25.62 6.09% 13.06 5.58% 35.73 3.24% 24.88 -0.04% 3/28/2008 23.48 -0.80% 31.50 -3.90% 46.06 1.12% 33.37 -0.45% 24.15 -1.02% 12.37 -0.08% 34.61 0.82% 24.89 1.18% 3/21/2008 23.67 4.09% 32.78 4.49% 45.55 1.54% 33.52 4.26% 24.40 -2.01% 12.38 -1.35% 34.33 3.87% 24.60 0.12% 3/14/2008 22.74 -0.44% 31.37 5.69% 44.86 -0.04% 32.15 4.35% 24.90 0.57% 12.55 2.37% 33.05 3.44% 24.57 0.78% 3/7/2008 22.84 1.69% 29.68 -0.40% 44.88 -2.29% 30.81 -2.38% 24.76 -2.40% 12.26 -5.03% 31.95 -1.54% 24.38 -3.52% 2/29/2008 22.46 -3.48% 29.80 -3.25% 45.93 -5.96% 31.56 -4.91% 25.37 -6.45% 12.91 -4.86% 32.45 -2.44% 25.27 -2.96% 2/22/2008 23.27 4.30% 30.80 -2.10% 48.84 0.95% 33.19 2.09% 27.12 -2.41% 13.57 -2.72% 33.26 0.03% 26.04 -1.25% 2/15/2008 22.31 -0.18% 31.46 -0.06% 48.38 -2.08% 32.51 -1.00% 27.79 2.06% 13.95 -5.36% 33.25 -3.54% 26.37 2.81% 2/8/2008 22.35 -1.59% 31.48 -3.41% 49.41 -1.34% 32.84 -2.38% 27.23 -2.68% 14.74 -2.64% 34.47 4.33% 25.65 -0.77% 2/1/2008 22.71 5.04% 32.59 2.61% 50.08 5.48% 33.64 2.19% 27.98 0.29% 15.14 4.63% 33.04 4.23% 25.85 4.11% Rebuttal Exhibit No. RBH-6 Page 9 of 18

EIGHTEEN-MONTH BETA CALCULATION

HE IDA TEG MGEE NU NVE OTTR POM Date Price Return Price Return Price Return Price Return Price Return Price Return Price Return Price Return 1/25/2008 21.62 -0.23% 31.76 -2.96% 47.48 -3.67% 32.92 -1.58% 27.90 -5.58% 14.47 -5.86% 31.70 -4.35% 24.83 -6.69% 1/18/2008 21.67 -2.56% 32.73 -4.47% 49.29 -5.36% 33.45 -4.35% 29.55 -3.27% 15.37 -6.79% 33.14 -0.12% 26.61 -6.80% 1/11/2008 22.24 1.18% 34.26 0.74% 52.08 3.54% 34.97 1.95% 30.55 -0.52% 16.49 -0.18% 33.18 -0.27% 28.55 -0.28% 1/4/2008 21.98 -4.31% 34.01 -4.39% 50.30 -3.21% 34.30 -3.98% 30.71 -2.94% 16.52 -3.90% 33.27 -4.73% 28.63 -3.70% 12/28/2007 22.97 -1.37% 35.57 0.37% 51.97 -0.33% 35.72 -3.07% 31.64 -1.25% 17.19 -1.26% 34.92 -4.51% 29.73 -0.73% 12/21/2007 23.29 2.78% 35.44 3.53% 52.14 2.42% 36.85 6.78% 32.04 1.04% 17.41 2.23% 36.57 8.84% 29.95 3.81% 12/14/2007 22.66 -4.19% 34.23 -5.83% 50.91 -1.87% 34.51 -3.66% 31.71 -2.07% 17.03 -1.79% 33.60 -3.59% 28.85 -0.79% 12/7/2007 23.65 2.16% 36.35 3.38% 51.88 1.71% 35.82 2.14% 32.38 2.53% 17.34 0.81% 34.85 4.00% 29.08 3.49% 11/30/2007 23.15 -0.69% 35.16 -0.31% 51.01 -0.35% 35.07 0.37% 31.58 -0.66% 17.20 -0.29% 33.51 -3.12% 28.10 3.50% 11/23/2007 23.31 5.43% 35.27 4.13% 51.19 0.06% 34.94 3.62% 31.79 -1.18% 17.25 -0.40% 34.59 -0.32% 27.15 0.89% 11/16/2007 22.11 1.66% 33.87 1.99% 51.16 0.14% 33.72 0.66% 32.17 3.64% 17.32 0.41% 34.70 3.71% 26.91 4.38% 11/9/2007 21.75 1.54% 33.21 -2.32% 51.09 -3.42% 33.50 1.82% 31.04 1.27% 17.25 3.11% 33.46 -0.80% 25.78 -7.66% 11/2/2007 21.42 -6.38% 34.00 0.50% 52.90 1.65% 32.90 -2.49% 30.65 5.07% 16.73 5.95% 33.73 -6.67% 27.92 0.00% 10/26/2007 22.88 3.67% 33.83 3.27% 52.04 1.17% 33.74 2.09% 29.17 4.25% 15.79 4.29% 36.14 5.46% 27.92 5.20% 10/19/2007 22.07 -2.30% 32.76 -3.25% 51.44 -4.74% 33.05 -2.85% 27.98 -3.98% 15.14 -4.90% 34.27 -6.90% 26.54 -6.62% 10/12/2007 22.59 0.58% 33.86 -2.48% 54.00 3.07% 34.02 -3.93% 29.14 -0.03% 15.92 -0.44% 36.81 -0.41% 28.42 2.60% 10/5/2007 22.46 3.45% 34.72 6.05% 52.39 2.26% 35.41 5.89% 29.15 2.03% 15.99 1.65% 36.96 3.67% 27.70 2.29% 9/28/2007 21.71 1.02% 32.74 -0.40% 51.23 -1.91% 33.44 -2.17% 28.57 3.10% 15.73 1.88% 35.65 -1.41% 27.08 -0.84% 9/21/2007 21.49 3.12% 32.87 2.94% 52.23 2.15% 34.18 4.53% 27.71 1.91% 15.44 2.66% 36.16 3.08% 27.31 3.37% 9/14/2007 20.84 -1.00% 31.93 0.60% 51.13 1.35% 32.70 3.06% 27.19 0.52% 15.04 -0.27% 35.08 -0.60% 26.42 -1.78% 9/7/2007 21.05 0.38% 31.74 -2.25% 50.45 0.56% 31.73 -3.67% 27.05 -2.17% 15.08 -1.57% 35.29 -3.32% 26.90 -3.52% 8/31/2007 20.97 -1.46% 32.47 -1.19% 50.17 -3.96% 32.94 -3.88% 27.65 -6.02% 15.32 -1.10% 36.50 1.39% 27.88 3.14% 8/24/2007 21.28 -1.62% 32.86 -4.06% 52.24 2.67% 34.27 -1.44% 29.42 3.77% 15.49 2.79% 36.00 -5.06% 27.03 4.97% 8/17/2007 21.63 -3.57% 34.25 1.09% 50.88 1.13% 34.77 0.12% 28.35 1.43% 15.07 2.73% 37.92 3.55% 25.75 -1.34% 8/10/2007 22.43 0.76% 33.88 10.36% 50.31 1.92% 34.73 17.81% 27.95 2.49% 14.67 -3.42% 36.62 17.90% 26.10 -0.11% 8/3/2007 22.26 -2.71% 30.70 0.69% 49.36 0.61% 29.48 -1.24% 27.27 1.26% 15.19 -6.18% 31.06 5.57% 26.13 -4.07% 7/27/2007 22.88 -1.97% 30.49 -3.67% 49.06 -5.16% 29.85 -4.08% 26.93 -5.81% 16.19 -8.69% 29.42 -9.00% 27.24 -3.61% 7/20/2007 23.34 -2.10% 31.65 -0.06% 51.73 0.29% 31.12 -5.47% 28.59 -2.52% 17.73 -0.39% 32.33 -1.85% 28.26 -2.21% 7/13/2007 23.84 1.27% 31.67 0.22% 51.58 2.22% 32.92 -0.15% 29.33 2.95% 17.80 0.28% 32.94 -1.11% 28.90 1.05% 7/6/2007 23.54 31.60 50.46 32.97 28.49 17.75 33.31 28.60 Rebuttal Exhibit No. RBH-6 Page 10 of 18

EIGHTEEN-MONTH BETA CALCULATION

PCG PNW PNM POR PGN PEG SCG SO Date Price Return Price Return Price Return Price Return Price Return Price Return Price Return Price Return 9/30/2011 42.3 -1.74% 42.94 -0.26% 16.43 2.56% 23.69 1.76% 51.72 0.72% 33.37 -0.71% 40.45 1.76% 42.37 -0.12% 9/23/2011 43.05 1.18% 43.05 -2.62% 16.02 7.95% 23.28 -5.33% 51.35 1.42% 33.61 -2.49% 39.75 -0.33% 42.42 -0.40% 9/16/2011 42.55 4.65% 44.21 5.51% 14.84 5.10% 24.59 5.95% 50.63 5.35% 34.47 6.78% 39.88 4.02% 42.59 4.54% 9/9/2011 40.66 -1.64% 41.9 -2.96% 14.12 -3.29% 23.21 -1.02% 48.06 -0.70% 32.28 -2.42% 38.34 -2.67% 40.74 -1.02% 9/2/2011 41.34 0.61% 43.18 0.35% 14.6 -0.27% 23.45 -0.34% 48.4 2.00% 33.08 0.24% 39.39 0.77% 41.16 0.81% 8/26/2011 41.09 -0.24% 43.03 3.04% 14.64 2.02% 23.53 4.35% 47.45 2.06% 33.00 4.36% 39.09 1.32% 40.83 2.15% 8/19/2011 41.19 3.34% 41.76 1.78% 14.35 1.85% 22.55 -2.00% 46.49 2.51% 31.62 1.77% 38.58 2.63% 39.97 1.94% 8/12/2011 39.86 -5.00% 41.03 2.55% 14.09 -2.15% 23.01 -0.90% 45.35 -0.40% 31.07 2.44% 37.59 0.72% 39.21 -1.66% 8/5/2011 41.96 1.28% 40.01 -5.53% 14.40 -4.13% 23.22 -6.30% 45.53 -2.59% 30.33 -7.39% 37.32 -4.77% 39.87 0.83% 7/29/2011 41.43 -3.11% 42.35 -4.60% 15.02 -9.95% 24.78 -3.32% 46.74 -2.42% 32.75 -0.18% 39.19 -3.33% 39.54 -2.56% 7/22/2011 42.76 1.38% 44.39 1.12% 16.68 -0.48% 25.63 0.71% 47.90 0.69% 32.81 3.05% 40.54 2.01% 40.58 0.90% 7/15/2011 42.18 -0.59% 43.90 -1.97% 16.76 -1.41% 25.45 -1.32% 47.57 -1.06% 31.84 -2.15% 39.74 0.48% 40.22 -0.22% 7/8/2011 42.43 -0.54% 44.78 -0.71% 17.00 0.29% 25.79 0.47% 48.08 -1.01% 32.54 -1.18% 39.55 -0.78% 40.31 -1.01% 7/1/2011 42.66 2.03% 45.10 3.16% 16.95 3.73% 25.67 2.52% 48.57 2.95% 32.93 5.95% 39.86 3.10% 40.72 3.27% 6/24/2011 41.81 -0.88% 43.72 -0.30% 16.34 -1.21% 25.04 -1.61% 47.18 -1.28% 31.08 -1.52% 38.66 -0.26% 39.43 -0.95% 6/17/2011 42.18 1.52% 43.85 1.65% 16.54 4.95% 25.45 1.84% 47.79 2.58% 31.56 -0.60% 38.76 -0.36% 39.81 1.22% 6/10/2011 41.55 -1.89% 43.14 -1.21% 15.76 -0.82% 24.99 -1.03% 46.59 -0.53% 31.75 -2.25% 38.90 -2.48% 39.33 -0.10% 6/3/2011 42.35 -1.74% 43.67 -2.93% 15.89 -2.99% 25.25 -1.83% 46.84 -1.06% 32.48 -2.58% 39.89 -1.36% 39.37 -1.08% 5/27/2011 43.10 -3.75% 44.99 -0.86% 16.38 3.28% 25.72 0.63% 47.34 -2.27% 33.34 -2.26% 40.44 -2.53% 39.80 -1.66% 5/20/2011 44.78 -2.69% 45.38 0.38% 15.86 -0.50% 25.56 -0.51% 48.44 0.10% 34.11 1.97% 41.49 -1.05% 40.47 -0.05% 5/13/2011 46.02 0.57% 45.21 2.40% 15.94 4.59% 25.69 3.17% 48.39 2.87% 33.45 3.56% 41.93 1.72% 40.49 2.51% 5/6/2011 45.76 -0.69% 44.15 1.75% 15.24 -0.59% 24.90 -0.24% 47.04 -0.86% 32.30 0.40% 41.22 -0.72% 39.50 1.18% 4/29/2011 46.08 1.99% 43.39 1.71% 15.33 3.86% 24.96 2.55% 47.45 1.96% 32.17 4.01% 41.52 4.95% 39.04 1.24% 4/22/2011 45.18 0.71% 42.66 -0.70% 14.76 -0.34% 24.34 1.97% 46.54 0.24% 30.93 -0.87% 39.56 0.92% 38.56 0.60% 4/15/2011 44.86 0.27% 42.96 -0.14% 14.81 -1.53% 23.87 -0.83% 46.43 0.61% 31.20 -0.06% 39.20 -0.05% 38.33 -0.18% 4/8/2011 44.74 0.54% 43.02 -0.60% 15.04 1.55% 24.07 -0.08% 46.15 -1.24% 31.22 -0.89% 39.22 -1.18% 38.40 0.23% 4/1/2011 44.50 1.37% 43.28 2.68% 14.81 -0.27% 24.09 2.99% 46.73 3.04% 31.50 1.32% 39.69 1.61% 38.31 1.94% 3/25/2011 43.90 1.88% 42.15 1.79% 14.85 3.41% 23.39 -0.21% 45.35 2.60% 31.09 2.17% 39.06 1.45% 37.58 1.57% 3/18/2011 43.09 -5.81% 41.41 -4.94% 14.36 -2.11% 23.44 -0.55% 44.20 -4.60% 30.43 -6.02% 38.50 -3.87% 37.00 -3.34% 3/11/2011 45.75 0.59% 43.56 0.53% 14.67 0.14% 23.57 0.21% 46.33 1.38% 32.38 2.44% 40.05 -0.37% 38.28 0.82% 3/4/2011 45.48 -0.79% 43.33 3.86% 14.65 9.57% 23.52 2.22% 45.70 0.88% 31.61 -2.50% 40.20 -0.40% 37.97 -0.24% 2/25/2011 45.84 1.01% 41.72 -0.38% 13.37 -0.96% 23.01 1.14% 45.30 -0.88% 32.42 2.14% 40.36 -0.17% 38.06 0.50% 2/18/2011 45.38 -2.47% 41.88 -0.14% 13.50 1.20% 22.75 -0.48% 45.70 -0.44% 31.74 -3.44% 40.43 -0.59% 37.87 -0.42% 2/11/2011 46.53 0.61% 41.94 2.19% 13.34 -1.91% 22.86 1.28% 45.90 0.95% 32.87 2.02% 40.67 -4.33% 38.03 1.85% 2/4/2011 46.25 0.02% 41.04 0.24% 13.60 4.13% 22.57 0.80% 45.47 0.29% 32.22 -0.65% 42.51 1.05% 37.34 -1.14% 1/28/2011 46.24 -1.49% 40.94 -1.68% 13.06 -1.80% 22.39 1.73% 45.34 0.38% 32.43 -0.09% 42.07 0.17% 37.77 -1.25% 1/21/2011 46.94 -0.82% 41.64 0.29% 13.30 -2.28% 22.01 0.00% 45.17 0.98% 32.46 2.66% 42.00 0.38% 38.25 -0.65% 1/14/2011 47.33 0.66% 41.52 -0.17% 13.61 3.03% 22.01 0.41% 44.73 0.02% 31.62 0.09% 41.84 1.75% 38.50 1.10% 1/7/2011 47.02 -1.71% 41.59 0.34% 13.21 1.46% 21.92 1.01% 44.72 2.85% 31.59 -0.69% 41.12 1.28% 38.08 -0.39% 12/31/2010 47.84 -1.03% 41.45 -0.86% 13.02 -2.25% 21.70 -1.72% 43.48 -0.05% 31.81 1.21% 40.60 -0.68% 38.23 -0.08% 12/24/2010 48.34 0.50% 41.81 0.72% 13.32 3.42% 22.08 -1.03% 43.50 -0.37% 31.43 -0.66% 40.88 0.29% 38.26 0.95% 12/17/2010 48.10 2.28% 41.51 1.59% 12.88 3.45% 22.31 1.92% 43.66 -0.16% 31.64 1.67% 40.76 1.32% 37.90 0.21% 12/10/2010 47.03 -2.29% 40.86 -0.34% 12.45 2.47% 21.89 0.00% 43.73 -0.55% 31.12 -1.95% 40.23 -2.31% 37.82 -0.79% 12/3/2010 48.13 2.51% 41.00 1.16% 12.15 0.16% 21.89 3.55% 43.97 0.16% 31.74 3.62% 41.18 0.34% 38.12 0.77% 11/26/2010 46.95 -1.16% 40.53 -0.88% 12.13 -1.38% 21.14 0.96% 43.90 0.11% 30.63 -0.42% 41.04 0.29% 37.83 -0.63% 11/19/2010 47.50 0.06% 40.89 -0.05% 12.30 -3.07% 20.94 -1.37% 43.85 -0.93% 30.76 -2.84% 40.92 -0.05% 38.07 -0.05% 11/12/2010 47.47 -2.28% 40.91 -2.92% 12.69 -2.16% 21.23 -1.35% 44.26 -1.95% 31.66 -4.12% 40.94 -1.75% 38.09 -0.99% 11/5/2010 48.58 1.59% 42.14 2.38% 12.97 10.01% 21.52 2.97% 45.14 0.31% 33.02 2.10% 41.67 2.03% 38.47 1.58% 10/29/2010 47.82 0.34% 41.16 -2.42% 11.79 -0.34% 20.90 0.72% 45.00 0.20% 32.34 -2.74% 40.84 -0.87% 37.87 -1.17% 10/22/2010 47.66 1.62% 42.18 1.25% 11.83 -0.50% 20.75 0.19% 44.91 0.47% 33.25 0.00% 41.20 0.15% 38.32 1.70% 10/15/2010 46.90 0.26% 41.66 0.97% 11.89 3.39% 20.71 0.68% 44.70 0.29% 33.25 -0.78% 41.14 1.11% 37.68 -0.08% 10/8/2010 46.78 2.32% 41.26 -0.94% 11.50 0.00% 20.57 0.93% 44.57 -0.65% 33.51 1.30% 40.69 0.35% 37.71 1.53% 10/1/2010 45.72 -0.22% 41.65 1.02% 11.50 1.05% 20.38 1.24% 44.86 0.67% 33.08 0.64% 40.55 0.25% 37.14 -0.93% 9/24/2010 45.82 1.24% 41.23 2.16% 11.38 1.88% 20.13 -0.54% 44.56 2.37% 32.87 3.17% 40.45 1.63% 37.49 1.16% 9/17/2010 45.26 2.38% 40.36 -0.47% 11.17 -2.10% 20.24 0.40% 43.53 -0.55% 31.86 -0.19% 39.80 -0.05% 37.06 -0.13% 9/10/2010 44.21 -7.28% 40.55 -1.19% 11.41 -2.56% 20.16 -0.88% 43.77 0.16% 31.92 -3.07% 39.82 -1.82% 37.11 0.32% 9/3/2010 47.68 0.10% 41.04 1.74% 11.71 1.04% 20.34 0.49% 43.70 0.76% 32.93 2.68% 40.56 3.39% 36.99 0.05% 8/27/2010 47.63 3.86% 40.34 2.70% 11.59 0.78% 20.24 2.79% 43.37 2.92% 32.07 1.07% 39.23 2.00% 36.97 3.33% 8/20/2010 45.86 0.33% 39.28 -0.56% 11.50 0.35% 19.69 0.00% 42.14 -1.31% 31.73 0.06% 38.46 -0.39% 35.78 -0.17% 8/13/2010 45.71 0.15% 39.50 0.41% 11.46 -2.05% 19.69 -1.01% 42.70 0.90% 31.71 -3.15% 38.61 -2.28% 35.84 -0.11% 8/6/2010 45.64 2.79% 39.34 3.28% 11.70 -1.10% 19.89 4.14% 42.32 0.50% 32.74 -0.49% 39.51 3.13% 35.88 1.56% 7/30/2010 44.40 0.38% 38.09 -2.43% 11.83 -6.11% 19.10 0.05% 42.11 0.72% 32.90 -2.58% 38.31 -1.57% 35.33 -1.56% 7/23/2010 44.23 3.92% 39.04 3.17% 12.60 9.66% 19.09 3.02% 41.81 3.29% 33.77 2.43% 38.92 2.61% 35.89 3.19% 7/16/2010 42.56 -0.16% 37.84 -0.81% 11.49 -3.36% 18.53 -2.78% 40.48 0.02% 32.97 -1.11% 37.93 0.88% 34.78 0.20% 7/9/2010 42.63 4.66% 38.15 5.27% 11.89 8.68% 19.06 4.90% 40.47 2.72% 33.34 6.25% 37.60 5.95% 34.71 3.98% 7/2/2010 40.73 -3.05% 36.24 -0.98% 10.94 -5.36% 18.17 -1.73% 39.40 0.31% 31.38 -3.15% 35.49 -2.61% 33.38 0.30% 6/25/2010 42.01 -2.71% 36.60 -2.74% 11.56 -5.17% 18.49 -5.18% 39.28 -2.63% 32.40 -3.63% 36.44 -3.11% 33.28 -2.43% 6/18/2010 43.18 4.25% 37.63 5.52% 12.19 3.83% 19.50 4.33% 40.34 3.86% 33.62 4.70% 37.61 4.24% 34.11 3.27% 6/11/2010 41.42 2.45% 35.66 2.65% 11.74 -2.49% 18.69 2.02% 38.84 3.11% 32.11 4.70% 36.08 1.52% 33.03 2.80% 6/4/2010 40.43 -2.58% 34.74 -1.05% 12.04 -2.43% 18.32 -3.12% 37.67 -2.38% 30.67 0.13% 35.54 -2.07% 32.13 -1.74% 5/28/2010 41.50 -0.62% 35.11 -0.17% 12.34 0.49% 18.91 0.96% 38.59 0.34% 30.63 1.22% 36.29 0.08% 32.70 -2.74% 5/21/2010 41.76 -4.29% 35.17 -2.76% 12.28 -6.19% 18.73 -4.00% 38.46 -3.85% 30.26 -4.87% 36.26 -3.33% 33.62 -2.47% 5/14/2010 43.63 1.07% 36.17 2.93% 13.09 7.74% 19.51 2.25% 40.00 3.01% 31.81 3.62% 37.51 1.98% 34.47 1.62% 5/7/2010 43.17 -1.44% 35.14 -5.89% 12.15 -10.60% 19.08 -4.02% 38.83 -2.73% 30.70 -4.45% 36.78 -6.82% 33.92 -1.85% 4/30/2010 43.80 -0.36% 37.34 -2.84% 13.59 0.82% 19.88 -1.34% 39.92 0.83% 32.13 1.84% 39.47 0.18% 34.56 -0.49% 4/23/2010 43.96 3.36% 38.43 2.43% 13.48 5.56% 20.15 3.44% 39.59 2.30% 31.55 4.30% 39.40 1.91% 34.73 2.54% 4/16/2010 42.53 -0.93% 37.52 -1.26% 12.77 0.00% 19.48 -0.71% 38.70 -1.20% 30.25 -1.43% 38.66 1.39% 33.87 -0.18% 4/9/2010 42.93 0.44% 38.00 -0.29% 12.77 2.08% 19.62 -0.15% 39.17 -1.43% 30.69 1.89% 38.13 -0.37% 33.93 1.53% 4/2/2010 42.74 -0.54% 38.11 1.49% 12.51 0.81% 19.65 2.93% 39.74 1.09% 30.12 3.47% 38.27 1.59% 33.42 0.97% 3/26/2010 42.97 -0.76% 37.55 -0.58% 12.41 -4.46% 19.09 -1.70% 39.31 -1.33% 29.11 -5.85% 37.67 -0.63% 33.10 -0.24% 3/19/2010 43.30 1.19% 37.77 1.18% 12.99 -1.14% 19.42 1.09% 39.84 3.08% 30.92 1.14% 37.91 2.65% 33.18 2.16% 3/12/2010 42.79 0.35% 37.33 -1.74% 13.14 1.15% 19.21 0.73% 38.65 -0.59% 30.57 -2.02% 36.93 -1.83% 32.48 0.81% 3/5/2010 42.64 1.72% 37.99 4.34% 12.99 6.30% 19.07 6.00% 38.88 1.54% 31.20 4.98% 37.62 4.36% 32.22 1.42% 2/26/2010 41.92 -1.62% 36.41 -2.57% 12.22 -2.94% 17.99 -6.74% 38.29 -0.60% 29.72 -4.68% 36.05 -0.55% 31.77 -1.61% 2/19/2010 42.61 3.88% 37.37 5.86% 12.59 7.70% 19.29 1.63% 38.52 3.24% 31.18 3.35% 36.25 4.92% 32.29 3.59% 2/12/2010 41.02 -2.15% 35.30 -0.20% 11.69 2.72% 18.98 -0.37% 37.31 -3.74% 30.17 2.20% 34.55 -1.62% 31.17 -1.67% 2/5/2010 41.92 -0.76% 35.37 -1.26% 11.38 -2.15% 19.05 -2.31% 38.76 -0.54% 29.52 -3.50% 35.12 -1.38% 31.70 -0.94% 1/29/2010 42.24 -3.14% 35.82 -0.47% 11.63 -2.68% 19.50 -1.56% 38.97 1.17% 30.59 -2.08% 35.61 -0.86% 32.00 -1.66% 1/22/2010 43.61 -3.11% 35.99 -3.07% 11.95 -5.38% 19.81 -2.75% 38.52 -1.05% 31.24 -4.23% 35.92 -3.75% 32.54 -2.40% 1/15/2010 45.01 2.79% 37.13 0.57% 12.63 0.48% 20.37 1.85% 38.93 -1.09% 32.62 -0.79% 37.32 1.83% 33.34 1.55% 1/8/2010 43.79 -1.93% 36.92 0.93% 12.57 -0.63% 20.00 -2.01% 39.36 -4.02% 32.88 -1.11% 36.65 -2.73% 32.83 -1.47% 1/1/2010 44.65 -1.89% 36.58 -1.43% 12.65 0.32% 20.41 -1.50% 41.01 -0.85% 33.25 -1.10% 37.68 -1.93% 33.32 -0.39% 12/25/2009 45.51 0.89% 37.11 -0.05% 12.61 -0.55% 20.72 -0.53% 41.36 0.39% 33.62 0.63% 38.42 2.24% 33.45 -1.01% 12/18/2009 45.11 0.38% 37.13 -1.56% 12.68 3.76% 20.83 -1.79% 41.20 -1.86% 33.41 -0.06% 37.58 0.37% 33.79 -1.26% 12/11/2009 44.94 3.45% 37.72 4.11% 12.22 5.07% 21.21 3.56% 41.98 3.63% 33.43 3.85% 37.44 2.91% 34.22 4.23% 12/4/2009 43.44 3.08% 36.23 3.81% 11.63 4.30% 20.48 5.79% 40.51 4.41% 32.19 4.17% 36.38 4.12% 32.83 3.86% Rebuttal Exhibit No. RBH-6 Page 11 of 18

EIGHTEEN-MONTH BETA CALCULATION

PCG PNW PNM POR PGN PEG SCG SO Date Price Return Price Return Price Return Price Return Price Return Price Return Price Return Price Return 11/27/2009 42.14 0.10% 34.90 2.56% 11.15 1.27% 19.36 -0.15% 38.80 0.75% 30.90 -0.48% 34.94 0.92% 31.61 0.67% 11/20/2009 42.10 0.41% 34.03 2.41% 11.01 -2.48% 19.39 0.78% 38.51 1.08% 31.05 -1.02% 34.62 0.35% 31.40 -0.57% 11/13/2009 41.93 1.38% 33.23 1.19% 11.29 1.90% 19.24 1.21% 38.10 1.28% 31.37 2.58% 34.50 1.02% 31.58 -0.03% 11/6/2009 41.36 1.15% 32.84 4.85% 11.08 3.36% 19.01 2.26% 37.62 0.24% 30.58 2.62% 34.15 0.92% 31.59 1.28% 10/30/2009 40.89 -1.92% 31.32 -6.45% 10.72 -11.48% 18.59 -6.77% 37.53 -0.40% 29.80 -1.68% 33.84 -3.20% 31.19 -4.53% 10/23/2009 41.69 -1.79% 33.48 -1.50% 12.11 -1.38% 19.94 -1.34% 37.68 -1.85% 30.31 -2.67% 34.96 0.32% 32.67 0.52% 10/16/2009 42.45 2.81% 33.99 1.95% 12.28 -0.16% 20.21 0.30% 38.39 2.51% 31.14 -0.67% 34.85 0.09% 32.50 2.07% 10/9/2009 41.29 3.22% 33.34 5.24% 12.30 10.22% 20.15 4.51% 37.45 -1.89% 31.35 3.29% 34.82 2.14% 31.84 0.35% 10/2/2009 40.00 -3.26% 31.68 -2.55% 11.16 -6.53% 19.28 -3.65% 38.17 -3.07% 30.35 -3.00% 34.09 -3.07% 31.73 -0.53% 9/25/2009 41.35 0.71% 32.51 -1.57% 11.94 -4.78% 20.01 -3.80% 39.38 0.69% 31.29 -2.19% 35.17 -0.99% 31.90 -0.41% 9/18/2009 41.06 2.73% 33.03 1.82% 12.54 3.21% 20.80 3.69% 39.11 1.09% 31.99 3.59% 35.52 4.90% 32.03 3.22% 9/11/2009 39.97 -0.12% 32.44 0.34% 12.15 4.02% 20.06 2.09% 38.69 -1.45% 30.88 1.11% 33.86 -1.94% 31.03 -1.24% 9/4/2009 40.02 -2.15% 32.33 -2.68% 11.68 -1.93% 19.65 0.10% 39.26 -0.83% 30.54 -4.92% 34.53 -1.20% 31.42 -0.51% 8/28/2009 40.90 0.59% 33.22 -0.57% 11.91 -2.70% 19.63 -0.56% 39.59 0.35% 32.12 -2.28% 34.95 0.60% 31.58 0.22% 8/21/2009 40.66 1.47% 33.41 2.27% 12.24 0.99% 19.74 3.35% 39.45 -0.48% 32.87 2.33% 34.74 3.42% 31.51 0.13% 8/14/2009 40.07 -0.30% 32.67 1.24% 12.12 -2.65% 19.10 2.85% 39.64 1.05% 32.12 1.42% 33.59 -1.03% 31.47 -0.13% 8/7/2009 40.19 -0.45% 32.27 0.97% 12.45 2.05% 18.57 -2.42% 39.23 -0.53% 31.67 -2.40% 33.94 -3.99% 31.51 0.35% 7/31/2009 40.37 2.07% 31.96 -1.33% 12.20 -2.56% 19.03 1.71% 39.44 -0.70% 32.45 -4.16% 35.35 -1.26% 31.40 -3.77% 7/24/2009 39.55 4.91% 32.39 6.34% 12.52 9.25% 18.71 -5.27% 39.72 6.20% 33.86 5.45% 35.80 6.52% 32.63 3.65% 7/17/2009 37.70 1.54% 30.46 3.46% 11.46 5.23% 19.75 3.57% 37.40 3.34% 32.11 3.61% 33.61 4.93% 31.48 2.54% 7/10/2009 37.13 -2.55% 29.44 -0.61% 10.89 4.11% 19.07 -1.04% 36.19 -3.18% 30.99 -3.46% 32.03 -0.25% 30.70 -1.00% 7/3/2009 38.10 0.37% 29.62 -0.77% 10.46 -3.86% 19.27 -1.73% 37.38 -1.01% 32.10 -0.40% 32.11 -0.03% 31.01 -2.79% 6/26/2009 37.96 0.66% 29.85 2.79% 10.88 6.35% 19.61 -1.26% 37.76 2.25% 32.23 0.91% 32.12 2.59% 31.90 4.21% 6/19/2009 37.71 -0.87% 29.04 -2.45% 10.23 1.39% 19.86 3.55% 36.93 -0.86% 31.94 -1.84% 31.31 -0.13% 30.61 0.20% 6/12/2009 38.04 1.20% 29.77 5.12% 10.09 5.65% 19.18 2.18% 37.25 4.40% 32.54 0.46% 31.35 1.52% 30.55 5.67% 6/5/2009 37.59 2.40% 28.32 2.42% 9.55 3.24% 18.77 4.34% 35.68 0.48% 32.39 1.63% 30.88 2.86% 28.91 1.76% 5/29/2009 36.71 4.74% 27.65 5.74% 9.25 0.43% 17.99 3.75% 35.51 3.08% 31.87 0.79% 30.02 5.74% 28.41 2.56% 5/22/2009 35.05 -1.49% 26.15 0.19% 9.21 -1.60% 17.34 0.93% 34.45 1.12% 31.62 -0.22% 28.39 -1.36% 27.70 -1.49% 5/15/2009 35.58 -3.73% 26.10 -7.08% 9.36 -9.30% 17.18 -7.53% 34.07 -3.87% 31.69 -0.94% 28.78 -6.71% 28.12 -2.23% 5/8/2009 36.96 -2.22% 28.09 1.37% 10.32 10.49% 18.58 -1.33% 35.44 1.23% 31.99 2.70% 30.85 0.19% 28.76 -0.21% 5/1/2009 37.80 2.30% 27.71 1.32% 9.34 17.34% 18.83 9.92% 35.01 3.27% 31.15 10.89% 30.79 1.25% 28.82 -2.17% 4/24/2009 36.95 -1.20% 27.35 -1.23% 7.96 -9.44% 17.13 -1.55% 33.90 -2.53% 28.09 -4.91% 30.41 -1.43% 29.46 -0.61% 4/17/2009 37.40 -2.71% 27.69 -0.97% 8.79 3.17% 17.40 -0.17% 34.78 -1.17% 29.54 -2.12% 30.85 -0.10% 29.64 -4.05% 4/10/2009 38.44 3.39% 27.96 1.19% 8.52 -0.23% 17.43 -1.02% 35.19 -1.79% 30.18 -2.71% 30.88 0.95% 30.89 -0.61% 4/3/2009 37.18 -4.18% 27.63 4.34% 8.54 1.79% 17.61 2.44% 35.83 -0.61% 31.02 6.97% 30.59 -1.07% 31.08 1.67% 3/27/2009 38.80 0.44% 26.48 1.30% 8.39 -3.23% 17.19 -4.23% 36.05 2.07% 29.00 5.00% 30.92 2.76% 30.57 -0.03% 3/20/2009 38.63 6.65% 26.14 7.53% 8.67 21.77% 17.95 6.78% 35.32 9.21% 27.62 11.15% 30.09 9.58% 30.58 12.68% 3/13/2009 36.22 -1.28% 24.31 3.40% 7.12 14.84% 16.81 4.41% 32.34 -0.68% 24.85 1.14% 27.46 0.40% 27.14 -3.24% 3/6/2009 36.69 -4.00% 23.51 -10.47% 6.20 -19.38% 16.10 -1.95% 32.56 -8.07% 24.57 -9.97% 27.35 -9.23% 28.05 -7.46% 2/27/2009 38.22 8.92% 26.26 -8.53% 7.69 6.07% 16.42 -1.91% 35.42 -4.71% 27.29 -4.31% 30.13 -2.74% 30.31 0.46% 2/20/2009 35.09 -7.19% 28.71 -13.81% 7.25 -14.71% 16.74 -8.17% 37.17 -4.30% 28.52 -7.91% 30.98 -7.74% 30.17 -3.89% 2/13/2009 37.81 -3.25% 33.31 -3.64% 8.50 -10.90% 18.23 -6.99% 38.84 -3.31% 30.97 -5.23% 33.58 -4.68% 31.39 -6.55% 2/6/2009 39.08 1.06% 34.57 3.29% 9.54 -4.98% 19.60 0.77% 40.17 3.74% 32.68 3.52% 35.23 2.74% 33.59 0.42% 1/30/2009 38.67 2.19% 33.47 2.51% 10.04 -1.57% 19.45 4.35% 38.72 -1.22% 31.57 1.81% 34.29 2.48% 33.45 -3.46% 1/23/2009 37.84 0.64% 32.65 0.00% 10.20 -4.40% 18.64 -0.69% 39.20 2.94% 31.01 0.13% 33.46 -2.19% 34.65 -1.08% 1/16/2009 37.60 -1.67% 32.65 -0.76% 10.67 -1.20% 18.77 0.70% 38.08 0.03% 30.97 1.34% 34.21 -2.45% 35.03 -1.41% 1/9/2009 38.24 -1.47% 32.90 -0.66% 10.80 2.76% 18.64 -4.16% 38.07 -6.35% 30.56 1.70% 35.07 -3.57% 35.53 -5.18% 1/2/2009 38.81 0.52% 33.12 6.70% 10.51 2.44% 19.45 4.74% 40.65 4.90% 30.05 5.96% 36.37 2.65% 37.47 4.17% 12/26/2008 38.61 0.00% 31.04 3.26% 10.26 -0.48% 18.57 2.82% 38.75 -0.36% 28.36 -1.22% 35.43 3.90% 35.97 0.36% 12/19/2008 38.61 4.52% 30.06 1.18% 10.31 -2.46% 18.06 -0.93% 38.89 -1.72% 28.71 -2.41% 34.10 -2.01% 35.84 -1.38% 12/12/2008 36.94 2.47% 29.71 -1.20% 10.57 4.45% 18.23 -2.88% 39.57 -0.73% 29.42 3.08% 34.80 1.72% 36.34 -1.49% 12/5/2008 36.05 -5.23% 30.07 -1.09% 10.12 -3.16% 18.77 2.51% 39.86 0.43% 28.54 -7.64% 34.21 -1.55% 36.89 1.57% 11/28/2008 38.04 0.88% 30.40 4.86% 10.45 20.67% 18.31 8.86% 39.69 3.25% 30.90 4.25% 34.75 2.66% 36.32 2.05% 11/21/2008 37.71 1.34% 28.99 -0.82% 8.66 -0.35% 16.82 -4.59% 38.44 -1.03% 29.64 3.64% 33.85 -0.50% 35.59 1.08% 11/14/2008 37.21 3.05% 29.23 -3.91% 8.69 -1.47% 17.63 -6.67% 38.84 -1.80% 28.60 3.92% 34.02 -0.73% 35.21 1.09% 11/7/2008 36.11 -1.53% 30.42 -3.89% 8.82 -9.54% 18.89 -7.94% 39.55 0.46% 27.52 -2.24% 34.27 4.13% 34.83 1.43% 10/31/2008 36.67 6.44% 31.65 8.13% 9.75 15.80% 20.52 8.74% 39.37 6.32% 28.15 1.85% 32.91 1.76% 34.34 -0.78% 10/24/2008 34.45 11.85% 29.27 -4.50% 8.42 -10.90% 18.87 1.02% 37.03 2.66% 27.64 2.14% 32.34 4.32% 34.61 3.34% 10/17/2008 30.80 3.70% 30.65 5.91% 9.45 3.62% 18.68 -7.93% 36.07 1.84% 27.06 8.28% 31.00 3.23% 33.49 3.81% 10/10/2008 29.70 -21.14% 28.94 -16.53% 9.12 -4.40% 20.29 -14.57% 35.42 -20.37% 24.99 -23.27% 30.03 -19.38% 32.26 -13.16% 10/3/2008 37.66 -1.82% 34.67 -2.61% 9.54 -17.40% 23.75 -2.50% 44.48 1.44% 32.57 -6.30% 37.25 -8.23% 37.15 -3.81% 9/26/2008 38.36 -2.64% 35.60 1.69% 11.55 -3.19% 24.36 -2.56% 43.85 -1.19% 34.76 -2.47% 40.59 -3.13% 38.62 0.57% 9/19/2008 39.40 -5.33% 35.01 -2.51% 11.93 8.55% 25.00 -1.85% 44.38 0.34% 35.64 -5.01% 41.90 5.70% 38.40 0.68% 9/12/2008 41.62 0.87% 35.91 4.48% 10.99 -2.74% 25.47 4.26% 44.23 4.76% 37.52 0.51% 39.64 3.72% 38.14 2.80% 9/5/2008 41.26 -0.17% 34.37 -2.33% 11.30 -4.16% 24.43 -4.64% 42.22 -3.34% 37.33 -8.44% 38.22 -2.50% 37.10 -1.09% 8/29/2008 41.33 1.57% 35.19 -0.40% 11.79 0.77% 25.62 1.26% 43.68 -2.15% 40.77 0.67% 39.20 2.46% 37.51 -0.74% 8/22/2008 40.69 3.01% 35.33 1.06% 11.70 -0.09% 25.30 -0.20% 44.64 0.09% 40.50 3.45% 38.26 1.97% 37.79 0.93% 8/15/2008 39.50 0.95% 34.96 0.87% 11.71 -7.43% 25.35 2.01% 44.60 1.13% 39.15 -3.19% 37.52 -1.83% 37.44 2.38% 8/8/2008 39.13 5.33% 34.66 5.22% 12.65 10.29% 24.85 6.52% 44.10 7.40% 40.44 0.40% 38.22 4.54% 36.57 5.72% 8/1/2008 37.15 0.92% 32.94 5.07% 11.47 4.37% 23.33 1.35% 41.06 -0.05% 40.28 -2.52% 36.56 3.54% 34.59 -1.54% 7/25/2008 36.81 -2.44% 31.35 -0.25% 10.99 -3.85% 23.02 2.04% 41.08 0.49% 41.32 -2.66% 35.31 -0.28% 35.13 0.83% 7/18/2008 37.73 -2.93% 31.43 -1.84% 11.43 1.78% 22.56 -3.26% 40.88 -1.33% 42.45 -5.05% 35.41 -3.88% 34.84 -3.20% 7/11/2008 38.87 0.44% 32.02 4.71% 11.23 -3.36% 23.32 4.76% 41.43 0.00% 44.71 -3.18% 36.84 0.96% 35.99 1.90% 7/4/2008 38.70 0.83% 30.58 -1.55% 11.62 -0.94% 22.26 -1.94% 41.43 -0.31% 46.18 3.59% 36.49 -0.82% 35.32 2.58% 6/27/2008 38.38 -2.84% 31.06 -3.30% 11.73 -9.49% 22.70 -5.38% 41.56 -1.87% 44.58 -2.62% 36.79 -3.31% 34.43 -0.17% 6/20/2008 39.50 -0.68% 32.12 -1.86% 12.96 -5.33% 23.99 -0.08% 42.35 -1.58% 45.78 -1.78% 38.05 -3.87% 34.49 -1.71% 6/13/2008 39.77 2.37% 32.73 1.11% 13.69 -6.87% 24.01 2.26% 43.03 2.04% 46.61 4.98% 39.58 0.18% 35.09 0.49% 6/6/2008 38.85 -1.87% 32.37 -4.17% 14.70 -1.01% 23.48 0.30% 42.17 -1.38% 44.40 0.32% 39.51 -1.57% 34.92 -3.54% 5/30/2008 39.59 0.58% 33.78 -0.38% 14.85 4.28% 23.41 -0.76% 42.76 2.57% 44.26 2.60% 40.14 0.35% 36.20 0.56% 5/23/2008 39.36 -2.74% 33.91 -0.85% 14.24 -4.43% 23.59 -1.91% 41.69 -0.79% 43.14 1.51% 40.00 -1.11% 36.00 -2.01% 5/16/2008 40.47 0.67% 34.20 1.39% 14.90 7.89% 24.05 4.20% 42.02 0.89% 42.50 0.64% 40.45 2.66% 36.74 1.24% 5/9/2008 40.20 -1.71% 33.73 -2.46% 13.81 -7.87% 23.08 -5.68% 41.65 -2.89% 42.23 -5.82% 39.40 -2.18% 36.29 -2.21% 5/2/2008 40.90 3.44% 34.58 -2.26% 14.99 4.46% 24.47 1.83% 42.89 4.25% 44.84 2.49% 40.28 0.70% 37.11 0.03% 4/25/2008 39.54 -1.35% 35.38 -2.32% 14.35 5.21% 24.03 -0.70% 41.14 -2.95% 43.75 -0.97% 40.00 2.01% 37.10 0.41% 4/18/2008 40.08 2.93% 36.22 0.39% 13.64 7.15% 24.20 4.94% 42.39 0.57% 44.18 4.82% 39.21 2.03% 36.95 1.79% 4/11/2008 38.94 0.57% 36.08 -1.07% 12.73 -4.43% 23.06 0.04% 42.15 -1.61% 42.15 0.36% 38.43 1.40% 36.30 -0.58% 4/4/2008 38.72 6.20% 36.47 5.01% 13.32 9.00% 23.05 3.60% 42.84 3.30% 42.00 6.03% 37.90 4.67% 36.51 3.22% 3/28/2008 36.46 -1.46% 34.73 -3.02% 12.22 4.62% 22.25 -2.28% 41.47 -0.84% 39.61 -3.79% 36.21 -1.58% 35.37 -2.10% 3/21/2008 37.00 -0.38% 35.81 3.47% 11.68 15.42% 22.77 1.52% 41.82 1.21% 41.17 -6.75% 36.79 0.05% 36.13 4.88% 3/14/2008 37.14 -1.88% 34.61 -0.37% 10.12 8.47% 22.43 -0.75% 41.32 -0.53% 44.15 -1.76% 36.77 -0.89% 34.45 0.47% 3/7/2008 37.85 0.50% 34.74 -2.28% 9.33 -21.20% 22.60 -3.13% 41.54 -0.88% 44.94 1.90% 37.10 -2.03% 34.29 -0.70% 2/29/2008 37.66 -4.17% 35.55 -3.45% 11.84 -7.14% 23.33 0.43% 41.91 -4.03% 44.10 -4.07% 37.87 -2.14% 34.53 -2.79% 2/22/2008 39.30 -1.38% 36.82 0.49% 12.75 -5.76% 23.23 -3.25% 43.67 -1.47% 45.97 -1.86% 38.70 0.34% 35.52 -0.73% 2/15/2008 39.85 0.25% 36.64 -1.40% 13.53 -28.98% 24.01 -0.66% 44.32 -0.16% 46.84 2.61% 38.57 1.82% 35.78 0.08% 2/8/2008 39.75 -4.45% 37.16 -2.98% 19.05 -3.54% 24.17 -1.95% 44.39 -2.27% 45.65 -4.75% 37.88 -0.53% 35.75 -4.16% 2/1/2008 41.60 3.61% 38.30 -1.06% 19.75 5.22% 24.65 4.76% 45.42 4.15% 47.93 5.48% 38.08 2.56% 37.30 3.35% Rebuttal Exhibit No. RBH-6 Page 12 of 18

EIGHTEEN-MONTH BETA CALCULATION

PCG PNW PNM POR PGN PEG SCG SO Date Price Return Price Return Price Return Price Return Price Return Price Return Price Return Price Return 1/25/2008 40.15 -5.84% 38.71 -3.08% 18.77 -3.89% 23.53 -5.12% 43.61 -5.03% 45.44 -3.78% 37.13 -4.18% 36.09 -4.37% 1/18/2008 42.64 -5.14% 39.94 -5.49% 19.53 0.83% 24.80 -5.20% 45.92 -4.59% 47.22 -5.42% 38.75 -7.94% 37.74 -5.08% 1/11/2008 44.95 3.69% 42.26 3.10% 19.37 -5.51% 26.16 -1.06% 48.13 1.69% 49.93 1.98% 42.09 1.20% 39.76 2.71% 1/4/2008 43.35 -0.14% 40.99 -3.55% 20.50 -6.65% 26.44 -3.29% 47.33 -2.97% 48.96 -0.22% 41.59 -2.14% 38.71 -1.12% 12/28/2007 43.41 -2.97% 42.50 -1.21% 21.96 -1.52% 27.34 3.01% 48.78 -0.65% 49.07 0.87% 42.50 -1.41% 39.15 -0.13% 12/21/2007 44.74 -2.65% 43.02 0.77% 22.30 -1.55% 26.54 -0.79% 49.10 0.29% 48.64 0.90% 43.11 1.08% 39.20 1.84% 12/14/2007 45.96 -2.42% 42.69 -3.24% 22.65 -2.41% 26.75 -3.92% 48.96 -1.94% 48.21 -2.70% 42.65 -1.91% 38.49 -1.05% 12/7/2007 47.10 1.79% 44.12 2.94% 23.21 4.64% 27.84 4.00% 49.93 2.27% 49.55 3.50% 43.48 2.04% 38.90 3.40% 11/30/2007 46.27 1.65% 42.86 -0.74% 22.18 -0.22% 26.77 2.25% 48.82 0.51% 47.87 3.84% 42.61 1.52% 37.62 -1.10% 11/23/2007 45.52 2.36% 43.18 0.65% 22.23 -0.13% 26.18 -1.76% 48.57 3.25% 46.10 -0.17% 41.97 0.21% 38.04 2.76% 11/16/2007 44.47 -0.38% 42.90 2.78% 22.26 -1.81% 26.65 0.04% 47.04 -0.57% 46.18 -0.39% 41.88 -0.05% 37.02 3.26% 11/9/2007 44.64 -2.23% 41.74 5.59% 22.67 -3.53% 26.64 -3.13% 47.31 0.47% 46.36 -1.78% 41.90 2.55% 35.85 0.36% 11/2/2007 45.66 -4.04% 39.53 -4.03% 23.50 -3.21% 27.50 -1.15% 47.09 0.73% 47.20 1.72% 40.86 2.15% 35.72 -1.33% 10/26/2007 47.58 4.11% 41.19 1.38% 24.28 2.79% 27.82 3.15% 46.75 3.61% 46.40 5.00% 40.00 1.86% 36.20 2.26% 10/19/2007 45.70 -5.87% 40.63 -3.61% 23.62 -5.29% 26.97 -4.97% 45.12 -4.12% 44.19 -2.91% 39.27 -2.46% 35.40 -3.41% 10/12/2007 48.55 -0.84% 42.15 2.53% 24.94 -0.32% 28.38 -0.11% 47.06 0.30% 45.52 1.49% 40.26 2.13% 36.65 -0.22% 10/5/2007 48.96 2.43% 41.11 4.05% 25.02 7.47% 28.41 2.19% 46.92 0.15% 44.85 1.93% 39.42 1.76% 36.73 1.24% 9/28/2007 47.80 -0.83% 39.51 -1.30% 23.28 4.63% 27.80 -0.82% 46.85 -1.72% 44.00 -1.17% 38.74 0.16% 36.28 -2.05% 9/21/2007 48.20 2.77% 40.03 0.23% 22.25 1.83% 28.03 0.54% 47.67 2.67% 44.52 3.61% 38.68 1.58% 37.04 1.76% 9/14/2007 46.90 6.66% 39.94 0.53% 21.85 -0.73% 27.88 4.85% 46.43 1.98% 42.97 3.14% 38.08 0.21% 36.40 3.00% 9/7/2007 43.97 -1.19% 39.73 -0.28% 22.01 -4.80% 26.59 0.00% 45.53 -0.76% 41.66 -1.98% 38.00 -0.99% 35.34 -0.42% 8/31/2007 44.50 -1.22% 39.84 -0.38% 23.12 -2.32% 26.59 -2.42% 45.88 -1.76% 42.50 -3.03% 38.38 -0.78% 35.49 -1.74% 8/24/2007 45.05 -0.55% 39.99 -2.08% 23.67 -0.96% 27.25 1.76% 46.70 -0.13% 43.83 4.35% 38.68 2.95% 36.12 0.33% 8/17/2007 45.30 -0.33% 40.84 0.52% 23.90 -1.61% 26.78 -3.67% 46.76 -2.77% 42.00 1.71% 37.57 -2.06% 36.00 -1.80% 8/10/2007 45.45 6.12% 40.63 9.51% 24.29 6.82% 27.80 5.18% 48.09 10.99% 41.30 0.24% 38.36 3.59% 36.66 9.04% 8/3/2007 42.83 -2.15% 37.10 -3.06% 22.74 -10.12% 26.43 -1.01% 43.33 -2.06% 41.20 1.19% 37.03 -1.73% 33.62 -0.50% 7/27/2007 43.77 -4.52% 38.27 -3.80% 25.30 -6.40% 26.70 -4.54% 44.24 -1.62% 40.71 -9.94% 37.68 -2.21% 33.79 -1.37% 7/20/2007 45.84 0.48% 39.78 -2.19% 27.03 -5.82% 27.97 -0.46% 44.97 -3.39% 45.21 -2.26% 38.53 -2.60% 34.26 -1.75% 7/13/2007 45.62 2.24% 40.67 1.83% 28.70 2.50% 28.10 0.83% 46.55 3.22% 46.25 2.35% 39.56 1.05% 34.87 2.32% 7/6/2007 44.62 39.94 28.00 27.87 45.10 45.19 39.15 34.08 Rebuttal Exhibit No. RBH-6 Page 13 of 18

EIGHTEEN-MONTH BETA CALCULATION

TE UIL VVC WR XEL Date Price Return Price Return Price Return Price Return Price Return 9/30/2011 17.13 0.53% 32.93 2.33% 27.08 2.07% 26.42 0.27% 24.69 0.00% 9/23/2011 17.04 -7.84% 32.18 -2.46% 26.53 -4.15% 26.35 0.42% 24.69 -2.30% 9/16/2011 18.49 5.60% 32.99 2.14% 27.68 3.36% 26.24 5.13% 25.27 6.31% 9/9/2011 17.51 -1.13% 32.3 -1.73% 26.78 -0.45% 24.96 -4.04% 23.77 -1.82% 9/2/2011 17.71 -0.23% 32.87 -0.18% 26.9 1.51% 26.01 1.88% 24.21 0.79% 8/26/2011 17.75 3.50% 32.93 3.20% 26.50 4.95% 25.53 2.57% 24.02 3.05% 8/19/2011 17.15 1.42% 31.91 1.66% 25.25 0.64% 24.89 1.34% 23.31 1.83% 8/12/2011 16.91 -1.57% 31.39 -1.29% 25.09 -2.26% 24.56 1.82% 22.89 -1.46% 8/5/2011 17.18 -7.29% 31.80 -0.41% 25.67 -2.80% 24.12 -6.55% 23.23 -3.21% 7/29/2011 18.53 -3.74% 31.93 -4.09% 26.41 -3.68% 25.81 -3.19% 24.00 -2.20% 7/22/2011 19.25 3.05% 33.29 2.43% 27.42 -1.26% 26.66 0.41% 24.54 2.12% 7/15/2011 18.68 -2.56% 32.50 -0.94% 27.77 -2.11% 26.55 -1.92% 24.03 -1.88% 7/8/2011 19.17 0.05% 32.81 0.09% 28.37 0.53% 27.07 -0.51% 24.49 -0.69% 7/1/2011 19.16 3.57% 32.78 3.11% 28.22 3.33% 27.21 3.46% 24.66 2.66% 6/24/2011 18.50 -0.59% 31.79 0.70% 27.31 0.37% 26.30 -0.90% 24.02 -2.20% 6/17/2011 18.61 0.92% 31.57 0.67% 27.21 0.59% 26.54 1.45% 24.56 2.21% 6/10/2011 18.44 -0.65% 31.36 -0.73% 27.05 -0.70% 26.16 -1.25% 24.03 -1.19% 6/3/2011 18.56 -2.62% 31.59 -4.04% 27.24 -3.34% 26.49 -1.52% 24.32 -1.06% 5/27/2011 19.06 -0.26% 32.92 -2.52% 28.18 -1.02% 26.90 -2.36% 24.58 -2.69% 5/20/2011 19.11 -0.21% 33.77 -0.65% 28.47 1.03% 27.55 -1.08% 25.26 1.24% 5/13/2011 19.15 -0.62% 33.99 2.91% 28.18 0.50% 27.85 2.77% 24.95 2.72% 5/6/2011 19.27 0.00% 33.03 3.80% 28.04 -1.89% 27.10 -0.40% 24.29 -0.16% 4/29/2011 19.27 2.50% 31.82 4.23% 28.58 3.66% 27.21 3.66% 24.33 1.16% 4/22/2011 18.80 -0.32% 30.53 0.10% 27.57 0.95% 26.25 0.54% 24.05 -0.29% 4/15/2011 18.86 -0.58% 30.50 0.00% 27.31 -0.26% 26.11 -0.76% 24.12 0.96% 4/8/2011 18.97 0.58% 30.50 -0.85% 27.38 -0.11% 26.31 -1.61% 23.89 -0.79% 4/1/2011 18.86 3.34% 30.76 4.09% 27.41 2.28% 26.74 2.69% 24.08 2.47% 3/25/2011 18.25 2.87% 29.55 1.76% 26.80 1.52% 26.04 2.12% 23.50 0.21% 3/18/2011 17.74 -2.21% 29.04 -1.09% 26.40 -0.49% 25.50 -1.89% 23.45 -3.54% 3/11/2011 18.14 0.39% 29.36 -1.61% 26.53 -0.67% 25.99 0.70% 24.31 1.76% 3/4/2011 18.07 0.84% 29.84 -2.04% 26.71 1.79% 25.81 -0.31% 23.89 0.29% 2/25/2011 17.92 0.67% 30.46 -1.90% 26.24 1.51% 25.89 -1.45% 23.82 0.04% 2/18/2011 17.80 0.06% 31.05 0.52% 25.85 1.10% 26.27 1.16% 23.81 -0.50% 2/11/2011 17.79 -2.52% 30.89 1.28% 25.57 -2.89% 25.97 0.93% 23.93 1.18% 2/4/2011 18.25 0.00% 30.50 0.83% 26.33 -0.08% 25.73 0.35% 23.65 0.42% 1/28/2011 18.25 0.61% 30.25 0.57% 26.35 -0.15% 25.64 -0.62% 23.55 -1.51% 1/21/2011 18.14 -0.33% 30.08 1.14% 26.39 0.27% 25.80 0.58% 23.91 1.87% 1/14/2011 18.20 0.61% 29.74 -0.13% 26.32 2.17% 25.65 1.06% 23.47 -1.01% 1/7/2011 18.09 1.63% 29.78 -0.60% 25.76 1.50% 25.38 0.87% 23.71 0.68% 12/31/2010 17.80 -0.56% 29.96 -1.09% 25.38 -0.12% 25.16 -0.71% 23.55 0.34% 12/24/2010 17.90 2.34% 30.29 0.93% 25.41 -0.27% 25.34 -0.04% 23.47 -1.10% 12/17/2010 17.49 3.00% 30.01 -2.31% 25.48 0.28% 25.35 1.73% 23.73 1.32% 12/10/2010 16.98 -0.24% 30.72 3.23% 25.41 1.19% 24.92 -1.54% 23.42 -1.89% 12/3/2010 17.02 0.83% 29.76 0.78% 25.11 -4.42% 25.31 0.48% 23.87 1.79% 11/26/2010 16.88 -0.41% 29.53 0.07% 26.27 -0.72% 25.19 0.52% 23.45 -0.47% 11/19/2010 16.95 -0.12% 29.51 -0.34% 26.46 -1.12% 25.06 1.25% 23.56 -1.38% 11/12/2010 16.97 -3.52% 29.61 -2.60% 26.76 -3.36% 24.75 -3.13% 23.89 -1.81% 11/5/2010 17.59 0.00% 30.40 4.97% 27.69 1.13% 25.55 0.99% 24.33 1.97% 10/29/2010 17.59 -0.90% 28.96 2.12% 27.38 1.33% 25.30 1.52% 23.86 -0.13% 10/22/2010 17.75 1.25% 28.36 -1.29% 27.02 2.08% 24.92 0.69% 23.89 1.40% 10/15/2010 17.53 -0.51% 28.73 0.21% 26.47 0.30% 24.75 0.32% 23.56 0.38% 10/8/2010 17.62 0.69% 28.67 0.39% 26.39 1.62% 24.67 0.69% 23.47 1.03% 10/1/2010 17.50 0.11% 28.56 2.44% 25.97 1.13% 24.50 1.74% 23.23 1.31% 9/24/2010 17.48 3.07% 27.88 6.78% 25.68 3.05% 24.08 1.60% 22.93 0.48% 9/17/2010 16.96 -0.53% 26.11 -2.79% 24.92 -0.12% 23.70 -1.86% 22.82 0.35% 9/10/2010 17.05 -2.29% 26.86 -0.15% 24.95 -0.72% 24.15 -1.07% 22.74 -0.26% 9/3/2010 17.45 2.11% 26.90 -0.74% 25.13 1.58% 24.41 1.58% 22.80 1.02% 8/27/2010 17.09 4.14% 27.10 2.53% 24.74 1.06% 24.03 2.60% 22.57 3.20% 8/20/2010 16.41 1.67% 26.43 -1.20% 24.48 -1.45% 23.42 -1.80% 21.87 -2.45% 8/13/2010 16.14 -6.00% 26.75 -1.47% 24.84 -2.47% 23.85 -1.97% 22.42 1.36% 8/6/2010 17.17 5.08% 27.15 -0.37% 25.47 2.83% 24.33 1.88% 22.12 0.59% 7/30/2010 16.34 -1.92% 27.25 0.33% 24.77 -0.60% 23.88 0.80% 21.99 -1.17% 7/23/2010 16.66 3.54% 27.16 5.64% 24.92 3.45% 23.69 3.68% 22.25 3.73% 7/16/2010 16.09 -0.37% 25.71 -1.76% 24.09 -1.19% 22.85 0.62% 21.45 -1.02% 7/9/2010 16.15 6.88% 26.17 2.79% 24.38 5.18% 22.71 5.68% 21.67 4.64% 7/2/2010 15.11 -3.14% 25.46 0.16% 23.18 -2.52% 21.49 -2.01% 20.71 -0.24% 6/25/2010 15.60 -3.64% 25.42 -1.89% 23.78 -1.37% 21.93 -3.73% 20.76 -3.76% 6/18/2010 16.19 3.45% 25.91 1.49% 24.11 3.88% 22.78 4.35% 21.57 4.91% 6/11/2010 15.65 4.54% 25.53 1.07% 23.21 3.06% 21.83 0.69% 20.56 1.88% 6/4/2010 14.97 -3.73% 25.26 -0.08% 22.52 -2.30% 21.68 -1.45% 20.18 -1.51% 5/28/2010 15.55 3.39% 25.28 -5.39% 23.05 1.50% 22.00 0.41% 20.49 -0.87% 5/21/2010 15.04 -6.12% 26.72 -9.76% 22.71 -5.18% 21.91 -6.05% 20.67 -2.82% 5/14/2010 16.02 3.49% 29.61 7.83% 23.95 3.01% 23.32 4.62% 21.27 1.92% 5/7/2010 15.48 -8.56% 27.46 -5.41% 23.25 -7.04% 22.29 -5.91% 20.87 -4.05% 4/30/2010 16.93 -0.41% 29.03 -2.06% 25.01 -0.95% 23.69 1.67% 21.75 -0.87% 4/23/2010 17.00 4.04% 29.64 1.65% 25.25 1.73% 23.30 3.14% 21.94 2.14% 4/16/2010 16.34 0.80% 29.16 2.68% 24.82 -1.97% 22.59 0.00% 21.48 -0.69% 4/9/2010 16.21 0.37% 28.40 2.45% 25.32 1.16% 22.59 0.00% 21.63 1.07% 4/2/2010 16.15 2.54% 27.72 0.65% 25.03 3.43% 22.59 2.87% 21.40 1.71% 3/26/2010 15.75 -0.94% 27.54 -2.17% 24.20 0.96% 21.96 -1.83% 21.04 -2.50% 3/19/2010 15.90 0.25% 28.15 0.50% 23.97 0.21% 22.37 1.36% 21.58 2.62% 3/12/2010 15.86 0.44% 28.01 -1.48% 23.92 -0.62% 22.07 1.10% 21.03 -0.76% 3/5/2010 15.79 3.00% 28.43 3.46% 24.07 3.53% 21.83 2.01% 21.19 1.83% 2/26/2010 15.33 -1.98% 27.48 0.44% 23.25 -0.98% 21.40 -3.52% 20.81 -1.28% 2/19/2010 15.64 4.97% 27.36 4.03% 23.48 3.12% 22.18 4.52% 21.08 4.20% 2/12/2010 14.90 -0.20% 26.30 0.84% 22.77 -0.35% 21.22 1.34% 20.23 0.50% 2/5/2010 14.93 -4.11% 26.08 -4.01% 22.85 -1.85% 20.94 -1.83% 20.13 -3.13% 1/29/2010 15.57 0.00% 27.17 -0.51% 23.28 -0.68% 21.33 -1.07% 20.78 -0.29% 1/22/2010 15.57 -4.60% 27.31 -2.78% 23.44 -3.78% 21.56 -3.06% 20.84 -2.66% 1/15/2010 16.32 0.68% 28.09 0.64% 24.36 0.66% 22.24 2.39% 21.41 2.98% 1/8/2010 16.21 -0.06% 27.91 -0.61% 24.20 -1.94% 21.72 0.00% 20.79 -2.03% 1/1/2010 16.22 -1.99% 28.08 0.07% 24.68 -2.33% 21.72 -1.41% 21.22 -1.76% 12/25/2009 16.55 2.16% 28.06 1.41% 25.27 1.94% 22.03 0.69% 21.60 0.05% 12/18/2009 16.20 2.02% 27.67 -1.98% 24.79 0.49% 21.88 -0.14% 21.59 0.84% 12/11/2009 15.88 3.52% 28.23 2.51% 24.67 2.37% 21.91 2.67% 21.41 3.78% 12/4/2009 15.34 5.57% 27.54 2.95% 24.10 3.08% 21.34 4.35% 20.63 2.18% Rebuttal Exhibit No. RBH-6 Page 14 of 18

EIGHTEEN-MONTH BETA CALCULATION

TE UIL VVC WR XEL Date Price Return Price Return Price Return Price Return Price Return 11/27/2009 14.53 -0.07% 26.75 -0.19% 23.38 0.26% 20.45 1.44% 20.19 0.85% 11/20/2009 14.54 -0.75% 26.80 1.09% 23.32 0.56% 20.16 1.10% 20.02 0.55% 11/13/2009 14.65 0.07% 26.51 1.07% 23.19 2.93% 19.94 1.89% 19.91 4.73% 11/6/2009 14.64 2.09% 26.23 2.14% 22.53 -0.04% 19.57 2.19% 19.01 0.80% 10/30/2009 14.34 0.70% 25.68 -3.06% 22.54 -2.09% 19.15 -2.74% 18.86 -3.03% 10/23/2009 14.24 -1.11% 26.49 -3.00% 23.02 -2.54% 19.69 -2.91% 19.45 -1.02% 10/16/2009 14.40 0.56% 27.31 0.26% 23.62 2.30% 20.28 3.47% 19.65 1.71% 10/9/2009 14.32 5.37% 27.24 4.45% 23.09 2.71% 19.60 2.08% 19.32 0.63% 10/2/2009 13.59 -3.41% 26.08 -1.58% 22.48 -3.06% 19.20 -1.59% 19.20 -1.59% 9/25/2009 14.07 0.00% 26.50 -1.67% 23.19 -2.81% 19.51 -6.20% 19.51 -2.55% 9/18/2009 14.07 6.59% 26.95 0.71% 23.86 2.49% 20.80 2.16% 20.02 2.82% 9/11/2009 13.20 -0.60% 26.76 3.40% 23.28 0.91% 20.36 0.99% 19.47 -0.71% 9/4/2009 13.28 -1.12% 25.88 -1.11% 23.07 -2.20% 20.16 -2.37% 19.61 -1.41% 8/28/2009 13.43 -1.18% 26.17 0.19% 23.59 -1.95% 20.65 0.93% 19.89 0.10% 8/21/2009 13.59 4.14% 26.12 2.15% 24.06 3.62% 20.46 0.20% 19.87 1.07% 8/14/2009 13.05 -2.10% 25.57 2.81% 23.22 -0.13% 20.42 0.64% 19.66 -0.56% 8/7/2009 13.33 -1.19% 24.87 1.93% 23.25 -5.33% 20.29 3.15% 19.77 -0.85% 7/31/2009 13.49 4.41% 24.40 -1.89% 24.56 -2.11% 19.67 -1.60% 19.94 0.96% 7/24/2009 12.92 6.87% 24.87 7.01% 25.09 5.55% 19.99 4.33% 19.75 5.11% 7/17/2009 12.09 7.28% 23.24 2.97% 23.77 4.16% 19.16 5.74% 18.79 3.87% 7/10/2009 11.27 -2.34% 22.57 2.13% 22.82 -2.06% 18.12 -2.69% 18.09 -1.20% 7/3/2009 11.54 -1.62% 22.10 0.64% 23.30 -1.10% 18.62 1.03% 18.31 0.60% 6/26/2009 11.73 -1.92% 21.96 -2.10% 23.56 0.08% 18.43 -0.43% 18.20 0.50% 6/19/2009 11.96 -0.66% 22.43 -0.04% 23.54 -1.09% 18.51 -0.11% 18.11 -0.71% 6/12/2009 12.04 4.60% 22.44 4.66% 23.80 1.45% 18.53 1.98% 18.24 4.41% 6/5/2009 11.51 2.58% 21.44 3.42% 23.46 3.12% 18.17 1.79% 17.47 1.87% 5/29/2009 11.22 2.84% 20.73 -0.10% 22.75 5.32% 17.85 6.50% 17.15 1.24% 5/22/2009 10.91 -1.62% 20.75 -11.89% 21.60 -0.64% 16.76 -1.18% 16.94 -1.51% 5/15/2009 11.09 -9.10% 23.55 -2.69% 21.74 -5.89% 16.96 -6.30% 17.20 -5.81% 5/8/2009 12.20 8.25% 24.20 2.54% 23.10 3.36% 18.10 1.74% 18.26 -0.71% 5/1/2009 11.27 7.33% 23.60 5.45% 22.35 6.84% 17.79 3.61% 18.39 0.00% 4/24/2009 10.50 -0.94% 22.38 -5.09% 20.92 1.95% 17.17 -3.76% 18.39 0.11% 4/17/2009 10.60 -6.44% 23.58 0.08% 20.52 0.98% 17.84 -1.16% 18.37 -0.43% 4/10/2009 11.33 2.16% 23.56 0.77% 20.32 -4.69% 18.05 0.45% 18.45 1.60% 4/3/2009 11.09 0.36% 23.38 2.19% 21.32 3.65% 17.97 2.69% 18.16 -0.49% 3/27/2009 11.05 0.45% 22.88 6.27% 20.57 2.95% 17.50 1.69% 18.25 -0.11% 3/20/2009 11.00 8.70% 21.53 7.44% 19.98 5.32% 17.21 8.44% 18.27 6.22% 3/13/2009 10.12 9.17% 20.04 14.06% 18.97 1.83% 15.87 1.86% 17.20 3.80% 3/6/2009 9.27 -3.34% 17.57 -14.38% 18.63 -10.69% 15.58 -7.81% 16.57 -6.60% 2/27/2009 9.59 -1.24% 20.52 -8.88% 20.86 -3.07% 16.90 -1.86% 17.74 0.06% 2/20/2009 9.71 -13.77% 22.52 -11.27% 21.52 -12.38% 17.22 -9.46% 17.73 -1.66% 2/13/2009 11.26 -9.92% 25.38 -9.00% 24.56 -8.08% 19.02 -7.85% 18.03 -5.25% 2/6/2009 12.50 4.08% 27.89 5.52% 26.72 3.61% 20.64 2.79% 19.03 3.09% 1/30/2009 12.01 1.01% 26.43 -2.33% 25.79 1.74% 20.08 2.40% 18.46 0.44% 1/23/2009 11.89 -1.65% 27.06 -12.51% 25.35 -2.05% 19.61 -2.05% 18.38 0.55% 1/16/2009 12.09 0.67% 30.93 4.56% 25.88 3.11% 20.02 1.78% 18.28 0.22% 1/9/2009 12.01 -5.51% 29.58 -1.66% 25.10 -2.37% 19.67 -4.98% 18.24 -3.18% 1/2/2009 12.71 9.38% 30.08 0.87% 25.71 2.47% 20.70 7.25% 18.84 4.78% 12/26/2008 11.62 -2.84% 29.82 -0.13% 25.09 1.74% 19.30 -0.05% 17.98 -2.02% 12/19/2008 11.96 -1.24% 29.86 0.07% 24.66 -1.95% 19.31 0.57% 18.35 1.94% 12/12/2008 12.11 6.60% 29.84 1.91% 25.15 2.19% 19.20 -1.13% 18.00 -0.99% 12/5/2008 11.36 -12.62% 29.28 -1.71% 24.61 -12.61% 19.42 -4.00% 18.18 -3.35% 11/28/2008 13.00 10.36% 29.79 6.39% 28.16 1.08% 20.23 6.31% 18.81 4.27% 11/21/2008 11.78 -2.48% 28.00 -8.62% 27.86 9.25% 19.03 -4.99% 18.04 0.33% 11/14/2008 12.08 0.75% 30.64 -5.17% 25.50 2.16% 20.03 2.56% 17.98 1.18% 11/7/2008 11.99 3.90% 32.31 -2.09% 24.96 -0.95% 19.53 0.21% 17.77 2.01% 10/31/2008 11.54 -14.77% 33.00 13.48% 25.20 11.55% 19.49 11.95% 17.42 4.25% 10/24/2008 13.54 -3.01% 29.08 -7.92% 22.59 1.35% 17.41 0.29% 16.71 0.42% 10/17/2008 13.96 13.50% 31.58 1.67% 22.29 3.19% 17.36 -6.87% 16.64 -0.54% 10/10/2008 12.30 -17.00% 31.06 -9.34% 21.60 -17.46% 18.64 -17.52% 16.73 -13.54% 10/3/2008 14.82 -12.00% 34.26 -2.11% 26.17 -8.18% 22.60 -5.16% 19.35 -5.66% 9/26/2008 16.84 -2.21% 35.00 -0.85% 28.50 1.82% 23.83 -0.83% 20.51 -4.20% 9/19/2008 17.22 1.59% 35.30 8.82% 27.99 2.72% 24.03 4.25% 21.41 4.13% 9/12/2008 16.95 4.82% 32.44 2.95% 27.25 0.78% 23.05 5.88% 20.56 1.78% 9/5/2008 16.17 -9.36% 31.51 -3.34% 27.04 -2.52% 21.77 -3.89% 20.20 -1.51% 8/29/2008 17.84 2.88% 32.60 -3.24% 27.74 0.58% 22.65 -1.61% 20.51 -0.73% 8/22/2008 17.34 0.35% 33.69 -0.62% 27.58 1.62% 23.02 0.00% 20.66 0.15% 8/15/2008 17.28 0.52% 33.90 4.76% 27.14 0.37% 23.02 3.46% 20.63 0.44% 8/8/2008 17.19 -2.27% 32.36 5.03% 27.04 -2.42% 22.25 1.51% 20.54 3.27% 8/1/2008 17.59 -8.48% 30.81 0.85% 27.71 -4.28% 21.92 1.62% 19.89 0.45% 7/25/2008 19.22 -1.99% 30.55 3.52% 28.95 -1.30% 21.57 1.79% 19.80 -0.70% 7/18/2008 19.61 -4.62% 29.51 -3.88% 29.33 -3.36% 21.19 -4.72% 19.94 -1.82% 7/11/2008 20.56 2.03% 30.70 4.39% 30.35 -0.82% 22.24 3.44% 20.31 1.35% 7/4/2008 20.15 -3.50% 29.41 -0.37% 30.60 0.36% 21.50 -0.05% 20.04 1.42% 6/27/2008 20.88 -3.06% 29.52 -6.99% 30.49 -2.40% 21.51 -5.28% 19.76 -3.37% 6/20/2008 21.54 0.56% 31.74 -1.31% 31.24 3.86% 22.71 -3.24% 20.45 -1.26% 6/13/2008 21.42 0.61% 32.16 0.63% 30.08 -0.95% 23.47 -0.89% 20.71 0.53% 6/6/2008 21.29 4.52% 31.96 -1.36% 30.37 2.95% 23.68 -1.33% 20.60 -3.33% 5/30/2008 20.37 2.72% 32.40 2.47% 29.50 3.65% 24.00 2.83% 21.31 1.48% 5/23/2008 19.83 2.43% 31.62 1.35% 28.46 0.85% 23.34 0.73% 21.00 -2.19% 5/16/2008 19.36 1.63% 31.20 -3.73% 28.22 -0.28% 23.17 -1.49% 21.47 1.51% 5/9/2008 19.05 14.48% 32.41 1.09% 28.30 0.25% 23.52 -1.09% 21.15 -1.40% 5/2/2008 16.64 -0.72% 32.06 6.76% 28.23 0.82% 23.78 2.37% 21.45 4.03% 4/25/2008 16.76 0.42% 30.03 -3.25% 28.00 -1.75% 23.23 -1.48% 20.62 -2.09% 4/18/2008 16.69 2.90% 31.04 4.90% 28.50 6.54% 23.58 2.75% 21.06 2.28% 4/11/2008 16.22 -0.49% 29.59 -2.66% 26.75 -0.93% 22.95 1.10% 20.59 -0.15% 4/4/2008 16.30 4.49% 30.40 2.67% 27.00 2.12% 22.70 0.53% 20.62 3.77% 3/28/2008 15.60 2.09% 29.61 -2.34% 26.44 -0.19% 22.58 -3.96% 19.87 -1.39% 3/21/2008 15.28 2.55% 30.32 2.12% 26.49 1.03% 23.51 3.80% 20.15 1.36% 3/14/2008 14.90 -0.40% 29.69 0.99% 26.22 1.04% 22.65 1.80% 19.88 0.81% 3/7/2008 14.96 -0.13% 29.40 0.03% 25.95 0.70% 22.25 -2.11% 19.72 -0.50% 2/29/2008 14.98 -2.54% 29.39 -4.30% 25.77 -3.01% 22.73 -2.99% 19.82 -2.75% 2/22/2008 15.37 -0.45% 30.71 -8.38% 26.57 -1.96% 23.43 -0.89% 20.38 -1.64% 2/15/2008 15.44 -4.81% 33.52 -3.40% 27.10 -3.35% 23.64 -2.48% 20.72 0.53% 2/8/2008 16.22 -4.14% 34.70 1.40% 28.04 0.43% 24.24 -1.98% 20.61 -2.74% 2/1/2008 16.92 7.29% 34.22 5.72% 27.92 5.32% 24.73 7.10% 21.19 4.59% Rebuttal Exhibit No. RBH-6 Page 15 of 18

EIGHTEEN-MONTH BETA CALCULATION

TE UIL VVC WR XEL Date Price Return Price Return Price Return Price Return Price Return 1/25/2008 15.77 -1.62% 32.37 -3.69% 26.51 -2.03% 23.09 -1.95% 20.26 -4.93% 1/18/2008 16.03 -7.02% 33.61 -6.82% 27.06 -6.30% 23.55 -6.36% 21.31 -5.54% 1/11/2008 17.24 1.77% 36.07 -2.30% 28.88 1.87% 25.15 1.09% 22.56 2.31% 1/4/2008 16.94 -2.42% 36.92 -0.49% 28.35 -4.03% 24.88 -5.54% 22.05 -2.95% 12/28/2007 17.36 -0.06% 37.10 0.68% 29.54 -0.51% 26.34 -1.24% 22.72 -2.07% 12/21/2007 17.37 2.06% 36.85 5.32% 29.69 1.68% 26.67 4.42% 23.20 1.13% 12/14/2007 17.02 -4.27% 34.99 -2.75% 29.20 -2.86% 25.54 -2.30% 22.94 -2.05% 12/7/2007 17.78 2.66% 35.98 0.45% 30.06 2.38% 26.14 0.89% 23.42 1.34% 11/30/2007 17.32 1.17% 35.82 -0.28% 29.36 1.31% 25.91 1.13% 23.11 4.29% 11/23/2007 17.12 0.12% 35.92 0.42% 28.98 0.80% 25.62 1.59% 22.16 0.05% 11/16/2007 17.10 -0.75% 35.77 3.23% 28.75 0.35% 25.22 -2.32% 22.15 0.00% 11/9/2007 17.23 0.76% 34.65 3.34% 28.65 0.60% 25.82 -1.34% 22.15 2.40% 11/2/2007 17.10 2.15% 33.53 -2.56% 28.48 2.78% 26.17 1.28% 21.63 -2.13% 10/26/2007 16.74 5.62% 34.41 10.64% 27.71 3.13% 25.84 4.57% 22.10 5.14% 10/19/2007 15.85 -3.59% 31.10 -6.75% 26.87 -5.69% 24.71 -5.40% 21.02 -3.27% 10/12/2007 16.44 1.92% 33.35 0.36% 28.49 1.06% 26.12 0.23% 21.73 -1.59% 10/5/2007 16.13 -1.83% 33.23 5.49% 28.19 3.30% 26.06 6.11% 22.08 2.51% 9/28/2007 16.43 1.67% 31.50 -3.40% 27.29 1.56% 24.56 -2.15% 21.54 -2.18% 9/21/2007 16.16 2.28% 32.61 4.55% 26.87 1.51% 25.10 2.87% 22.02 4.56% 9/14/2007 15.80 1.41% 31.19 0.71% 26.47 -1.49% 24.40 1.16% 21.06 1.40% 9/7/2007 15.58 -1.64% 30.97 -0.06% 26.87 -1.58% 24.12 -0.70% 20.77 0.78% 8/31/2007 15.84 -1.12% 30.99 -1.74% 27.30 -1.83% 24.29 -3.61% 20.61 -1.76% 8/24/2007 16.02 0.63% 31.54 -3.55% 27.81 1.64% 25.20 0.12% 20.98 1.35% 8/17/2007 15.92 -0.50% 32.70 6.24% 27.36 -3.66% 25.17 0.92% 20.70 -1.00% 8/10/2007 16.00 0.82% 30.78 10.09% 28.40 13.78% 24.94 7.73% 20.91 5.61% 8/3/2007 15.87 -2.40% 27.96 -5.80% 24.96 -1.34% 23.15 -1.07% 19.80 -2.51% 7/27/2007 16.26 -5.41% 29.68 -5.72% 25.30 -7.16% 23.40 -7.40% 20.31 -2.68% 7/20/2007 17.19 -2.72% 31.48 -4.63% 27.25 -1.91% 25.27 0.84% 20.87 -0.52% 7/13/2007 17.67 1.38% 33.01 1.16% 27.78 2.40% 25.06 2.20% 20.98 2.49% 7/6/2007 17.43 32.63 27.13 24.52 20.47 Rebuttal Exhibit No. RBH-6 Page 16 of 18

EIGHTEEN-MONTH BETA CALCULATION

O'Donnell O'Donnell Hevert Revised O'Donnell O'Donnell Hevert Revised Proxy Group Proxy Group Proxy Group Proxy Group Proxy Group S&P 500 Proxy Group Includes Merger Co. No Merger Co. Raw Adjusted Includes Merger Co. No Merger Co. Date Price Return Variance Return Covar. Return Covar. Return Covar. Beta Beta Beta Beta Beta Beta 9/30/2011 1131.42 -0.44% 0.068% -0.01% 0.046% 0.42% 0.044% 0.47% 0.045% 0.669 0.779 0.652 0.768 0.660 0.773 9/23/2011 1136.43 -6.54% 0.068% -2.42% 0.046% -2.19% 0.045% -2.31% 0.045% 0.671 0.781 0.655 0.770 0.662 0.775 9/16/2011 1216.01 5.35% 0.063% 5.44% 0.043% 4.70% 0.042% 4.82% 0.043% 0.694 0.796 0.678 0.786 0.685 0.790 9/9/2011 1154.23 -1.68% 0.059% -2.04% 0.040% -1.80% 0.039% -1.91% 0.040% 0.676 0.784 0.668 0.779 0.673 0.782 9/2/2011 1173.97 -0.24% 0.059% 0.15% 0.040% 0.22% 0.039% 0.05% 0.039% 0.673 0.782 0.664 0.776 0.669 0.779 8/26/2011 1,176.80 4.74% 0.060% 2.38% 0.041% 2.69% 0.040% 2.76% 0.041% 0.680 0.786 0.673 0.782 0.678 0.786 8/19/2011 1,123.53 -4.69% 0.057% 0.94% 0.040% 1.43% 0.039% 1.37% 0.039% 0.693 0.795 0.687 0.792 0.687 0.792 8/12/2011 1,178.81 -1.72% 0.056% 0.02% 0.042% -0.40% 0.042% -0.30% 0.042% 0.754 0.836 0.753 0.835 0.753 0.835 8/5/2011 1,199.38 -7.19% 0.055% -5.39% 0.042% -4.27% 0.041% -4.22% 0.042% 0.758 0.839 0.755 0.837 0.755 0.837 7/29/2011 1,292.28 -3.92% 0.048% -3.24% 0.037% -3.10% 0.037% -3.32% 0.038% 0.763 0.842 0.782 0.855 0.782 0.855 7/22/2011 1,345.02 2.19% 0.046% 0.87% 0.035% 1.14% 0.036% 1.19% 0.036% 0.761 0.841 0.779 0.853 0.779 0.853 7/15/2011 1,316.14 -2.06% 0.048% -1.31% 0.037% -1.27% 0.038% -1.35% 0.038% 0.763 0.842 0.786 0.857 0.786 0.857 7/8/2011 1,343.80 0.31% 0.048% 0.22% 0.036% -0.03% 0.037% 0.00% 0.037% 0.761 0.841 0.782 0.855 0.782 0.855 7/1/2011 1,339.67 5.61% 0.048% 2.74% 0.036% 3.11% 0.037% 3.08% 0.037% 0.743 0.829 0.762 0.841 0.762 0.841 6/24/2011 1,268.45 -0.24% 0.045% -0.66% 0.034% -0.19% 0.035% -0.23% 0.035% 0.768 0.846 0.784 0.856 0.784 0.856 6/17/2011 1,271.50 0.04% 0.045% 1.41% 0.035% 1.05% 0.035% 1.04% 0.035% 0.763 0.842 0.782 0.855 0.782 0.855 6/10/2011 1,270.98 -2.24% 0.045% -1.14% 0.035% -1.09% 0.035% -1.22% 0.035% 0.763 0.842 0.782 0.855 0.782 0.855 6/3/2011 1,300.16 -2.32% 0.045% -1.55% 0.034% -0.50% 0.035% -0.42% 0.035% 0.765 0.843 0.784 0.856 0.784 0.856 5/27/2011 1,331.10 -0.16% 0.044% -1.17% 0.034% -1.27% 0.035% -1.19% 0.035% 0.776 0.851 0.802 0.868 0.802 0.868 5/20/2011 1,333.27 -0.34% 0.044% -0.16% 0.034% -0.10% 0.035% -0.22% 0.035% 0.774 0.849 0.800 0.867 0.800 0.867 5/13/2011 1,337.77 -0.18% 0.044% 1.53% 0.034% 1.33% 0.035% 1.24% 0.035% 0.774 0.849 0.801 0.867 0.801 0.867 5/6/2011 1,340.20 -1.72% 0.044% 0.09% 0.034% -0.07% 0.035% 0.09% 0.035% 0.776 0.851 0.800 0.867 0.800 0.867 4/29/2011 1,363.61 1.96% 0.045% 2.49% 0.035% 3.08% 0.036% 2.85% 0.036% 0.781 0.854 0.802 0.868 0.802 0.868 4/22/2011 1,337.38 1.34% 0.047% 0.07% 0.037% 0.12% 0.037% 0.13% 0.037% 0.780 0.853 0.791 0.860 0.791 0.860 4/15/2011 1,319.68 -0.64% 0.047% -0.12% 0.037% -0.03% 0.037% -0.06% 0.037% 0.785 0.857 0.796 0.864 0.796 0.864 4/8/2011 1,328.17 -0.32% 0.047% -0.12% 0.037% -0.32% 0.037% -0.41% 0.037% 0.784 0.856 0.796 0.864 0.796 0.864 4/1/2011 1,332.41 1.42% 0.049% 2.69% 0.038% 2.42% 0.038% 2.49% 0.039% 0.781 0.854 0.790 0.860 0.790 0.860 3/25/2011 1,313.80 2.70% 0.050% 2.00% 0.039% 2.16% 0.039% 2.22% 0.039% 0.782 0.855 0.794 0.863 0.794 0.863 3/18/2011 1,279.20 -1.92% 0.050% -2.80% 0.039% -2.97% 0.039% -2.71% 0.039% 0.786 0.857 0.793 0.862 0.793 0.862 3/11/2011 1,304.28 -1.28% 0.050% 0.47% 0.039% 0.82% 0.039% 0.43% 0.040% 0.786 0.857 0.796 0.864 0.796 0.864 3/4/2011 1,321.15 0.10% 0.050% 1.33% 0.039% 1.20% 0.039% 1.29% 0.040% 0.784 0.856 0.792 0.861 0.792 0.861 2/25/2011 1,319.88 -1.72% 0.050% -0.81% 0.040% -0.87% 0.040% -0.83% 0.040% 0.787 0.858 0.798 0.866 0.798 0.866 2/18/2011 1,343.01 1.04% 0.050% -0.25% 0.039% -0.31% 0.039% -0.28% 0.040% 0.790 0.860 0.802 0.868 0.802 0.868 2/11/2011 1,329.15 1.39% 0.050% 1.18% 0.040% 0.44% 0.040% 0.65% 0.040% 0.794 0.863 0.806 0.871 0.806 0.871 2/4/2011 1,310.87 2.71% 0.050% 0.24% 0.040% 0.50% 0.040% 0.34% 0.040% 0.792 0.861 0.805 0.870 0.805 0.870 1/28/2011 1,276.34 -0.55% 0.050% -0.56% 0.040% -0.35% 0.040% -0.33% 0.040% 0.804 0.869 0.810 0.873 0.810 0.873 1/21/2011 1,283.35 -0.76% 0.050% -0.11% 0.040% 0.07% 0.040% -0.04% 0.040% 0.801 0.868 0.809 0.872 0.809 0.872 1/14/2011 1,293.24 1.71% 0.051% 0.48% 0.042% 0.37% 0.042% 0.35% 0.043% 0.809 0.873 0.828 0.885 0.828 0.885 1/7/2011 1,271.50 1.10% 0.057% 0.26% 0.045% 1.09% 0.045% 0.95% 0.046% 0.803 0.869 0.807 0.871 0.807 0.871 12/31/2010 1,257.64 0.07% 0.057% -0.92% 0.046% -0.80% 0.046% -0.84% 0.046% 0.804 0.869 0.805 0.870 0.805 0.870 12/24/2010 1,256.77 1.03% 0.058% 0.15% 0.046% 0.64% 0.046% 0.41% 0.046% 0.795 0.863 0.795 0.864 0.795 0.864 12/17/2010 1,243.91 0.28% 0.058% 1.35% 0.046% 1.24% 0.046% 1.26% 0.046% 0.795 0.863 0.794 0.863 0.794 0.863 12/10/2010 1,240.40 1.28% 0.060% 0.30% 0.047% 0.18% 0.046% 0.27% 0.047% 0.785 0.856 0.785 0.857 0.785 0.857 12/3/2010 1,224.71 2.97% 0.059% 1.24% 0.047% 0.86% 0.047% 0.96% 0.047% 0.789 0.859 0.789 0.859 0.789 0.859 11/26/2010 1,189.40 -0.86% 0.059% -0.22% 0.047% -0.21% 0.047% -0.21% 0.047% 0.802 0.868 0.804 0.869 0.804 0.869 11/19/2010 1,199.73 0.04% 0.060% -0.43% 0.048% -0.49% 0.048% -0.55% 0.048% 0.799 0.866 0.802 0.868 0.802 0.868 11/12/2010 1,199.21 -2.17% 0.060% -2.53% 0.048% -2.89% 0.048% -2.88% 0.048% 0.799 0.866 0.801 0.868 0.801 0.868 11/5/2010 1,225.85 3.60% 0.063% 1.74% 0.051% 2.00% 0.051% 2.12% 0.051% 0.814 0.876 0.811 0.874 0.811 0.874 10/29/2010 1,183.26 0.02% 0.066% 0.30% 0.051% -0.15% 0.051% -0.01% 0.051% 0.770 0.847 0.783 0.855 0.783 0.855 10/22/2010 1,183.08 0.59% 0.066% 0.61% 0.051% 0.15% 0.052% 0.36% 0.052% 0.775 0.850 0.789 0.859 0.789 0.859 10/15/2010 1,176.19 0.95% 0.066% 0.50% 0.051% 0.56% 0.052% 0.53% 0.052% 0.779 0.853 0.794 0.862 0.794 0.862 10/8/2010 1,165.15 1.65% 0.066% 0.77% 0.051% 0.78% 0.052% 0.86% 0.052% 0.777 0.851 0.790 0.860 0.790 0.860 10/1/2010 1,146.24 -0.21% 0.066% 1.07% 0.051% 1.05% 0.052% 1.12% 0.052% 0.774 0.849 0.788 0.859 0.788 0.859 9/24/2010 1,148.67 2.05% 0.067% 1.52% 0.052% 2.08% 0.052% 2.00% 0.052% 0.772 0.848 0.784 0.856 0.784 0.856 9/17/2010 1,125.59 1.45% 0.071% -0.66% 0.052% -0.65% 0.053% -0.60% 0.053% 0.733 0.822 0.751 0.834 0.751 0.834 9/10/2010 1,109.55 0.46% 0.071% -0.55% 0.053% -1.18% 0.054% -1.38% 0.054% 0.750 0.833 0.766 0.844 0.766 0.844 9/3/2010 1,104.51 3.75% 0.084% 1.65% 0.059% 1.61% 0.060% 1.51% 0.060% 0.698 0.799 0.716 0.811 0.716 0.811 8/27/2010 1,064.59 -0.66% 0.090% 1.76% 0.067% 2.13% 0.070% 2.10% 0.070% 0.742 0.828 0.777 0.852 0.777 0.852 8/20/2010 1,071.69 -0.70% 0.093% -0.40% 0.071% -0.70% 0.073% -0.57% 0.073% 0.761 0.841 0.789 0.860 0.789 0.860 8/13/2010 1,079.25 -3.78% 0.100% -1.41% 0.080% -1.47% 0.083% -1.54% 0.083% 0.799 0.866 0.834 0.889 0.834 0.889 8/6/2010 1,121.64 1.82% 0.101% 1.86% 0.084% 1.74% 0.086% 1.93% 0.087% 0.829 0.886 0.858 0.906 0.858 0.906 7/30/2010 1,101.60 -0.10% 0.104% -0.37% 0.085% -0.85% 0.087% -0.80% 0.088% 0.820 0.880 0.848 0.899 0.848 0.899 7/23/2010 1,102.66 3.55% 0.104% 3.70% 0.085% 3.85% 0.087% 4.01% 0.088% 0.817 0.878 0.844 0.896 0.844 0.896 7/16/2010 1,064.88 -1.21% 0.103% -1.26% 0.084% -1.09% 0.086% -1.23% 0.087% 0.814 0.876 0.838 0.892 0.838 0.892 7/9/2010 1,077.96 5.42% 0.106% 5.43% 0.084% 5.48% 0.086% 5.48% 0.086% 0.792 0.862 0.814 0.876 0.814 0.876 7/2/2010 1,022.58 -5.03% 0.105% -1.89% 0.083% -2.42% 0.084% -2.39% 0.084% 0.787 0.858 0.802 0.868 0.802 0.868 6/25/2010 1,076.76 -3.65% 0.107% -3.65% 0.086% -3.35% 0.086% -3.14% 0.087% 0.803 0.869 0.811 0.874 0.811 0.874 6/18/2010 1,117.51 2.37% 0.106% 4.47% 0.084% 4.19% 0.085% 4.30% 0.085% 0.797 0.865 0.807 0.871 0.807 0.871 6/11/2010 1,091.60 2.51% 0.105% 2.58% 0.083% 2.63% 0.083% 2.50% 0.084% 0.791 0.861 0.800 0.867 0.800 0.867 6/4/2010 1,064.88 -2.25% 0.105% -2.67% 0.083% -2.33% 0.083% -2.32% 0.084% 0.789 0.859 0.799 0.866 0.799 0.866 5/28/2010 1,089.41 0.16% 0.105% 0.62% 0.082% 0.38% 0.083% 0.31% 0.084% 0.788 0.859 0.807 0.871 0.807 0.871 5/21/2010 1,087.69 -4.23% 0.122% -5.11% 0.092% -5.17% 0.092% -5.20% 0.093% 0.754 0.836 0.764 0.842 0.764 0.842 5/14/2010 1,135.68 2.23% 0.129% 3.50% 0.092% 3.81% 0.091% 3.87% 0.092% 0.712 0.808 0.714 0.809 0.714 0.809 5/7/2010 1,110.88 -6.39% 0.134% -5.84% 0.094% -5.65% 0.091% -5.80% 0.092% 0.697 0.798 0.689 0.793 0.689 0.793 4/30/2010 1,186.69 -2.51% 0.131% -0.60% 0.090% -0.92% 0.087% -0.86% 0.088% 0.692 0.794 0.673 0.782 0.673 0.782 4/23/2010 1,217.28 2.11% 0.143% 2.60% 0.100% 2.83% 0.094% 3.03% 0.095% 0.701 0.801 0.668 0.779 0.668 0.779 4/16/2010 1,192.13 -0.19% 0.149% -0.14% 0.100% -0.18% 0.094% -0.03% 0.095% 0.671 0.781 0.638 0.759 0.638 0.759 4/9/2010 1,194.37 1.38% 0.151% -0.16% 0.101% 0.52% 0.097% 0.53% 0.097% 0.669 0.780 0.645 0.763 0.645 0.763 4/2/2010 1,178.10 0.99% 0.195% 1.93% 0.145% 1.96% 0.141% 1.93% 0.141% 0.746 0.831 0.725 0.817 0.725 0.817 3/26/2010 1,166.59 0.58% 0.206% -1.13% 0.150% -1.20% 0.147% -1.15% 0.148% 0.727 0.818 0.716 0.811 0.716 0.811 3/19/2010 1,159.90 0.86% 0.208% 0.88% 0.151% 0.77% 0.148% 0.69% 0.149% 0.725 0.816 0.715 0.810 0.715 0.810 3/12/2010 1,149.99 0.99% 0.208% 1.33% 0.150% 0.30% 0.148% 0.48% 0.149% 0.724 0.816 0.715 0.810 0.715 0.810 3/5/2010 1,138.70 3.10% 0.208% 3.29% 0.151% 3.66% 0.148% 3.66% 0.149% 0.725 0.817 0.716 0.811 0.716 0.811 2/26/2010 1,104.49 -0.42% 0.208% -3.05% 0.151% -2.24% 0.148% -2.31% 0.149% 0.725 0.817 0.716 0.811 0.716 0.811 2/19/2010 1,109.17 3.13% 0.208% 4.57% 0.151% 4.63% 0.148% 4.59% 0.149% 0.725 0.817 0.715 0.810 0.715 0.810 2/12/2010 1,075.51 0.87% 0.206% -0.03% 0.149% 0.03% 0.146% 0.19% 0.147% 0.720 0.813 0.711 0.807 0.711 0.807 2/5/2010 1,066.19 -0.72% 0.206% -2.37% 0.149% -2.03% 0.146% -2.13% 0.147% 0.721 0.814 0.711 0.807 0.711 0.807 1/29/2010 1,073.87 -1.64% 0.207% -1.45% 0.149% -1.27% 0.147% -1.36% 0.147% 0.719 0.812 0.711 0.807 0.711 0.807 1/22/2010 1,091.76 -3.90% 0.207% -2.68% 0.149% -3.30% 0.146% -3.32% 0.147% 0.718 0.812 0.711 0.807 0.711 0.807 1/15/2010 1,136.03 -0.78% 0.205% 0.67% 0.147% 1.03% 0.145% 1.15% 0.146% 0.719 0.812 0.709 0.806 0.709 0.806 1/8/2010 1,144.98 2.68% 0.206% -0.70% 0.147% -1.08% 0.144% -0.98% 0.145% 0.715 0.810 0.706 0.804 0.706 0.804 1/1/2010 1,115.10 -1.01% 0.205% -1.41% 0.146% -1.52% 0.144% -1.49% 0.145% 0.714 0.809 0.707 0.805 0.707 0.805 12/25/2009 1,126.48 2.18% 0.205% 0.85% 0.146% 1.37% 0.144% 1.41% 0.145% 0.713 0.809 0.706 0.804 0.706 0.804 12/18/2009 1,102.47 -0.36% 0.205% 0.10% 0.148% 0.21% 0.145% 0.26% 0.146% 0.718 0.812 0.711 0.808 0.711 0.808 12/11/2009 1,106.41 0.04% 0.207% 3.15% 0.148% 3.29% 0.146% 3.27% 0.147% 0.716 0.811 0.710 0.807 0.710 0.807 12/4/2009 1,105.98 1.33% 0.207% 4.21% 0.148% 3.96% 0.146% 3.99% 0.147% 0.716 0.811 0.710 0.807 0.710 0.807 Rebuttal Exhibit No. RBH-6 Page 17 of 18

EIGHTEEN-MONTH BETA CALCULATION

O'Donnell O'Donnell Hevert Revised O'Donnell O'Donnell Hevert Revised Proxy Group Proxy Group Proxy Group Proxy Group Proxy Group S&P 500 Proxy Group Includes Merger Co. No Merger Co. Raw Adjusted Includes Merger Co. No Merger Co. Date Price Return Variance Return Covar. Return Covar. Return Covar. Beta Beta Beta Beta Beta Beta 11/27/2009 1,091.49 0.01% 0.207% 0.76% 0.147% 0.70% 0.145% 0.62% 0.146% 0.712 0.808 0.706 0.804 0.706 0.804 11/20/2009 1,091.38 -0.19% 0.208% 0.12% 0.148% -0.28% 0.146% -0.29% 0.147% 0.711 0.807 0.706 0.804 0.706 0.804 11/13/2009 1,093.48 2.26% 0.209% 1.85% 0.148% 1.48% 0.146% 1.53% 0.147% 0.709 0.806 0.702 0.801 0.702 0.801 11/6/2009 1,069.30 3.20% 0.209% 2.21% 0.148% 1.78% 0.146% 1.88% 0.147% 0.707 0.805 0.701 0.801 0.701 0.801 10/30/2009 1,036.19 -4.02% 0.208% -3.28% 0.147% -2.61% 0.145% -2.64% 0.146% 0.709 0.806 0.702 0.801 0.702 0.801 10/23/2009 1,079.60 -0.74% 0.207% -1.47% 0.146% -1.35% 0.144% -1.25% 0.145% 0.708 0.805 0.703 0.802 0.703 0.802 10/16/2009 1,087.68 1.51% 0.207% 0.66% 0.146% 0.99% 0.144% 0.95% 0.145% 0.707 0.805 0.702 0.801 0.702 0.801 10/9/2009 1,071.49 4.51% 0.209% 3.28% 0.148% 3.14% 0.146% 3.21% 0.147% 0.708 0.806 0.705 0.803 0.705 0.803 10/2/2009 1,025.21 -1.84% 0.207% -2.46% 0.146% -2.77% 0.144% -2.68% 0.145% 0.705 0.804 0.703 0.802 0.703 0.802 9/25/2009 1,044.38 -2.24% 0.209% -2.19% 0.147% -1.74% 0.146% -1.73% 0.147% 0.705 0.803 0.704 0.803 0.704 0.803 9/18/2009 1,068.30 2.45% 0.209% 3.20% 0.147% 3.67% 0.146% 3.73% 0.147% 0.705 0.803 0.704 0.803 0.704 0.803 9/11/2009 1,042.73 2.59% 0.209% 0.67% 0.147% 0.27% 0.145% 0.33% 0.147% 0.703 0.802 0.701 0.801 0.701 0.801 9/4/2009 1,016.40 -1.22% 0.208% -1.58% 0.147% -2.36% 0.145% -2.44% 0.146% 0.705 0.803 0.704 0.802 0.704 0.802 8/28/2009 1,028.93 0.27% 0.209% -0.63% 0.147% -0.86% 0.146% -0.94% 0.147% 0.704 0.803 0.703 0.802 0.703 0.802 8/21/2009 1,026.13 2.20% 0.209% 2.23% 0.148% 2.32% 0.146% 2.24% 0.148% 0.706 0.804 0.706 0.804 0.706 0.804 8/14/2009 1,004.09 -0.63% 0.208% 0.50% 0.147% 0.44% 0.146% 0.44% 0.147% 0.705 0.803 0.705 0.803 0.705 0.803 8/7/2009 1,010.48 2.33% 0.209% 1.95% 0.147% 0.68% 0.145% 0.72% 0.146% 0.703 0.802 0.702 0.801 0.702 0.801 7/31/2009 987.48 0.84% 0.210% -0.96% 0.147% -0.75% 0.146% -0.53% 0.147% 0.699 0.799 0.700 0.800 0.700 0.800 7/24/2009 979.26 4.13% 0.213% 4.02% 0.150% 5.31% 0.149% 5.26% 0.150% 0.703 0.802 0.705 0.803 0.705 0.803 7/17/2009 940.38 6.97% 0.211% 5.01% 0.147% 4.12% 0.146% 4.13% 0.147% 0.699 0.799 0.697 0.798 0.697 0.798 7/10/2009 879.13 -1.93% 0.207% -1.64% 0.145% -1.32% 0.145% -1.26% 0.146% 0.701 0.801 0.705 0.804 0.705 0.804 7/3/2009 896.42 -2.45% 0.207% -0.63% 0.145% -0.55% 0.145% -0.49% 0.146% 0.701 0.800 0.705 0.804 0.705 0.804 6/26/2009 918.90 -0.25% 0.209% 0.71% 0.146% 0.89% 0.146% 0.90% 0.148% 0.702 0.801 0.708 0.805 0.708 0.805 6/19/2009 921.23 -2.64% 0.209% -0.47% 0.146% -0.68% 0.146% -0.63% 0.147% 0.702 0.801 0.707 0.805 0.707 0.805 6/12/2009 946.21 0.65% 0.208% 4.48% 0.147% 3.44% 0.147% 3.47% 0.148% 0.705 0.803 0.710 0.807 0.710 0.807 6/5/2009 940.09 2.28% 0.209% 3.37% 0.147% 3.20% 0.147% 3.49% 0.148% 0.704 0.802 0.709 0.806 0.709 0.806 5/29/2009 919.14 3.62% 0.208% 2.62% 0.146% 2.81% 0.146% 2.68% 0.147% 0.702 0.802 0.708 0.805 0.708 0.805 5/22/2009 887.00 0.47% 0.207% -0.14% 0.145% -0.76% 0.145% -0.91% 0.146% 0.698 0.799 0.704 0.803 0.704 0.803 5/15/2009 882.88 -4.99% 0.207% -5.63% 0.145% -5.22% 0.145% -5.32% 0.146% 0.698 0.799 0.704 0.803 0.704 0.803 5/8/2009 929.23 5.89% 0.205% 0.13% 0.142% 1.90% 0.142% 1.78% 0.143% 0.692 0.795 0.699 0.800 0.699 0.800 5/1/2009 877.52 1.30% 0.201% 3.94% 0.141% 4.89% 0.140% 4.78% 0.141% 0.704 0.802 0.705 0.803 0.705 0.803 4/24/2009 866.23 -0.39% 0.201% -2.62% 0.140% -2.91% 0.139% -2.99% 0.140% 0.700 0.800 0.699 0.800 0.699 0.800 4/17/2009 869.60 1.52% 0.202% -0.16% 0.142% -0.87% 0.141% -0.73% 0.142% 0.702 0.802 0.704 0.803 0.704 0.803 4/10/2009 856.56 1.67% 0.202% -0.30% 0.143% 0.29% 0.143% 0.29% 0.144% 0.708 0.805 0.712 0.808 0.712 0.808 4/3/2009 842.50 3.26% 0.202% 1.89% 0.143% 1.76% 0.142% 1.58% 0.144% 0.711 0.807 0.713 0.809 0.713 0.809 3/27/2009 815.94 6.17% 0.201% 1.05% 0.144% 1.91% 0.143% 1.74% 0.144% 0.715 0.810 0.718 0.812 0.718 0.812 3/20/2009 768.54 1.58% 0.195% 8.24% 0.142% 7.78% 0.140% 7.82% 0.142% 0.730 0.820 0.730 0.820 0.730 0.820 3/13/2009 756.55 10.71% 0.196% 4.83% 0.141% 4.78% 0.139% 5.09% 0.141% 0.720 0.813 0.722 0.815 0.722 0.815 3/6/2009 683.38 -7.03% 0.180% -8.32% 0.134% -10.14% 0.132% -10.04% 0.133% 0.744 0.830 0.743 0.829 0.743 0.829 2/27/2009 735.09 -4.54% 0.175% -5.63% 0.128% -4.53% 0.125% -4.62% 0.126% 0.730 0.820 0.721 0.814 0.721 0.814 2/20/2009 770.05 -6.87% 0.173% -9.22% 0.125% -10.05% 0.123% -10.15% 0.124% 0.722 0.815 0.716 0.811 0.716 0.811 2/13/2009 826.84 -4.81% 0.169% -7.11% 0.118% -6.34% 0.115% -6.50% 0.117% 0.698 0.799 0.689 0.792 0.689 0.792 2/6/2009 868.60 5.17% 0.167% 2.87% 0.114% 2.90% 0.112% 2.71% 0.113% 0.685 0.790 0.678 0.785 0.678 0.785 1/30/2009 825.88 -0.73% 0.163% 1.64% 0.114% 1.55% 0.111% 1.81% 0.113% 0.699 0.799 0.690 0.793 0.690 0.793 1/23/2009 831.95 -2.14% 0.163% -2.20% 0.114% -1.43% 0.112% -1.54% 0.113% 0.698 0.799 0.690 0.794 0.690 0.794 1/16/2009 850.12 -4.52% 0.165% -0.09% 0.117% 0.22% 0.115% 0.25% 0.116% 0.705 0.803 0.700 0.800 0.700 0.800 1/9/2009 890.35 -4.45% 0.164% -4.01% 0.117% -2.62% 0.115% -2.76% 0.116% 0.714 0.809 0.710 0.807 0.710 0.807 1/2/2009 931.80 6.76% 0.162% 5.54% 0.115% 5.13% 0.114% 5.13% 0.115% 0.711 0.807 0.712 0.808 0.712 0.808 12/26/2008 872.80 -1.70% -0.11% 0.25% 0.08% 12/19/2008 887.88 0.93% 1.46% -0.53% 0.06% 12/12/2008 879.73 0.42% 0.89% 1.65% 1.68% 12/5/2008 876.07 -2.25% -2.41% -4.25% -4.95% 11/28/2008 896.24 12.03% 6.51% 5.90% 6.02% 11/21/2008 800.03 -8.39% -2.65% -1.81% -1.85% 11/14/2008 873.29 -6.20% -2.55% -0.80% -1.11% 11/7/2008 930.99 -3.90% -3.67% -1.10% -0.92% 10/31/2008 968.75 10.49% 7.89% 6.47% 6.30% 10/24/2008 876.77 -6.78% -0.20% -0.30% -0.06% 10/17/2008 940.55 4.60% 2.70% 5.02% 4.93% 10/10/2008 899.22 -18.20% -18.45% -18.50% -18.28% 10/3/2008 1,099.23 -9.38% -4.03% -4.82% -5.44% 9/26/2008 1,213.01 -3.35% -0.93% -1.67% -1.66% 9/19/2008 1,255.08 0.27% -2.38% -0.82% 0.92% 9/12/2008 1,251.70 0.76% 3.94% 2.52% 2.66% 9/5/2008 1,242.31 -3.16% -3.51% -3.79% -3.44% 8/29/2008 1,282.83 -0.73% -0.79% -0.31% -0.14% 8/22/2008 1,292.20 -0.46% 0.46% 1.08% 0.78% 8/15/2008 1,298.20 0.15% 0.58% -0.06% 0.45% 8/8/2008 1,296.32 2.86% 1.34% 2.42% 2.43% 8/1/2008 1,260.31 0.20% 0.52% -0.55% -0.48% 7/25/2008 1,257.76 -0.23% 0.33% -0.39% -0.17% 7/18/2008 1,260.68 1.71% -2.36% -2.27% -2.25% 7/11/2008 1,239.49 -1.85% 3.75% 1.77% 2.01% 7/4/2008 1,262.90 -1.21% 0.12% -0.10% -0.22% 6/27/2008 1,278.38 -3.00% -4.19% -4.41% -4.64% 6/20/2008 1,317.93 -3.10% -1.27% -1.58% -1.56% 6/13/2008 1,360.03 -0.05% 1.65% 1.15% 1.09% 6/6/2008 1,360.68 -2.83% -1.17% -0.98% -1.06% 5/30/2008 1,400.38 1.78% 1.00% 1.28% 1.31% 5/23/2008 1,375.93 -3.47% -1.27% -0.45% -0.63% 5/16/2008 1,425.35 2.67% 1.34% 1.05% 1.11% 5/9/2008 1,388.28 -1.81% -2.45% -1.53% -1.36% 5/2/2008 1,413.90 1.15% 1.27% 1.34% 1.36% 4/25/2008 1,397.84 0.54% -0.58% -0.79% -0.58% 4/18/2008 1,390.33 4.31% 3.31% 3.90% 4.00% 4/11/2008 1,332.83 -2.74% -0.24% -0.55% -0.67% 4/4/2008 1,370.40 4.20% 3.26% 3.80% 3.89% 3/28/2008 1,315.22 -1.07% -1.56% -0.97% -1.18% 3/21/2008 1,329.51 3.21% 2.45% 2.13% 2.54% 3/14/2008 1,288.14 -0.40% 0.79% 0.75% 0.75% 3/7/2008 1,293.37 -2.80% -1.80% -1.90% -2.12% 2/29/2008 1,330.63 -1.66% -3.50% -4.28% -4.09% 2/22/2008 1,353.11 0.23% -0.93% -1.22% -1.19% 2/15/2008 1,349.99 1.40% -1.28% -1.74% -2.25% 2/8/2008 1,331.29 -4.60% -1.98% -2.16% -2.18% 2/1/2008 1,395.42 4.87% 4.47% 4.69% 4.75% Rebuttal Exhibit No. RBH-6 Page 18 of 18

EIGHTEEN-MONTH BETA CALCULATION

O'Donnell O'Donnell Hevert Revised O'Donnell O'Donnell Hevert Revised Proxy Group Proxy Group Proxy Group Proxy Group Proxy Group S&P 500 Proxy Group Includes Merger Co. No Merger Co. Raw Adjusted Includes Merger Co. No Merger Co. Date Price Return Variance Return Covar. Return Covar. Return Covar. Beta Beta Beta Beta Beta Beta 1/25/2008 1,330.61 0.41% -3.87% -3.49% -3.37% 1/18/2008 1,325.19 -5.41% -5.04% -5.55% -5.35% 1/11/2008 1,401.02 -0.75% 1.84% 0.77% 0.68% 1/4/2008 1,411.63 -4.52% -3.14% -3.33% -3.50% 12/28/2007 1,478.49 -0.40% -0.69% -1.02% -1.17% 12/21/2007 1,484.46 1.12% 1.97% 1.85% 2.10% 12/14/2007 1,467.95 -2.44% -3.08% -2.57% -2.64% 12/7/2007 1,504.66 1.59% 2.60% 2.43% 2.32% 11/30/2007 1,481.14 2.81% 0.20% 0.56% 0.60% 11/23/2007 1,440.70 -1.24% 0.88% 1.06% 1.02% 11/16/2007 1,458.74 0.35% 0.75% 0.43% 0.46% 11/9/2007 1,453.70 -3.71% -0.31% -0.28% -0.48% 11/2/2007 1,509.65 -1.67% -0.57% -0.49% -0.78% 10/26/2007 1,535.28 2.31% 3.00% 4.19% 4.02% 10/19/2007 1,500.63 -3.92% -4.70% -4.91% -5.03% 10/12/2007 1,561.80 0.27% 0.53% 0.41% 0.26% 10/5/2007 1,557.59 2.02% 3.46% 3.03% 3.20% 9/28/2007 1,526.75 0.07% -0.89% -0.61% -0.53% 9/21/2007 1,525.75 2.80% 2.25% 2.93% 2.97% 9/14/2007 1,484.25 2.11% 1.88% 1.15% 1.02% 9/7/2007 1,453.55 -1.39% -0.69% -1.11% -1.30% 8/31/2007 1,473.99 -0.36% -2.40% -2.11% -1.86% 8/24/2007 1,479.37 2.31% 0.02% 0.93% 0.69% 8/17/2007 1,445.94 -0.53% -0.11% 0.20% 0.23% 8/10/2007 1,453.64 1.44% 7.17% 5.46% 5.72% 8/3/2007 1,433.06 -1.77% 0.40% -1.49% -1.63% 7/27/2007 1,458.95 -4.90% -5.62% -6.39% -6.21% 7/20/2007 1,534.10 -1.19% -0.96% -1.40% -1.49% 7/13/2007 1,552.50 1.44% 1.34% 1.98% 1.73% 7/6/2007 1,530.44 PROOF CONCEPT: PERPETUAL DCF RESULTS EQUAL Rebuttal Exhibit No. RBH-7 HOLDING PERIOD DCF RESULTS WITH TERMINAL VALUE Page 1 of 2

Line Description IMPLIED GROWTH RATE AT ALLOWED ROE: Input Dividend Yield 4.50% [1] Assumes g = Allowed ROE - Div. Yield Assumed Growth Rate 5.98% Input Total Return 10.48% [1]

Input Payout Ratio 80.00% [2] Input Book Value/Share 20 [2]

0 1 2 3 4 5 6 7 8 9 10 BV/S Escalates at Constant Growth g Book Value/Share $ 20.00 $ 21.20 $ 22.46 $ 23.81 $ 25.23 $ 26.74 $ 28.33 $ 30.03 $ 31.82 $ 33.73 $ 35.74 Demonstrating Constant BV/S growth 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% Earnings based on ROE applied to BV/S Earnings/share $ 2.10 $ 2.22 $ 2.35 $ 2.50 $ 2.64 $ 2.80 $ 2.97 $ 3.15 $ 3.34 $ 3.53 $ 3.75 Demonstrating Constant EPS growth 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% Demonstrating Constant Return Earned based on BV/S and EPS Allowed ROE 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% Div/S based on EPS and Constant Payout ratio Dividends/Share $ 1.68 $ 1.78 $ 1.88 $ 2.00 $ 2.12 $ 2.24 $ 2.38 $ 2.52 $ 2.67 $ 2.83 $ 3.00 Demonstrating Constant Div/S growth 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% Retained Earnings based on difference between EPS and Div/S Earnings retained to book value $ 0.42 $ 0.44 $ 0.47 $ 0.50 $ 0.53 $ 0.56 $ 0.59 $ 0.63 $ 0.67 $ 0.71 $ 0.75 Demonstrating Constant growth in Retained Earnings 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% Demonstrating Constant Market/Book ratio Market/Book Ratio 1.973 1.973 1.973 1.973 1.973 1.973 1.973 1.973 1.973 1.973 1.973 DCF calculation of market price = [Div/S]*[1+g]/[ROE-g] Market Price $ 39.46 $ 41.82 $ 44.32 $ 46.97 $ 49.78 $ 52.76 $ 55.91 $ 59.25 $ 62.79 $ 66.55 $ 70.52 Demonstrating Price Appreciation equals Long Term Growth Rate Price Appreciation 5.98% OK <== Price appreciation should equal long term growth rate Demonstrating Constant Price/Earnings Ratio Price/Earnings 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83

Present Value Factor calculated based upon the current period and the Constant ROE Present Value Factor 0.9051 0.8193 0.7415 0.6712 0.6075 0.5499 0.4977 0.4505 0.4078 0.3691

CASE 1 DIVIDENDS IN PERPETUITY Present value of Div/S obtained by multiplying nominal Div/S by the Present Value Factor for the period Present Value Dividend 1.6086 1.5430 1.4801 1.4198 1.3619 1.3064 1.2532 1.2021 1.1531 1.1061 Total Value of investment sum of all Present Value Dividends in perpetuity (250 instances for demonstration purposes) Value of Investment $ 39.46

CASE 2 10-YEAR HOLDING PERIOD Present value of Div/S obtained by multiplying nominal Div/S by the Present Value Factor for the period Present Value of Dividend $ 1.61 $ 1.54 $ 1.48 $ 1.42 $ 1.36 $ 1.31 $ 1.25 $ 1.20 $ 1.15 $ 1.11 Present value of Stock Price obtained by multiplying nominal Stock Price by the Present Value Factor for the 10th Period (Terminal Value) Present Value of Stock Price ------26.03 Value of dividends = sum of all Present Value Dividends for periods 1-10 Value of Dividends $ 13.43 Present value of Stock Price obtained by multiplying nominal Stock Price by the Present Value Factor for the 10th Period (Terminal Value) Value of Stock Price $ 26.03 Total Value of investment sum of all Present Value Dividends for periods 1-10 and Present Value of Stock in period 10 (Terminal Value) Value of Investment $ 39.46

CASE 3 5-YEAR HOLDING PERIOD Present value of Div/S obtained by multiplying nominal Div/S by the Present Value Factor for the period Present Value of Dividend $ 1.61 $ 1.54 $ 1.48 $ 1.42 $ 1.36 Present value of Stock Price obtained by multiplying nominal Stock Price by the Present Value Factor for the 5th Period (Terminal Value) Present Value of Stock Price ------32.05 Value of dividends = sum of all Present Value Dividends for periods 1-5 Value of Dividends $ 7.41 Present value of Stock Price obtained by multiplying nominal Stock Price by the Present Value Factor for the 5th Period (Terminal Value) Value of Stock Price $ 32.05 Total Value of investment sum of all Present Value Dividends for periods 1-5 and Present Value of Stock in period 5 (Terminal Value) Value of Investment $ 39.46

[1] Source: Rebuttal Exhibit No. RBH-1. Note, for purposes of this exhibit, these data are illustrative only. [2] Note: illustrative only. PROOF CONCEPT: PERPETUAL DCF RESULTS EQUAL Rebuttal Exhibit No. RBH-7 HOLDING PERIOD DCF RESULTS WITH TERMINAL VALUE Page 2 of 2

90 91 92 93 94 95 96 97 98 99 100 249 250 $ 3,717.85 $ 3,940.09 $ 4,175.61 $ 4,425.21 $ 4,689.73 $ 4,970.06 $ 5,267.15 $ 5,582.00 $ 5,915.67 $ 6,269.29 $ 6,644.04 $ 37,959,573.74 $ 40,228,639.78 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% $ 389.67 $ 412.96 $ 437.64 $ 463.80 $ 491.53 $ 520.91 $ 552.05 $ 585.05 $ 620.02 $ 657.08 $ 696.36 $ 3,978,514.29 $ 4,216,333.39 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% 10.48% $ 311.73 $ 330.37 $ 350.11 $ 371.04 $ 393.22 $ 416.73 $ 441.64 $ 468.04 $ 496.01 $ 525.66 $ 557.09 $ 3,182,811.44 $ 3,373,066.72 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% $ 77.93 $ 82.59 $ 87.53 $ 92.76 $ 98.31 $ 104.18 $ 110.41 $ 117.01 $ 124.00 $ 131.42 $ 139.27 $ 795,702.86 $ 843,266.68 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 5.98% 1.973 1.973 1.973 1.973 1.973 1.973 1.973 1.973 1.973 1.973 1.973 1.973 1.973 $ 7,336.03 $ 7,774.54 $ 8,239.27 $ 8,731.78 $ 9,253.73 $ 9,806.88 $ 10,393.10 $ 11,014.35 $ 11,672.75 $ 12,370.50 $ 13,109.95 $ 74,901,462.79 $ 79,378,761.90

18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83 18.83

0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0000 0.0000 0.0000

0.0396 0.0380 0.0365 0.0350 0.0335 0.0322 0.0309 0.0296 0.0284 0.0272 0.0261 0.0001 0.0001 Rebuttal Exhibit No. RBH-8 Page 1 of 3

GROWTH RATE REGRESSIONS

[1] [2] [3] [4] [5] [6] [7] Enterprise Value Historical Growth Projected Growth Company Ticker to EBITDA DPS BVPS EPS DPS BVPS EPS

ALLETE ALE 8.35 NA NA NA 2.00% 3.00% 5.17% Alliant Energy LNT 7.71 -3.50% 1.00% 3.00% 6.00% 3.00% 6.50% Amer. Elec. Power AEP 7.41 -3.50% 1.00% 2.50% 4.00% 4.50% 4.16% Ameren Corp. AEE 6.62 -3.00% 3.50% -0.50% -3.00% 1.50% 2.50% Avista Corp. AVA 7.75 2.00% 4.00% 4.00% 9.00% 3.00% 4.62% Black Hills BKH 7.90 3.00% 10.00% -3.00% 1.50% 2.00% 6.17% Cen. Vermont Pub. Serv. CV NA 0.50% 2.00% 6.50% 1.50% 3.00% 5.45% CenterPoint Energy CNP 7.82 NA NA NA 3.00% 10.00% 5.05% CH Energy Group CHG 9.02 NA 1.50% -1.00% 0.50% 2.00% 4.00% Cleco Corp. CNL 8.13 1.00% 7.50% 4.50% 9.50% 6.50% 5.33% CMS Energy Corp. CMS 7.33 -9.50% -6.00% -7.50% 14.00% 5.00% 6.18% Consol. Edison ED 8.70 1.00% 3.50% 1.00% 1.00% 2.50% 3.18% Constellation Energy CEG 6.52 -2.50% 5.00% -5.00% -4.00% 6.50% 9.26% Dominion Resources D 9.99 3.00% 3.50% 9.00% 6.00% 6.00% 4.28% DPL Inc. DPL 7.85 2.00% 1.50% 5.00% 5.50% 7.00% 6.25% DTE Energy DTE 6.54 0.50% 3.50% NA 4.00% 3.50% 4.32% Duke Energy DUK 8.57 NA NA NA 2.00% 2.50% 4.46% Edison Int'l EIX 6.93 2.50% 9.50% NA 2.00% 5.00% 3.95% El Paso Electric EE 8.28 NA 8.50% 7.00% NA 7.00% 5.60% Empire Dist. Elec. EDE 8.72 NA 1.50% -1.50% -1.00% 2.00% 8.60% Entergy Corp. ETR 7.03 9.00% 4.00% 10.00% 2.50% 6.50% 1.75% Exelon Corp. EXC 6.55 NA 5.00% 9.50% 0.00% 5.50% 5.00% FirstEnergy Corp. FE 8.56 4.00% 3.50% 4.50% 0.50% 4.50% 0.75% G't Plains Energy GXP 8.46 -4.00% 4.00% -3.50% 0.00% 2.00% 6.93% Hawaiian Elec. HE 6.91 NA 2.00% -2.50% 1.00% 3.00% 9.40% IDACORP, Inc. IDA 10.13 -4.50% 3.50% -0.50% 4.00% 5.00% 4.46% Integrys Energy TEG 8.01 3.00% 7.00% 1.00% 0.00% 1.50% 7.73% ITC Holdings ITC 12.88 NA NA NA 5.50% 10.50% 15.33% MGE Energy MGEE 7.71 1.00% 6.50% 4.50% 2.00% 4.00% 4.00% NextEra Energy NEE 8.76 6.00% 7.50% 8.00% 5.50% 7.00% 5.33% Northeast Utilities NU 8.93 19.00% 2.50% NA 7.00% 6.00% 7.80% NSTAR NST 8.18 4.50% 3.50% 5.00% 6.00% 5.50% 5.86% NV Energy Inc. NVE 8.92 -10.50% -2.50% 3.50% 11.00% 4.00% 9.47% OGE Energy OGE 8.08 0.50% 5.00% 3.50% 4.00% 7.50% 6.56% Otter Tail Corp. OTTR 7.88 2.00% 7.00% -1.00% 1.50% 1.50% 7.67% Pepco Holdings POM 8.25 NA 0.50% -0.50% 1.00% 2.00% 4.77% PG&E Corp. PCG 6.41 3.50% 5.50% NA 4.50% 5.50% 4.94% Pinnacle West Capital PNW 7.28 4.50% 2.50% -2.50% 1.50% 2.50% 5.85% PNM Resources PNM 8.12 NA 2.50% -9.50% 7.00% 3.00% 17.35% Portland General POR 6.39 NA NA NA 3.00% 3.50% 5.94% PPL Corp. PPL 8.82 9.50% 9.50% 4.50% 3.50% 9.00% 6.41% Progress Energy PGN 9.46 2.00% 4.00% 1.50% 1.00% 3.50% 3.95% Public Serv. Enterprise PEG 6.74 2.00% 5.50% 6.50% 1.50% 7.50% 1.05% SCANA Corp. SCG 8.92 3.50% 4.00% 4.50% 2.00% 5.00% 4.04% Sempra Energy SRE 7.85 1.00% 11.00% 10.50% 9.00% 6.00% 5.76% Southern Co. SO 9.80 2.50% 2.50% 2.00% 4.00% 5.50% 5.65% TECO Energy TE 7.21 -4.50% -1.50% -5.50% 4.50% 5.00% 7.00% UIL Holdings UIL 8.53 NA NA -1.00% 0.00% 5.50% 3.68% UniSource Energy UNS 7.08 NA 8.00% 7.00% 9.00% 5.00% 5.17% Vectren Corp. VVC 6.87 3.50% 4.00% 1.50% 3.00% 3.50% 5.36% Westar Energy WR 8.23 -4.50% -3.00% NA 3.00% 2.00% 6.59% Wisconsin Energy WEC 9.69 -1.00% 6.00% 8.00% 16.00% 4.50% 7.88% Xcel Energy Inc. XEL 8.17 -4.00% NA -1.00% 3.00% 5.00% 4.98%

Notes: [1] Source: Bloomberg Professional Service [2] Source: Value Line [3] Source: Value Line [4] Source: Value Line [5] Source: Value Line [6] Source: Value Line [6] Source: Average of Value Line, Zacks, ans Yahoo! Finance Rebuttal Exhibit No. RBH-8 Page 2 of 3

GROWTH RATE REGRESSIONS

SUMMARY OUTPUT X = Historical DPS Y = Enterprise Value to EBITDA Regression Statistics Multiple R 0.082970 R Square 0.006884 Adjusted R Square -0.020703 Standard Error 1.017063 Observations 38

ANOVA df SS MS F Significance F Regression 1 0.258129 0.258129 0.249541 0.620438 Residual 36 37.239042 1.034418 Total 37 37.497172

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 8.021612 0.168546 47.593130 0.000000 7.679786 8.363438 7.679786 8.363438 Historical DPS 1.594518 3.191969 0.499541 0.620438 -4.879096 8.068131 -4.879096 8.068131

SUMMARY OUTPUT X = Historical BVPS Y = Enterprise Value to EBITDA Regression Statistics Multiple R 0.119838 R Square 0.014361 Adjusted R Square -0.010280 Standard Error 0.950032 Observations 42

ANOVA df SS MS F Significance F Regression 1 0.526023 0.526023 0.582812 0.449692 Residual 40 36.102412 0.902560 Total 41 36.628436

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 8.044376 0.159646 50.388773 0.000000 7.721719 8.367033 7.721719 8.367033 Historical BVPS 2.371019 3.105780 0.763421 0.449692 -3.905996 8.648033 -3.905996 8.648033

SUMMARY OUTPUT X = Historical EPS Y = Enterprise Value to EBITDA Regression Statistics Multiple R 0.119838 R Square 0.014361 Adjusted R Square -0.010280 Standard Error 0.950032 Observations 42

ANOVA df SS MS F Significance F Regression 1 0.526023 0.526023 0.582812 0.449692 Residual 40 36.102412 0.902560 Total 41 36.628436

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 8.044376 0.159646 50.388773 0.000000 7.721719 8.367033 7.721719 8.367033 Historical EPS 2.371019 3.105780 0.763421 0.449692 -3.905996 8.648033 -3.905996 8.648033 Rebuttal Exhibit No. RBH-8 Page 3 of 3

GROWTH RATE REGRESSIONS

SUMMARY OUTPUT X = Projected DPS Y = Enterprise Value to EBITDA Regression Statistics Multiple R 0.208461 R Square 0.043456 Adjusted R Square 0.023935 Standard Error 1.169382 Observations 51

ANOVA df SS MS F Significance F Regression 1 3.044059 3.044059 2.226078 0.142109 Residual 49 67.005242 1.367454 Total 50 70.049301

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 7.854816 0.228000 34.450904 0.000000 7.396632 8.313000 7.396632 8.313000 Projected DPS 6.387507 4.281158 1.492005 0.142109 -2.215802 14.990816 -2.215802 14.990816

SUMMARY OUTPUT X = Projected BVPS Y = Enterprise Value to EBITDA Regression Statistics Multiple R 0.231030 R Square 0.053375 Adjusted R Square 0.034443 Standard Error 1.151888 Observations 52

ANOVA df SS MS F Significance F Regression 1 3.740686 3.740686 2.819230 0.099381 Residual 50 66.342352 1.326847 Total 51 70.083039

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 7.519259 0.378329 19.874910 0.000000 6.759362 8.279156 6.759362 8.279156 Projected BVPS 12.476472 7.430646 1.679056 0.099381 -2.448420 27.401365 -2.448420 27.401365

SUMMARY OUTPUT X = Projected EPS Y = Enterprise Value to EBITDA Regression Statistics Multiple R 0.311013 R Square 0.096729 Adjusted R Square 0.078664 Standard Error 1.125202 Observations 52

ANOVA df SS MS F Significance F Regression 1 6.779079 6.779079 5.354387 0.024819 Residual 50 63.303960 1.266079 Total 51 70.083039

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 7.344936 0.359787 20.414682 0.000000 6.622282 8.067589 6.622282 8.067589 Projected EPS 12.833098 5.545958 2.313955 0.024819 1.693713 23.972482 1.693713 23.972482 Rebuttal Exhibit No. RBH-9 Page 1 of 10

RETENTION RATIO / FIVE-YEAR EARNINGS GROWTH REGRESSION

Company 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 ALLETE ALE Earning Per Share 1.35 2.48 2.77 3.08 2.82 1.89 2.19 Divends per share 0.30 1.25 1.45 1.64 1.72 1.76 1.76 Payout Ratio 22.22% 50.40% 52.35% 53.25% 60.99% 93.12% 80.37% Earnings Growth NA 83.70% 11.69% 11.19% -8.44% -32.98% 15.87% 5yr Avg Earnings Growth 13.03% -0.53% NA NA NA NA NA Alliant Energy LNT Earning Per Share 2.42 1.18 1.57 1.85 2.21 2.06 2.69 2.54 1.89 2.75 Divends per share 2.00 2.00 1.00 1.02 1.05 1.15 1.27 1.40 1.50 1.58 Payout Ratio 82.64% 169.49% 63.69% 55.14% 47.51% 55.83% 47.21% 55.12% 79.37% 57.45% Earnings Growth NA -51.24% 33.05% 17.83% 19.46% -6.79% 30.58% -5.58% -25.59% 45.50% 5yr Avg Earnings Growth 2.46% 18.83% 11.10% 2.42% 7.63% NA NA NA NA NA American Elec. Power AEP Earning Per Share 3.27 2.86 2.53 2.61 2.64 2.86 2.86 2.99 2.97 2.60 Divends per share 2.40 2.40 1.65 1.40 1.42 1.50 1.58 1.64 1.64 1.71 Payout Ratio 73.39% 83.92% 65.22% 53.64% 53.79% 52.45% 55.24% 54.85% 55.22% 65.77% Earnings Growth NA -12.54% -11.54% 3.16% 1.15% 8.33% 0.00% 4.55% -0.67% -12.46% 5yr Avg Earnings Growth -2.29% 0.22% 3.44% 2.67% -0.05% NA NA NA NA NA Ameren Corp. AEE Earning Per Share 2.95 2.86 2.44 2.82 2.81 3.33 3.41 2.66 3.14 2.82 3.13 2.66 2.98 2.88 2.78 2.77 Divends per share 2.46 2.51 2.54 2.54 2.54 2.54 2.54 2.54 2.54 2.54 2.54 2.54 2.54 2.54 1.54 1.54 Payout Ratio 83.39% 87.76% 104.10% 90.07% 90.39% 76.28% 74.49% 95.49% 80.89% 90.07% 81.15% 95.49% 85.23% 88.19% 55.40% 55.60% Earnings Growth NA -3.05% -14.69% 15.57% -0.35% 18.51% 2.40% -21.99% 18.05% -10.19% 10.99% -15.02% 12.03% -3.36% -3.47% -0.36% 5yr Avg Earnings Growth 3.20% 4.29% 2.83% 3.32% 1.35% -0.15% -3.63% 3.17% -1.11% 0.24% -2.03% NA NA NA NA NA Black Hills Corp. BKH Earning Per Share 1.19 1.40 1.49 1.60 1.70 2.37 3.42 2.33 1.84 1.74 2.11 2.21 2.68 0.18 2.32 1.66 Divends per share 0.89 0.92 0.95 1.00 1.04 1.08 1.12 1.16 1.20 1.24 1.28 1.32 1.37 1.40 1.42 1.44 Payout Ratio 74.79% 65.71% 63.76% 62.50% 61.18% 45.57% 32.75% 49.79% 65.22% 71.26% 60.66% 59.73% 51.12% 777.78% 61.21% 86.75% Earnings Growth NA 17.65% 6.43% 7.38% 6.25% 39.41% 44.30% -31.87% -21.03% -5.43% 21.26% 4.74% 21.27% -93.28% 1188.9% -28.45% 5yr Avg Earnings Growth 15.42% 20.76% 13.10% 7.41% 5.08% 1.45% -6.47% 4.16% -10.29% 228.58% 218.63% NA NA NA NA NA Central Vermont Pub. Svc. CV Earning Per Share 1.47 1.41 1.32 0.18 1.28 1.14 0.93 1.54 1.41 1.25 0.08 1.63 1.49 1.52 1.74 1.66 Divends per share 0.80 0.84 0.88 0.88 0.88 0.88 0.88 0.88 0.88 0.92 0.92 0.92 0.92 0.92 0.92 0.92 Payout Ratio 54.42% 59.57% 66.67% 488.89% 68.75% 77.19% 94.62% 57.14% 62.41% 73.60% 1150.00% 56.44% 61.74% 60.53% 52.87% 55.42% Earnings Growth NA -4.08% -6.38% -86.36% 611.11% -10.94% -18.42% 65.59% -8.44% -11.35% -93.60% 1937.50% -8.59% 2.01% 14.47% -4.60% 5yr Avg Earnings Growth 100.67% 97.80% 112.20% 127.78% 3.29% -13.24% 377.94% 363.10% 365.20% 370.36% 388.16% NA NA NA NA NA CenterPoint Energy CNP Earning Per Share 1.29 1.37 0.61 0.67 1.33 1.17 1.30 1.01 1.07 Divends per share 1.07 0.40 0.40 0.40 0.60 0.68 0.73 0.76 0.78 Payout Ratio 82.95% 29.20% 65.57% 59.70% 45.11% 58.12% 56.15% 75.25% 72.90% Earnings Growth NA 6.20% -55.47% 9.84% 98.51% -12.03% 11.11% -22.31% 5.94% 5yr Avg Earnings Growth 9.41% 10.39% 17.02% 16.24% NA NA NA NA NA CH Energy Group CHG Earning Per Share 2.74 2.99 2.97 2.90 2.88 3.05 3.11 2.12 2.78 2.69 2.81 2.56 2.70 2.22 2.74 2.96 Divends per share 2.10 2.12 2.14 2.16 2.16 2.16 2.16 2.16 2.16 2.16 2.16 2.16 2.16 2.16 2.16 2.16 Payout Ratio 76.64% 70.90% 72.05% 74.48% 75.00% 70.82% 69.45% 101.89% 77.70% 80.30% 76.87% 84.38% 80.00% 97.30% 78.83% 72.97% Earnings Growth NA 9.12% -0.67% -2.36% -0.69% 5.90% 1.97% -31.83% 31.13% -3.24% 4.46% -8.90% 5.47% -17.78% 23.42% 8.03% 5yr Avg Earnings Growth 2.26% 0.83% -5.40% 1.30% 0.79% 0.50% -1.67% 5.79% -4.00% 1.34% 2.05% NA NA NA NA NA Cleco Corporation CNL Earning Per Share 1.04 1.12 1.09 1.12 1.19 1.46 1.51 1.52 1.26 1.32 1.42 1.36 1.32 1.70 1.76 2.29 Divends per share 0.75 0.77 0.79 0.81 0.83 0.85 0.87 0.90 0.90 0.90 0.90 0.90 0.90 0.90 0.90 0.98 Payout Ratio 72.12% 68.75% 72.48% 72.32% 69.75% 58.22% 57.62% 59.21% 71.43% 68.18% 63.38% 66.18% 68.18% 52.94% 51.14% 42.79% Earnings Growth NA 7.69% -2.68% 2.75% 6.25% 22.69% 3.42% 0.66% -17.11% 4.76% 7.58% -4.23% -2.94% 28.79% 3.53% 30.11% 5yr Avg Earnings Growth 7.34% 6.49% 7.16% 3.18% 2.89% -0.14% -1.67% -2.39% 6.79% 6.55% 11.05% NA NA NA NA NA CMS Energy CMS Earning Per Share 2.27 2.45 2.61 2.24 2.85 2.53 1.27 NA NA 0.74 1.10 0.64 0.64 1.23 0.93 1.33 Divends per share 0.90 1.02 1.14 1.26 1.39 1.46 1.46 1.09 NA NA NA NA 0.20 0.36 0.50 0.66 Payout Ratio 39.65% 41.63% 43.68% 56.25% 48.77% 57.71% 114.96% NA NA NA NA NA 31.25% 29.27% 53.76% 49.62% Earnings Growth NA 7.93% 6.53% -14.18% 27.23% -11.23% -49.80% NA NA NA 48.65% -41.82% 0.00% 92.19% -24.39% 43.01% 5yr Avg Earnings Growth 3.26% -8.29% NA NA NA NA NA NA NA NA 13.80% NA NA NA NA NA Consolidated Edison ED Earning Per Share 2.93 2.93 2.95 3.04 3.13 2.74 3.21 3.13 2.83 2.32 2.99 2.95 3.48 3.36 3.14 3.47 Divends per share 2.04 2.08 2.10 2.12 2.14 2.18 2.20 2.22 2.24 2.26 2.28 2.30 2.32 2.34 2.36 2.38 Payout Ratio 69.62% 70.99% 71.19% 69.74% 68.37% 79.56% 68.54% 70.93% 79.15% 97.41% 76.25% 77.97% 66.67% 69.64% 75.16% 68.59% Earnings Growth NA 0.00% 0.68% 3.05% 2.96% -12.46% 17.15% -2.49% -9.58% -18.02% 28.88% -1.34% 17.97% -3.45% -6.55% 10.51% 5yr Avg Earnings Growth -1.15% 2.28% 1.64% -0.88% -5.08% 3.19% -0.51% 3.58% 4.81% 7.10% 3.43% NA NA NA NA NA Constellation Energy CEG Earning Per Share 2.02 1.85 1.97 2.06 2.18 2.30 2.20 2.29 2.76 3.19 3.38 3.76 4.29 0.48 1.79 1.61 Divends per share 1.55 1.59 1.63 1.67 1.68 1.68 0.48 0.96 1.04 1.14 1.34 1.51 1.74 1.91 0.96 0.96 Payout Ratio 76.73% 85.95% 82.74% 81.07% 77.06% 73.04% 21.82% 41.92% 37.68% 35.74% 39.64% 40.16% 40.56% 397.92% 53.63% 59.63% Earnings Growth NA -8.42% 6.49% 4.57% 5.83% 5.50% -4.35% 4.09% 20.52% 15.58% 5.96% 11.24% 14.10% -88.81% 272.92% -10.06% 5yr Avg Earnings Growth 2.79% 3.61% 3.13% 6.32% 8.27% 8.36% 11.48% 13.48% -8.39% 43.08% 39.88% NA NA NA NA NA Rebuttal Exhibit No. RBH-9 Page 2 of 10

RETENTION RATIO / FIVE-YEAR EARNINGS GROWTH REGRESSION

Company 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 DTE Energy DTE Earning Per Share 3.02 2.80 2.88 3.05 3.33 3.27 2.15 3.83 2.85 2.55 3.27 2.45 2.66 2.73 3.24 3.74 Divends per share 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.06 2.08 2.12 2.12 2.12 2.18 Payout Ratio 68.21% 73.57% 71.53% 67.54% 61.86% 63.00% 95.81% 53.79% 72.28% 80.78% 63.00% 84.90% 79.70% 77.66% 65.43% 58.29% Earnings Growth NA -7.28% 2.86% 5.90% 9.18% -1.80% -34.25% 78.14% -25.59% -10.53% 28.24% -25.08% 8.57% 2.63% 18.68% 15.43% 5yr Avg Earnings Growth 1.77% -3.62% 11.43% 5.14% 1.19% 7.20% 9.04% -4.88% 0.77% 6.61% 4.05% NA NA NA NA NA Edison International EIX Earning Per Share 1.66 1.64 1.75 1.86 2.03 NA 1.30 1.82 2.38 0.69 3.34 3.28 3.32 3.68 3.24 3.35 Divends per share 1.00 1.00 1.00 1.04 1.08 0.83 NA NA NA 0.80 1.02 1.10 1.18 1.23 1.25 1.27 Payout Ratio 60.24% 60.98% 57.14% 55.91% 53.20% NA NA NA NA 115.94% 30.54% 33.54% 35.54% 33.42% 38.58% 37.91% Earnings Growth NA -1.20% 6.71% 6.29% 9.14% NA NA 40.00% 30.77% -71.01% 384.06% -1.80% 1.22% 10.84% -11.96% 3.40% 5yr Avg Earnings Growth NA NA NA NA NA NA 76.40% 68.65% 64.66% 76.47% 0.34% NA NA NA NA NA Exelon Corp. EXC Earning Per Share 1.86 1.39 2.20 2.40 2.44 2.75 3.21 3.50 4.03 4.10 4.29 3.87 Divends per share NA NA 0.91 0.88 0.96 1.26 1.60 1.64 1.82 2.05 2.10 2.10 Payout Ratio NA NA 41.36% 36.67% 39.34% 45.82% 49.84% 46.86% 45.16% 50.00% 48.95% 54.26% Earnings Growth NA -25.27% 58.27% 9.09% 1.67% 12.70% 16.73% 9.03% 15.14% 1.74% 4.63% -9.79% 5yr Avg Earnings Growth 11.29% 19.69% 9.84% 11.06% 11.07% 9.46% 4.15% NA NA NA NA NA Great Plains Energy Inc. GXP Earning Per Share 1.92 1.69 1.69 1.89 1.26 2.05 1.59 2.04 2.27 2.46 2.18 1.62 1.86 1.16 1.03 1.53 Divends per share 1.54 1.59 1.62 1.64 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66 0.83 0.83 Payout Ratio 80.21% 94.08% 95.86% 86.77% 131.75% 80.98% 104.40% 81.37% 73.13% 67.48% 76.15% 102.47% 89.25% 143.10% 80.58% 54.25% Earnings Growth NA -11.98% 0.00% 11.83% -33.33% 62.70% -22.44% 28.30% 11.27% 8.37% -11.38% -25.69% 14.81% -37.63% -11.21% 48.54% 5yr Avg Earnings Growth 5.84% 3.75% 9.41% 9.30% 17.64% 2.83% 2.18% -0.52% -10.30% -14.22% -2.23% NA NA NA NA NA Hawaiian Electric HE Earning Per Share 1.33 1.30 1.38 1.48 1.45 1.27 1.60 1.62 1.58 1.36 1.46 1.33 1.11 1.07 0.91 1.21 Divends per share 1.19 1.21 1.22 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 1.24 Payout Ratio 89.47% 93.08% 88.41% 83.78% 85.52% 97.64% 77.50% 76.54% 78.48% 91.18% 84.93% 93.23% 111.71% 115.89% 136.26% 102.48% Earnings Growth NA -2.26% 6.15% 7.25% -2.03% -12.41% 25.98% 1.25% -2.47% -13.92% 7.35% -8.90% -16.54% -3.60% -14.95% 32.97% 5yr Avg Earnings Growth -0.66% 4.99% 4.01% 2.06% -0.31% 3.64% -3.34% -6.90% -7.12% -7.33% -2.21% NA NA NA NA NA IDACORP, Inc. IDA Earning Per Share 2.10 2.21 2.32 2.37 2.43 3.50 3.35 1.63 0.96 1.90 1.75 2.35 1.86 2.18 2.64 2.95 Divends per share 1.86 1.86 1.86 1.86 1.86 1.86 1.86 1.86 1.70 1.20 1.20 1.20 1.20 1.20 1.20 1.20 Payout Ratio 88.57% 84.16% 80.17% 78.48% 76.54% 53.14% 55.52% 114.11% 177.08% 63.16% 68.57% 51.06% 64.52% 55.05% 45.45% 40.68% Earnings Growth NA 5.24% 4.98% 2.16% 2.53% 44.03% -4.29% -51.34% -41.10% 97.92% -7.89% 34.29% -20.85% 17.20% 21.10% 11.74% 5yr Avg Earnings Growth 11.79% 9.88% -1.38% -10.03% 9.04% -1.34% 6.37% 12.47% 24.13% 8.77% 12.70% NA NA NA NA NA Integrys Energy TEG Earning Per Share 2.74 2.74 2.76 4.07 4.09 3.51 2.48 1.58 2.28 3.24 Divends per share 2.08 2.12 2.16 2.20 2.24 2.28 2.56 2.68 2.72 2.72 Payout Ratio 75.91% 77.37% 78.26% 54.05% 54.77% 64.96% 103.23% 169.62% 119.30% 83.95% Earnings Growth NA 0.00% 0.73% 47.46% 0.49% -14.18% -29.34% -36.29% 44.30% 42.11% 5yr Avg Earnings Growth 6.90% 1.03% -6.37% -7.00% 1.32% NA NA NA NA NA MGE Energy MGEE Earning Per Share 1.49 0.82 1.40 1.38 1.48 1.67 1.62 1.69 1.71 1.77 1.57 2.06 2.27 2.38 2.21 2.50 Divends per share 1.26 1.28 1.29 1.30 1.31 1.32 1.33 1.34 1.35 1.36 1.37 1.39 1.41 1.43 1.46 1.49 Payout Ratio 84.56% 156.10% 92.14% 94.20% 88.51% 79.04% 82.10% 79.29% 78.95% 76.84% 87.26% 67.48% 62.11% 60.08% 66.06% 59.60% Earnings Growth NA -44.97% 70.73% -1.43% 7.25% 12.84% -2.99% 4.32% 1.18% 3.51% -11.30% 31.21% 10.19% 4.85% -7.14% 13.12% 5yr Avg Earnings Growth 8.88% 17.28% 4.00% 4.52% 3.77% -1.06% 5.78% 6.96% 7.69% 5.56% 10.45% NA NA NA NA NA NV Energy NVE Earning Per Share 1.53 1.56 1.65 1.64 0.83 NA 0.34 NA NA 0.40 0.44 1.14 0.89 0.89 0.78 0.96 Divends per share 1.60 1.60 1.60 1.45 1.17 1.00 0.40 0.20 NA NA NA NA 0.16 0.34 0.41 0.45 Payout Ratio 104.58% 102.56% 96.97% 88.41% 140.96% NA 117.65% NA NA NA NA NA 17.98% 38.20% 52.56% 46.88% Earnings Growth NA 1.96% 5.77% -0.61% -49.39% NA NA NA NA NA 10.00% 159.09% -21.93% 0.00% -12.36% 23.08% 5yr Avg Earnings Growth NA NA NA NA NA NA NA NA NA 26.96% 29.58% NA NA NA NA NA Northeast Utilities NU Earning Per Share 2.24 0.01 NA NA NA NA 1.37 1.08 1.24 0.91 0.98 0.82 1.59 1.86 1.91 2.10 Divends per share 1.76 1.38 0.25 NA 0.10 0.40 0.45 0.53 0.58 0.63 0.68 0.73 0.78 0.83 0.95 1.03 Payout Ratio 78.57% 13800.00% NA NA NA NA 32.85% 49.07% 46.77% 69.23% 69.39% 89.02% 49.06% 44.62% 49.74% 49.05% Earnings Growth NA -99.55% NA NA NA NA NA -21.17% 14.81% -26.61% 7.69% -16.33% 93.90% 16.98% 2.69% 9.95% 5yr Avg Earnings Growth NA NA NA NA NA NA -8.32% 14.69% 15.13% 20.99% 21.44% NA NA NA NA NA Otter Tail Corp. OTTR Earning Per Share 1.19 1.24 1.29 1.29 1.45 1.60 1.68 1.79 1.51 1.50 1.78 1.69 1.78 1.09 0.71 0.38 Divends per share 0.88 0.90 0.93 0.96 0.99 1.02 1.04 1.06 1.08 1.10 1.12 1.15 1.17 1.19 1.19 1.19 Payout Ratio 73.95% 72.58% 72.09% 74.42% 68.28% 63.75% 61.90% 59.22% 71.52% 73.33% 62.92% 68.05% 65.73% 109.17% 167.61% 313.16% Earnings Growth NA 4.20% 4.03% 0.00% 12.40% 10.34% 5.00% 6.55% -15.64% -0.66% 18.67% -5.06% 5.33% -38.76% -34.86% -46.48% 5yr Avg Earnings Growth 6.20% 6.36% 6.86% 3.73% 1.12% 2.78% 0.77% 0.53% -4.10% -10.94% -23.97% NA NA NA NA NA Pepco Holdings, Inc. POM Earning Per Share 2.16 1.79 1.35 1.46 1.49 1.33 1.53 1.93 1.06 1.24 Divends per share NA NA 1.00 1.00 1.00 1.04 1.04 1.08 1.08 1.08 Payout Ratio NA NA 74.07% 68.49% 67.11% 78.20% 67.97% 55.96% 101.89% 87.10% Earnings Growth NA NA -24.58% 8.15% 2.05% -10.74% 15.04% 26.14% -45.08% 16.98% 5yr Avg Earnings Growth NA -2.02% 8.13% -2.52% 0.47% NA NA NA NA NA Rebuttal Exhibit No. RBH-9 Page 3 of 10

RETENTION RATIO / FIVE-YEAR EARNINGS GROWTH REGRESSION

Company 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 PG&E Corp. PCG Earning Per Share 2.95 2.16 1.57 1.88 2.24 NA 3.02 NA 2.05 2.12 2.35 2.76 2.78 3.22 3.03 2.82 Divends per share 1.96 1.77 1.20 1.20 1.20 1.20 NA NA NA NA 1.23 1.32 1.44 1.56 1.68 1.82 Payout Ratio 66.44% 81.94% 76.43% 63.83% 53.57% NA NA NA NA NA 52.34% 47.83% 51.80% 48.45% 55.45% 64.54% Earnings Growth NA -26.78% -27.31% 19.75% 19.15% NA NA NA NA 3.41% 10.85% 17.45% 0.72% 15.83% -5.90% -6.93% 5yr Avg Earnings Growth NA NA NA NA NA NA NA NA 9.65% 7.79% 4.23% NA NA NA NA NA Pinnacle West Capital PNW Earning Per Share 2.22 2.47 2.76 2.85 3.18 3.35 3.68 2.53 2.52 2.58 2.24 3.17 2.96 2.12 2.26 3.08 Divends per share 0.93 1.03 1.13 1.23 1.33 1.43 1.53 1.63 1.73 1.83 1.93 2.03 2.10 2.10 2.10 2.10 Payout Ratio 41.89% 41.70% 40.94% 43.16% 41.82% 42.69% 41.58% 64.43% 68.65% 70.93% 86.16% 64.04% 70.95% 99.06% 92.92% 68.18% Earnings Growth NA 11.26% 11.74% 3.26% 11.58% 5.35% 9.85% -31.25% -0.40% 2.38% -13.18% 41.52% -6.62% -28.38% 6.60% 36.28% 5yr Avg Earnings Growth 8.64% 8.36% -0.24% -0.97% -2.81% -6.52% -0.18% 4.74% -0.86% -0.01% 9.88% NA NA NA NA NA PNM Resources PNM Earning Per Share 0.91 1.15 1.25 1.50 1.29 1.55 2.61 1.07 1.15 1.43 1.59 1.72 0.76 0.11 0.58 0.87 Divends per share NA 0.24 0.42 0.51 0.53 0.53 0.53 0.57 0.61 0.63 0.79 0.86 0.91 0.61 0.50 0.50 Payout Ratio NA 20.87% 33.60% 34.00% 41.09% 34.19% 20.31% 53.27% 53.04% 44.06% 49.69% 50.00% 119.74% 554.55% 86.21% 57.47% Earnings Growth NA 26.37% 8.70% 20.00% -14.00% 20.16% 68.39% -59.00% 7.48% 24.35% 11.19% 8.18% -55.81% -85.53% 427.27% 50.00% 5yr Avg Earnings Growth 12.24% 20.65% 7.11% 4.60% 12.27% 10.48% -1.56% -0.92% -19.53% 61.06% 68.82% NA NA NA NA NA Progress Energy PGN Earning Per Share 3.43 3.84 3.41 3.10 2.94 2.05 2.69 2.96 2.99 3.06 Divends per share 2.14 2.18 2.26 2.32 2.38 2.42 2.44 2.46 2.48 2.48 Payout Ratio 62.39% 56.77% 66.28% 74.84% 80.95% 118.05% 90.71% 83.11% 82.94% 81.05% Earnings Growth NA 11.95% -11.20% -9.09% -5.16% -30.27% 31.22% 10.04% 1.01% 2.34% 5yr Avg Earnings Growth -8.75% -4.90% -0.65% 1.37% 2.87% NA NA NA NA NA Public Serv. Enterprise PEG Earning Per Share 1.36 1.23 1.21 1.40 1.56 1.78 1.85 1.88 1.88 1.52 1.79 1.85 2.59 2.90 3.08 3.07 Divends per share 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.08 1.10 1.12 1.14 1.17 1.29 1.33 1.37 Payout Ratio 79.41% 87.80% 89.26% 77.14% 69.23% 60.67% 58.38% 57.45% 57.45% 72.37% 62.57% 61.62% 45.17% 44.48% 43.18% 44.63% Earnings Growth NA -9.56% -1.63% 15.70% 11.43% 14.10% 3.93% 1.62% 0.00% -19.15% 17.76% 3.35% 40.00% 11.97% 6.21% -0.32% 5yr Avg Earnings Growth 6.01% 8.71% 9.36% 6.22% 0.10% 0.83% 0.72% 8.39% 10.79% 15.86% 12.24% NA NA NA NA NA SCANA Corp. SCG Earning Per Share 1.86 2.05 1.90 2.12 1.44 2.12 2.15 2.38 2.50 2.67 2.78 2.59 2.74 2.95 2.85 2.98 Divends per share 1.44 1.47 1.51 1.54 1.32 1.15 1.20 1.30 1.38 1.46 1.56 1.68 1.76 1.84 1.88 1.90 Payout Ratio 77.42% 71.71% 79.47% 72.64% 91.67% 54.25% 55.81% 54.62% 55.20% 54.68% 56.12% 64.86% 64.23% 62.37% 65.96% 63.76% Earnings Growth NA 10.22% -7.32% 11.58% -32.08% 47.22% 1.42% 10.70% 5.04% 6.80% 4.12% -6.83% 5.79% 7.66% -3.39% 4.56% 5yr Avg Earnings Growth 5.92% 4.16% 7.77% 6.46% 14.24% 5.61% 3.97% 2.98% 3.51% 1.47% 1.56% NA NA NA NA NA TECO Energy Inc. TE Earning Per Share 1.60 1.71 1.61 1.52 1.53 1.97 2.24 1.95 NA 0.71 1.00 1.17 1.27 0.77 1.00 1.13 Divends per share 1.05 1.11 1.17 1.23 1.29 1.33 1.37 1.41 0.93 0.76 0.76 0.76 0.78 0.80 0.80 0.82 Payout Ratio 65.63% 64.91% 72.67% 80.92% 84.31% 67.51% 61.16% 72.31% NA 107.04% 76.00% 64.96% 61.42% 103.90% 80.00% 72.57% Earnings Growth NA 6.87% -5.85% -5.59% 0.66% 28.76% 13.71% -12.95% NA NA 40.85% 17.00% 8.55% -39.37% 29.87% 13.00% 5yr Avg Earnings Growth 4.97% 6.34% 4.92% NA NA NA NA NA NA 11.38% 5.81% NA NA NA NA NA UIL Holdings Corp. UIL Earning Per Share 2.18 1.90 1.96 1.80 2.23 2.56 2.53 1.85 1.24 1.54 1.30 1.86 1.87 1.89 1.94 1.99 Divends per share 1.69 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 1.73 Payout Ratio 77.52% 91.05% 88.27% 96.11% 77.58% 67.58% 68.38% 93.51% 139.52% 112.34% 133.08% 93.01% 92.51% 91.53% 89.18% 86.93% Earnings Growth NA -12.84% 3.16% -8.16% 23.89% 14.80% -1.17% -26.88% -32.97% 24.19% -15.58% 43.08% 0.54% 1.07% 2.65% 2.58% 5yr Avg Earnings Growth 4.17% 6.50% 0.49% -4.47% -4.41% -10.48% -1.63% 3.85% 10.66% 6.35% 9.98% NA NA NA NA NA Vectren Corp. VVC Earning Per Share 1.08 1.68 1.56 1.42 1.81 1.44 1.83 1.63 1.79 1.64 Divends per share 1.03 1.07 1.11 1.15 1.19 1.23 1.27 1.31 1.35 1.37 Payout Ratio 95.37% 63.69% 71.15% 80.99% 65.75% 85.42% 69.40% 80.37% 75.42% 83.54% Earnings Growth NA 55.56% -7.14% -8.97% 27.46% -20.44% 27.08% -10.93% 9.82% -8.38% 5yr Avg Earnings Growth 9.29% 3.60% 2.84% 6.60% -0.57% NA NA NA NA NA Westar Energy WR Earning Per Share 2.71 2.60 NA 2.13 1.48 0.89 NA 1.00 1.48 1.17 1.55 1.88 1.84 1.31 1.28 1.80 Divends per share 2.03 2.07 2.10 2.14 2.14 1.44 1.20 1.20 0.87 0.80 0.92 0.98 1.08 1.16 1.20 1.24 Payout Ratio 74.91% 79.62% NA 100.47% 144.59% 161.80% NA 120.00% 58.78% 68.38% 59.35% 52.13% 58.70% 88.55% 93.75% 68.89% Earnings Growth NA -4.06% NA NA -30.52% -39.86% NA NA 48.00% -20.95% 32.48% 21.29% -2.13% -28.80% -2.29% 40.63% 5yr Avg Earnings Growth NA NA NA NA NA NA NA 15.74% 0.38% 4.11% 5.74% NA NA NA NA NA Xcel Energy, Inc. XEL Earning Per Share 1.96 1.91 1.61 1.84 1.43 1.60 2.27 0.42 1.23 1.27 1.20 1.35 1.35 1.46 1.49 1.56 Divends per share 1.34 1.37 1.40 1.43 1.45 1.48 1.50 1.13 0.75 0.81 0.85 0.88 0.91 0.94 0.97 1.00 Payout Ratio 68.37% 71.73% 86.96% 77.72% 101.40% 92.50% 66.08% 269.05% 60.98% 63.78% 70.83% 65.19% 67.41% 64.38% 65.10% 64.10% Earnings Growth NA -2.55% -15.71% 14.29% -22.28% 11.89% 41.88% -81.50% 192.86% 3.25% -5.51% 12.50% 0.00% 8.15% 2.05% 4.70% 5yr Avg Earnings Growth -2.87% 6.01% -7.15% 28.57% 33.67% 30.19% 24.32% 40.62% 3.68% 3.44% 5.48% NA NA NA NA NA Note: Grayed areas denote that no dividend was paid, earnings were negative or financials were not available Source: Value Line RETENTION RATIO / FIVE-YEAR EARNINGS Rebuttal Exhibit No. RBH-9 GROWTH REGRESSION Page 4 of 10

5-year Payout Average Forward Retention Year Ticker Ratio EPS Growth Ratio 2004 ALE 22.22% 13.03% 77.78% 2005 ALE 50.40% -0.53% 49.60% 2001 LNT 82.64% 2.46% 17.36% 2002 LNT 169.49% 18.83% -69.49% 2003 LNT 63.69% 11.10% 36.31% 2004 LNT 55.14% 2.42% 44.86% 2005 LNT 47.51% 7.63% 52.49% 2001 AEP 73.39% -2.29% 26.61% 2002 AEP 83.92% 0.22% 16.08% 2003 AEP 65.22% 3.44% 34.78% 2004 AEP 53.64% 2.67% 46.36% 2005 AEP 53.79% -0.05% 46.21% 1995 AEE 83.39% 3.20% 16.61% 1996 AEE 87.76% 4.29% 12.24% 1997 AEE 104.10% 2.83% -4.10% 1998 AEE 90.07% 3.32% 9.93% 1999 AEE 90.39% 1.35% 9.61% 2000 AEE 76.28% -0.15% 23.72% 2001 AEE 74.49% -3.63% 25.51% 2002 AEE 95.49% 3.17% 4.51% 2003 AEE 80.89% -1.11% 19.11% 2004 AEE 90.07% 0.24% 9.93% 2005 AEE 81.15% -2.03% 18.85% 1995 BKH 74.79% 15.42% 25.21% 1996 BKH 65.71% 20.76% 34.29% 1997 BKH 63.76% 13.10% 36.24% 1998 BKH 62.50% 7.41% 37.50% 1999 BKH 61.18% 5.08% 38.82% 2000 BKH 45.57% 1.45% 54.43% 2001 BKH 32.75% -6.47% 67.25% 2002 BKH 49.79% 4.16% 50.21% 2003 BKH 65.22% -10.29% 34.78% 2004 BKH 71.26% 228.58% 28.74% 2005 BKH 60.66% 218.63% 39.34% 1995 CV 54.42% 100.67% 45.58% 1996 CV 59.57% 97.80% 40.43% 1997 CV 66.67% 112.20% 33.33% 1998 CV 488.89% 127.78% -388.89% 1999 CV 68.75% 3.29% 31.25% 2000 CV 77.19% -13.24% 22.81% 2001 CV 94.62% 377.94% 5.38% 2002 CV 57.14% 363.10% 42.86% 2003 CV 62.41% 365.20% 37.59% 2004 CV 73.60% 370.36% 26.40% 2005 CV 1150.00% 388.16% -1050.00% 2002 CNP 82.95% 9.41% 17.05% 2003 CNP 29.20% 10.39% 70.80% 2004 CNP 65.57% 17.02% 34.43% 2005 CNP 59.70% 16.24% 40.30% 1995 CHG 76.64% 2.26% 23.36% 1996 CHG 70.90% 0.83% 29.10% RETENTION RATIO / FIVE-YEAR EARNINGS Rebuttal Exhibit No. RBH-9 GROWTH REGRESSION Page 5 of 10

5-year Payout Average Forward Retention Year Ticker Ratio EPS Growth Ratio 1997 CHG 72.05% -5.40% 27.95% 1998 CHG 74.48% 1.30% 25.52% 1999 CHG 75.00% 0.79% 25.00% 2000 CHG 70.82% 0.50% 29.18% 2001 CHG 69.45% -1.67% 30.55% 2002 CHG 101.89% 5.79% -1.89% 2003 CHG 77.70% -4.00% 22.30% 2004 CHG 80.30% 1.34% 19.70% 2005 CHG 76.87% 2.05% 23.13% 1995 CNL 72.12% 7.34% 27.88% 1996 CNL 68.75% 6.49% 31.25% 1997 CNL 72.48% 7.16% 27.52% 1998 CNL 72.32% 3.18% 27.68% 1999 CNL 69.75% 2.89% 30.25% 2000 CNL 58.22% -0.14% 41.78% 2001 CNL 57.62% -1.67% 42.38% 2002 CNL 59.21% -2.39% 40.79% 2003 CNL 71.43% 6.79% 28.57% 2004 CNL 68.18% 6.55% 31.82% 2005 CNL 63.38% 11.05% 36.62% 1995 CMS 39.65% 3.26% 60.35% 1996 CMS 41.63% -8.29% 58.37% 1995 ED 69.62% -1.15% 30.38% 1996 ED 70.99% 2.28% 29.01% 1997 ED 71.19% 1.64% 28.81% 1998 ED 69.74% -0.88% 30.26% 1999 ED 68.37% -5.08% 31.63% 2000 ED 79.56% 3.19% 20.44% 2001 ED 68.54% -0.51% 31.46% 2002 ED 70.93% 3.58% 29.07% 2003 ED 79.15% 4.81% 20.85% 2004 ED 97.41% 7.10% 2.59% 2005 ED 76.25% 3.43% 23.75% 1995 CEG 76.73% 2.79% 23.27% 1996 CEG 85.95% 3.61% 14.05% 1997 CEG 82.74% 3.13% 17.26% 1998 CEG 81.07% 6.32% 18.93% 1999 CEG 77.06% 8.27% 22.94% 2000 CEG 73.04% 8.36% 26.96% 2001 CEG 21.82% 11.48% 78.18% 2002 CEG 41.92% 13.48% 58.08% 2003 CEG 37.68% -8.39% 62.32% 2004 CEG 35.74% 43.08% 64.26% 2005 CEG 39.64% 39.88% 60.36% 1995 DTE 68.21% 1.77% 31.79% 1996 DTE 73.57% -3.62% 26.43% 1997 DTE 71.53% 11.43% 28.47% 1998 DTE 67.54% 5.14% 32.46% 1999 DTE 61.86% 1.19% 38.14% 2000 DTE 63.00% 7.20% 37.00% 2001 DTE 95.81% 9.04% 4.19% RETENTION RATIO / FIVE-YEAR EARNINGS Rebuttal Exhibit No. RBH-9 GROWTH REGRESSION Page 6 of 10

5-year Payout Average Forward Retention Year Ticker Ratio EPS Growth Ratio 2002 DTE 53.79% -4.88% 46.21% 2003 DTE 72.28% 0.77% 27.72% 2004 DTE 80.78% 6.61% 19.22% 2005 DTE 63.00% 4.05% 37.00% 2004 EIX 115.94% 76.47% -15.94% 2005 EIX 30.54% 0.34% 69.46% 2001 EXC 41.36% 9.84% 58.64% 2002 EXC 36.67% 11.06% 63.33% 2003 EXC 39.34% 11.07% 60.66% 2004 EXC 45.82% 9.46% 54.18% 2005 EXC 49.84% 4.15% 50.16% 1995 GXP 80.21% 5.84% 19.79% 1996 GXP 94.08% 3.75% 5.92% 1997 GXP 95.86% 9.41% 4.14% 1998 GXP 86.77% 9.30% 13.23% 1999 GXP 131.75% 17.64% -31.75% 2000 GXP 80.98% 2.83% 19.02% 2001 GXP 104.40% 2.18% -4.40% 2002 GXP 81.37% -0.52% 18.63% 2003 GXP 73.13% -10.30% 26.87% 2004 GXP 67.48% -14.22% 32.52% 2005 GXP 76.15% -2.23% 23.85% 1995 HE 89.47% -0.66% 10.53% 1996 HE 93.08% 4.99% 6.92% 1997 HE 88.41% 4.01% 11.59% 1998 HE 83.78% 2.06% 16.22% 1999 HE 85.52% -0.31% 14.48% 2000 HE 97.64% 3.64% 2.36% 2001 HE 77.50% -3.34% 22.50% 2002 HE 76.54% -6.90% 23.46% 2003 HE 78.48% -7.12% 21.52% 2004 HE 91.18% -7.33% 8.82% 2005 HE 84.93% -2.21% 15.07% 1995 IDA 88.57% 11.79% 11.43% 1996 IDA 84.16% 9.88% 15.84% 1997 IDA 80.17% -1.38% 19.83% 1998 IDA 78.48% -10.03% 21.52% 1999 IDA 76.54% 9.04% 23.46% 2000 IDA 53.14% -1.34% 46.86% 2001 IDA 55.52% 6.37% 44.48% 2002 IDA 114.11% 12.47% -14.11% 2003 IDA 177.08% 24.13% -77.08% 2004 IDA 63.16% 8.77% 36.84% 2005 IDA 68.57% 12.70% 31.43% 2001 TEG 75.91% 6.90% 24.09% 2002 TEG 77.37% 1.03% 22.63% 2003 TEG 78.26% -6.37% 21.74% 2004 TEG 54.05% -7.00% 45.95% 2005 TEG 54.77% 1.32% 45.23% 1995 MGEE 84.56% 8.88% 15.44% 1996 MGEE 156.10% 17.28% -56.10% RETENTION RATIO / FIVE-YEAR EARNINGS Rebuttal Exhibit No. RBH-9 GROWTH REGRESSION Page 7 of 10

5-year Payout Average Forward Retention Year Ticker Ratio EPS Growth Ratio 1997 MGEE 92.14% 4.00% 7.86% 1998 MGEE 94.20% 4.52% 5.80% 1999 MGEE 88.51% 3.77% 11.49% 2000 MGEE 79.04% -1.06% 20.96% 2001 MGEE 82.10% 5.78% 17.90% 2002 MGEE 79.29% 6.96% 20.71% 2003 MGEE 78.95% 7.69% 21.05% 2004 MGEE 76.84% 5.56% 23.16% 2005 MGEE 87.26% 10.45% 12.74% 2001 NU 32.85% -8.32% 67.15% 2002 NU 49.07% 14.69% 50.93% 2003 NU 46.77% 15.13% 53.23% 2004 NU 69.23% 20.99% 30.77% 2005 NU 69.39% 21.44% 30.61% 1995 OTTR 73.95% 6.20% 26.05% 1996 OTTR 72.58% 6.36% 27.42% 1997 OTTR 72.09% 6.86% 27.91% 1998 OTTR 74.42% 3.73% 25.58% 1999 OTTR 68.28% 1.12% 31.72% 2000 OTTR 63.75% 2.78% 36.25% 2001 OTTR 61.90% 0.77% 38.10% 2002 OTTR 59.22% 0.53% 40.78% 2003 OTTR 71.52% -4.10% 28.48% 2004 OTTR 73.33% -10.94% 26.67% 2005 OTTR 62.92% -23.97% 37.08% 2003 POM 74.07% 8.13% 25.93% 2004 POM 68.49% -2.52% 31.51% 2005 POM 67.11% 0.47% 32.89% 2005 PCG 52.34% 4.23% 47.66% 1995 PNW 41.89% 8.64% 58.11% 1996 PNW 41.70% 8.36% 58.30% 1997 PNW 40.94% -0.24% 59.06% 1998 PNW 43.16% -0.97% 56.84% 1999 PNW 41.82% -2.81% 58.18% 2000 PNW 42.69% -6.52% 57.31% 2001 PNW 41.58% -0.18% 58.42% 2002 PNW 64.43% 4.74% 35.57% 2003 PNW 68.65% -0.86% 31.35% 2004 PNW 70.93% -0.01% 29.07% 2005 PNW 86.16% 9.88% 13.84% 1996 PNM 20.87% 20.65% 79.13% 1997 PNM 33.60% 7.11% 66.40% 1998 PNM 34.00% 4.60% 66.00% 1999 PNM 41.09% 12.27% 58.91% 2000 PNM 34.19% 10.48% 65.81% 2001 PNM 20.31% -1.56% 79.69% 2002 PNM 53.27% -0.92% 46.73% 2003 PNM 53.04% -19.53% 46.96% 2004 PNM 44.06% 61.06% 55.94% 2005 PNM 49.69% 68.82% 50.31% 2001 PGN 62.39% -8.75% 37.61% RETENTION RATIO / FIVE-YEAR EARNINGS Rebuttal Exhibit No. RBH-9 GROWTH REGRESSION Page 8 of 10

5-year Payout Average Forward Retention Year Ticker Ratio EPS Growth Ratio 2002 PGN 56.77% -4.90% 43.23% 2003 PGN 66.28% -0.65% 33.72% 2004 PGN 74.84% 1.37% 25.16% 2005 PGN 80.95% 2.87% 19.05% 1995 PEG 79.41% 6.01% 20.59% 1996 PEG 87.80% 8.71% 12.20% 1997 PEG 89.26% 9.36% 10.74% 1998 PEG 77.14% 6.22% 22.86% 1999 PEG 69.23% 0.10% 30.77% 2000 PEG 60.67% 0.83% 39.33% 2001 PEG 58.38% 0.72% 41.62% 2002 PEG 57.45% 8.39% 42.55% 2003 PEG 57.45% 10.79% 42.55% 2004 PEG 72.37% 15.86% 27.63% 2005 PEG 62.57% 12.24% 37.43% 1995 SCG 77.42% 5.92% 22.58% 1996 SCG 71.71% 4.16% 28.29% 1997 SCG 79.47% 7.77% 20.53% 1998 SCG 72.64% 6.46% 27.36% 1999 SCG 91.67% 14.24% 8.33% 2000 SCG 54.25% 5.61% 45.75% 2001 SCG 55.81% 3.97% 44.19% 2002 SCG 54.62% 2.98% 45.38% 2003 SCG 55.20% 3.51% 44.80% 2004 SCG 54.68% 1.47% 45.32% 2005 SCG 56.12% 1.56% 43.88% 1995 TE 65.63% 4.97% 34.38% 1996 TE 64.91% 6.34% 35.09% 1997 TE 72.67% 4.92% 27.33% 2004 TE 107.04% 11.38% -7.04% 2005 TE 76.00% 5.81% 24.00% 1995 UIL 77.52% 4.17% 22.48% 1996 UIL 91.05% 6.50% 8.95% 1997 UIL 88.27% 0.49% 11.73% 1998 UIL 96.11% -4.47% 3.89% 1999 UIL 77.58% -4.41% 22.42% 2000 UIL 67.58% -10.48% 32.42% 2001 UIL 68.38% -1.63% 31.62% 2002 UIL 93.51% 3.85% 6.49% 2003 UIL 139.52% 10.66% -39.52% 2004 UIL 112.34% 6.35% -12.34% 2005 UIL 133.08% 9.98% -33.08% 2001 VVC 95.37% 9.29% 4.63% 2002 VVC 63.69% 3.60% 36.31% 2003 VVC 71.15% 2.84% 28.85% 2004 VVC 80.99% 6.60% 19.01% 2005 VVC 65.75% -0.57% 34.25% 2002 WR 120.00% 15.74% -20.00% 2003 WR 58.78% 0.38% 41.22% 2004 WR 68.38% 4.11% 31.62% 2005 WR 59.35% 5.74% 40.65% RETENTION RATIO / FIVE-YEAR EARNINGS Rebuttal Exhibit No. RBH-9 GROWTH REGRESSION Page 9 of 10

5-year Payout Average Forward Retention Year Ticker Ratio EPS Growth Ratio 1995 XEL 68.37% -2.87% 31.63% 1996 XEL 71.73% 6.01% 28.27% 1997 XEL 86.96% -7.15% 13.04% 1998 XEL 77.72% 28.57% 22.28% 1999 XEL 101.40% 33.67% -1.40% 2000 XEL 92.50% 30.19% 7.50% 2001 XEL 66.08% 24.32% 33.92% 2002 XEL 269.05% 40.62% -169.05% 2003 XEL 60.98% 3.68% 39.02% 2004 XEL 63.78% 3.44% 36.22% 2005 XEL 70.83% 5.48% 29.17% RETENTION RATIO / FIVE-YEAR EARNINGS Rebuttal Exhibit No. RBH-9 GROWTH REGRESSION Page 10 of 10

SUMMARY OUTPUT Y = 5-year Average Forward EPS Growth X = Retention Ratio Regression Statistics Multiple R 0.413668 R Square 0.171121 Adjusted R Square 0.167981 Standard Error 0.507349 Observations 266

ANOVA df SS MS F Significance F Regression 1 14.029117 14.029117 54.502527 0.000000 Residual 264 67.954407 0.257403 Total 265 81.983524

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 0.222281 0.032483 6.843006 0.000000 0.158323 0.286240 Retention Ratio -0.306879 0.041568 -7.382583 0.000000 -0.388726 -0.225032 Rebuttal Exhibit No. RBH-10 Page 1 of 2

REPLICATED O'DONNELL DCF ANALYSIS USING FORECASTED EARNINGS GROWTH - PROXY GROUP INCLUDING MERGER ACTIVITY

[1] [2] [3] [4] [5] [6] [7] [8] Value Line Growth Rate Schwab Growth Rate 13 Wk. 4 Wk. Average 13 Wk. 4 Wk. 13 Wk. 4 Wk. Avg Avg Current Average Value Schwab EPS Avg Avg Current Avg Avg Current Dividend Dividend Dividend Dividend Line EPS EPS Growth Mean Dividend Dividend Dividend Dividend Dividend Dividend Company Yield Yield Yield Yield Growth Growth Rate ROE Yield Yield Yield Yield Yield Yield

ALLETE ALE 4.60% 4.80% 4.80% 4.73% 4.50% 6.00% 5.25% 9.98% 9.10% 9.30% 9.30% 10.60% 10.80% 10.80% Alliant Energy LNT 4.40% 4.50% 4.60% 4.50% 7.00% 6.00% 6.50% 11.00% 11.40% 11.50% 11.60% 10.40% 10.50% 10.60% Amer. Elec. Power AEP 5.00% 5.00% 5.00% 5.00% 4.50% 4.20% 4.35% 9.35% 9.50% 9.50% 9.50% 9.20% 9.20% 9.20% Ameren Corp. AEE 5.30% 5.20% 5.10% 5.20% N/A 3.00% 3.00% 8.20% N/A N/A N/A 8.30% 8.20% 8.10% Black Hills BKH 4.90% 4.80% 4.70% 4.80% 8.50% 6.00% 7.25% 12.05% 13.40% 13.30% 13.20% 10.90% 10.80% 10.70% Cen. Vermont Pub. Serv. CV 2.60% 2.60% 2.60% 2.60% 2.00% N/A 2.00% 4.60% 4.60% 4.60% 4.60% N/A N/A N/A CenterPoint Energy CNP 4.10% 4.10% 4.20% 4.13% 3.00% 5.90% 4.45% 8.58% 7.10% 7.10% 7.20% 10.00% 10.00% 10.10% CH Energy Group CHG 4.00% 4.10% 4.10% 4.07% 4.00% N/A 4.00% 8.07% 8.00% 8.10% 8.10% N/A N/A N/A Cleco Corp. CNL 3.30% 3.40% 3.40% 3.37% 6.00% 3.00% 4.50% 7.87% 9.30% 9.40% 9.40% 6.30% 6.40% 6.40% CMS Energy Corp. CMS 4.60% 4.50% 4.50% 4.53% 7.00% 6.00% 6.50% 11.03% 11.60% 11.50% 11.50% 10.60% 10.50% 10.50% Consol. Edison ED 4.40% 4.20% 4.20% 4.27% 3.00% 3.90% 3.45% 7.72% 7.40% 7.20% 7.20% 8.30% 8.10% 8.10% Constellation Energy CEG 2.50% 2.50% 2.50% 2.50% 18.00% 7.00% 12.50% 15.00% 20.50% 20.50% 20.50% 9.50% 9.50% 9.50% DTE Energy DTE 4.80% 4.80% 4.90% 4.83% 4.50% 3.60% 4.05% 8.88% 9.30% 9.30% 9.40% 8.40% 8.40% 8.50% Edison Int'l EIX 3.50% 3.50% 3.40% 3.47% N/A 3.00% 3.00% 6.47% N/A N/A N/A 6.50% 6.50% 6.40% Exelon Corp. EXC 4.90% 4.90% 4.90% 4.90% N/A 1.00% 1.00% 5.90% N/A N/A N/A 5.90% 5.90% 5.90% G't Plains Energy GXP 4.40% 4.30% 4.10% 4.27% 6.00% 5.90% 5.95% 10.22% 10.40% 10.30% 10.10% 10.30% 10.20% 10.00% Hawaiian Elec. HE 5.20% 5.20% 5.10% 5.17% 11.00% 7.00% 9.00% 14.17% 16.20% 16.20% 16.10% 12.20% 12.20% 12.10% IDACORP, Inc. IDA 3.10% 3.20% 3.20% 3.17% 4.00% 4.70% 4.35% 7.52% 7.10% 7.20% 7.20% 7.80% 7.90% 7.90% Integrys Energy TEG 5.50% 5.60% 5.50% 5.53% 9.00% 7.20% 8.10% 13.63% 14.50% 14.60% 14.50% 12.70% 12.80% 12.70% MGE Energy MGEE 3.70% 3.70% 3.70% 3.70% 4.00% 4.00% 4.00% 7.70% 7.70% 7.70% 7.70% 7.70% 7.70% 7.70% Northeast Utilities NU 3.40% 3.40% 3.40% 3.40% 7.50% 7.30% 7.40% 10.80% 10.90% 10.90% 10.90% 10.70% 10.70% 10.70% NV Energy NVE 3.70% 3.50% 3.50% 3.57% 9.50% 10.10% 9.80% 13.37% 13.20% 13.00% 13.00% 13.80% 13.60% 13.60% Otter Tail Corp. OTTR 5.80% 6.10% 6.10% 6.00% 13.00% 5.00% 9.00% 15.00% 18.80% 19.10% 19.10% 10.80% 11.10% 11.10% Pepco Holdings POM 5.70% 5.70% 5.70% 5.70% 2.50% 3.30% 2.90% 8.60% 8.20% 8.20% 8.20% 9.00% 9.00% 9.00% PG&E Corp PCG 4.40% 4.40% 4.20% 4.33% 6.00% 5.20% 5.60% 9.93% 10.40% 10.40% 10.20% 9.60% 9.60% 9.40% Pinnacle West Capital PNW 4.90% 4.90% 4.90% 4.90% 6.00% 6.50% 6.25% 11.15% 10.90% 10.90% 10.90% 11.40% 11.40% 11.40% PNM Resources PNM 3.30% 3.30% 3.00% 3.20% 19.50% 8.20% 13.85% 17.05% 22.80% 22.80% 22.50% 11.50% 11.50% 11.20% Progress Energy PGN 5.20% 5.00% 4.80% 5.00% 3.50% 4.00% 3.75% 8.75% 8.70% 8.50% 8.30% 9.20% 9.00% 8.80% Public Serv. Enterprise PEG 4.20% 4.10% 4.00% 4.10% 1.00% 3.30% 2.15% 6.25% 5.20% 5.10% 5.00% 7.50% 7.40% 7.30% SCANA Corp. SCG 5.00% 5.00% 4.90% 4.97% 3.00% 4.50% 3.75% 8.72% 8.00% 8.00% 7.90% 9.50% 9.50% 9.40% TECO Energy TE 4.80% 5.00% 5.10% 4.97% 10.50% 6.10% 8.30% 13.27% 15.30% 15.50% 15.60% 10.90% 11.10% 11.20% UIL Holdings UIL 5.30% 5.30% 5.30% 5.30% 3.00% 4.00% 3.50% 8.80% 8.30% 8.30% 8.30% 9.30% 9.30% 9.30% Vectren Corp. VVC 5.20% 5.20% 5.10% 5.17% 5.50% 5.60% 5.55% 10.72% 10.70% 10.70% 10.60% 10.80% 10.80% 10.70% Westar Energy WR 5.00% 5.00% 4.90% 4.97% 8.50% 6.00% 7.25% 12.22% 13.50% 13.50% 13.40% 11.00% 11.00% 10.90% Xcel Energy Inc. XEL 4.40% 4.30% 4.20% 4.30% 5.00% 5.30% 5.15% 9.45% 9.40% 9.30% 9.20% 9.70% 9.60% 9.50% PROXY GROUP MEAN 4.43% 4.43% 4.39% 4.42% 6.56% 5.21% 5.64% 10.06% 10.98% 10.98% 10.94% 9.71% 9.70% 9.66%

PROXY GROUP MEDIAN 4.60% 4.50% 4.60% 4.53% 5.75% 5.30% 5.15% 9.45%

Notes [1] Source: Exhibit KWO-1 [2] Source: Exhibit KWO-1 [3] Source: Exhibit KWO-1 [4] Equals average Col. [1], [2], [3] [5] Source: Exhibit KWO-1; Excludes negative growth values [6] Source: Exhibit KWO-1 [7] Equals average Col. [5], [6] [8] Equals Col. [4] + Col. [7] Rebuttal Exhibit No. RBH-10 Page 2 of 2

REPLICATED O'DONNELL DCF ANALYSIS USING FORECASTED EARNINGS GROWTH - PROXY GROUP EXCLUDING MERGER ACTIVITY

[1] [2] [3] [4] [5] [6] [7] [8] Value Line Growth Rate Schwab Growth Rate 13 Wk. 4 Wk. Average 13 Wk. 4 Wk. 13 Wk. 4 Wk. Avg Avg Current Average Value Schwab EPS Avg Avg Current Avg Avg Current Dividend Dividend Dividend Dividend Line EPS EPS Growth Mean Dividend Dividend Dividend Dividend Dividend Dividend Company Yield Yield Yield Yield Growth Growth Rate ROE Yield Yield Yield Yield Yield Yield

ALLETE ALE 4.60% 4.80% 4.80% 4.73% 4.50% 6.00% 5.25% 9.98% 9.10% 9.30% 9.30% 10.60% 10.80% 10.80% Alliant Energy LNT 4.40% 4.50% 4.60% 4.50% 7.00% 6.00% 6.50% 11.00% 11.40% 11.50% 11.60% 10.40% 10.50% 10.60% Amer. Elec. Power AEP 5.00% 5.00% 5.00% 5.00% 4.50% 4.20% 4.35% 9.35% 9.50% 9.50% 9.50% 9.20% 9.20% 9.20% Ameren Corp. AEE 5.30% 5.20% 5.10% 5.20% N/A 3.00% 3.00% 8.20% N/A N/A N/A 8.30% 8.20% 8.10% Black Hills BKH 4.90% 4.80% 4.70% 4.80% 8.50% 6.00% 7.25% 12.05% 13.40% 13.30% 13.20% 10.90% 10.80% 10.70% Cen. Vermont Pub. Serv. CV 2.60% 2.60% 2.60% 2.60% 2.00% N/A 2.00% 4.60% 4.60% 4.60% 4.60% N/A N/A N/A CenterPoint Energy CNP 4.10% 4.10% 4.20% 4.13% 3.00% 5.90% 4.45% 8.58% 7.10% 7.10% 7.20% 10.00% 10.00% 10.10% CH Energy Group CHG 4.00% 4.10% 4.10% 4.07% 4.00% N/A 4.00% 8.07% 8.00% 8.10% 8.10% N/A N/A N/A Cleco Corp. CNL 3.30% 3.40% 3.40% 3.37% 6.00% 3.00% 4.50% 7.87% 9.30% 9.40% 9.40% 6.30% 6.40% 6.40% CMS Energy Corp. CMS 4.60% 4.50% 4.50% 4.53% 7.00% 6.00% 6.50% 11.03% 11.60% 11.50% 11.50% 10.60% 10.50% 10.50% Consol. Edison ED 4.40% 4.20% 4.20% 4.27% 3.00% 3.90% 3.45% 7.72% 7.40% 7.20% 7.20% 8.30% 8.10% 8.10% DTE Energy DTE 4.80% 4.80% 4.90% 4.83% 4.50% 3.60% 4.05% 8.88% 9.30% 9.30% 9.40% 8.40% 8.40% 8.50% Edison Int'l EIX 3.50% 3.50% 3.40% 3.47% N/A 3.00% 3.00% 6.47% N/A N/A N/A 6.50% 6.50% 6.40% G't Plains Energy GXP 4.40% 4.30% 4.10% 4.27% 6.00% 5.90% 5.95% 10.22% 10.40% 10.30% 10.10% 10.30% 10.20% 10.00% Hawaiian Elec. HE 5.20% 5.20% 5.10% 5.17% 11.00% 7.00% 9.00% 14.17% 16.20% 16.20% 16.10% 12.20% 12.20% 12.10% IDACORP, Inc. IDA 3.10% 3.20% 3.20% 3.17% 4.00% 4.70% 4.35% 7.52% 7.10% 7.20% 7.20% 7.80% 7.90% 7.90% Integrys Energy TEG 5.50% 5.60% 5.50% 5.53% 9.00% 7.20% 8.10% 13.63% 14.50% 14.60% 14.50% 12.70% 12.80% 12.70% MGE Energy MGEE 3.70% 3.70% 3.70% 3.70% 4.00% 4.00% 4.00% 7.70% 7.70% 7.70% 7.70% 7.70% 7.70% 7.70% NV Energy NVE 3.70% 3.50% 3.50% 3.57% 9.50% 10.10% 9.80% 13.37% 13.20% 13.00% 13.00% 13.80% 13.60% 13.60% Otter Tail Corp. OTTR 5.80% 6.10% 6.10% 6.00% 13.00% 5.00% 9.00% 15.00% 18.80% 19.10% 19.10% 10.80% 11.10% 11.10% Pepco Holdings POM 5.70% 5.70% 5.70% 5.70% 2.50% 3.30% 2.90% 8.60% 8.20% 8.20% 8.20% 9.00% 9.00% 9.00% PG&E Corp PCG 4.40% 4.40% 4.20% 4.33% 6.00% 5.20% 5.60% 9.93% 10.40% 10.40% 10.20% 9.60% 9.60% 9.40% Pinnacle West Capital PNW 4.90% 4.90% 4.90% 4.90% 6.00% 6.50% 6.25% 11.15% 10.90% 10.90% 10.90% 11.40% 11.40% 11.40% PNM Resources PNM 3.30% 3.30% 3.00% 3.20% 19.50% 8.20% 13.85% 17.05% 22.80% 22.80% 22.50% 11.50% 11.50% 11.20% Public Serv. Enterprise PEG 4.20% 4.10% 4.00% 4.10% 1.00% 3.30% 2.15% 6.25% 5.20% 5.10% 5.00% 7.50% 7.40% 7.30% SCANA Corp. SCG 5.00% 5.00% 4.90% 4.97% 3.00% 4.50% 3.75% 8.72% 8.00% 8.00% 7.90% 9.50% 9.50% 9.40% TECO Energy TE 4.80% 5.00% 5.10% 4.97% 10.50% 6.10% 8.30% 13.27% 15.30% 15.50% 15.60% 10.90% 11.10% 11.20% UIL Holdings UIL 5.30% 5.30% 5.30% 5.30% 3.00% 4.00% 3.50% 8.80% 8.30% 8.30% 8.30% 9.30% 9.30% 9.30% Vectren Corp. VVC 5.20% 5.20% 5.10% 5.17% 5.50% 5.60% 5.55% 10.72% 10.70% 10.70% 10.60% 10.80% 10.80% 10.70% Westar Energy WR 5.00% 5.00% 4.90% 4.97% 8.50% 6.00% 7.25% 12.22% 13.50% 13.50% 13.40% 11.00% 11.00% 10.90% Xcel Energy Inc. XEL 4.40% 4.30% 4.20% 4.30% 5.00% 5.30% 5.15% 9.45% 9.40% 9.30% 9.20% 9.70% 9.60% 9.50% PROXY GROUP MEAN 4.49% 4.49% 4.45% 4.48% 6.24% 5.26% 5.57% 10.05% 10.73% 10.74% 10.71% 9.83% 9.83% 9.79%

PROXY GROUP MEDIAN 4.60% 4.50% 4.60% 4.53% 5.50% 5.30% 5.15% 9.45%

Notes [1] Source: Exhibit KWO-2 [2] Source: Exhibit KWO-2 [3] Source: Exhibit KWO-2 [4] Equals average Col. [1], [2], [3] [5] Source: Exhibit KWO-2; Excludes negative growth values [6] Source: Exhibit KWO-2 [7] Equals average Col. [5], [6] [8] Equals Col. [4] + Col. [7] DUPONT FORMULA - ANALYSIS OF O'DONNELL PROXY GROUP Rebuttal Exhibit No. RBH-11 Page 1 of 9

Company 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2014-2016 ALLETE ALE Revenues - - - 751.40 737.40 767.10 841.70 801.00 759.10 907.00 945.00 995.00 1,155.00 Net Plant - - - 883.10 860.40 921.60 1,104.50 1,387.30 1,622.70 1,805.60 2,000.00 2,345.00 2,400.00 Revenue/Net Plant n/a n/a n/a 85.09% 85.70% 83.24% 76.21% 57.74% 46.78% 50.23% 47.25% 42.43% 48.13% Change in Net Plant n/a n/a n/a n/a -2.57% 7.11% 19.85% 25.60% 16.97% 11.27% 10.77% 17.25% 2.35% Change in Revenue/Net Plant n/a n/a n/a n/a 0.73% -2.88% -8.44% -24.23% -18.98% 7.38% -5.94% -10.20% 13.42% Alliant Energy LNT Revenues 2,777.30 2,608.80 3,128.20 2,958.70 3,279.60 3,359.40 3,437.60 3,681.70 3,432.80 3,416.10 3,650.00 3,800.00 4,800.00 Net Plant 3,862.80 3,729.20 4,432.60 5,284.60 4,866.20 4,944.90 4,679.90 5,353.50 6,203.00 6,730.60 6,900.00 7,100.00 8,000.00 Revenue/Net Plant 71.90% 69.96% 70.57% 55.99% 67.40% 67.94% 73.45% 68.77% 55.34% 50.75% 52.90% 53.52% 60.00% Change in Net Plant n/a -3.46% 18.86% 19.22% -7.92% 1.62% -5.36% 14.39% 15.87% 8.51% 2.52% 2.90% 12.68% Change in Revenue/Net Plant n/a -2.70% 0.88% -20.67% 20.38% 0.80% 8.12% -6.38% -19.53% -8.29% 4.22% 1.18% 12.11% Amer. Elec. Power AEP Revenues 61,257.00 14,555.00 14,545.00 14,057.00 12,111.00 12,622.00 13,380.00 14,440.00 13,489.00 14,427.00 15,300.00 16,200.00 19,500.00 Net Plant 24,543.00 21,684.00 22,029.00 22,801.00 24,284.00 26,781.00 29,870.00 32,987.00 34,344.00 35,674.00 36,725.00 38,000.00 41,800.00 Revenue/Net Plant 249.59% 67.12% 66.03% 61.65% 49.87% 47.13% 44.79% 43.77% 39.28% 40.44% 41.66% 42.63% 46.65% Change in Net Plant n/a -11.65% 1.59% 3.50% 6.50% 10.28% 11.53% 10.44% 4.11% 3.87% 2.95% 3.47% 10.00% Change in Revenue/Net Plant n/a -73.11% -1.63% -6.63% -19.11% -5.50% -4.96% -2.28% -10.28% 2.97% 3.02% 2.33% 9.43% Ameren Corp. AEE Revenues 4,505.90 3,841.00 4,593.00 5,160.00 6,780.00 6,880.00 7,546.00 7,839.00 7,090.00 7,638.00 7,600.00 7,700.00 8,300.00 Net Plant 8,426.60 8,914.00 10,917.00 13,297.00 13,572.00 14,286.00 15,069.00 16,567.00 17,610.00 17,853.00 18,125.00 18,525.00 19,800.00 Revenue/Net Plant 53.47% 43.09% 42.07% 38.81% 49.96% 48.16% 50.08% 47.32% 40.26% 42.78% 41.93% 41.57% 41.92% Change in Net Plant n/a 5.78% 22.47% 21.80% 2.07% 5.26% 5.48% 9.94% 6.30% 1.38% 1.52% 2.21% 6.88% Change in Revenue/Net Plant n/a -19.42% -2.36% -7.76% 28.73% -3.60% 3.98% -5.51% -14.91% 6.26% -1.99% -0.87% 0.85% Black Hills BKH Revenues 1,558.60 423.90 1,136.10 1,121.70 1,391.60 656.90 695.90 1,005.80 1,269.60 1,307.30 1,310.00 1,385.00 1,610.00 Net Plant 1,238.20 1,476.30 1,442.40 1,445.70 1,435.40 1,646.40 1,823.50 2,022.20 2,160.70 2,495.40 2,815.00 2,985.00 3,425.00 Revenue/Net Plant 125.88% 28.71% 78.76% 77.59% 96.95% 39.90% 38.16% 49.74% 58.76% 52.39% 46.54% 46.40% 47.01% Change in Net Plant n/a 19.23% -2.30% 0.23% -0.71% 14.70% 10.76% 10.90% 6.85% 15.49% 12.81% 6.04% 14.74% Change in Revenue/Net Plant n/a -77.19% 174.31% -1.49% 24.95% -58.85% -4.35% 30.33% 18.14% -10.84% -11.17% -0.30% 1.31% Cen. Vermont Pub. Servo CV Revenues 302.50 303.40 306.00 302.20 311.40 325.70 329.10 342.20 342.10 341.90 365.00 370.00 390.00 Net Plant 308.60 304.60 298.70 299.50 301.20 308.80 320.30 342.50 356.10 371.50 380.00 390.00 430.00 Revenue/Net Plant 98.02% 99.61% 102.44% 100.90% 103.39% 105.47% 102.75% 99.91% 96.07% 92.03% 96.05% 94.87% 90.70% Change in Net Plant n/a -1.30% -1.94% 0.27% 0.57% 2.52% 3.72% 6.93% 3.97% 4.32% 2.29% 2.63% 10.26% Change in Revenue/Net Plant n/a 1.61% 2.85% -1.51% 2.46% 2.02% -2.58% -2.76% -3.85% -4.20% 4.37% -1.23% -4.40% CenterPoint Energy CNP Revenues 10,656.00 7,922.50 9,760.10 8,510.40 9,722.00 9,319.00 9,623.00 11,322.00 8,281.00 8,785.00 8,400.00 8,400.00 9,350.00 Net Plant 11,200.00 11,409.00 11,812.00 8,186.40 8,492.00 9,204.00 9,740.00 10,296.00 10,788.00 11,732.00 12,175.00 12,250.00 11,900.00 Revenue/Net Plant 95.14% 69.44% 82.63% 103.96% 114.48% 101.25% 98.80% 109.97% 76.76% 74.88% 68.99% 68.57% 78.57% Change in Net Plant n/a 1.87% 3.53% -30.69% 3.73% 8.38% 5.82% 5.71% 4.78% 8.75% 3.78% 0.62% -2.86% Change in Revenue/Net Plant n/a -27.01% 18.99% 25.81% 10.13% -11.56% -2.42% 11.30% -30.19% -2.45% -7.86% -0.61% 14.58% CH Energy Group CHG Revenues 728.40 695.50 806.70 791.50 972.50 993.40 1,196.80 1,332.90 931.60 972.30 1,060.00 1,150.00 1,410.00 Net Plant 561.80 601.70 707.50 745.10 779.50 827.10 891.30 945.90 1,012.40 1,054.70 1,075.00 1,125.00 1,250.00 Revenue/Net Plant 129.65% 115.59% 114.02% 106.23% 124.76% 120.11% 134.28% 140.91% 92.02% 92.19% 98.60% 102.22% 112.80% Change in Net Plant n/a 7.10% 17.58% 5.31% 4.62% 6.11% 7.76% 6.13% 7.03% 4.18% 1.92% 4.65% 11.11% Change in Revenue/Net Plant n/a -10.85% -1.36% -6.84% 17.45% -3.73% 11.80% 4.94% -34.70% 0.18% 6.96% 3.67% 10.35% Cleco Corp. CNL Revenues 1,058.60 721.20 874.60 745.80 920.20 1,000.70 1,030.60 1,080.20 853.80 1,148.70 1,170.00 1,200.00 1,350.00 Net Plant 1,224.70 1,566.20 1,417.10 1,060.00 1,188.70 1,304.90 1,725.90 2,045.30 2,247.00 2,784.20 2,840.00 2,855.00 2,875.00 Revenue/Net Plant 86.44% 46.05% 61.72% 70.36% 77.41% 76.69% 59.71% 52.81% 38.00% 41.26% 41.20% 42.03% 46.96% Change in Net Plant n/a 27.88% -9.52% -25.20% 12.14% 9.78% 32.26% 18.51% 9.86% 23.91% 2.00% 0.53% 0.70% Change in Revenue/Net Plant n/a -46.73% 34.03% 14.00% 10.03% -0.94% -22.13% -11.56% -28.05% 8.58% -0.15% 2.03% 11.72% CMS Energy Corp. CMS Revenues 9,597.00 8,687.00 5,513.00 5,472.00 6,288.00 6,810.00 6,519.00 6,821.00 6,205.00 6,432.00 6,600.00 6,900.00 7,800.00 Net Plant 8,362.00 5,234.00 6,944.00 8,636.00 7,845.00 7,976.00 8,728.00 9,190.00 9,682.00 10,069.00 10,600.00 11,325.00 13,500.00 Revenue/Net Plant 114.77% 165.97% 79.39% 63.36% 80.15% 85.38% 74.69% 74.22% 64.09% 63.88% 62.26% 60.93% 57.78% Change in Net Plant n/a -37.41% 32.67% 24.37% -9.16% 1.67% 9.43% 5.29% 5.35% 4.00% 5.27% 6.84% 19.21% Change in Revenue/Net Plant n/a 44.61% -52.17% -20.19% 26.50% 6.52% -12.52% -0.63% -13.65% -0.33% -2.53% -2.15% -5.17% Consol. Edison ED Revenues 9,634.00 8,482.00 9,827.00 9,758.00 11,690.00 12,137.00 13,120.00 13,583.00 13,032.00 13,325.00 13,800.00 14,200.00 15,200.00 Net Plant 12,248.00 13,329.00 15,225.00 16,106.00 17,112.00 18,445.00 19,914.00 20,874.00 22,464.00 23,963.00 24,600.00 25,500.00 28,500.00 Revenue/Net Plant 78.66% 63.64% 64.55% 60.59% 68.31% 65.80% 65.88% 65.07% 58.01% 55.61% 56.10% 55.69% 53.33% Change in Net Plant n/a 8.83% 14.22% 5.79% 6.25% 7.79% 7.96% 4.82% 7.62% 6.67% 2.66% 3.66% 11.76% Change in Revenue/Net Plant n/a -19.10% 1.43% -6.13% 12.76% -3.68% 0.13% -1.23% -10.85% -4.15% 0.88% -0.73% -4.23% Constellation Energy CEG Revenues 3,928.30 4,703.00 9,703.00 12,550.00 17,132.00 19,285.00 21,193.00 19,818.00 15,599.00 14,340.00 14,500.00 14,000.00 16,000.00 Net Plant 7,700.40 7,957.10 9,601.50 10,087.00 10,067.00 9,222.10 9,767.10 10,717.00 8,453.80 9,278.80 9,550.00 9,950.00 11,900.00 Revenue/Net Plant 51.01% 59.10% 101.06% 124.42% 170.18% 209.12% 216.98% 184.92% 184.52% 154.55% 151.83% 140.70% 134.45% Change in Net Plant n/a 3.33% 20.67% 5.06% -0.20% -8.39% 5.91% 9.73% -21.12% 9.76% 2.92% 4.19% 19.60% Change in Revenue/Net Plant n/a 15.86% 70.98% 23.12% 36.78% 22.88% 3.76% -14.78% -0.22% -16.24% -1.76% -7.33% -4.44% DUPONT FORMULA - ANALYSIS OF O'DONNELL PROXY GROUP Rebuttal Exhibit No. RBH-11 Page 2 of 9

Company 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2014-2016 DTE Energy DTE Revenues 7,849.00 6,749.00 7,041.00 7,114.00 9,022.00 9,022.00 8,861.00 9,329.00 8,014.00 8,557.00 8,800.00 9,250.00 10,750.00 Net Plant 9,543.00 9,813.00 10,324.00 10,491.00 10,830.00 11,451.00 11,408.00 12,231.00 12,431.00 12,992.00 13,725.00 14,175.00 15,800.00 Revenue/Net Plant 82.25% 68.78% 68.20% 67.81% 83.31% 78.79% 77.67% 76.27% 64.47% 65.86% 64.12% 65.26% 68.04% Change in Net Plant n/a 2.83% 5.21% 1.62% 3.23% 5.73% -0.38% 7.21% 1.64% 4.51% 5.64% 3.28% 11.46% Change in Revenue/Net Plant n/a -16.38% -0.84% -0.57% 22.85% -5.42% -1.41% -1.80% -15.48% 2.17% -2.65% 1.78% 4.26% Edison Int'l EIX Revenues 11,436.00 11,488.00 12,135.00 10,199.00 11,852.00 12,622.00 13,113.00 14,112.00 12,374.00 12,409.00 12,000.00 12,500.00 14,500.00 Net Plant 8,013.00 8,247.00 12,587.00 13,475.00 14,469.00 15,913.00 17,403.00 18,969.00 21,966.00 24,778.00 28,025.00 31,325.00 38,800.00 Revenue/Net Plant 142.72% 139.30% 96.41% 75.69% 81.91% 79.32% 75.35% 74.40% 56.33% 50.08% 42.82% 39.90% 37.37% Change in Net Plant n/a 2.92% 52.63% 7.05% 7.38% 9.98% 9.36% 9.00% 15.80% 12.80% 13.10% 11.78% 23.86% Change in Revenue/Net Plant n/a -2.40% -30.79% -21.49% 8.22% -3.17% -5.00% -1.27% -24.28% -11.10% -14.50% -6.81% -6.35% Exelon Corp. EXC Revenues 15,140.00 14,955.00 15,812.00 14,515.00 15,357.00 15,655.00 18,916.00 18,859.00 17,318.00 18,644.00 20,100.00 18,800.00 21,500.00 Net Plant 13,742.00 17,134.00 20,630.00 21,482.00 21,981.00 22,775.00 24,153.00 25,813.00 27,341.00 29,941.00 31,625.00 33,300.00 38,000.00 Revenue/Net Plant 110.17% 87.28% 76.65% 67.57% 69.86% 68.74% 78.32% 73.06% 63.34% 62.27% 63.56% 56.46% 56.58% Change in Net Plant n/a 24.68% 20.40% 4.13% 2.32% 3.61% 6.05% 6.87% 5.92% 9.51% 5.62% 5.30% 14.11% Change in Revenue/Net Plant n/a -20.78% -12.19% -11.84% 3.40% -1.61% 13.94% -6.71% -13.30% -1.69% 2.07% -11.17% 0.22% G't Plains Energy GXP Revenues 1,461.90 1,861.90 2,149.50 2,464.00 2,604.90 2,675.30 3,267.10 1,670.10 1,965.00 2,255.50 2,300.00 2,500.00 3,000.00 Net Plant 2, 623.70 2,604.10 2,700.90 2,734.50 2,765.60 3,066.20 3,444.50 6,081.30 6,651.10 6,892.30 7,085.00 7,365.00 7,925.00 Revenue/Net Plant 55.72% 71.50% 79.58% 90.11% 94.19% 87.25% 94.85% 27.46% 29.54% 32.72% 32.46% 33.94% 37.85% Change in Net Plant n/a -0.75% 3.72% 1.24% 1.14% 10.87% 12.34% 76.55% 9.37% 3.63% 2.80% 3.95% 7.60% Change in Revenue/Net Plant n/a 28.32% 11.31% 13.22% 4.53% -7.37% 8.71% -71.05% 7.58% 10.77% -0.80% 4.56% 11.52% Hawaiian Elec. HE Revenues 1,727.30 1,653.70 1,781.30 1,924.10 2,215.60 2,460.90 2,536.40 3,218.90 2,309.60 2,665.00 3,000.00 3,450.00 4,350.00 Net Plant 2,067.50 2,079.30 2,311.90 2,422.30 2,542.80 2,647.50 2,743.40 2,907.40 3,088.60 3,165.90 3,295.00 3,465.00 4,500.00 Revenue/Net Plant 83.55% 79.53% 77.05% 79.43% 87.13% 92.95% 92.45% 110.71% 74.78% 84.18% 91.05% 99.57% 96.67% Change in Net Plant n/a 0.57% 11.19% 4.78% 4.97% 4.12% 3.62% 5.98% 6.23% 2.50% 4.08% 5.16% 29.87% Change in Revenue/Net Plant n/a -4.80% -3.12% 3.09% 9.69% 6.68% -0.53% 19.75% -32.46% 12.57% 8.16% 9.36% -2.91% IDACORP, Inc. IDA Revenues 5,648.00 928.80 782.70 844.50 859.50 926.30 879.40 960.40 1,049.80 1,036.00 1,060.00 1,150.00 1,250.00 Net Plant 1,886.00 1,906.50 2,088.30 2,209.50 2,314.30 2,419.10 2,616.60 2,758.20 2,917.00 3,161.40 3,250.00 3,400.00 4,050.00 Revenue/Net Plant 299.47% 48.72% 37.48% 38.22% 37.14% 38.29% 33.61% 34.82% 35.99% 32.77% 32.62% 33.82% 30.86% Change in Net Plant n/a 1.09% 9.54% 5.80% 4.74% 4.53% 8.16% 5.41% 5.76% 8.38% 2.80% 4.62% 19.12% Change in Revenue/Net Plant n/a -83.73% -23.07% 1.98% -2.83% 3.10% -12.23% 3.60% 3.36% -8.94% -0.47% 3.70% -8.75% Integrys Energy TEG Revenues 2,675.50 2,674.90 4,321.30 4,890.60 6,962.70 6,890.70 10,292.00 14,048.00 7,499.80 5,203.20 4,950.00 5,100.00 5,750.00 Net Plant 1, 463.60 1,610.20 1,828.70 2,002.60 2,049.40 2,534.80 4,463.80 4,773.30 4,945.10 5,013.40 5,175.00 5,510.00 6,500.00 Revenue/Net Plant 182.80% 166.12% 236.30% 244.21% 339.74% 271.84% 230.57% 294.30% 151.66% 103.79% 95.65% 92.56% 88.46% Change in Net Plant n/a 10.02% 13.57% 9.51% 2.34% 23.68% 76.10% 6.93% 3.60% 1.38% 3.22% 6.47% 17.97% Change in Revenue/Net Plant n/a -9.12% 42.25% 3.35% 39.12% -19.99% -15.18% 27.64% -48.47% -31.57% -7.84% -3.23% -4.43% MGE Energy MGEE Revenues 333.70 347.10 401.50 424.90 513.40 507.50 537.60 596.00 533.80 532.60 550.00 545.00 645.00 Net Plant 401.20 451.50 537.50 607.40 667.70 728.40 844.00 901.20 939.80 968.00 1,000.00 1,030.00 1,100.00 Revenue/Net Plant 83.18% 76.88% 74.70% 69.95% 76.89% 69.67% 63.70% 66.13% 56.80% 55.02% 55.00% 52.91% 58.64% Change in Net Plant n/a 12.54% 19.05% 13.00% 9.93% 9.09% 15.87% 6.78% 4.28% 3.00% 3.31% 3.00% 6.80% Change in Revenue/Net Plant n/a -7.57% -2.83% -6.35% 9.92% -9.39% -8.58% 3.83% -14.11% -3.13% -0.04% -3.80% 10.82% NV Energy NVE Revenues 4,588.70 2,991.70 2,789.20 2,823.80 3,030.20 3,356.00 3,601.00 3,528.10 3,585.80 3,280.20 3,150.00 3,400.00 3,850.00 Net Plant 4,109.20 4,308.70 4,642.70 4,926.90 5,397.60 6,087.00 7,011.00 8,310.30 8,665.60 8,929.70 8,950.00 9,075.00 9,375.00 Revenue/Net Plant 111.67% 69.43% 60.08% 57.31% 56.14% 55.13% 51.36% 42.45% 41.38% 36.73% 35.20% 37.47% 41.07% Change in Net Plant n/a 4.85% 7.75% 6.12% 9.55% 12.77% 15.18% 18.53% 4.28% 3.05% 0.23% 1.40% 3.31% Change in Revenue/Net Plant n/a -37.82% -13.48% -4.60% -2.05% -1.79% -6.84% -17.34% -2.53% -11.23% -4.19% 6.45% 9.61% Northeast Utilities NU Revenues 6,873.80 5,216.30 6,069.20 6,686.70 5,507.30 6,884.40 5,822.20 5,800.10 5,439.40 4,898.20 4,700.00 5,000.00 5,750.00 Net Plant 3, 822.10 4,728.40 5,429.90 5,864.20 6,417.20 6,242.20 7,229.90 8,207.90 8,840.00 9,567.70 10,070.00 11,830.00 13,425.00 Revenue/Net Plant 179.84% 110.32% 111.77% 114.03% 85.82% 110.29% 80.53% 70.66% 61.53% 51.20% 46.67% 42.27% 42.83% Change in Net Plant n/a 23.71% 14.84% 8.00% 9.43% -2.73% 15.82% 13.53% 7.70% 8.23% 5.25% 17.48% 13.48% Change in Revenue/Net Plant n/a -38.66% 1.32% 2.01% -24.74% 28.51% -26.98% -12.25% -12.92% -16.80% -8.83% -9.44% 1.34% Otter Tail Corp. OTTR Revenues 654.10 710.10 753.20 882.30 1,046.40 1,105.00 1,238.90 1,311.20 1,039.50 1,119.10 1,200.00 1,275.00 1,650.00 Net Plant 543.00 587.90 633.30 682.10 697.10 718.60 854.00 1,037.60 1,098.60 1,108.70 1,120.00 1,160.00 1,400.00 Revenue/Net Plant 120.46% 120.79% 118.93% 129.35% 150.11% 153.77% 145.07% 126.37% 94.62% 100.94% 107.14% 109.91% 117.86% Change in Net Plant n/a 8.27% 7.72% 7.71% 2.20% 3.08% 18.84% 21.50% 5.88% 0.92% 1.02% 3.57% 20.69% Change in Revenue/Net Plant n/a 0.27% -1.53% 8.76% 16.05% 2.44% -5.66% -12.89% -25.12% 6.68% 6.15% 2.59% 7.23% Pepco Holdings POM Revenues 7,966.50 6,777.30 7,271.30 7,221.80 8,065.50 8,362.90 9,366.40 10,700.00 9,259.00 7,039.00 6,700.00 6,400.00 7,000.00 Net Plant 6,352.00 6,798.00 6,964.90 7,088.00 7,312.00 7,576.60 7,876.70 8,314.00 8,863.00 7,673.00 7,700.00 7,750.00 8,000.00 Revenue/Net Plant 125.42% 99.70% 104.40% 101.89% 110.30% 110.38% 118.91% 128.70% 104.47% 91.74% 87.01% 82.58% 87.50% Change in Net Plant n/a 7.02% 2.46% 1.77% 3.16% 3.62% 3.96% 5.55% 6.60% -13.43% 0.35% 0.65% 3.23% Change in Revenue/Net Plant n/a -20.51% 4.72% -2.41% 8.26% 0.07% 7.73% 8.23% -18.83% -12.19% -5.15% -5.09% 5.96% PG&E Corp. PCG Revenues 22,959.00 12,495.00 10,435.00 11,080.00 11,703.00 12,539.00 13,237.00 14,628.00 13,399.00 13,841.00 14,500.00 15,500.00 19,000.00 Net Plant 19, 167.00 16,928.00 18,107.00 18,989.00 19,955.00 21,785.00 23,656.00 26,261.00 28,892.00 31,449.00 33,225.00 35,500.00 42,900.00 Revenue/Net Plant 119.78% 73.81% 57.63% 58.35% 58.65% 57.56% 55.96% 55.70% 46.38% 44.01% 43.64% 43.66% 44.29% Change in Net Plant n/a -11.68% 6.96% 4.87% 5.09% 9.17% 8.59% 11.01% 10.02% 8.85% 5.65% 6.85% 20.85% Change in Revenue/Net Plant n/a -38.38% -21.92% 1.25% 0.51% -1.86% -2.78% -0.45% -16.74% -5.10% -0.84% 0.05% 1.44% DUPONT FORMULA - ANALYSIS OF O'DONNELL PROXY GROUP Rebuttal Exhibit No. RBH-11 Page 3 of 9

Company 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2014-2016 Pinnacle West Capital PNW Revenues 3,690.20 4,551.40 2,637.30 2,817.90 2,899.70 2,988.00 3,401.70 3,523.60 3,297.10 3,263.60 3,350.00 3,500.00 3,850.00 Net Plant 5,133.20 5,907.30 6,479.40 7,480.10 7,535.50 7,577.10 7,881.90 8,436.40 9,257.80 9,578.80 10,135.00 10,750.00 12,200.00 Revenue/Net Plant 71.89% 77.05% 40.70% 37.67% 38.48% 39.43% 43.16% 41.77% 35.61% 34.07% 33.05% 32.56% 31.56% Change in Net Plant n/a 15.08% 9.68% 15.44% 0.74% 0.55% 4.02% 7.04% 9.74% 3.47% 5.81% 6.07% 13.49% Change in Revenue/Net Plant n/a 7.18% -47.17% -7.45% 2.15% 2.48% 9.44% -3.22% -14.73% -4.33% -2.99% -1.50% -3.07% PNM Resources PNM Revenues 2,352.10 1,169.00 1,455.70 1,604.80 2,076.80 2,471.70 1,914.00 1,959.50 1,647.70 1,673.50 1,710.00 1,820.00 2,200.00 Net Plant 1,781.00 1,867.30 2,194.40 2,324.60 2,984.10 3,761.90 2,935.40 3,192.00 3,332.40 3,444.40 3,500.00 3,600.00 3,800.00 Revenue/Net Plant 132.07% 62.60% 66.34% 69.04% 69.60% 65.70% 65.20% 61.39% 49.44% 48.59% 48.86% 50.56% 57.89% Change in Net Plant n/a 4.85% 17.52% 5.93% 28.37% 26.06% -21.97% 8.74% 4.40% 3.36% 1.61% 2.86% 5.56% Change in Revenue/Net Plant n/a -52.60% 5.96% 4.07% 0.81% -5.59% -0.76% -5.85% -19.45% -1.74% 0.56% 3.48% 14.52% Progress Energy PGN Revenues 8,461.50 7,945.00 8,743.00 9,772.00 10,108.00 9,570.00 9,153.00 9,167.00 9,885.00 10,190.00 9,700.00 9,800.00 11,100.00 Net Plant 10,915.00 10,656.00 14,434.00 14,363.00 14,442.00 15,245.00 16,605.00 18,293.00 19,733.00 21,240.00 21,300.00 21,700.00 23,000.00 Revenue/Net Plant 77.52% 74.56% 60.57% 68.04% 69.99% 62.77% 55.12% 50.11% 50.09% 47.98% 45.54% 45.16% 48.26% Change in Net Plant n/a -2.37% 35.45% -0.49% 0.55% 5.56% 8.92% 10.17% 7.87% 7.64% 0.28% 1.88% 5.99% Change in Revenue/Net Plant n/a -3.82% -18.76% 12.32% 2.87% -10.31% -12.19% -9.09% -0.04% -4.23% -5.08% -0.83% 6.86% Public Servo Enterprise PEG Revenues 9,815.00 8,390.00 11,116.00 10,996.00 12,430.00 12,164.00 12,853.00 14,139.00 12,431.00 11,793.00 11,450.00 11,250.00 13,000.00 Net Plant 10, 064.00 11,449.00 12,422.00 13,750.00 13,336.00 13,002.00 13,275.00 14,433.00 15,440.00 16,390.00 17,500.00 18,675.00 22,000.00 Revenue/Net Plant 97.53% 73.28% 89.49% 79.97% 93.21% 93.55% 96.82% 97.96% 80.51% 71.95% 65.43% 60.24% 59.09% Change in Net Plant n/a 13.76% 8.50% 10.69% -3.01% -2.50% 2.10% 8.72% 6.98% 6.15% 6.77% 6.71% 17.80% Change in Revenue/Net Plant n/a -24.86% 22.11% -10.63% 16.55% 0.37% 3.49% 1.18% -17.81% -10.63% -9.07% -7.93% -1.91% SCANA Corp. SCG Revenues 3,451.00 2,954.00 3,416.00 3,885.00 4,777.00 4,563.00 4,621.00 5,319.00 4,237.00 4,601.00 4,500.00 4,700.00 5,450.00 Net Plant 4,803.00 5,474.00 6,417.00 6,762.00 6,734.00 7,007.00 7,538.00 8,305.00 9,009.00 9,662.00 10,375.00 11,485.00 15,125.00 Revenue/Net Plant 71.85% 53.96% 53.23% 57.45% 70.94% 65.12% 61.30% 64.05% 47.03% 47.62% 43.37% 40.92% 36.03% Change in Net Plant n/a 13.97% 17.23% 5.38% -0.41% 4.05% 7.58% 10.18% 8.48% 7.25% 7.38% 10.70% 31.69% Change in Revenue/Net Plant n/a -24.89% -1.35% 7.93% 23.47% -8.20% -5.86% 4.47% -26.57% 1.25% -8.92% -5.65% -11.95% TECO Energy TE Revenues 2,648.60 2,675.80 2,740.00 2,669.10 3,010.10 3,448.10 3,536.10 3,375.30 3,310.50 3,487.90 3,400.00 3,500.00 4,000.00 Net Plant 4,838.30 5,464.00 5,679.00 4,657.90 4,566.90 4,766.90 4,888.20 5,221.30 5,544.10 5,841.00 5,955.00 6,085.00 6,225.00 Revenue/Net Plant 54.74% 48.97% 48.25% 57.30% 65.91% 72.33% 72.34% 64.64% 59.71% 59.71% 57.09% 57.52% 64.26% Change in Net Plant n/a 12.93% 3.93% -17.98% -1.95% 4.38% 2.54% 6.81% 6.18% 5.36% 1.95% 2.18% 2.30% Change in Revenue/Net Plant n/a -10.54% -1.48% 18.77% 15.02% 9.74% 0.01% -10.64% -7.63% 0.00% -4.39% 0.74% 11.72% UIL Holdings UIL Revenues 1,085.80 1,131.00 963.70 1,101.30 1,213.10 846.00 982.00 948.70 896.60 997.70 1,650.00 1,700.00 1,850.00 Net Plant 546.40 517.10 548.80 563.90 592.10 647.00 878.40 1,073.60 1,153.00 2,327.50 2,500.00 2,650.00 2,950.00 Revenue/Net Plant 198.72% 218.72% 175.60% 195.30% 204.88% 130.76% 111.79% 88.37% 77.76% 42.87% 66.00% 64.15% 62.71% Change in Net Plant n/a -5.36% 6.13% 2.75% 5.00% 9.27% 35.77% 22.22% 7.40% 101.86% 7.41% 6.00% 11.32% Change in Revenue/Net Plant n/a 10.06% -19.71% 11.22% 4.91% -36.18% -14.50% -20.96% -12.00% -44.88% 53.97% -2.80% -2.24% Vectren Corp. VVC Revenues 2,170.00 1,804.30 1,587.60 1,689.80 2,028.00 2,041.60 2,281.90 2,484.70 2,088.90 2,129.50 2,250.00 2,400.00 2,800.00 Net Plant 1,595.00 1,648.10 2,003.70 2,156.20 2,251.90 2,385.50 2,539.70 2,720.30 2,878.80 2,955.40 3,020.00 3,100.00 3,350.00 Revenue/Net Plant 136.05% 109.48% 79.23% 78.37% 90.06% 85.58% 89.85% 91.34% 72.56% 72.05% 74.50% 77.42% 83.58% Change in Net Plant n/a 3.33% 21.58% 7.61% 4.44% 5.93% 6.46% 7.11% 5.83% 2.66% 2.19% 2.65% 8.06% Change in Revenue/Net Plant n/a -19.53% -27.63% -1.09% 14.91% -4.97% 4.98% 1.66% -20.56% -0.70% 3.40% 3.91% 7.96% Westar Energy WR Revenues 2,186.30 1,771.10 1,461.10 1,464.50 1,583.30 1,605.70 1,726.80 1,839.00 1,858.20 2,056.20 2,125.00 2,230.00 2,600.00 Net Plant 4,042.90 3,995.40 3,909.50 3,911.00 3,947.70 4,071.60 4,803.70 5,533.50 5,771.70 6,309.50 6,300.00 6,750.00 7,800.00 Revenue/Net Plant 54.08% 44.33% 37.37% 37.45% 40.11% 39.44% 35.95% 33.23% 32.20% 32.59% 33.73% 33.04% 33.33% Change in Net Plant n/a -1.17% -2.15% 0.04% 0.94% 3.14% 17.98% 15.19% 4.30% 9.32% -0.15% 7.14% 15.56% Change in Revenue/Net Plant n/a -18.03% -15.69% 0.19% 7.11% -1.67% -8.85% -7.55% -3.13% 1.22% 3.50% -2.05% 0.90% Xcel Energy Inc. XEL Revenues 15,028.00 9,524.40 7,937.50 8,345.30 9,625.50 9,840.30 10,034.00 11,203.00 9,644.30 10,311.00 10,800.00 12,000.00 14,500.00 Net Plant 21, 165.00 18,816.00 13,667.00 14,096.00 14,696.00 15,549.00 16,676.00 17,689.00 18,508.00 20,663.00 21,625.00 22,900.00 27,900.00 Revenue/Net Plant 71.00% 50.62% 58.08% 59.20% 65.50% 63.29% 60.17% 63.33% 52.11% 49.90% 49.94% 52.40% 51.97% Change in Net Plant n/a -11.10% -27.37% 3.14% 4.26% 5.80% 7.25% 6.07% 4.63% 11.64% 4.66% 5.90% 21.83% Change in Revenue/Net Plant n/a -28.71% 14.74% 1.94% 10.63% -3.38% -4.92% 5.26% -17.72% -4.24% 0.08% 4.92% -0.82%

Average Revenue/Net Plant: 83.94% 81.51% 82.36% 92.24% 86.92% 83.60% 80.93% 65.38% 60.85% 60.57% 59.88% 61.57% Average Change in Net Plant: 4.42% 11.28% 4.05% 3.42% 6.47% 10.84% 12.16% 6.30% 8.98% 4.07% 5.16% 12.64% Cumulative Change in Net Plant 4.42% 16.19% 20.90% 25.04% 33.13% 47.56% 65.50% 75.92% 91.71% 99.51% 109.80% 136.32%

Notes: Source of Revenue and Net Plant: Value Line Rebuttal Exhibit No. RBH-11 Page 4 of 9

DUPONT FORMULA - REGRESSION SUPPORTING DATA

Change in Change in Revenue/Net Ticker Year Net Plant Plant ALE 2005 -2.57% 0.73% ALE 2006 7.11% -2.88% ALE 2007 19.85% -8.44% ALE 2008 25.60% -24.23% ALE 2009 16.97% -18.98% ALE 2010 11.27% 7.38% ALE 2011 10.77% -5.94% ALE 2014-2016 2.35% 13.42% LNT 2002 -3.46% -2.70% LNT 2003 18.86% 0.88% LNT 2004 19.22% -20.67% LNT 2005 -7.92% 20.38% LNT 2006 1.62% 0.80% LNT 2007 -5.36% 8.12% LNT 2008 14.39% -6.38% LNT 2009 15.87% -19.53% LNT 2010 8.51% -8.29% LNT 2011 2.52% 4.22% LNT 2014-2016 12.68% 12.11% AEP 2002 -11.65% -73.11% AEP 2003 1.59% -1.63% AEP 2004 3.50% -6.63% AEP 2005 6.50% -19.11% AEP 2006 10.28% -5.50% AEP 2007 11.53% -4.96% AEP 2008 10.44% -2.28% AEP 2009 4.11% -10.28% AEP 2010 3.87% 2.97% AEP 2011 2.95% 3.02% AEP 2014-2016 10.00% 9.43% AEE 2002 5.78% -19.42% AEE 2003 22.47% -2.36% AEE 2004 21.80% -7.76% AEE 2005 2.07% 28.73% AEE 2006 5.26% -3.60% AEE 2007 5.48% 3.98% AEE 2008 9.94% -5.51% AEE 2009 6.30% -14.91% AEE 2010 1.38% 6.26% AEE 2011 1.52% -1.99% AEE 2014-2016 6.88% 0.85% BKH 2002 19.23% -77.19% BKH 2003 -2.30% 174.31% BKH 2004 0.23% -1.49% BKH 2005 -0.71% 24.95% BKH 2006 14.70% -58.85% BKH 2007 10.76% -4.35% BKH 2008 10.90% 30.33% BKH 2009 6.85% 18.14% BKH 2010 15.49% -10.84% BKH 2011 12.81% -11.17% BKH 2014-2016 14.74% 1.31% CV 2002 -1.30% 1.61% CV 2003 -1.94% 2.85% CV 2004 0.27% -1.51% CV 2005 0.57% 2.46% CV 2006 2.52% 2.02% CV 2007 3.72% -2.58% CV 2008 6.93% -2.76% CV 2009 3.97% -3.85% CV 2010 4.32% -4.20% CV 2011 2.29% 4.37% CV 2014-2016 10.26% -4.40% CNP 2002 1.87% -27.01% CNP 2003 3.53% 18.99% CNP 2004 -30.69% 25.81% CNP 2005 3.73% 10.13% CNP 2006 8.38% -11.56% CNP 2007 5.82% -2.42% CNP 2008 5.71% 11.30% CNP 2009 4.78% -30.19% CNP 2010 8.75% -2.45% CNP 2011 3.78% -7.86% CNP 2014-2016 -2.86% 14.58% Rebuttal Exhibit No. RBH-11 Page 5 of 9

DUPONT FORMULA - REGRESSION SUPPORTING DATA

Change in Change in Revenue/Net Ticker Year Net Plant Plant CHG 2002 7.10% -10.85% CHG 2003 17.58% -1.36% CHG 2004 5.31% -6.84% CHG 2005 4.62% 17.45% CHG 2006 6.11% -3.73% CHG 2007 7.76% 11.80% CHG 2008 6.13% 4.94% CHG 2009 7.03% -34.70% CHG 2010 4.18% 0.18% CHG 2011 1.92% 6.96% CHG 2014-2016 11.11% 10.35% CNL 2002 27.88% -46.73% CNL 2003 -9.52% 34.03% CNL 2004 -25.20% 14.00% CNL 2005 12.14% 10.03% CNL 2006 9.78% -0.94% CNL 2007 32.26% -22.13% CNL 2008 18.51% -11.56% CNL 2009 9.86% -28.05% CNL 2010 23.91% 8.58% CNL 2011 2.00% -0.15% CNL 2014-2016 0.70% 11.72% CMS 2002 -37.41% 44.61% CMS 2003 32.67% -52.17% CMS 2004 24.37% -20.19% CMS 2005 -9.16% 26.50% CMS 2006 1.67% 6.52% CMS 2007 9.43% -12.52% CMS 2008 5.29% -0.63% CMS 2009 5.35% -13.65% CMS 2010 4.00% -0.33% CMS 2011 5.27% -2.53% CMS 2014-2016 19.21% -5.17% ED 2002 8.83% -19.10% ED 2003 14.22% 1.43% ED 2004 5.79% -6.13% ED 2005 6.25% 12.76% ED 2006 7.79% -3.68% ED 2007 7.96% 0.13% ED 2008 4.82% -1.23% ED 2009 7.62% -10.85% ED 2010 6.67% -4.15% ED 2011 2.66% 0.88% ED 2014-2016 11.76% -4.23% CEG 2002 3.33% 15.86% CEG 2003 20.67% 70.98% CEG 2004 5.06% 23.12% CEG 2005 -0.20% 36.78% CEG 2006 -8.39% 22.88% CEG 2007 5.91% 3.76% CEG 2008 9.73% -14.78% CEG 2009 -21.12% -0.22% CEG 2010 9.76% -16.24% CEG 2011 2.92% -1.76% CEG 2014-2016 19.60% -4.44% DTE 2002 2.83% -16.38% DTE 2003 5.21% -0.84% DTE 2004 1.62% -0.57% DTE 2005 3.23% 22.85% DTE 2006 5.73% -5.42% DTE 2007 -0.38% -1.41% DTE 2008 7.21% -1.80% DTE 2009 1.64% -15.48% DTE 2010 4.51% 2.17% DTE 2011 5.64% -2.65% DTE 2014-2016 11.46% 4.26% EIX 2002 2.92% -2.40% EIX 2003 52.63% -30.79% EIX 2004 7.05% -21.49% EIX 2005 7.38% 8.22% EIX 2006 9.98% -3.17% EIX 2007 9.36% -5.00% EIX 2008 9.00% -1.27% EIX 2009 15.80% -24.28% EIX 2010 12.80% -11.10% EIX 2011 13.10% -14.50% EIX 2014-2016 23.86% -6.35% Rebuttal Exhibit No. RBH-11 Page 6 of 9

DUPONT FORMULA - REGRESSION SUPPORTING DATA

Change in Change in Revenue/Net Ticker Year Net Plant Plant EXC 2002 24.68% -20.78% EXC 2003 20.40% -12.19% EXC 2004 4.13% -11.84% EXC 2005 2.32% 3.40% EXC 2006 3.61% -1.61% EXC 2007 6.05% 13.94% EXC 2008 6.87% -6.71% EXC 2009 5.92% -13.30% EXC 2010 9.51% -1.69% EXC 2011 5.62% 2.07% EXC 2014-2016 14.11% 0.22% GXP 2002 -0.75% 28.32% GXP 2003 3.72% 11.31% GXP 2004 1.24% 13.22% GXP 2005 1.14% 4.53% GXP 2006 10.87% -7.37% GXP 2007 12.34% 8.71% GXP 2008 76.55% -71.05% GXP 2009 9.37% 7.58% GXP 2010 3.63% 10.77% GXP 2011 2.80% -0.80% GXP 2014-2016 7.60% 11.52% HE 2002 0.57% -4.80% HE 2003 11.19% -3.12% HE 2004 4.78% 3.09% HE 2005 4.97% 9.69% HE 2006 4.12% 6.68% HE 2007 3.62% -0.53% HE 2008 5.98% 19.75% HE 2009 6.23% -32.46% HE 2010 2.50% 12.57% HE 2011 4.08% 8.16% HE 2014-2016 29.87% -2.91% IDA 2002 1.09% -83.73% IDA 2003 9.54% -23.07% IDA 2004 5.80% 1.98% IDA 2005 4.74% -2.83% IDA 2006 4.53% 3.10% IDA 2007 8.16% -12.23% IDA 2008 5.41% 3.60% IDA 2009 5.76% 3.36% IDA 2010 8.38% -8.94% IDA 2011 2.80% -0.47% IDA 2014-2016 19.12% -8.75% TEG 2002 10.02% -9.12% TEG 2003 13.57% 42.25% TEG 2004 9.51% 3.35% TEG 2005 2.34% 39.12% TEG 2006 23.68% -19.99% TEG 2007 76.10% -15.18% TEG 2008 6.93% 27.64% TEG 2009 3.60% -48.47% TEG 2010 1.38% -31.57% TEG 2011 3.22% -7.84% TEG 2014-2016 17.97% -4.43% MGEE 2002 12.54% -7.57% MGEE 2003 19.05% -2.83% MGEE 2004 13.00% -6.35% MGEE 2005 9.93% 9.92% MGEE 2006 9.09% -9.39% MGEE 2007 15.87% -8.58% MGEE 2008 6.78% 3.83% MGEE 2009 4.28% -14.11% MGEE 2010 3.00% -3.13% MGEE 2011 3.31% -0.04% MGEE 2014-2016 6.80% 10.82% NVE 2002 4.85% -37.82% NVE 2003 7.75% -13.48% NVE 2004 6.12% -4.60% NVE 2005 9.55% -2.05% NVE 2006 12.77% -1.79% NVE 2007 15.18% -6.84% NVE 2008 18.53% -17.34% NVE 2009 4.28% -2.53% NVE 2010 3.05% -11.23% NVE 2011 0.23% -4.19% NVE 2014-2016 3.31% 9.61% Rebuttal Exhibit No. RBH-11 Page 7 of 9

DUPONT FORMULA - REGRESSION SUPPORTING DATA

Change in Change in Revenue/Net Ticker Year Net Plant Plant NU 2002 23.71% -38.66% NU 2003 14.84% 1.32% NU 2004 8.00% 2.01% NU 2005 9.43% -24.74% NU 2006 -2.73% 28.51% NU 2007 15.82% -26.98% NU 2008 13.53% -12.25% NU 2009 7.70% -12.92% NU 2010 8.23% -16.80% NU 2011 5.25% -8.83% NU 2014-2016 13.48% 1.34% OTTR 2002 8.27% 0.27% OTTR 2003 7.72% -1.53% OTTR 2004 7.71% 8.76% OTTR 2005 2.20% 16.05% OTTR 2006 3.08% 2.44% OTTR 2007 18.84% -5.66% OTTR 2008 21.50% -12.89% OTTR 2009 5.88% -25.12% OTTR 2010 0.92% 6.68% OTTR 2011 1.02% 6.15% OTTR 2014-2016 20.69% 7.23% POM 2002 7.02% -20.51% POM 2003 2.46% 4.72% POM 2004 1.77% -2.41% POM 2005 3.16% 8.26% POM 2006 3.62% 0.07% POM 2007 3.96% 7.73% POM 2008 5.55% 8.23% POM 2009 6.60% -18.83% POM 2010 -13.43% -12.19% POM 2011 0.35% -5.15% POM 2014-2016 3.23% 5.96% PCG 2002 -11.68% -38.38% PCG 2003 6.96% -21.92% PCG 2004 4.87% 1.25% PCG 2005 5.09% 0.51% PCG 2006 9.17% -1.86% PCG 2007 8.59% -2.78% PCG 2008 11.01% -0.45% PCG 2009 10.02% -16.74% PCG 2010 8.85% -5.10% PCG 2011 5.65% -0.84% PCG 2014-2016 20.85% 1.44% PNW 2002 15.08% 7.18% PNW 2003 9.68% -47.17% PNW 2004 15.44% -7.45% PNW 2005 0.74% 2.15% PNW 2006 0.55% 2.48% PNW 2007 4.02% 9.44% PNW 2008 7.04% -3.22% PNW 2009 9.74% -14.73% PNW 2010 3.47% -4.33% PNW 2011 5.81% -2.99% PNW 2014-2016 13.49% -3.07% PNM 2002 4.85% -52.60% PNM 2003 17.52% 5.96% PNM 2004 5.93% 4.07% PNM 2005 28.37% 0.81% PNM 2006 26.06% -5.59% PNM 2007 -21.97% -0.76% PNM 2008 8.74% -5.85% PNM 2009 4.40% -19.45% PNM 2010 3.36% -1.74% PNM 2011 1.61% 0.56% PNM 2014-2016 5.56% 14.52% PGN 2002 -2.37% -3.82% PGN 2003 35.45% -18.76% PGN 2004 -0.49% 12.32% PGN 2005 0.55% 2.87% PGN 2006 5.56% -10.31% PGN 2007 8.92% -12.19% PGN 2008 10.17% -9.09% PGN 2009 7.87% -0.04% PGN 2010 7.64% -4.23% PGN 2011 0.28% -5.08% PGN 2014-2016 5.99% 6.86% Rebuttal Exhibit No. RBH-11 Page 8 of 9

DUPONT FORMULA - REGRESSION SUPPORTING DATA

Change in Change in Revenue/Net Ticker Year Net Plant Plant PEG 2002 13.76% -24.86% PEG 2003 8.50% 22.11% PEG 2004 10.69% -10.63% PEG 2005 -3.01% 16.55% PEG 2006 -2.50% 0.37% PEG 2007 2.10% 3.49% PEG 2008 8.72% 1.18% PEG 2009 6.98% -17.81% PEG 2010 6.15% -10.63% PEG 2011 6.77% -9.07% PEG 2014-2016 17.80% -1.91% SCG 2002 13.97% -24.89% SCG 2003 17.23% -1.35% SCG 2004 5.38% 7.93% SCG 2005 -0.41% 23.47% SCG 2006 4.05% -8.20% SCG 2007 7.58% -5.86% SCG 2008 10.18% 4.47% SCG 2009 8.48% -26.57% SCG 2010 7.25% 1.25% SCG 2011 7.38% -8.92% SCG 2014-2016 31.69% -11.95% TE 2002 12.93% -10.54% TE 2003 3.93% -1.48% TE 2004 -17.98% 18.77% TE 2005 -1.95% 15.02% TE 2006 4.38% 9.74% TE 2007 2.54% 0.01% TE 2008 6.81% -10.64% TE 2009 6.18% -7.63% TE 2010 5.36% 0.00% TE 2011 1.95% -4.39% TE 2014-2016 2.30% 11.72% UIL 2002 -5.36% 10.06% UIL 2003 6.13% -19.71% UIL 2004 2.75% 11.22% UIL 2005 5.00% 4.91% UIL 2006 9.27% -36.18% UIL 2007 35.77% -14.50% UIL 2008 22.22% -20.96% UIL 2009 7.40% -12.00% UIL 2010 101.86% -44.88% UIL 2011 7.41% 53.97% UIL 2014-2016 11.32% -2.24% VVC 2002 3.33% -19.53% VVC 2003 21.58% -27.63% VVC 2004 7.61% -1.09% VVC 2005 4.44% 14.91% VVC 2006 5.93% -4.97% VVC 2007 6.46% 4.98% VVC 2008 7.11% 1.66% VVC 2009 5.83% -20.56% VVC 2010 2.66% -0.70% VVC 2011 2.19% 3.40% VVC 2014-2016 8.06% 7.96% WR 2002 -1.17% -18.03% WR 2003 -2.15% -15.69% WR 2004 0.04% 0.19% WR 2005 0.94% 7.11% WR 2006 3.14% -1.67% WR 2007 17.98% -8.85% WR 2008 15.19% -7.55% WR 2009 4.30% -3.13% WR 2010 9.32% 1.22% WR 2011 -0.15% 3.50% WR 2014-2016 15.56% 0.90% XEL 2002 -11.10% -28.71% XEL 2003 -27.37% 14.74% XEL 2004 3.14% 1.94% XEL 2005 4.26% 10.63% XEL 2006 5.80% -3.38% XEL 2007 7.25% -4.92% XEL 2008 6.07% 5.26% XEL 2009 4.63% -17.72% XEL 2010 11.64% -4.24% XEL 2011 4.66% 0.08% XEL 2014-2016 21.83% -0.82% Rebuttal Exhibit No. RBH-11 Page 9 of 9

DUPONT FORMULA - REGRESSION ANALYSIS

SUMMARY OUTPUT X = Change in Net Plant Y = Change in Revenue/Net Plant Regression Statistics Multiple R 0.340977205 R Square 0.116265454 Adjusted R Square 0.113939837 Standard Error 0.181122354 Observations 382

ANOVA df SS MS F Significance F Regression 1 1.640048 1.640048 49.993375 0.000000 Residual 380 12.466017 0.032805 Total 381 14.106065

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 0.015913 0.011209 1.419732 0.156506 -0.006126 0.037952 X Variable 1 -0.578906 0.081875 -7.070599 0.000000 -0.739891 -0.417921 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 1 of 15

Source: Value Line Stock Screener (all US equities), accessed November 7, 2011. Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total 1-800-FLOWERS.COM FLWS 30.00 179.79 0.0000 0.0004 3M Company MMM 21.00 56,507.45 0.0041 0.0855 99(Cents) Only Stores NDN 9.00 1,530.90 0.0001 0.0010 A.H. Belo AHC 28.00 104.57 0.0000 0.0002 AAR Corp. AIR 29.00 797.43 0.0001 0.0017 Aaron's Inc. AAN 4.00 2,116.83 0.0002 0.0006 Abaxis, Inc. ABAX 12.00 630.43 0.0000 0.0005 Abbott Labs. ABT 18.00 83,806.10 0.0060 0.1087 Abercrombie & Fitch ANF 9.00 5,153.61 0.0004 0.0033 Aberdeen Australia Fd. IAF 14.00 - - ABM Industries Inc. ABM 26.00 1,079.61 0.0001 0.0020 AboveNet ABVT 12.00 1,544.10 0.0001 0.0013 ACCO Brands ABD 25.00 398.54 0.0000 0.0007 ACI Worldwide ACIW 13.00 1,048.34 0.0001 0.0010 Acme Packet APKT 2.00 2,572.79 0.0002 0.0004 Activision Blizzard ATVI 24.00 15,282.09 0.0011 0.0264 Actuant Corp. ATU 15.00 1,631.12 0.0001 0.0018 Acuity Brands AYI 12.00 2,020.76 0.0001 0.0017 Adams Express ADX 16.00 - - Adobe Systems ADBE 27.00 14,863.03 0.0011 0.0289 ADTRAN, Inc. ADTN 21.00 2,144.24 0.0002 0.0032 Advance Auto Parts AAP 18.00 5,019.93 0.0004 0.0065 Advanced Energy AEIS 43.00 389.52 0.0000 0.0012 Advanced Micro Dev. AMD 33.00 3,959.43 0.0003 0.0094 Advent Software ADVS 13.00 1,441.91 0.0001 0.0014 Advisory Board ABCO 2.00 1,136.89 0.0001 0.0002 AECOM Techn. ACM 30.00 2,514.80 0.0002 0.0054 Aegion Corp. AEGN 35.00 618.90 0.0000 0.0016 Aeropostale ARO 39.00 1,378.94 0.0001 0.0039 AeroVironment AVAV 12.00 717.29 0.0001 0.0006 AES Corp. AES 18.00 9,058.72 0.0007 0.0117 Aetna Inc. AET 20.00 14,766.84 0.0011 0.0213 AFC Enterprises AFCE 16.00 347.50 0.0000 0.0004 Affiliated Managers AMG 15.00 4,908.88 0.0004 0.0053 Affymetrix Inc. AFFX 41.00 348.31 0.0000 0.0010 Aflac Inc. AFL 19.00 21,340.29 0.0015 0.0292 AGCO Corp. AGCO 15.00 4,286.32 0.0003 0.0046 Agilent Technologies A 15.00 12,892.05 0.0009 0.0139 Agilysys, Inc. AGYS - 203.94 0.0000 - AGL Resources AGL 12.00 3,244.98 0.0002 0.0028 Air Products & Chem. APD 14.00 18,399.77 0.0013 0.0186 Aircastle Ltd. AYR 11.00 940.95 0.0001 0.0007 Airgas Inc. ARG 15.00 5,350.05 0.0004 0.0058 AK Steel Holding AKS 53.00 957.12 0.0001 0.0037 Akamai Technologies AKAM 26.00 5,430.68 0.0004 0.0102 Alaska Air Group ALK 9.00 2,481.86 0.0002 0.0016 Alaska Communic. ALSK 18.00 354.38 0.0000 0.0005 Albany Int'l 'A' AIN 17.00 732.80 0.0001 0.0009 Albany Molecular AMRI 21.00 97.40 0.0000 0.0001 Albemarle Corp. ALB 19.00 4,828.33 0.0003 0.0066 Alcoa Inc. AA 31.00 11,568.68 0.0008 0.0258 Alere Inc. ALR 25.00 2,247.37 0.0002 0.0040 Alexander & Baldwin ALEX 15.00 1,751.11 0.0001 0.0019 Alexion Pharmac. ALXN 1.00 12,031.36 0.0009 0.0009 Align Techn. ALGN 11.00 1,749.33 0.0001 0.0014 Alleghany Corp. Y 5.00 3,034.10 0.0002 0.0011 Allegheny Techn. ATI 26.00 5,081.51 0.0004 0.0095 Allegiant Travel ALGT 16.00 1,025.13 0.0001 0.0012 Allergan, Inc. AGN 8.00 25,798.02 0.0019 0.0149 ALLETE ALE 5.00 1,365.70 0.0001 0.0005 Alliance Data Sys. ADS 8.00 5,239.53 0.0004 0.0030 Alliance Resource ARLP 7.00 2,719.22 0.0002 0.0014 AllianceBernstein Hldg. AB 40.00 3,772.61 0.0003 0.0109 AllianceBernstein Income ACG 6.00 - - Alliant Energy LNT 9.00 4,589.02 0.0003 0.0030 Alliant Techsystems ATK 20.00 2,078.69 0.0001 0.0030 Allscripts Healthcare MDRX 8.00 3,711.06 0.0003 0.0021 Allstate Corp. ALL 21.00 13,431.66 0.0010 0.0203 Alnylam Pharmac. ALNY 15.00 345.92 0.0000 0.0004 Alpha Natural Res. ANR 47.00 6,137.70 0.0004 0.0208 Altera Corp. ALTR 17.00 12,282.33 0.0009 0.0150 Altra Holdings, Inc. AIMC 21.00 443.53 0.0000 0.0007 Altria Group MO 9.00 56,423.38 0.0041 0.0366 Amazon.com AMZN 10.00 99,321.95 0.0072 0.0716 AMCOL Int'l ACO 18.00 995.24 0.0001 0.0013 Amdocs Ltd. DOX 15.00 5,535.69 0.0004 0.0060 Amedisys, Inc. AMED 43.00 286.65 0.0000 0.0009 Amer. Axle AXL 27.00 704.88 0.0001 0.0014 Amer. Capital, Ltd. ACAS 31.00 2,673.47 0.0002 0.0060 Amer. Eagle Outfitters AEO 15.00 2,734.46 0.0002 0.0030 Amer. Elec. Power AEP 9.00 19,257.21 0.0014 0.0125 Amer. Express AXP 13.00 61,654.24 0.0044 0.0577 Amer. Financial Group AFG 7.00 3,639.75 0.0003 0.0018 Amer. Greetings AM 27.00 622.39 0.0000 0.0012 Amer. Int'l Group AIG (100.00) 46,746.76 0.0034 (0.3368) Amer. States Water AWR 11.00 660.70 0.0000 0.0005 Amer. Superconductor AMSC 48.00 211.10 0.0000 0.0007 Amer. Tower 'A' AMT 10.00 22,738.09 0.0016 0.0164 Amer. Vanguard Corp. AVD 14.00 362.23 0.0000 0.0004 Amer. Water Works AWK 12.00 5,438.58 0.0004 0.0047 Amer. Woodmark AMWD 7.00 212.71 0.0000 0.0001 Ameren Corp. AEE 4.00 7,719.12 0.0006 0.0022 Amerigon Inc. ARGN 14.00 308.04 0.0000 0.0003 Ameriprise Fin'l AMP 24.00 11,099.15 0.0008 0.0192 AmerisourceBergen ABC 16.00 10,860.24 0.0008 0.0125 Ametek, Inc. AME 11.00 6,660.97 0.0005 0.0053 Amgen AMGN 20.00 51,466.80 0.0037 0.0742 Amkor Technology AMKR 24.00 979.72 0.0001 0.0017 AMN Healthcare AHS 35.00 204.92 0.0000 0.0005 Ampco-Pittsburgh AP 28.00 213.96 0.0000 0.0004 Amphenol Corp. APH 16.00 8,195.70 0.0006 0.0094 AMR Corp. AMR 67.00 871.59 0.0001 0.0042 Anadarko Petroleum APC 7.00 41,197.14 0.0030 0.0208 ANADIGICS Inc. ANAD 22.00 187.85 0.0000 0.0003 Analog Devices ADI 22.00 10,956.43 0.0008 0.0174 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 2 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total Analogic Corp. ALOG 5.00 670.85 0.0000 0.0002 AngioDynamics ANGO 8.00 379.79 0.0000 0.0002 Anixter Int'l AXE 19.00 2,081.80 0.0001 0.0028 ANN Inc. ANN 17.00 1,341.50 0.0001 0.0016 Annaly Capital Mgmt. NLY 12.00 10,339.19 0.0007 0.0089 ANSYS, Inc. ANSS 7.00 5,342.75 0.0004 0.0027 AOL, Inc. AOL 25.00 1,649.26 0.0001 0.0030 Aon Corp. AON 12.00 15,452.53 0.0011 0.0134 Apache Corp. APA 15.00 38,997.64 0.0028 0.0421 Apartment Investment AIV 5.00 - - Apogee Enterprises APOG 27.00 309.80 0.0000 0.0006 Apollo Group `A' APOL 17.00 6,517.24 0.0005 0.0080 Apollo Investment AINV 36.00 1,644.17 0.0001 0.0043 Apple Inc. AAPL 23.00 373,607.20 0.0269 0.6191 Applied Ind'l Techn. AIT 13.00 1,465.47 0.0001 0.0014 Applied Materials AMAT 27.00 16,284.68 0.0012 0.0317 Applied Micro AMCC (6.00) 443.53 0.0000 (0.0002) AptarGroup ATR 15.00 3,258.96 0.0002 0.0035 Aqua America WTR 11.00 3,098.84 0.0002 0.0025 Arbitron Inc. ARB 16.00 1,142.90 0.0001 0.0013 Arch Coal ACI 44.00 3,846.11 0.0003 0.0122 Archer Daniels Midl'd ADM 27.00 18,855.54 0.0014 0.0367 Ariba, Inc. ARBA 5.00 3,034.84 0.0002 0.0011 Arkansas Best ABFS 24.00 508.19 0.0000 0.0009 Armstrong World Inds. AWI 9.00 2,363.06 0.0002 0.0015 Arris Group ARRS 20.00 1,281.40 0.0001 0.0018 Arrow Electronics ARW 7.00 4,040.19 0.0003 0.0020 ArthroCare Corp. ARTC 10.00 792.09 0.0001 0.0006 Asbury Automotive ABG 20.00 589.16 0.0000 0.0008 Ascena Retail Group ASNA 17.00 2,228.35 0.0002 0.0027 Ashland Inc. ASH 14.00 4,223.28 0.0003 0.0043 Assoc. Banc-Corp ASBC 19.00 1,921.03 0.0001 0.0026 Astec Inds. ASTE 12.00 777.15 0.0001 0.0007 Astoria Financial AF 31.00 756.35 0.0001 0.0017 AT&T Inc. T 16.00 174,433.10 0.0126 0.2011 athenahealth ATHN 9.00 1,986.86 0.0001 0.0013 Atlantic Tele-Network ATNI 13.00 654.09 0.0000 0.0006 Atlas Air Worldwide AAWW 23.00 1,027.40 0.0001 0.0017 Atmel Corp. ATML 13.00 4,794.34 0.0003 0.0045 ATMI, Inc. ATMI 17.00 642.51 0.0000 0.0008 Atmos Energy ATO 5.00 3,149.14 0.0002 0.0011 Autodesk, Inc. ADSK 14.00 8,045.49 0.0006 0.0081 Autoliv, Inc. ALV 26.00 5,159.75 0.0004 0.0097 Automatic Data Proc. ADP 15.00 25,981.13 0.0019 0.0281 AutoNation, Inc. AN - 5,260.08 0.0004 - AutoZone Inc. AZO 2.00 13,021.79 0.0009 0.0019 Auxilium Pharmac. AUXL 23.00 769.96 0.0001 0.0013 AvalonBay Communities AVB 6.00 - - Avery Dennison AVY 25.00 2,849.67 0.0002 0.0051 Avid Technology AVID 36.00 243.94 0.0000 0.0006 Avis Budget Group CAR 19.00 1,406.33 0.0001 0.0019 Avista Corp. AVA 9.00 1,442.49 0.0001 0.0009 Avnet, Inc. AVT 10.00 4,680.54 0.0003 0.0034 Avon Products AVP 35.00 7,874.55 0.0006 0.0199 AVX Corp. AVX 14.00 2,289.63 0.0002 0.0023 B&G Foods BGS 9.00 1,039.34 0.0001 0.0007 Babcock & Wilcox BWC 15.00 2,641.37 0.0002 0.0029 Badger Meter BMI 15.00 503.97 0.0000 0.0005 Baker Hughes BHI 24.00 24,797.86 0.0018 0.0429 Ball Corp. BLL 14.00 5,795.65 0.0004 0.0058 Bally Technologies BYI 25.00 1,636.03 0.0001 0.0029 BancorpSouth BXS 30.00 842.40 0.0001 0.0018 Bank of America BAC 37.00 70,020.34 0.0050 0.1867 Bank of Hawaii BOH 19.00 1,994.59 0.0001 0.0027 Bank of New York Mellon BK 37.00 26,293.30 0.0019 0.0701 Bard (C.R.) BCR 16.00 7,500.78 0.0005 0.0086 Barnes & Noble BKS - 686.26 0.0000 - Barnes Group B 13.00 1,280.03 0.0001 0.0012 Bassett Furniture BSET 28.00 85.77 0.0000 0.0002 Baxter Int'l Inc. BAX 13.00 31,164.04 0.0022 0.0292 BB&T Corp. BBT 20.00 16,620.92 0.0012 0.0240 BE Aerospace BEAV 12.00 4,024.19 0.0003 0.0035 Beacon Roofing BECN 17.00 862.74 0.0001 0.0011 Beam Inc. BEAM - 7,706.46 0.0006 - Beazer Homes USA BZH 18.00 152.77 0.0000 0.0002 bebe stores BEBE 11.00 603.81 0.0000 0.0005 Becton, Dickinson BDX 16.00 15,738.82 0.0011 0.0181 Bed Bath & Beyond BBBY 20.00 14,881.88 0.0011 0.0214 Belden Inc. BDC 23.00 1,592.53 0.0001 0.0026 Belo Corp. 'A' BLC 18.00 667.68 0.0000 0.0009 Bemis Co. BMS 23.00 2,941.73 0.0002 0.0049 Benchmark Electronics BHE 25.00 851.00 0.0001 0.0015 Berkley (W.R.) WRB 12.00 4,938.93 0.0004 0.0043 Berkshire Hathaway 'B' BRK/B 10.00 - - Berry Petroleum `A' BRY 21.00 2,085.88 0.0002 0.0032 Best Buy Co. BBY 23.00 9,873.67 0.0007 0.0164 BGC Partners Inc. BGCP 31.00 797.30 0.0001 0.0018 Big 5 Sporting Goods BGFV 36.00 199.95 0.0000 0.0005 Big Lots Inc. BIG 20.00 2,728.53 0.0002 0.0039 Biglari Hldgs. BH 9.00 424.95 0.0000 0.0003 Bio-Rad Labs. 'A' BIO 13.00 2,771.59 0.0002 0.0026 Biogen Idec Inc. BIIB (3.00) 27,704.69 0.0020 (0.0060) BioMarin Pharmac. BMRN 2.00 3,647.06 0.0003 0.0005 BJ's Restaurants BJRI 7.00 1,465.78 0.0001 0.0007 Black Box BBOX 21.00 504.09 0.0000 0.0008 Black Hills BKH 5.00 1,317.62 0.0001 0.0005 BlackRock, Inc. BLK 32.00 28,521.24 0.0021 0.0658 Blackstone Group LP BX 30.00 6,792.56 0.0005 0.0147 Block (H&R) HRB 17.00 4,693.51 0.0003 0.0057 Blue Coat Sys. BCSI 29.00 706.97 0.0001 0.0015 Blue Nile NILE 16.00 651.98 0.0000 0.0008 BlueLinx Holdings BXC 29.00 56.18 0.0000 0.0001 Blyth Inc. BTH (1.00) 478.89 0.0000 (0.0000) BMC Software BMC 18.00 6,116.01 0.0004 0.0079 Boardwalk Pipeline BWP 14.00 5,610.45 0.0004 0.0057 Bob Evans Farms BOBE 10.00 1,022.03 0.0001 0.0007 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 3 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total Boeing BA 15.00 49,171.43 0.0035 0.0531 BOK Financial BOKF 12.00 3,655.92 0.0003 0.0032 BorgWarner BWA 14.00 8,286.06 0.0006 0.0084 Boston Beer 'A' SAM 2.00 1,322.30 0.0001 0.0002 Boston Properties BXP (1.00) - - Boston Scientific BSX 32.00 8,974.06 0.0006 0.0207 Boyd Gaming BYD 22.00 597.09 0.0000 0.0009 Brady Corp. BRC 12.00 1,644.97 0.0001 0.0014 BRE Properties BRE 1.00 - - Briggs & Stratton BGG 33.00 734.64 0.0001 0.0017 Brightpoint, Inc. CELL 40.00 678.97 0.0000 0.0020 Brink's (The) Co. BCO 17.00 1,299.17 0.0001 0.0016 Brinker Int'l EAT 14.00 1,951.04 0.0001 0.0020 Bristol-Myers Squibb BMY 10.00 53,784.42 0.0039 0.0388 Bristow Group BRS 11.00 1,885.14 0.0001 0.0015 Broadcom Corp. 'A' BRCM 17.00 19,075.21 0.0014 0.0234 Brocade Communic. BRCD 14.00 2,239.30 0.0002 0.0023 Brookdale Senior Living BKD 21.00 2,001.59 0.0001 0.0030 Brookfield Asset Mgmt. BAM 20.00 17,434.66 0.0013 0.0251 Brooks Automation BRKS 21.00 708.03 0.0001 0.0011 Brown & Brown BRO 14.00 3,168.63 0.0002 0.0032 Brown Shoe BWS 27.00 372.28 0.0000 0.0007 Brown-Forman 'B' BF/B 6.00 10,886.54 0.0008 0.0047 Bruker Corp. BRKR 16.00 2,290.03 0.0002 0.0026 Brunswick Corp. BC 21.00 1,561.06 0.0001 0.0024 Buckeye Partners L.P. BPL 8.00 6,193.25 0.0004 0.0036 Buckle (The), Inc. BKE 11.00 2,144.72 0.0002 0.0017 Buffalo Wild Wings BWLD 6.00 1,181.90 0.0001 0.0005 Bunge Ltd. BG 12.00 9,095.61 0.0007 0.0079 C.H. Robinson CHRW 11.00 11,419.50 0.0008 0.0091 CA, Inc. CA 22.00 10,669.20 0.0008 0.0169 Cabela's Inc. CAB 22.00 1,764.35 0.0001 0.0028 Cablevision Sys. 'A' CVC 29.00 4,191.80 0.0003 0.0088 Cabot Corp. CBT 19.00 2,049.82 0.0001 0.0028 Cabot Microelectr's CCMP 19.00 927.49 0.0001 0.0013 Cabot Oil & Gas 'A' COG (9.00) 8,561.17 0.0006 (0.0056) CACI Int'l CACI 27.00 1,752.00 0.0001 0.0034 Cadence Design Sys. CDNS 8.00 2,992.43 0.0002 0.0017 Cal-Maine Foods CALM 10.00 807.80 0.0001 0.0006 Calgon Carbon CCC 19.00 867.86 0.0001 0.0012 California Water CWT 13.00 778.68 0.0001 0.0007 Callaway Golf ELY 27.00 368.35 0.0000 0.0007 Cambrex Corp. CBM 23.00 170.34 0.0000 0.0003 Cameron Int'l Corp. CAM 12.00 12,623.35 0.0009 0.0109 Campbell Soup CPB 19.00 10,855.80 0.0008 0.0149 Capital One Fin'l COF 13.00 21,294.74 0.0015 0.0199 Capital Trust CT 69.00 49.09 0.0000 0.0002 CapitalSource CSE 30.00 2,058.65 0.0001 0.0044 Capitol Fed. Fin'l CFFN 14.00 1,802.30 0.0001 0.0018 CARBO Ceramics CRR 14.00 3,399.26 0.0002 0.0034 Cardinal Health CAH 13.00 15,500.78 0.0011 0.0145 Career Education CECO 22.00 562.08 0.0000 0.0009 CareFusion Corp. CFN 19.00 5,664.82 0.0004 0.0078 Caribou Coffee CBOU 20.00 292.76 0.0000 0.0004 Carlisle Cos. CSL 14.00 2,609.33 0.0002 0.0026 CarMax, Inc. KMX 14.00 6,960.34 0.0005 0.0070 Carpenter Technology CRS 4.00 2,554.68 0.0002 0.0007 Carter's Inc. CRI 8.00 2,204.40 0.0002 0.0013 Cascade Corp. CASC 21.00 481.45 0.0000 0.0007 Casella Waste Sys. CWST 50.00 171.80 0.0000 0.0006 Casey's Gen'l Stores CASY 11.00 1,911.73 0.0001 0.0015 Cash Amer. Int'l CSH 6.00 1,619.98 0.0001 0.0007 Catalyst Health Solns CHSI 12.00 2,268.39 0.0002 0.0020 Caterpillar Inc. CAT 15.00 62,022.34 0.0045 0.0670 Cato Corp. CATO 15.00 746.24 0.0001 0.0008 Cbeyond, Inc. CBEY 22.00 191.48 0.0000 0.0003 CBRE Group CBG 20.00 5,527.95 0.0004 0.0080 CBS Corp. 'B' CBS 9.00 16,379.36 0.0012 0.0106 CDI Corp. CDI 17.00 252.07 0.0000 0.0003 CEC Entertainment CEC 21.00 607.40 0.0000 0.0009 Cedar Fair L.P. FUN 27.00 1,161.16 0.0001 0.0023 Celgene Corp. CELG 17.00 29,505.04 0.0021 0.0361 Cen. Vermont Pub. Serv. CV (1.00) 472.99 0.0000 (0.0000) CenterPoint Energy CNP 4.00 8,644.43 0.0006 0.0025 Central Europe/Russia CEE 16.00 - - Central European Dist. CEDC 63.00 365.33 0.0000 0.0017 Central Garden & Pet CENT 18.00 476.50 0.0000 0.0006 CenturyLink Inc. CTL 8.00 22,017.46 0.0016 0.0127 Cepheid CPHD 12.00 2,211.20 0.0002 0.0019 Ceradyne Inc. CRDN 12.00 795.93 0.0001 0.0007 Cerner Corp. CERN (1.00) 10,823.89 0.0008 (0.0008) CF Industries CF 8.00 12,498.75 0.0009 0.0072 CH Energy Group CHG 2.00 873.07 0.0001 0.0001 Charles River CRL 14.00 1,516.17 0.0001 0.0015 Charming Shoppes CHRS 25.00 408.81 0.0000 0.0007 Chart Industries GTLS - 1,761.06 0.0001 - Checkpoint Systems CKP 18.00 500.40 0.0000 0.0006 Cheesecake Factory CAKE 14.00 1,558.39 0.0001 0.0016 Chemed Corp. CHE 15.00 1,245.77 0.0001 0.0013 Chesapeake Energy CHK 15.00 18,434.05 0.0013 0.0199 Chevron Corp. CVX 11.00 212,576.60 0.0153 0.1685 Chicago Bridge & Iron CBI 16.00 3,762.79 0.0003 0.0043 Chico's FAS CHS 26.00 2,142.04 0.0002 0.0040 Children's Place PLCE 14.00 1,221.77 0.0001 0.0012 China Fund (The) CHN 23.00 - - Chipotle Mex. Grill CMG 4.00 10,567.80 0.0008 0.0030 Chiquita Brands Int'l CQB 31.00 400.28 0.0000 0.0009 Choice Hotels Int'l CHH 7.00 2,116.87 0.0002 0.0011 Christopher & Banks CBK 24.00 116.39 0.0000 0.0002 Chubb Corp. CB 8.00 19,325.67 0.0014 0.0111 Church & Dwight CHD 7.00 6,203.98 0.0004 0.0031 Ciena Corp. CIEN 20.00 1,332.14 0.0001 0.0019 CIGNA Corp. CI 18.00 11,561.72 0.0008 0.0150 Cimarex Energy XEC 11.00 5,333.52 0.0004 0.0042 Cincinnati Bell CBB 21.00 652.41 0.0000 0.0010 Cincinnati Financial CINF 7.00 4,772.64 0.0003 0.0024 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 4 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total Cinemark Hldgs. CNK 15.00 2,350.30 0.0002 0.0025 Cintas Corp. CTAS 15.00 3,846.26 0.0003 0.0042 Cirrus Logic CRUS 19.00 1,100.25 0.0001 0.0015 Cisco Systems CSCO 13.00 100,008.20 0.0072 0.0937 Citi Trends CTRN 15.00 171.50 0.0000 0.0002 Citigroup Inc. C 37.00 89,814.47 0.0065 0.2394 Citrix Sys. CTXS 7.00 14,013.21 0.0010 0.0071 City National Corp. CYN 14.00 2,253.80 0.0002 0.0023 CLARCOR Inc. CLC 9.00 2,467.30 0.0002 0.0016 Clean Energy Fuels CLNE 30.00 819.90 0.0001 0.0018 Clean Harbors CLH (3.00) 3,069.93 0.0002 (0.0007) Clearwire Corp. CLWR 80.00 434.55 0.0000 0.0025 Cleco Corp. CNL 3.00 2,235.51 0.0002 0.0005 Cliffs Natural Res. CLF 20.00 10,355.03 0.0007 0.0149 Clorox Co. CLX 14.00 8,384.29 0.0006 0.0085 CME Group CME 20.00 17,904.23 0.0013 0.0258 CMS Energy Corp. CMS 6.00 5,216.40 0.0004 0.0023 CNA Fin'l CNA 20.00 7,192.34 0.0005 0.0104 Coach Inc. COH 12.00 18,938.06 0.0014 0.0164 Coca-Cola KO 17.00 155,904.10 0.0112 0.1910 Coca-Cola Bottling COKE 21.00 530.38 0.0000 0.0008 Coca-Cola Enterprises CCE 28.00 8,143.62 0.0006 0.0164 Cognex Corp. CGNX 17.00 1,477.32 0.0001 0.0018 Cognizant Technology CTSH 14.00 21,626.00 0.0016 0.0218 Coherent, Inc. COHR 7.00 1,345.21 0.0001 0.0007 Coinstar Inc. CSTR 23.00 1,486.24 0.0001 0.0025 Coldwater Creek CWTR 9.00 104.74 0.0000 0.0001 Colgate-Palmolive CL 16.00 43,082.69 0.0031 0.0497 Collective Brands PSS 20.00 914.59 0.0001 0.0013 Columbia Sportswear COLM 8.00 1,863.60 0.0001 0.0011 Columbus McKinnon CMCO 19.00 286.60 0.0000 0.0004 Comcast Corp. CMCSK 20.00 63,394.55 0.0046 0.0914 Comerica Inc. CMA 19.00 4,596.80 0.0003 0.0063 Commerce Bancshs. CBSH 7.00 3,388.09 0.0002 0.0017 Commercial Metals CMC 18.00 1,490.28 0.0001 0.0019 Commercial Vehicle CVGI 11.00 320.72 0.0000 0.0003 Community Health CYH 42.00 1,713.29 0.0001 0.0052 Compass Minerals Int'l CMP 15.00 2,562.68 0.0002 0.0028 Complete Prod. Svcs. CPX 23.00 2,618.70 0.0002 0.0043 Computer Prog. & Sys. CPSI 18.00 565.87 0.0000 0.0007 Computer Sciences CSC 31.00 5,021.94 0.0004 0.0112 Compuware Corp. CPWR 20.00 1,910.54 0.0001 0.0028 Comtech Telecom. CMTL 7.00 860.54 0.0001 0.0004 Con-way Inc. CNW 21.00 1,623.11 0.0001 0.0025 ConAgra Foods CAG 10.00 10,469.87 0.0008 0.0075 Concur Techn. CNQR 17.00 2,610.05 0.0002 0.0032 Conmed Corp. CNMD 12.00 760.79 0.0001 0.0007 ConocoPhillips COP 13.00 96,798.27 0.0070 0.0907 CONSOL Energy CNX 19.00 10,031.25 0.0007 0.0137 Consol. Communic. CNSL 16.00 560.70 0.0000 0.0006 Consol. Edison ED 3.00 17,206.46 0.0012 0.0037 Consolidated Graphics CGX 13.00 553.92 0.0000 0.0005 Constellation Brands STZ 17.00 4,048.78 0.0003 0.0050 Constellation Energy CEG 3.00 8,024.70 0.0006 0.0017 Convergys Corp. CVG 19.00 1,432.91 0.0001 0.0020 Cooper Cos. COO 9.00 3,309.95 0.0002 0.0021 Cooper Inds. CBE 13.00 8,958.52 0.0006 0.0084 Cooper Tire & Rubber CTB 24.00 899.63 0.0001 0.0016 Copano Energy CPNO 10.00 2,115.26 0.0002 0.0015 Copart, Inc. CPRT 11.00 3,050.77 0.0002 0.0024 Core-Mark Holding CORE 13.00 379.61 0.0000 0.0004 Corinthian Colleges COCO 29.00 209.84 0.0000 0.0004 Corn Products Int'l CPO 11.00 3,965.21 0.0003 0.0031 Corning Inc. GLW 29.00 22,530.84 0.0016 0.0471 Corporate Executive EXBD 8.00 1,326.57 0.0001 0.0008 Corrections Corp. Amer. CXW 15.00 2,359.86 0.0002 0.0026 Cost Plus Inc. CPWM 28.00 177.19 0.0000 0.0004 CoStar Group CSGP 3.00 1,620.30 0.0001 0.0004 Costco Wholesale COST 7.00 37,076.15 0.0027 0.0187 Covance Inc. CVD 15.00 2,891.63 0.0002 0.0031 Covanta Holding Corp. CVA 7.00 2,025.23 0.0001 0.0010 Coventry Health Care CVH 9.00 4,661.36 0.0003 0.0030 CPI Corp. CPY 47.00 42.89 0.0000 0.0001 Cracker Barrel CBRL 17.00 984.18 0.0001 0.0012 Crane Co. CR 16.00 2,650.72 0.0002 0.0031 Crawford & Co. 'B' CRD/B 20.00 358.40 0.0000 0.0005 Cree, Inc. CREE 31.00 3,216.96 0.0002 0.0072 Crocs, Inc. CROX 20.00 1,599.19 0.0001 0.0023 Cross Country Health. CCRN 36.00 165.36 0.0000 0.0004 Crosstex Energy XTXI 9.00 626.51 0.0000 0.0004 Crown Castle Int'l CCI 13.00 11,986.38 0.0009 0.0112 Crown Holdings CCK 18.00 5,057.01 0.0004 0.0066 CryoLife Inc. CRY 51.00 140.41 0.0000 0.0005 CSG Systems Int'l CSGS 22.00 486.55 0.0000 0.0008 CSX Corp. CSX 20.00 22,941.47 0.0017 0.0331 CTS Corp. CTS 18.00 331.21 0.0000 0.0004 Cubic Corp. CUB 9.00 1,271.30 0.0001 0.0008 Cubist Pharm. CBST 2.00 2,268.93 0.0002 0.0003 Cullen/Frost Bankers CFR 11.00 3,047.55 0.0002 0.0024 Culp Inc. CFI 26.00 111.91 0.0000 0.0002 Cummins Inc. CMI 13.00 19,718.84 0.0014 0.0185 Curtiss-Wright CW 14.00 1,533.40 0.0001 0.0015 Cutera, Inc. CUTR 1.00 100.05 0.0000 0.0000 CVS Caremark Corp. CVS 19.00 50,219.26 0.0036 0.0687 Cyberonics CYBX 20.00 816.14 0.0001 0.0012 Cymer Inc. CYMI 18.00 1,345.91 0.0001 0.0017 Cypress Semic. CY 21.00 3,301.53 0.0002 0.0050 Cytec Inds. CYT 13.00 2,137.43 0.0002 0.0020 Daktronics Inc. DAKT 22.00 429.63 0.0000 0.0007 Dana Holding Corp. DAN 19.00 2,098.35 0.0002 0.0029 Danaher Corp. DHR 18.00 33,658.46 0.0024 0.0437 Darden Restaurants DRI 21.00 6,265.55 0.0005 0.0095 DaVita Inc. DVA 14.00 6,872.72 0.0005 0.0069 DDR Corp. DDR 18.00 - - DealerTrack Hldgs. TRAK 5.00 902.32 0.0001 0.0003 Dean Foods DF 28.00 1,847.38 0.0001 0.0037 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 5 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total Deckers Outdoor DECK 1.00 4,392.02 0.0003 0.0003 Deere & Co. DE 15.00 31,346.46 0.0023 0.0339 Dell Inc. DELL 19.00 28,738.78 0.0021 0.0393 Delphi Fin'l `A' DFG 15.00 1,496.29 0.0001 0.0016 Delta Air Lines DAL 30.00 7,031.30 0.0005 0.0152 Deluxe Corp. DLX 20.00 1,230.24 0.0001 0.0018 Denbury Resources DNR 23.00 6,824.56 0.0005 0.0113 Dendreon Corp. DNDN 32.00 975.08 0.0001 0.0022 Dentsply Int'l XRAY 13.00 5,130.60 0.0004 0.0048 Devon Energy DVN 24.00 27,613.08 0.0020 0.0477 DeVry Inc. DV 31.00 2,625.98 0.0002 0.0059 DexCom Inc. DXCM 21.00 529.90 0.0000 0.0008 Diamond Foods DMND 13.00 1,137.07 0.0001 0.0011 Diamond Offshore DO 20.00 9,142.42 0.0007 0.0132 Dick's Sporting Goods DKS 8.00 4,761.85 0.0003 0.0027 Diebold, Inc. DBD 17.00 2,135.56 0.0002 0.0026 Digital River DRIV 16.00 696.85 0.0001 0.0008 Dillard's, Inc. DDS 16.00 2,777.73 0.0002 0.0032 DineEquity Inc. DIN 20.00 792.20 0.0001 0.0011 DIRECTV DTV 33.00 35,593.95 0.0026 0.0846 Discover Fin'l Svcs. DFS 30.00 13,428.50 0.0010 0.0290 Discovery Communic. DISCA 11.00 12,158.20 0.0009 0.0096 Dish Network 'A' DISH 23.00 10,561.56 0.0008 0.0175 Disney (Walt) DIS 22.00 63,761.61 0.0046 0.1011 Dixie Group DXYN 31.00 37.91 0.0000 0.0001 DNP Select Inc. Fund DNP 3.00 - - Dolby Labs. DLB 26.00 3,365.88 0.0002 0.0063 Dole Food DOLE 21.00 901.27 0.0001 0.0014 Dollar General DG 15.00 13,292.42 0.0010 0.0144 Dollar Tree, Inc. DLTR 9.00 9,703.28 0.0007 0.0063 Dominion Resources D 5.00 29,448.89 0.0021 0.0106 Domino's Pizza DPZ (3.00) 1,918.24 0.0001 (0.0004) Donaldson Co. DCI 6.00 4,955.84 0.0004 0.0021 Donnelley (R.R) & Sons RRD 32.00 3,113.72 0.0002 0.0072 Dorman Products DORM 12.00 687.71 0.0000 0.0006 Dover Corp. DOV 19.00 10,588.62 0.0008 0.0145 Dow Chemical DOW 32.00 33,806.49 0.0024 0.0779 DPL Inc. DPL 11.00 3,572.59 0.0003 0.0028 Dr Pepper Snapple DPS 15.00 8,085.47 0.0006 0.0087 DreamWorks Animation DWA 19.00 1,467.85 0.0001 0.0020 Dresser-Rand Group DRC 15.00 4,074.38 0.0003 0.0044 Drew Industries DW 16.00 504.51 0.0000 0.0006 Dril-Quip, Inc. DRQ 5.00 2,650.24 0.0002 0.0010 DSP Group DSPG 2.00 146.65 0.0000 0.0000 DST Systems DST 14.00 2,181.78 0.0002 0.0022 DSW Inc. DSW 15.00 2,043.40 0.0001 0.0022 DTE Energy DTE 7.00 8,837.28 0.0006 0.0045 DTS, Inc. DTSI 28.00 507.14 0.0000 0.0010 Du Pont DD 25.00 45,130.22 0.0033 0.0813 Duke Energy DUK 6.00 27,718.92 0.0020 0.0120 Duke Realty Corp. DRE 7.00 - - Dun & Bradstreet DNB 22.00 3,220.11 0.0002 0.0051 DWS High Income KHI (1.00) - - Dycom Inds. DY 10.00 692.16 0.0000 0.0005 Dynamic Materials BOOM 12.00 314.35 0.0000 0.0003 Dynegy, Inc. 'A' DYN 1.00 456.11 0.0000 0.0000 E*Trade Fin'l ETFC 37.00 2,866.12 0.0002 0.0076 Eagle Bulk Shipping EGLE 49.00 92.71 0.0000 0.0003 Eagle Materials EXP 8.00 943.92 0.0001 0.0005 EarthLink, Inc. ELNK 26.00 751.96 0.0001 0.0014 East West Bancorp EWBC 16.00 2,944.79 0.0002 0.0034 Eastman Chemical EMN 22.00 5,646.27 0.0004 0.0090 Eastman Kodak EK 36.00 301.28 0.0000 0.0008 Eaton Corp. ETN 21.00 15,490.17 0.0011 0.0234 Eaton Vance Corp. EV 27.00 3,061.10 0.0002 0.0060 eBay Inc. EBAY 31.00 42,655.82 0.0031 0.0953 Echelon Corp. ELON 31.00 302.63 0.0000 0.0007 EchoStar Corp. SATS 16.00 2,270.70 0.0002 0.0026 Ecolab Inc. ECL 10.00 12,895.96 0.0009 0.0093 Edison Int'l EIX 3.00 13,400.61 0.0010 0.0029 Edwards Lifesciences EW 5.00 8,824.32 0.0006 0.0032 El Paso Corp. EP 3.00 19,160.24 0.0014 0.0041 El Paso Electric EE 6.00 1,385.53 0.0001 0.0006 El Paso Pipeline EPB 18.00 6,738.50 0.0005 0.0087 Electr. for Imaging EFII 15.00 705.18 0.0001 0.0008 Electro Scientific ESIO 22.00 379.32 0.0000 0.0006 Electronic Arts ERTS 14.00 8,069.78 0.0006 0.0081 Elizabeth Arden RDEN 7.00 973.58 0.0001 0.0005 EMC Corp. EMC 16.00 51,623.65 0.0037 0.0595 EMCOR Group EME 12.00 1,712.99 0.0001 0.0015 EMCORE Corp. EMKR 13.00 94.81 0.0000 0.0001 Emdeon Inc. EM - 1,730.24 0.0001 - Emerson Electric EMR 15.00 38,702.29 0.0028 0.0418 Empire Dist. Elec. EDE 6.00 855.13 0.0001 0.0004 Emulex Corp. ELX 27.00 763.82 0.0001 0.0015 Endo Pharmac. Hldgs. ENDP 2.00 3,916.03 0.0003 0.0006 Energen Corp. EGN 13.00 3,573.14 0.0003 0.0033 Energizer Holdings ENR 13.00 4,910.44 0.0004 0.0046 Energy Conversion ENER 60.00 24.52 0.0000 0.0001 Energy Transfer ETP 12.00 9,424.86 0.0007 0.0081 EnergySolutions ES 46.00 331.12 0.0000 0.0011 EnerNOC, Inc. ENOC 7.00 257.54 0.0000 0.0001 Ensco plc ESV 18.00 12,128.90 0.0009 0.0157 Entergy Corp. ETR 11.00 12,300.50 0.0009 0.0097 Enterprise Products EPD 15.00 37,783.49 0.0027 0.0408 Enzo Biochem ENZ 11.00 109.19 0.0000 0.0001 Enzon Pharmac. ENZN 6.00 370.12 0.0000 0.0002 EOG Resources EOG 16.00 26,863.66 0.0019 0.0310 EQT Corp. EQT 14.00 9,540.06 0.0007 0.0096 Equifax, Inc. EFX 23.00 4,324.48 0.0003 0.0072 Equinix, Inc. EQIX 28.00 4,503.86 0.0003 0.0091 Equity Residential EQR 5.00 - - eResearchTechnology ERT 35.00 255.90 0.0000 0.0006 Erie Indemnity Co. ERIE - 3,860.09 0.0003 - ESCO Technologies ESE 20.00 831.20 0.0001 0.0012 Esterline Technologies ESL 15.00 1,739.12 0.0001 0.0019 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 6 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total Ethan Allen Interiors ETH 16.00 547.65 0.0000 0.0006 European Equity Fund EEA 19.00 - - Everest Re Group Ltd. RE 11.00 4,969.94 0.0004 0.0039 Exelixis,Inc. EXEL 28.00 587.47 0.0000 0.0012 Exelon Corp. EXC 9.00 29,563.70 0.0021 0.0192 Expedia Inc. EXPE 26.00 7,712.89 0.0006 0.0144 Expeditors Int'l EXPD 18.00 9,420.93 0.0007 0.0122 Express Scripts 'A' ESRX 24.00 21,411.22 0.0015 0.0370 Express, Inc. EXPR 17.00 2,035.64 0.0001 0.0025 Extreme Networks EXTR 23.00 286.82 0.0000 0.0005 Exxon Mobil Corp. XOM 16.00 383,426.40 0.0276 0.4420 EZCORP, Inc. EZPW 9.00 1,395.38 0.0001 0.0009 F5 Networks FFIV 16.00 8,632.95 0.0006 0.0100 FactSet Research FDS 9.00 4,571.08 0.0003 0.0030 Fair Isaac FICO 21.00 1,314.90 0.0001 0.0020 Fairchild Semic. FCS 25.00 1,908.86 0.0001 0.0034 Family Dollar Stores FDO 8.00 7,028.97 0.0005 0.0041 FARO Technologies FARO 16.00 739.79 0.0001 0.0009 Fastenal Co. FAST 8.00 11,846.50 0.0009 0.0068 Federal Rlty. Inv. Trust FRT - - - Federal Signal FSS 35.00 255.64 0.0000 0.0006 Federal-Mogul Corp. FDML 28.00 1,682.36 0.0001 0.0034 Federated Investors FII 21.00 2,042.14 0.0001 0.0031 FedEx Corp. FDX 22.00 26,019.44 0.0019 0.0412 FEI Company FEIC 26.00 1,593.01 0.0001 0.0030 FelCor Lodging Tr. FCH 47.00 - - Ferro Corp. FOE 42.00 625.90 0.0000 0.0019 Fifth Third Bancorp FITB 24.00 11,047.01 0.0008 0.0191 Finisar Corp. FNSR 28.00 1,974.82 0.0001 0.0040 Finish Line (The) FINL 9.00 1,061.99 0.0001 0.0007 First Cash Fin'l Svcs FCFS 1.00 1,265.95 0.0001 0.0001 First Commonwealth FCF 41.00 497.26 0.0000 0.0015 First Horizon National FHN 23.00 1,888.09 0.0001 0.0031 First Midwest Bancorp FMBI 20.00 684.52 0.0000 0.0010 First Niagara Finl Group FNFG 29.00 2,669.94 0.0002 0.0056 First Solar, Inc. FSLR 68.00 4,157.50 0.0003 0.0204 FirstEnergy Corp. FE 6.00 19,137.56 0.0014 0.0083 FirstMerit Corp. FMER 16.00 1,561.05 0.0001 0.0018 Fiserv Inc. FISV 24.00 8,248.04 0.0006 0.0143 Flextronics Int'l FLEX 24.00 4,881.58 0.0004 0.0084 FLIR Systems FLIR 16.00 4,258.22 0.0003 0.0049 Flowers Foods FLO 13.00 2,793.70 0.0002 0.0026 Flowserve Corp. FLS 15.00 5,448.15 0.0004 0.0059 Fluor Corp. FLR 19.00 10,184.91 0.0007 0.0139 FMC Corp. FMC 5.00 6,005.66 0.0004 0.0022 FMC Technologies FTI 3.00 11,402.29 0.0008 0.0025 Foot Locker FL 18.00 3,444.93 0.0002 0.0045 Ford Motor F 23.00 43,014.06 0.0031 0.0713 Forest City Enterpr. FCE/A 5.00 2,351.17 0.0002 0.0008 Forest Labs. FRX 7.00 8,460.98 0.0006 0.0043 Forest Oil FST 31.00 1,675.36 0.0001 0.0037 Forrester Research FORR 13.00 811.74 0.0001 0.0008 Fortress Investment FIG 55.00 1,765.07 0.0001 0.0070 Forward Air FWRD 14.00 936.86 0.0001 0.0009 Fossil Inc. FOSL 12.00 6,283.32 0.0005 0.0054 Foster Wheeler AG FWLT 25.00 2,401.53 0.0002 0.0043 Franklin Electric FELE 14.00 1,191.12 0.0001 0.0012 Franklin Resources BEN 9.00 23,548.11 0.0017 0.0153 Fred's Inc. 'A' FRED 21.00 478.78 0.0000 0.0007 Freep't-McMoRan C&G FCX 14.00 38,024.28 0.0027 0.0384 Fresh Market (The) TFM 12.00 1,987.99 0.0001 0.0017 Frontier Communic. FTR 19.00 5,702.69 0.0004 0.0078 FSI Int'l FSII 41.00 99.18 0.0000 0.0003 FTI Consulting FCN 21.00 1,748.22 0.0001 0.0026 Fuel Sys. Solns. FSYS 27.00 453.24 0.0000 0.0009 FuelCell Energy FCEL 63.00 132.20 0.0000 0.0006 Fuller (H.B.) FUL 15.00 1,084.40 0.0001 0.0012 Furniture Brands FBN 22.00 76.59 0.0000 0.0001 G&K Services `A' GKSR 16.00 578.61 0.0000 0.0007 G't Plains Energy GXP 5.00 2,840.24 0.0002 0.0010 G't Wolf Resorts WOLF 12.00 82.22 0.0000 0.0001 Gabelli Equity GAB 11.00 - - Gallagher (Arthur J.) AJG 8.00 3,448.58 0.0002 0.0020 GameStop Corp. GME 22.00 3,621.37 0.0003 0.0057 Gannett Co. GCI 19.00 2,802.84 0.0002 0.0038 Gap (The), Inc. GPS 15.00 10,387.17 0.0007 0.0112 Gardner Denver GDI 4.00 4,183.19 0.0003 0.0012 Garmin Ltd. GRMN 10.00 6,963.84 0.0005 0.0050 Gartner Inc. IT 1.00 3,863.90 0.0003 0.0003 GATX Corp. GMT 8.00 1,844.23 0.0001 0.0011 Gaylord Entertainm. GET 22.00 1,014.49 0.0001 0.0016 Gen'l Amer. Invest GAM 19.00 - - Gen'l Cable BGC 33.00 1,405.35 0.0001 0.0033 Gen'l Communic. 'A' GNCMA 18.00 432.63 0.0000 0.0006 Gen'l Dynamics GD 17.00 23,019.11 0.0017 0.0282 Gen'l Electric GE 28.00 176,707.60 0.0127 0.3565 Gen'l Mills GIS 12.00 25,101.93 0.0018 0.0217 Gen-Probe GPRO 16.00 2,846.90 0.0002 0.0033 Genco Shipping GNK 8.00 309.74 0.0000 0.0002 GenCorp Inc. GY 33.00 292.46 0.0000 0.0007 General Motors GM 27.00 36,065.28 0.0026 0.0702 Genesco Inc. GCO 5.00 1,451.41 0.0001 0.0005 Genesee & Wyoming GWR 7.00 2,539.34 0.0002 0.0013 Genomic Health GHDX 12.00 740.54 0.0001 0.0006 GenOn Energy GEN 12.00 - - Gentex Corp. GNTX 10.00 4,313.61 0.0003 0.0031 Genuine Parts GPC 13.00 9,235.15 0.0007 0.0087 Genworth Fin'l GNW 37.00 3,024.56 0.0002 0.0081 Geo Group (The) GEO 21.00 1,155.84 0.0001 0.0017 GeoEye, Inc. GEOY 24.00 584.60 0.0000 0.0010 Georgia Gulf GGC 21.00 645.00 0.0000 0.0010 Gibraltar Inds. ROCK 23.00 380.51 0.0000 0.0006 Gilead Sciences GILD 14.00 31,778.26 0.0023 0.0321 Gladstone Capital GLAD 34.00 172.73 0.0000 0.0004 Glatfelter GLT 17.00 675.21 0.0000 0.0008 Global Inds. GLBL 20.00 913.17 0.0001 0.0013 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 7 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total Global Payments GPN 10.00 3,709.87 0.0003 0.0027 GNC Holdings GNC 11.00 2,793.50 0.0002 0.0022 Goldman Sachs GS 22.00 54,685.93 0.0039 0.0867 Goodrich Corp. GR (5.00) 15,361.16 0.0011 (0.0055) Goodyear Tire GT 24.00 3,513.84 0.0003 0.0061 Google, Inc. GOOG 26.00 192,794.10 0.0139 0.3612 Gorman-Rupp Co. GRC 18.00 601.01 0.0000 0.0008 Graco Inc. GGG 7.00 2,647.63 0.0002 0.0013 Grainger (W.W.) GWW 8.00 12,493.08 0.0009 0.0072 Granite Construction GVA 17.00 1,027.00 0.0001 0.0013 Greatbatch, Inc. GB 19.00 518.18 0.0000 0.0007 Green Mtn. Coffee GMCR 30.00 10,238.64 0.0007 0.0221 Greif, Inc. GEF 26.00 2,117.53 0.0002 0.0040 Griffon Corp. GFF 30.00 598.71 0.0000 0.0013 Group 1 Automotive GPI 7.00 993.43 0.0001 0.0005 GT Advanced Tech. GTAT 50.00 1,065.43 0.0001 0.0038 Guess Inc. GES 29.00 2,928.43 0.0002 0.0061 Haemonetics Corp. HAE 14.00 1,539.04 0.0001 0.0016 Hain Celestial Group HAIN 8.00 1,486.89 0.0001 0.0009 Halliburton Co. HAL 24.00 34,822.00 0.0025 0.0602 Hancock Holding HBHC 23.00 2,591.64 0.0002 0.0043 Hanesbrands, Inc. HBI 21.00 2,641.00 0.0002 0.0040 Hanover Insurance THG 23.00 1,733.42 0.0001 0.0029 Hansen Natural Corp. HANS 5.00 7,987.32 0.0006 0.0029 Harley-Davidson HOG 13.00 9,295.72 0.0007 0.0087 Harman Int'l HAR 15.00 3,053.41 0.0002 0.0033 Harmonic, Inc. HLIT 39.00 654.69 0.0000 0.0018 Harris & Harris Group TINY 25.00 - - Harris Corp. HRS 30.00 4,309.04 0.0003 0.0093 Harsco Corp. HSC 25.00 1,904.83 0.0001 0.0034 Harte-Hanks HHS 21.00 538.07 0.0000 0.0008 Hartford Fin'l Svcs. HIG 29.00 7,970.62 0.0006 0.0167 Hasbro, Inc. HAS 13.00 5,255.19 0.0004 0.0049 Haverty Furniture HVT 13.00 263.18 0.0000 0.0002 Hawaiian Elec. HE 5.00 2,504.64 0.0002 0.0009 Hawaiian Hldgs. HA 12.00 289.06 0.0000 0.0002 HCC Insurance Hldgs. HCC 20.00 2,980.77 0.0002 0.0043 HCP Inc. HCP 10.00 - - Headwaters Inc. HW 13.00 117.46 0.0000 0.0001 Health Mgmt. Assoc. HMA 23.00 2,261.52 0.0002 0.0037 Health Net HNT 12.00 2,473.17 0.0002 0.0021 Healthcare R'lty Trust HR 9.00 - - Healthcare Svcs. HCSG 9.00 1,201.55 0.0001 0.0008 Healthways Inc. HWAY 37.00 236.99 0.0000 0.0006 Heartland Express HTLD 21.00 1,250.60 0.0001 0.0019 HEICO Corp. HEI 6.00 2,468.26 0.0002 0.0011 Heidrick & Struggles HSII 21.00 364.27 0.0000 0.0006 Heinz (H.J.) HNZ 13.00 17,037.86 0.0012 0.0160 Helen of Troy Ltd. HELE 18.00 927.25 0.0001 0.0012 Helix Energy Solutions HLX 10.00 1,975.19 0.0001 0.0014 Helmerich & Payne HP 17.00 5,819.02 0.0004 0.0071 Henry (Jack) & Assoc. JKHY 13.00 2,847.33 0.0002 0.0027 Hershey Co. HSY 10.00 13,283.82 0.0010 0.0096 Hertz Global Hldgs. HTZ 22.00 4,697.17 0.0003 0.0074 Hess Corp. HES 16.00 21,381.98 0.0015 0.0246 Hewlett-Packard HPQ 33.00 53,733.68 0.0039 0.1278 Hexcel Corp. HXL 4.00 2,445.24 0.0002 0.0007 Hibbett Sports HIBB 7.00 1,163.16 0.0001 0.0006 Hill-Rom Hldgs. HRC 18.00 2,137.98 0.0002 0.0028 Hillenbrand, Inc. HI 15.00 1,322.52 0.0001 0.0014 HNI Corp. HNI 22.00 1,127.59 0.0001 0.0018 HollyFrontier Corp. HFC 23.00 1,732.60 0.0001 0.0029 Hologic, Inc. HOLX 18.00 4,235.89 0.0003 0.0055 Home Depot HD 11.00 57,190.05 0.0041 0.0453 Honeywell Int'l HON 17.00 41,722.43 0.0030 0.0511 Hormel Foods HRL 10.00 7,907.25 0.0006 0.0057 Horton D.R. DHI 18.00 3,655.73 0.0003 0.0047 Hospira Inc. HSP 39.00 5,260.52 0.0004 0.0148 Hospitality Properties HPT 18.00 - - Hot Topic, Inc. HOTT 16.00 314.99 0.0000 0.0004 Hovnanian Enterpr. 'A' HOV 36.00 109.34 0.0000 0.0003 Hub Group HUBG 16.00 1,198.96 0.0001 0.0014 Hubbell Inc. 'B' HUB/B 10.00 3,623.19 0.0003 0.0026 Hudson City Bancorp HCBK 33.00 2,920.35 0.0002 0.0069 Human Genome HGSI 36.00 1,936.97 0.0001 0.0050 Humana Inc. HUM 12.00 14,450.81 0.0010 0.0125 Hunt (J.B.) JBHT 12.00 5,000.71 0.0004 0.0043 Huntington Bancshs. HBAN 20.00 4,575.61 0.0003 0.0066 Huntington Ingalls HII 15.00 1,453.23 0.0001 0.0016 Huntsman Corp. HUN 25.00 3,018.23 0.0002 0.0054 Huron Consulting HURN 7.00 795.05 0.0001 0.0004 Hutchinson Techn. HTCH 38.00 34.37 0.0000 0.0001 Hyatt Hotels H 15.00 6,184.76 0.0004 0.0067 IAC/InterActiveCorp IACI 10.00 3,628.52 0.0003 0.0026 Iconix Brand Group ICON 21.00 1,351.48 0.0001 0.0020 ICU Medical ICUI 18.00 554.07 0.0000 0.0007 IDACORP, Inc. IDA 5.00 2,054.31 0.0001 0.0007 IDEX Corp. IEX 21.00 3,036.95 0.0002 0.0046 IDEXX Labs. IDXX 6.00 4,075.84 0.0003 0.0018 IHS Inc. IHS 10.00 5,550.55 0.0004 0.0040 II-VI Inc. IIVI 20.00 1,264.22 0.0001 0.0018 Illinois Tool Works ITW 20.00 23,927.72 0.0017 0.0345 Illumina Inc. ILMN 33.00 3,815.99 0.0003 0.0091 Imation Corp. IMN 9.00 265.03 0.0000 0.0002 Incyte Corp. INCY 44.00 1,698.59 0.0001 0.0054 Inergy, L.P. NRGY 16.00 3,291.57 0.0002 0.0038 Infinera Corp. INFN 23.00 784.31 0.0001 0.0013 Informatica Corp. INFA 16.00 4,984.14 0.0004 0.0057 Ingersoll-Rand IR 24.00 10,286.20 0.0007 0.0178 Ingles Markets IMKTA 26.00 380.58 0.0000 0.0007 Ingram Micro 'A' IM 23.00 2,920.53 0.0002 0.0048 Insight Enterprises NSIT 28.00 836.96 0.0001 0.0017 Int'l Business Mach. IBM 11.00 220,755.10 0.0159 0.1750 Int'l Flavors & Frag. IFF 9.00 4,980.18 0.0004 0.0032 Int'l Game Tech. IGT 21.00 5,315.65 0.0004 0.0080 Int'l Paper IP 27.00 12,435.50 0.0009 0.0242 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 8 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total Int'l Rectifier IRF 34.00 1,678.28 0.0001 0.0041 Int'l Speedway 'A' ISCA 18.00 1,157.64 0.0001 0.0015 Integra LifeSciences IART 28.00 791.77 0.0001 0.0016 Integrated Device IDTI 26.00 936.32 0.0001 0.0018 Integrys Energy TEG 3.00 4,164.77 0.0003 0.0009 Intel Corp. INTC 25.00 127,897.00 0.0092 0.2304 Inter Parfums IPAR 16.00 545.95 0.0000 0.0006 IntercontinentalExch. ICE 17.00 9,384.07 0.0007 0.0115 InterDigital Inc. IDCC 8.00 2,040.77 0.0001 0.0012 Interface Inc. 'A' IFSIA 16.00 794.87 0.0001 0.0009 Intermec Inc. IN 32.00 512.61 0.0000 0.0012 Interpublic Group IPG 18.00 4,482.59 0.0003 0.0058 Intersil Corp. 'A' ISIL 29.00 1,466.34 0.0001 0.0031 Intuit Inc. INTU 16.00 16,378.19 0.0012 0.0189 Intuitive Surgical ISRG 3.00 17,056.65 0.0012 0.0037 Invacare Corp. IVC 24.00 703.69 0.0001 0.0012 Investment Techn. ITG 29.00 489.26 0.0000 0.0010 Investors Bancorp ISBC 16.00 1,543.70 0.0001 0.0018 ION Geophysical IO 22.00 1,107.54 0.0001 0.0018 iRobot Corp. IRBT 14.00 904.64 0.0001 0.0009 Iron Mountain IRM 20.00 6,181.48 0.0004 0.0089 Isis Pharmac. ISIS 27.00 815.88 0.0001 0.0016 ITC Holdings ITC 9.00 3,884.07 0.0003 0.0025 Itron Inc. ITRI 34.00 1,562.73 0.0001 0.0038 ITT Corp. ITT - 3,782.16 0.0003 - ITT Educational ESI 23.00 1,601.65 0.0001 0.0027 J&J Snack Foods JJSF 8.00 965.39 0.0001 0.0006 j2 Global Communic. JCOM 7.00 1,365.69 0.0001 0.0007 Jabil Circuit JBL 24.00 4,409.61 0.0003 0.0076 Jack in the Box JACK 19.00 953.38 0.0001 0.0013 Jacobs Engineering JEC 19.00 5,193.21 0.0004 0.0071 Janus Capital Group JNS 43.00 1,235.25 0.0001 0.0038 Japan Equity Fund JEQ 20.00 - - Japan Smaller Cap Fd JOF 20.00 - - Jarden Corp. JAH 16.00 2,959.11 0.0002 0.0034 JDS Uniphase JDSU 24.00 2,891.22 0.0002 0.0050 Jefferies Group JEF 38.00 2,647.20 0.0002 0.0072 JetBlue Airways JBLU 37.00 1,321.12 0.0001 0.0035 Johnson & Johnson JNJ 13.00 176,328.90 0.0127 0.1652 Johnson Controls JCI 20.00 22,302.23 0.0016 0.0321 Jones Group (The) JNY 20.00 1,046.26 0.0001 0.0015 Jones Lang LaSalle JLL 15.00 2,842.40 0.0002 0.0031 Joseph A. Bank JOSB 4.00 1,533.32 0.0001 0.0004 Journal Communications JRN 25.00 230.16 0.0000 0.0004 Joy Global JOYG 9.00 9,457.68 0.0007 0.0061 JPMorgan Chase JPM 26.00 134,391.60 0.0097 0.2518 Juniper Networks JNPR 24.00 12,759.28 0.0009 0.0221 K-Swiss, Inc. KSWS 45.00 115.22 0.0000 0.0004 Kadant Inc. KAI 22.00 274.47 0.0000 0.0004 Kaman Corp. KAMN 13.00 890.23 0.0001 0.0008 Kansas City South'n KSU 13.00 7,242.01 0.0005 0.0068 Kaydon Corp. KDN 24.00 1,009.18 0.0001 0.0017 KB Home KBH 22.00 537.61 0.0000 0.0009 KBR, Inc. KBR 18.00 4,147.02 0.0003 0.0054 Kellogg K 15.00 18,067.42 0.0013 0.0195 Kelly Services 'A' KELYA 22.00 594.95 0.0000 0.0009 Kemper Corp. KMPR 23.00 1,649.32 0.0001 0.0027 Kennametal Inc. KMT 18.00 3,316.74 0.0002 0.0043 Kenneth Cole 'A' KCP 30.00 210.26 0.0000 0.0005 KeyCorp KEY 15.00 7,020.13 0.0005 0.0076 Kimball Int'l 'B' KBALB 29.00 223.42 0.0000 0.0005 Kimberly-Clark KMB 12.00 27,332.42 0.0020 0.0236 Kimco Realty KIM 5.00 - - Kinder Morgan Energy KMP 7.00 25,108.82 0.0018 0.0127 Kinetic Concepts KCI 2.00 4,937.88 0.0004 0.0007 Kirby Corp. KEX 11.00 3,393.33 0.0002 0.0027 KKR & Co. L.P. KKR 32.00 2,876.65 0.0002 0.0066 KLA-Tencor KLAC 18.00 7,876.54 0.0006 0.0102 Knight Capital Group KCG 14.00 1,118.60 0.0001 0.0011 Knight Transportation KNX 25.00 1,212.35 0.0001 0.0022 Knology KNOL 33.00 553.73 0.0000 0.0013 Kohl's Corp. KSS 23.00 15,066.00 0.0011 0.0250 Korea Fund KF 13.00 - - Korn/Ferry Int'l KFY 23.00 801.22 0.0001 0.0013 Kraft Foods KFT 15.00 63,191.30 0.0046 0.0683 Krispy Kreme KKD 8.00 515.57 0.0000 0.0003 Kroger Co. KR 19.00 13,425.52 0.0010 0.0184 Kronos Worldwide KRO 17.00 2,648.36 0.0002 0.0032 Kulicke & Soffa KLIC 26.00 709.91 0.0001 0.0013 L-3 Communic. LLL 19.00 7,272.24 0.0005 0.0100 La-Z-Boy Inc. LZB 26.00 528.57 0.0000 0.0010 Laboratory Corp. LH 15.00 8,382.74 0.0006 0.0091 Laclede Group LG 9.00 897.58 0.0001 0.0006 Lam Research LRCX 18.00 5,404.11 0.0004 0.0070 Lamar Advertising LAMR 7.00 2,421.88 0.0002 0.0012 Lancaster Colony LANC 4.00 1,830.41 0.0001 0.0005 Las Vegas Sands LVS 26.00 35,341.71 0.0025 0.0662 Lattice Semiconductor LSCC 8.00 766.62 0.0001 0.0004 Lauder (Estee) EL 14.00 23,437.82 0.0017 0.0236 Lawson Products LAWS 19.00 145.54 0.0000 0.0002 Layne Christensen LAYN 24.00 500.68 0.0000 0.0009 LCA-Vision LCAV 25.00 59.75 0.0000 0.0001 Leap Wireless LEAP 53.00 685.17 0.0000 0.0026 LeapFrog Enterpr. 'A' LF 24.00 300.33 0.0000 0.0005 Lear Corp. LEA 17.00 4,880.58 0.0004 0.0060 Learning Tree Int'l LTRE 17.00 113.09 0.0000 0.0001 Legg Mason LM 19.00 3,981.10 0.0003 0.0055 Leggett & Platt LEG 19.00 3,093.59 0.0002 0.0042 Lennar Corp. LEN 16.00 3,192.23 0.0002 0.0037 Lennox Int'l LII 16.00 1,710.69 0.0001 0.0020 Lexmark Int'l `A' LXK 19.00 2,639.74 0.0002 0.0036 Liberty All-Star USA 13.00 - - Liberty Global LBTYA 7.00 12,170.68 0.0009 0.0061 Liberty Property LRY 13.00 - - Life Technologies LIFE 28.00 7,296.27 0.0005 0.0147 LifePoint Hospitals LPNT 13.00 1,891.82 0.0001 0.0018 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 9 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total Lilly (Eli) LLY 6.00 42,380.09 0.0031 0.0183 Limited Brands LTD 6.00 12,930.96 0.0009 0.0056 Lincare Holdings LNCR 22.00 2,144.92 0.0002 0.0034 Lincoln Elec Hldgs. LECO 11.00 3,148.40 0.0002 0.0025 Lincoln Nat'l Corp. LNC 30.00 6,018.78 0.0004 0.0130 Lindsay Corp. LNN 18.00 764.38 0.0001 0.0010 Linear Technology LLTC 15.00 7,401.78 0.0005 0.0080 LinkedIn LNKD (9.00) 8,423.45 0.0006 (0.0055) Linn Energy, LLC LINE 19.00 6,561.17 0.0005 0.0090 Live Nation Entertain. LYV 15.00 1,781.22 0.0001 0.0019 Liz Claiborne LIZ 11.00 834.32 0.0001 0.0007 LKQ Corp. LKQX 11.00 4,272.76 0.0003 0.0034 Lockheed Martin LMT 17.00 25,094.48 0.0018 0.0307 LodgeNet Interactive LNET 53.00 56.72 0.0000 0.0002 Loews Corp. L 11.00 15,936.31 0.0011 0.0126 Logitech Int'l LOGI 17.00 1,704.95 0.0001 0.0021 LoJack Corp. LOJN (2.00) 57.37 0.0000 (0.0000) LoopNet, Inc. LOOP (9.00) 594.53 0.0000 (0.0004) Lorillard Inc. LO 19.00 14,841.90 0.0011 0.0203 Louisiana-Pacific LPX 8.00 887.73 0.0001 0.0005 Lowe's Cos. LOW 22.00 27,253.80 0.0020 0.0432 LSI Corp. LSI 50.00 3,581.60 0.0003 0.0129 M&T Bank Corp. MTB 21.00 9,186.74 0.0007 0.0139 M.D.C. Holdings MDC 14.00 885.39 0.0001 0.0009 Mack-Cali R'lty CLI 15.00 - - Macquarie Infrastructure MIC 11.00 1,278.66 0.0001 0.0010 Macy's Inc. M 13.00 13,441.25 0.0010 0.0126 Madden (Steven) Ltd. SHOO 5.00 1,590.54 0.0001 0.0006 Madison Square Garden MSG 13.00 2,011.95 0.0001 0.0019 Magellan Midstream MMP 5.00 7,104.69 0.0005 0.0026 Maidenform Brands MFB 17.00 563.19 0.0000 0.0007 Manhattan Assoc. MANH 11.00 882.71 0.0001 0.0007 Manitowoc Co. MTW 35.00 1,593.38 0.0001 0.0040 Manpower Inc. MAN 30.00 3,528.29 0.0003 0.0076 ManTech Int'l 'A' MANT 28.00 1,231.99 0.0001 0.0025 Marathon Oil Corp. MRO 19.00 19,092.36 0.0014 0.0261 Marcus Corp. MCS 12.00 363.12 0.0000 0.0003 MarineMax HZO 29.00 146.82 0.0000 0.0003 Markel Corp. MKL 14.00 3,790.35 0.0003 0.0038 Marriott Int'l MAR 18.00 10,791.06 0.0008 0.0140 Marsh & McLennan MMC 16.00 16,646.57 0.0012 0.0192 Martha Stewart MSO 26.00 206.56 0.0000 0.0004 Martin Marietta MLM 9.00 3,402.78 0.0002 0.0022 Masco Corp. MAS 31.00 3,286.71 0.0002 0.0073 Masimo Corp. MASI 31.00 1,286.14 0.0001 0.0029 MasTec MTZ 16.00 1,854.79 0.0001 0.0021 MasterCard Inc. MA 12.00 46,604.59 0.0034 0.0403 Materion Corp. MTRN 28.00 539.54 0.0000 0.0011 Mattel, Inc. MAT 10.00 9,875.57 0.0007 0.0071 Matthews Int'l MATW 19.00 1,078.48 0.0001 0.0015 MAXIMUS Inc. MMS 13.00 1,422.36 0.0001 0.0013 McClatchy Co. MNI 39.00 123.42 0.0000 0.0003 McCormick & Co. MKC 23.00 6,621.51 0.0005 0.0110 McDermott Int'l MDR 37.00 2,779.66 0.0002 0.0074 McDonald's Corp. MCD 7.00 95,952.94 0.0069 0.0484 McGraw-Hill MHP (42.00) 12,337.47 0.0009 (0.0373) McKesson Corp. MCK 9.00 20,052.43 0.0014 0.0130 MDU Resources MDU 11.00 3,977.89 0.0003 0.0032 Mead Johnson Nutrition MJN 5.00 14,535.00 0.0010 0.0052 MeadWestvaco MWV 28.00 4,903.42 0.0004 0.0099 MedAssets MDAS 19.00 609.72 0.0000 0.0008 Medco Health Solutions MHS 17.00 20,678.25 0.0015 0.0253 Media General 'A' MEG 8.00 79.16 0.0000 0.0000 Medical Action Inds. MDCI 44.00 90.15 0.0000 0.0003 Medicines Company MDCO 13.00 1,012.17 0.0001 0.0009 Medicis Pharmac. MRX 21.00 2,358.54 0.0002 0.0036 MEDNAX, Inc. MD 10.00 3,213.10 0.0002 0.0023 Medtronic, Inc. MDT 19.00 36,822.06 0.0027 0.0504 MEMC Elec. Mat'ls WFR 51.00 1,174.53 0.0001 0.0043 Men's Wearhouse MW 15.00 1,572.59 0.0001 0.0017 Mentor Graphics MENT 19.00 1,269.79 0.0001 0.0017 Merck & Co. MRK 11.00 106,456.40 0.0077 0.0844 Mercury Computer Sys. MRCY 15.00 430.15 0.0000 0.0005 Mercury General MCY 14.00 2,385.85 0.0002 0.0024 Meredith Corp. MDP 25.00 1,213.21 0.0001 0.0022 Meridian Bioscience VIVO 8.00 745.84 0.0001 0.0004 Meritor, Inc. MTOR 28.00 845.82 0.0001 0.0017 MetLife Inc. MET 22.00 36,955.81 0.0027 0.0586 Metro PCS Communic. PCS 41.00 3,251.51 0.0002 0.0096 Mettler-Toledo Int'l MTD 10.00 4,928.31 0.0004 0.0036 Mexico Fund MXF 9.00 - - MFS Multimarket MMT 5.00 - - MGE Energy MGEE 5.00 1,022.10 0.0001 0.0004 MGIC Investment MTG (20.00) 529.02 0.0000 (0.0008) MGM Resorts Int'l MGM 16.00 5,242.97 0.0004 0.0060 Micrel Inc. MCRL 8.00 648.54 0.0000 0.0004 Microchip Technology MCHP 17.00 6,816.40 0.0005 0.0083 Micron Technology MU 24.00 5,862.78 0.0004 0.0101 MICROS Systems MCRS 10.00 3,989.34 0.0003 0.0029 Microsoft Corp. MSFT 20.00 223,117.30 0.0161 0.3215 Middleby Corp. (The) MIDD 7.00 1,631.45 0.0001 0.0008 Middlesex Water MSEX 7.00 296.45 0.0000 0.0001 Miller (Herman) MLHR 18.00 1,252.85 0.0001 0.0016 Mine Safety Appliance MSA 14.00 1,263.45 0.0001 0.0013 Minerals Techn. MTX 16.00 1,008.62 0.0001 0.0012 MKS Instruments MKSI 20.00 1,407.99 0.0001 0.0020 Modine Mfg. MOD 25.00 491.51 0.0000 0.0009 Mohawk Inds. MHK 15.00 3,601.49 0.0003 0.0039 Molex Inc. MOLX 18.00 4,428.33 0.0003 0.0057 Monsanto Co. MON 18.00 39,102.45 0.0028 0.0507 Monster Worldwide MWW 36.00 1,128.69 0.0001 0.0029 Moody's Corp. MCO 15.00 8,134.86 0.0006 0.0088 Moog Inc. 'A' MOG/A 11.00 1,710.23 0.0001 0.0014 Morgan Stanley MS 33.00 32,697.09 0.0024 0.0777 Mosaic Company MOS 18.00 25,597.17 0.0018 0.0332 Motorola Mobility Hldgs. MMI 4.00 11,694.97 0.0008 0.0034 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 10 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total Motorola Solutions MSI 13.00 15,156.96 0.0011 0.0142 Movado Group MOV 13.00 438.67 0.0000 0.0004 MSC Industrial Direct MSM 18.00 4,412.41 0.0003 0.0057 MTS Systems MTSC 15.00 586.25 0.0000 0.0006 Mueller Inds. MLI 3.00 1,613.69 0.0001 0.0003 Mueller Water Prod. MWA 18.00 373.41 0.0000 0.0005 Murphy Oil Corp. MUR 21.00 11,113.45 0.0008 0.0168 Myers Inds. MYE 16.00 427.04 0.0000 0.0005 Mylan Inc. MYL 15.00 8,056.30 0.0006 0.0087 Myriad Genetics MYGN 17.00 1,806.04 0.0001 0.0022 Nalco Hldg. NLC 8.00 5,353.98 0.0004 0.0031 Nasdaq OMX Group NDAQ 23.00 4,481.49 0.0003 0.0074 Nash Finch Co. NAFC 22.00 327.55 0.0000 0.0005 Nat'l Fin'l Partners NFP 23.00 600.06 0.0000 0.0010 National CineMedia NCMI 26.00 649.23 0.0000 0.0012 National Fuel Gas NFG 12.00 5,258.07 0.0004 0.0045 National Instruments NATI 13.00 3,278.44 0.0002 0.0031 National Oilwell Varco NOV 20.00 30,794.07 0.0022 0.0444 National Presto Ind. NPK 15.00 658.75 0.0000 0.0007 Natural Resource NRP 13.00 3,084.36 0.0002 0.0029 Natus Medical BABY 32.00 239.18 0.0000 0.0006 Nautilus Inc. NLS 37.00 67.03 0.0000 0.0002 Navigant Consulting NCI 19.00 582.09 0.0000 0.0008 Navistar Int'l NAV 25.00 3,083.81 0.0002 0.0056 NCI Bldg. Sys. NCS 13.00 187.46 0.0000 0.0002 NCR Corp. NCR 15.00 3,059.11 0.0002 0.0033 Neenah Paper NP 25.00 255.13 0.0000 0.0005 Nektar Therapeutics NKTR 39.00 534.95 0.0000 0.0015 NetApp, Inc. NTAP 15.00 15,479.04 0.0011 0.0167 Netflix, Inc. NFLX 39.00 4,845.59 0.0003 0.0136 NETGEAR NTGR 13.00 1,338.89 0.0001 0.0013 NeuStar Inc. NSR 13.00 2,382.05 0.0002 0.0022 Neutral Tandem TNDM 26.00 342.18 0.0000 0.0006 New Germany Fund GF 19.00 - - New Jersey Resources NJR 3.00 1,968.62 0.0001 0.0004 New York & Co. NWY 22.00 164.57 0.0000 0.0003 New York Community NYB 23.00 5,629.52 0.0004 0.0093 New York Times NYT 29.00 1,118.55 0.0001 0.0023 Newell Rubbermaid NWL 27.00 4,598.29 0.0003 0.0089 Newfield Exploration NFX 29.00 5,605.99 0.0004 0.0117 NewMarket Corp. NEU 2.00 2,649.76 0.0002 0.0004 Newmont Mining NEM (1.00) 34,305.52 0.0025 (0.0025) Newport Corp. NEWP 23.00 531.35 0.0000 0.0009 News Corp. NWS 14.00 45,995.89 0.0033 0.0464 NextEra Energy NEE 11.00 24,331.01 0.0018 0.0193 Nicor Inc. GAS (1.00) 2,535.04 0.0002 (0.0002) NII Holdings NIHD 43.00 4,136.95 0.0003 0.0128 NIKE, Inc. 'B' NKE 7.00 44,363.75 0.0032 0.0224 NiSource Inc. NI 8.00 6,226.61 0.0004 0.0036 NN Inc. NNBR 38.00 124.16 0.0000 0.0003 Noble Corp. NE 24.00 9,602.16 0.0007 0.0166 Noble Energy NBL 10.00 16,163.64 0.0012 0.0116 Nordson Corp. NDSN 11.00 3,224.56 0.0002 0.0026 Nordstrom, Inc. JWN 12.00 10,939.19 0.0008 0.0095 Norfolk Southern NSC 13.00 24,838.23 0.0018 0.0233 Northeast Utilities NU 6.00 6,148.21 0.0004 0.0027 Northern Trust Corp. NTRS 23.00 9,779.62 0.0007 0.0162 Northrop Grumman NOC 15.00 15,236.68 0.0011 0.0165 Northwest Bancshares NWBI 12.00 1,270.17 0.0001 0.0011 Northwest Nat. Gas NWN 9.00 1,242.16 0.0001 0.0008 Novellus Sys. NVLS 19.00 2,467.69 0.0002 0.0034 NPS Pharmac. NPSP 24.00 474.07 0.0000 0.0008 NRG Energy NRG 5.00 5,230.26 0.0004 0.0019 NSTAR NST 6.00 4,713.21 0.0003 0.0020 NTELOS Hldgs. NTLSD - 480.69 0.0000 - Nu Skin Enterprises NUS 8.00 3,179.52 0.0002 0.0018 Nuance Communic. NUAN 4.00 8,137.54 0.0006 0.0023 Nucor Corp. NUE 22.00 12,194.86 0.0009 0.0193 NutriSystem Inc. NTRI 23.00 302.58 0.0000 0.0005 NuVasive, Inc. NUVA 42.00 559.73 0.0000 0.0017 Nuveen Muni Value Fund NUV 1.00 - - NV Energy Inc. NVE 6.00 3,719.00 0.0003 0.0016 NVIDIA Corp. NVDA 23.00 8,844.60 0.0006 0.0147 NVR, Inc. NVR 11.00 3,188.27 0.0002 0.0025 NYSE Euronext NYX 25.00 7,094.96 0.0005 0.0128 O'Charley's Inc. CHUX 16.00 145.57 0.0000 0.0002 O'Reilly Automotive ORLY 10.00 10,517.48 0.0008 0.0076 Occidental Petroleum OXY 6.00 77,383.93 0.0056 0.0335 Oceaneering Int'l OII 7.00 4,716.84 0.0003 0.0024 Office Depot ODP 17.00 656.29 0.0000 0.0008 OfficeMax OMX 41.00 446.80 0.0000 0.0013 OGE Energy OGE 4.00 5,131.83 0.0004 0.0015 Oil States Int'l OIS 9.00 3,652.74 0.0003 0.0024 Old Dominion Freight ODFL 15.00 2,152.39 0.0002 0.0023 Old Nat'l Bancorp ONB 13.00 1,083.96 0.0001 0.0010 Old Republic ORI 24.00 2,180.01 0.0002 0.0038 Olin Corp. OLN 16.00 1,543.92 0.0001 0.0018 OM Group OMG 27.00 873.56 0.0001 0.0017 Omnicare, Inc. OCR 16.00 3,469.11 0.0002 0.0040 Omnicell, Inc. OMCL 11.00 519.56 0.0000 0.0004 Omnicom Group OMC 16.00 12,254.32 0.0009 0.0141 OmniVision Techn. OVTI 28.00 969.27 0.0001 0.0020 On Assignment ASGN 13.00 395.57 0.0000 0.0004 ON Semiconductor ONNN 37.00 3,490.75 0.0003 0.0093 ONEOK Inc. OKE - 7,973.57 0.0006 - Onyx Pharmac. ONXX 14.00 2,540.53 0.0002 0.0026 Oracle Corp. ORCL 13.00 167,238.60 0.0120 0.1566 Orbital Sciences ORB 22.00 920.57 0.0001 0.0015 Orbitz Worldwide OWW 61.00 283.14 0.0000 0.0012 Ormat Technologies ORA 24.00 861.37 0.0001 0.0015 Oshkosh Corp. OSK 8.00 1,860.62 0.0001 0.0011 OSI Systems OSIS 8.00 887.95 0.0001 0.0005 Otter Tail Corp. OTTR 9.00 715.81 0.0001 0.0005 Overseas Shipholding OSG 50.00 389.04 0.0000 0.0014 Overstock.com OSTK 32.00 194.60 0.0000 0.0004 Owens & Minor OMI 15.00 1,908.43 0.0001 0.0021 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 11 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total Owens Corning OC 26.00 3,449.28 0.0002 0.0065 Owens-Illinois OI 23.00 3,371.95 0.0002 0.0056 Oxford Inds. OXM 12.00 661.54 0.0000 0.0006 P.F. Chang's PFCB 17.00 667.02 0.0000 0.0008 PACCAR Inc. PCAR 16.00 16,023.52 0.0012 0.0185 Pacific Sunwear PSUN 48.00 84.42 0.0000 0.0003 Packaging Corp. PKG 22.00 2,612.82 0.0002 0.0041 Pall Corp. PLL 14.00 6,009.12 0.0004 0.0061 Palomar Med. Techn. PMTI 27.00 159.86 0.0000 0.0003 Pandora Media P 14.00 2,463.28 0.0002 0.0025 Panera Bread Co. PNRA 5.00 4,034.43 0.0003 0.0015 Pantry (The), Inc. PTRY 20.00 317.76 0.0000 0.0005 Papa John's Int'l PZZA 14.00 908.38 0.0001 0.0009 Par Pharmaceutical PRX 11.00 1,047.09 0.0001 0.0008 Parametric Technology PMTC 29.00 2,524.90 0.0002 0.0053 PAREXEL Int'l PRXL 20.00 1,180.93 0.0001 0.0017 Park Electrochemical PKE 15.00 628.45 0.0000 0.0007 Park National PRK 24.00 929.79 0.0001 0.0016 Park-Ohio PKOH 24.00 211.95 0.0000 0.0004 Parker-Hannifin PH 21.00 13,692.43 0.0010 0.0207 Patterson Cos. PDCO 14.00 3,583.36 0.0003 0.0036 Paychex, Inc. PAYX 18.00 10,711.98 0.0008 0.0139 PC Connection PCCC 16.00 234.36 0.0000 0.0003 PDL BioPharma PDLI 23.00 855.55 0.0001 0.0014 Peabody Energy BTU 17.00 11,542.78 0.0008 0.0141 Peet's Coffee & Tea PEET 13.00 807.06 0.0001 0.0008 Penford Corp. PENX 31.00 58.44 0.0000 0.0001 Pengrowth Energy PGH 41.00 3,444.05 0.0002 0.0102 Penn Nat'l Gaming PENN 13.00 2,853.22 0.0002 0.0027 Penn Virginia Res. PVR 15.00 1,810.55 0.0001 0.0020 Penn. R.E.I.T. PEI 31.00 - - Penney (J.C.) JCP 11.00 7,139.76 0.0005 0.0057 Penske Auto PAG 20.00 1,981.17 0.0001 0.0029 Pentair, Inc. PNR 18.00 3,647.93 0.0003 0.0047 People's United Fin'l PBCT 23.00 4,336.88 0.0003 0.0072 Pep Boys PBY 20.00 599.95 0.0000 0.0009 Pepco Holdings POM 10.00 4,494.60 0.0003 0.0032 PepsiCo, Inc. PEP 21.00 99,387.60 0.0072 0.1504 PerkinElmer Inc. PKI 18.00 2,332.78 0.0002 0.0030 Perrigo Co. PRGO 6.00 8,332.96 0.0006 0.0036 Perry Ellis Int'l PERY 20.00 376.72 0.0000 0.0005 PetSmart, Inc. PETM 6.00 5,320.44 0.0004 0.0023 Pfizer, Inc. PFE 13.00 155,106.30 0.0112 0.1453 PG&E Corp. PCG 7.00 16,303.14 0.0012 0.0082 Pharmac. Product PPDI 10.00 3,760.81 0.0003 0.0027 PharMerica Corp. PMC 18.00 456.66 0.0000 0.0006 Philip Morris Int'l PM 12.00 124,689.40 0.0090 0.1078 Phoenix (The) Cos. PNX 16.00 231.44 0.0000 0.0003 Photronics Inc. PLAB 27.00 374.91 0.0000 0.0007 Piedmont Natural Gas PNY 6.00 2,298.78 0.0002 0.0010 Pier 1 Imports PIR 14.00 1,408.76 0.0001 0.0014 Pinnacle Entertain. PNK 18.00 701.57 0.0001 0.0009 Pinnacle West Capital PNW 4.00 5,084.57 0.0004 0.0015 Pioneer Natural Res. PXD 15.00 10,944.37 0.0008 0.0118 Piper Jaffray Cos. PJC 37.00 320.51 0.0000 0.0009 Pitney Bowes PBI 11.00 3,992.31 0.0003 0.0032 Plains All Amer. Pipe. PAA 6.00 9,655.93 0.0007 0.0042 Plantronics Inc. PLT 18.00 1,566.85 0.0001 0.0020 Plexus Corp. PLXS 29.00 933.52 0.0001 0.0020 Plum Creek Timber PCL 8.00 6,075.00 0.0004 0.0035 PMC-Sierra PMCS 41.00 1,489.48 0.0001 0.0044 PNC Financial Serv. PNC 21.00 28,093.66 0.0020 0.0425 PNM Resources PNM 3.00 1,608.81 0.0001 0.0003 Polaris Inds. PII 3.00 4,518.82 0.0003 0.0010 Polycom, Inc. PLCM 19.00 2,889.71 0.0002 0.0040 Pool Corp. POOL 14.00 1,439.42 0.0001 0.0015 Popular Inc. BPOP 53.00 1,822.68 0.0001 0.0070 Portland General POR 5.00 1,897.09 0.0001 0.0007 Potlatch Corp. PCH 17.00 1,290.41 0.0001 0.0016 Power-One PWER 42.00 570.38 0.0000 0.0017 Powerwave Techn. PWAVD 86.00 90.36 0.0000 0.0006 PPG Inds. PPG 9.00 13,965.55 0.0010 0.0091 PPL Corp. PPL 11.00 17,317.95 0.0012 0.0137 Praxair Inc. PX 14.00 30,542.44 0.0022 0.0308 Precision Castparts PCP 4.00 24,027.86 0.0017 0.0069 Price (T. Rowe) Group TROW 12.00 13,349.05 0.0010 0.0115 priceline.com PCLN 13.00 25,467.81 0.0018 0.0239 PriceSmart PSMT 9.00 2,240.29 0.0002 0.0015 Principal Fin'l Group PFG 23.00 7,993.08 0.0006 0.0132 PrivateBancorp PVTB 21.00 784.86 0.0001 0.0012 Procter & Gamble PG 15.00 173,910.90 0.0125 0.1880 Progress Energy PGN - 15,688.10 0.0011 - Progressive (Ohio) PGR 15.00 12,076.41 0.0009 0.0131 Prologis PLD 15.00 - - Protective Life PL 27.00 1,801.35 0.0001 0.0035 Provident Energy Ltd. PVX 22.00 2,465.99 0.0002 0.0039 Provident Fin'l Svcs. PFS 17.00 737.86 0.0001 0.0009 Prudential Fin'l PRU 22.00 25,893.71 0.0019 0.0410 Public Serv. Enterprise PEG 9.00 17,393.01 0.0013 0.0113 Public Storage PSA 1.00 - - Pulse Electronics PULS 45.00 149.44 0.0000 0.0005 PulteGroup, Inc. PHM 26.00 2,116.78 0.0002 0.0040 PVH Corp. PVH 8.00 5,039.91 0.0004 0.0029 QEP Resources QEP 7.00 6,596.77 0.0005 0.0033 QLogic Corp. QLGC 25.00 1,476.75 0.0001 0.0027 Quaker Chemical KWR 19.00 490.28 0.0000 0.0007 Qualcomm Inc. QCOM 14.00 94,096.47 0.0068 0.0949 Quanex Bldg. Prod. NX 16.00 569.85 0.0000 0.0007 Quanta Services PWR 17.00 4,740.02 0.0003 0.0058 Quantum Corporation QTM 13.00 651.23 0.0000 0.0006 Quest Diagnostics DGX 17.00 8,795.01 0.0006 0.0108 Quest Software QSFT 33.00 1,544.39 0.0001 0.0037 Questar Corp. STR 10.00 3,470.28 0.0003 0.0025 Quicksilver Res. KWK 38.00 1,394.38 0.0001 0.0038 Quiksilver Inc. ZQK 34.00 570.64 0.0000 0.0014 Rackspace Hosting RAX 10.00 5,478.48 0.0004 0.0039 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 12 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total RadioShack Corp. RSH 28.00 1,273.93 0.0001 0.0026 RailAmerica RA 20.00 714.33 0.0001 0.0010 Ralcorp Holdings RAH 10.00 4,453.64 0.0003 0.0032 Ralph Lauren RL - 14,388.75 0.0010 - Rambus Inc. RMBS 3.00 1,974.18 0.0001 0.0004 Range Resources Corp. RRC 2.00 11,268.47 0.0008 0.0016 Raymond James Fin'l RJF 16.00 3,959.20 0.0003 0.0046 Rayonier Inc. RYN 14.00 5,121.27 0.0004 0.0052 Raytheon Co. RTN 19.00 15,309.54 0.0011 0.0210 RBC Bearings ROLL 8.00 917.25 0.0001 0.0005 RealD Inc. RLD 28.00 479.76 0.0000 0.0010 RealNetworks, Inc. RNWK 28.00 320.07 0.0000 0.0006 Realty Income Corp. O 7.00 - - Red Hat, Inc. RHT 7.00 9,754.93 0.0007 0.0049 Red Robin Gourmet RRGB 20.00 382.74 0.0000 0.0006 Regal Beloit RBC 20.00 2,171.39 0.0002 0.0031 Regal Entertainment RGC 12.00 2,231.37 0.0002 0.0019 Regeneron Pharmac. REGN 3.00 4,996.60 0.0004 0.0011 Regions Financial RF 38.00 5,023.41 0.0004 0.0138 Regis Corp. RGS 20.00 952.95 0.0001 0.0014 Reinsurance Group RGA 8.00 3,871.21 0.0003 0.0022 Reliance Steel RS 13.00 3,350.66 0.0002 0.0031 Rent-A-Center RCII 5.00 2,085.72 0.0002 0.0008 Republic Services RSG 18.00 10,508.47 0.0008 0.0136 ResMed Inc. RMD 17.00 4,386.15 0.0003 0.0054 Resources Connection RECN 30.00 509.56 0.0000 0.0011 Reynolds American RAI 7.00 22,477.05 0.0016 0.0113 RF Micro Devices RFMD 23.00 1,956.32 0.0001 0.0032 Rite Aid Corp. RAD 16.00 1,015.58 0.0001 0.0012 RLI Corp. RLI 4.00 1,502.86 0.0001 0.0004 Robbins & Myers RBN 17.00 2,121.07 0.0002 0.0026 Robert Half Int'l RHI 22.00 3,934.97 0.0003 0.0062 Rock-Tenn 'A' RKT 20.00 4,348.61 0.0003 0.0063 Rockwell Automation ROK 16.00 10,242.38 0.0007 0.0118 Rockwell Collins COL 15.00 8,482.07 0.0006 0.0092 Rofin-Sinar Techn. RSTI 12.00 749.72 0.0001 0.0006 Rogers Corp. ROG 18.00 674.81 0.0000 0.0009 Rollins, Inc. ROL 11.00 3,272.53 0.0002 0.0026 Roper Inds. ROP 12.00 8,093.19 0.0006 0.0070 Ross Stores ROST 7.00 10,310.28 0.0007 0.0052 Rovi Corp. ROVI 26.00 5,359.67 0.0004 0.0100 Rowan Cos. RDC 16.00 4,527.97 0.0003 0.0052 Royal Caribbean Cruises RCL 26.00 6,333.72 0.0005 0.0119 Royal Dutch Shell 'A' RDS/A 13.00 217,551.00 0.0157 0.2038 Royce Value Trust RVT 19.00 - - RPC Inc. RES 22.00 2,989.61 0.0002 0.0047 RPM Int'l RPM 11.00 3,047.49 0.0002 0.0024 Ruby Tuesday RT 27.00 490.35 0.0000 0.0010 Ruddick Corp. RDK 3.00 2,166.80 0.0002 0.0005 rue21, inc. RUE 22.00 621.50 0.0000 0.0010 Ryder System R 15.00 2,633.45 0.0002 0.0028 Ryland Group RYL 13.00 591.97 0.0000 0.0006 Safeway Inc. SWY 23.00 6,568.05 0.0005 0.0109 SAIC, Inc. SAI 35.00 4,339.98 0.0003 0.0109 Saks Inc. SKS 8.00 1,697.42 0.0001 0.0010 salesforce.com CRM 4.00 18,028.27 0.0013 0.0052 Sally Beauty SBH 6.00 3,627.46 0.0003 0.0016 Sanderson Farms SAFM 10.00 1,121.47 0.0001 0.0008 SanDisk Corp. SNDK 10.00 12,059.38 0.0009 0.0087 Sanmina-SCI Corp. SANM 39.00 688.01 0.0000 0.0019 Sapient Corp. SAPE 4.00 1,786.81 0.0001 0.0005 Sara Lee Corp. SLE 12.00 10,978.75 0.0008 0.0095 Sauer-Danfoss SHS 24.00 1,934.66 0.0001 0.0033 SBA Communications SBAC 14.00 4,476.91 0.0003 0.0045 SCANA Corp. SCG 8.00 5,522.06 0.0004 0.0032 ScanSource SCSC 15.00 967.25 0.0001 0.0010 Schein (Henry) HSIC 8.00 6,058.61 0.0004 0.0035 Schlumberger Ltd. SLB 23.00 101,907.50 0.0073 0.1689 Schnitzer Steel SCHN 13.00 1,351.47 0.0001 0.0013 Scholastic Corp. SCHL 23.00 841.22 0.0001 0.0014 Schulman (A.) SHLM 16.00 675.14 0.0000 0.0008 Schwab (Charles) SCHW 28.00 15,595.07 0.0011 0.0315 Schweitzer-Mauduit Int'l SWM 19.00 1,163.32 0.0001 0.0016 Scientific Games SGMS 21.00 811.52 0.0001 0.0012 Scotts Miracle-Gro SMG 15.00 3,039.13 0.0002 0.0033 Scripps (E.W.) 'A' SSP 18.00 494.61 0.0000 0.0006 Scripps Networks SNI 27.00 6,738.01 0.0005 0.0131 SeaChange Int'l SEAC 42.00 279.50 0.0000 0.0008 Sealed Air SEE 25.00 2,851.76 0.0002 0.0051 Sealy Corp. ZZ 40.00 149.09 0.0000 0.0004 Sears Holdings SHLD (4.00) 8,473.33 0.0006 (0.0024) SEI Investments SEIC 33.00 3,016.89 0.0002 0.0072 Select Med. Hldgs. SEM 19.00 1,327.24 0.0001 0.0018 Selective Ins. Group SIGI 15.00 866.10 0.0001 0.0009 Sempra Energy SRE 11.00 12,813.49 0.0009 0.0102 Semtech Corp. SMTC 13.00 1,617.40 0.0001 0.0015 Senomyx, Inc. SNMX 26.00 180.42 0.0000 0.0003 Sensient Techn. SXT 15.00 1,887.13 0.0001 0.0020 Service Corp. Int'l SCI 17.00 2,316.46 0.0002 0.0028 Shaw Group SHAW 23.00 1,806.05 0.0001 0.0030 Shenandoah Telecom. SHEN 27.00 317.00 0.0000 0.0006 Sherwin-Williams SHW 10.00 9,126.18 0.0007 0.0066 Shuffle Master SHFL 12.00 563.17 0.0000 0.0005 Sigma Designs SIGM 4.00 276.10 0.0000 0.0001 Sigma-Aldrich SIAL 13.00 7,741.75 0.0006 0.0073 Silgan Holdings SLGN 5.00 2,666.65 0.0002 0.0010 Silicon Image SIMG 19.00 512.61 0.0000 0.0007 Silicon Labs. SLAB 14.00 1,854.51 0.0001 0.0019 Simon Property Group SPG 2.00 - - Simpson Manufacturing SSD 5.00 1,498.64 0.0001 0.0005 Sinclair Broadcast SBGI 18.00 811.76 0.0001 0.0011 Sirona Dental SIRO 14.00 2,653.02 0.0002 0.0027 SJW Corp. SJW 14.00 449.77 0.0000 0.0005 Skechers U.S.A. SKX 29.00 704.36 0.0001 0.0015 Skullcandy, Inc. SKUL 34.00 217.88 0.0000 0.0005 SkyWest SKYW 28.00 602.13 0.0000 0.0012 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 13 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total Skyworks Solutions SWKS 20.00 3,816.16 0.0003 0.0055 SLM Corporation SLM 19.00 7,305.90 0.0005 0.0100 Smart Balance SMBL 15.00 326.53 0.0000 0.0004 Smith (A.O.) AOS 10.00 1,786.02 0.0001 0.0013 Smith Micro Software SMSI 53.00 42.50 0.0000 0.0002 Smithfield Foods SFD 12.00 3,712.62 0.0003 0.0032 Smucker (J.M.) SJM 12.00 9,048.84 0.0007 0.0078 Snap-on Inc. SNA 18.00 3,213.53 0.0002 0.0042 Snyder's-Lance LNCE 12.00 1,345.06 0.0001 0.0012 Solera Hldgs. SLH 12.00 3,844.81 0.0003 0.0033 Solutia Inc. SOA 36.00 2,041.55 0.0001 0.0053 Sonic Automotive SAH 17.00 804.10 0.0001 0.0010 Sonic Corp. SONC 30.00 468.79 0.0000 0.0010 Sonoco Products SON 19.00 3,171.29 0.0002 0.0043 SonoSite, Inc. SONO 18.00 554.19 0.0000 0.0007 Sotheby's BID 14.00 2,357.60 0.0002 0.0024 South Jersey Inds. SJI 5.00 1,703.53 0.0001 0.0006 Southern Co. SO 6.00 37,153.53 0.0027 0.0161 Southern Union SUG (4.00) 5,220.16 0.0004 (0.0015) Southwest Airlines LUV 45.00 6,687.50 0.0005 0.0217 Southwest Gas SWX 7.00 1,848.92 0.0001 0.0009 Southwestern Energy SWN 14.00 14,833.08 0.0011 0.0150 Spartan Stores SPTN 17.00 396.22 0.0000 0.0005 Spectra Energy SE 9.00 18,851.62 0.0014 0.0122 Spectrum Brands SPB 14.00 1,320.32 0.0001 0.0013 Speedway Motorsports TRK 21.00 547.42 0.0000 0.0008 Spirit AeroSystems SPR 29.00 2,739.17 0.0002 0.0057 Sprint Nextel Corp. S 49.00 8,410.33 0.0006 0.0297 SPX Corp. SPW 24.00 3,027.75 0.0002 0.0052 St. Joe Corp. JOE 16.00 1,275.32 0.0001 0.0015 St. Jude Medical STJ 25.00 12,911.89 0.0009 0.0233 Stage Stores SSI 23.00 473.03 0.0000 0.0008 Standard Motor Prod. SMP 17.00 419.98 0.0000 0.0005 Standard Pacific Corp. SPF 11.00 589.38 0.0000 0.0005 Standard Register SR 22.00 72.68 0.0000 0.0001 Standex Int'l SXI 15.00 477.31 0.0000 0.0005 Stanley Black & Decker SWK 13.00 11,163.88 0.0008 0.0105 Staples, Inc. SPLS 31.00 10,525.52 0.0008 0.0235 Starbucks Corp. SBUX 9.00 30,983.76 0.0022 0.0201 StarTek, Inc. SRT 34.00 41.45 0.0000 0.0001 Starwood Hotels HOT 17.00 9,712.80 0.0007 0.0119 State Street Corp. STT 19.00 20,140.35 0.0015 0.0276 Steel Dynamics STLD 30.00 2,846.81 0.0002 0.0062 Steelcase, Inc. 'A' SCS 33.00 959.57 0.0001 0.0023 Stein Mart SMRT 23.00 316.23 0.0000 0.0005 Stericycle Inc. SRCL 9.00 7,067.98 0.0005 0.0046 STERIS Corp. STE 18.00 1,711.52 0.0001 0.0022 Stewart Enterpr. 'A' STEI 15.00 593.93 0.0000 0.0006 Stifel Financial Corp. SF 25.00 1,688.21 0.0001 0.0030 Stillwater Mining SWC 36.00 1,147.10 0.0001 0.0030 StoneMor Partners L.P. STON 5.00 558.08 0.0000 0.0002 Strayer Education STRA 26.00 1,055.83 0.0001 0.0020 Stryker Corp. SYK 19.00 18,643.78 0.0013 0.0255 Sturm, Ruger & Co. RGR 3.00 614.20 0.0000 0.0001 Suburban Propane SPH 12.00 1,693.22 0.0001 0.0015 SuccessFactors SFSF (10.00) 2,256.88 0.0002 (0.0016) Sunoco, Inc. SUN 11.00 4,614.18 0.0003 0.0037 SunPower Corp. SPWRA 53.00 855.47 0.0001 0.0033 Sunrise Senior Living SRZ 27.00 330.68 0.0000 0.0006 SunTrust Banks STI 26.00 10,540.12 0.0008 0.0197 Superior Inds. Int'l SUP 20.00 467.42 0.0000 0.0007 SUPERVALU INC. SVU 30.00 1,636.64 0.0001 0.0035 SurModics, Inc. SRDX 10.00 198.38 0.0000 0.0001 Susquehanna Bancshs. SUSQ 33.00 970.31 0.0001 0.0023 Swiss Helvetia Fund SWZ 10.00 - - Sycamore Networks SCMR 25.00 569.02 0.0000 0.0010 Symantec Corp. SYMC 16.00 12,768.17 0.0009 0.0147 Synaptics SYNA 12.00 1,166.50 0.0001 0.0010 Synchronoss Techn. SNCR 18.00 1,230.52 0.0001 0.0016 Synopsys, Inc. SNPS 24.00 3,923.52 0.0003 0.0068 Synovus Financial SNV 45.00 1,170.06 0.0001 0.0038 Synutra Int'l SYUT 33.00 396.52 0.0000 0.0009 Sysco Corp. SYY 19.00 16,500.69 0.0012 0.0226 Taiwan Fund TWN 11.00 - - Take-Two Interactive TTWO 21.00 1,373.12 0.0001 0.0021 Talbots Inc. TLB 13.00 182.46 0.0000 0.0002 Target Corp. TGT 16.00 35,272.45 0.0025 0.0407 TASER Int'l TASR 14.00 326.58 0.0000 0.0003 TCF Financial TCB 28.00 1,731.05 0.0001 0.0035 TD Ameritrade Holding AMTD 24.00 9,680.80 0.0007 0.0167 Tech Data TECD 18.00 2,187.21 0.0002 0.0028 Techne Corp. TECH 9.00 2,585.48 0.0002 0.0017 TECO Energy TE 9.00 4,096.14 0.0003 0.0027 Tecumseh Products 'A' TECUA 51.00 124.36 0.0000 0.0005 Tekelec TKLC (5.00) 685.85 0.0000 (0.0002) Teledyne Technologies TDY 7.00 2,031.45 0.0001 0.0010 Teleflex Inc. TFX 19.00 2,464.30 0.0002 0.0034 Telephone & Data TDS 32.00 2,471.46 0.0002 0.0057 TeleTech Holdings TTEC 27.00 969.82 0.0001 0.0019 Tellabs, Inc. TLAB 32.00 1,612.47 0.0001 0.0037 Temple-Inland TIN 7.00 3,457.21 0.0002 0.0017 Templeton Emerg'g EMF 15.00 - - Tempur-Pedic TPX 8.00 4,551.15 0.0003 0.0026 Tenet Healthcare THC 26.00 2,284.09 0.0002 0.0043 Tennant Co. TNC 11.00 777.36 0.0001 0.0006 Tenneco Inc. TEN 24.00 2,004.72 0.0001 0.0035 Teradata Corp. TDC 3.00 9,790.78 0.0007 0.0021 Teradyne Inc. TER 6.00 2,711.91 0.0002 0.0012 Terex Corp. TEX 30.00 1,838.72 0.0001 0.0040 Tesla Motors TSLA 16.00 3,375.22 0.0002 0.0039 Tesoro Corp. TSO 12.00 3,952.87 0.0003 0.0034 Tessera Technologies TSRA 33.00 750.20 0.0001 0.0018 Tetra Tech TTEK 27.00 1,397.94 0.0001 0.0027 TETRA Technologies TTI 28.00 746.78 0.0001 0.0015 Texas Inds. TXI 4.00 833.07 0.0001 0.0002 Texas Instruments TXN 19.00 35,953.59 0.0026 0.0492 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 14 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total Texas Roadhouse TXRH 25.00 1,022.60 0.0001 0.0018 Textron, Inc. TXT 18.00 5,260.46 0.0004 0.0068 Thai Fund TTF 8.00 - - Thermo Fisher Sci. TMO 18.00 19,189.12 0.0014 0.0249 Thomas & Betts TNB 8.00 2,729.93 0.0002 0.0016 Thor Inds. THO 19.00 1,467.48 0.0001 0.0020 Thoratec Corp. THOR 13.00 1,758.72 0.0001 0.0016 THQ Inc. THQI 37.00 163.30 0.0000 0.0004 TIBCO Software TIBX (2.00) 4,651.23 0.0003 (0.0007) Tidewater Inc. TDW 17.00 2,439.81 0.0002 0.0030 Tiffany & Co. TIF 5.00 10,066.00 0.0007 0.0036 Time Warner TWX 31.00 36,188.80 0.0026 0.0808 Time Warner Cable TWC 14.00 20,101.62 0.0014 0.0203 Timken Co. TKR 20.00 4,365.49 0.0003 0.0063 Titan Int'l TWI 25.00 953.84 0.0001 0.0017 Titanium Metals TIE 25.00 2,824.50 0.0002 0.0051 TJX Companies TJX 12.00 23,277.88 0.0017 0.0201 Toll Brothers TOL 9.00 2,969.26 0.0002 0.0019 Tootsie Roll Ind. TR 5.00 1,436.64 0.0001 0.0005 Torchmark Corp. TMK 10.00 4,375.07 0.0003 0.0032 Toro Co. TTC 12.00 1,728.82 0.0001 0.0015 Total System Svcs. TSS 15.00 3,906.39 0.0003 0.0042 Towers Watson & Co. TW 5.00 4,812.11 0.0003 0.0017 Tractor Supply TSCO 8.00 5,209.75 0.0004 0.0030 Transatlantic Hldgs. TRH 18.00 3,313.53 0.0002 0.0043 Transocean Ltd. RIG 24.00 15,662.31 0.0011 0.0271 Travelers Cos. TRV 15.00 24,574.31 0.0018 0.0266 Tredegar Corp. TG 9.00 660.64 0.0000 0.0004 TreeHouse Foods THS 7.00 2,219.15 0.0002 0.0011 Trex Co. TREX 22.00 314.64 0.0000 0.0005 Tri-Continental TY 16.00 - - Trimble Nav. Ltd. TRMB 13.00 5,337.13 0.0004 0.0050 Trinity Inds. TRN 11.00 2,237.58 0.0002 0.0018 TriQuint Semic. TQNT 26.00 863.14 0.0001 0.0016 Triumph Group Inc. TGI 8.00 2,815.65 0.0002 0.0016 True Religion Apparel TRLG 7.00 917.48 0.0001 0.0005 TRW Automotive TRW 29.00 4,534.08 0.0003 0.0095 Tupperware Brands TUP 18.00 3,448.23 0.0002 0.0045 tw telecom TWTC 15.00 2,766.55 0.0002 0.0030 Tyson Foods 'A' TSN 13.00 7,280.22 0.0005 0.0068 U.S. Bancorp USB 17.00 49,280.00 0.0036 0.0604 U.S. Cellular USM 15.00 3,449.96 0.0002 0.0037 U.S. Steel Corp. X 39.00 3,823.12 0.0003 0.0107 UDR, Inc. UDR 4.00 - - UGI Corp. UGI 9.00 3,320.58 0.0002 0.0022 UIL Holdings UIL 8.00 1,756.29 0.0001 0.0010 Ulta Salon ULTA 8.00 4,360.26 0.0003 0.0025 Ultra Petroleum UPL 38.00 5,087.71 0.0004 0.0139 Under Armour UA 7.00 4,420.41 0.0003 0.0022 Unifi, Inc. UFI 38.00 159.03 0.0000 0.0004 UniFirst Corp. UNF 11.00 1,082.26 0.0001 0.0009 Union Pacific UNP 16.00 49,056.82 0.0035 0.0566 UniSource Energy UNS 18.00 1,372.89 0.0001 0.0018 Unisys Corp. UIS 12.00 1,141.06 0.0001 0.0010 United Cont'l Hldgs. UAL 26.00 6,236.50 0.0004 0.0117 United Natural Foods UNFI 9.00 1,736.05 0.0001 0.0011 United Online UNTD 26.00 516.19 0.0000 0.0010 United Parcel Serv. UPS 16.00 69,360.48 0.0050 0.0800 United Rentals URI 15.00 1,545.53 0.0001 0.0017 United Stationers USTR 12.00 1,457.91 0.0001 0.0013 United Technologies UTX 15.00 71,073.47 0.0051 0.0768 United Therapeutics UTHR 32.00 2,451.19 0.0002 0.0057 UnitedHealth Group UNH 21.00 49,366.42 0.0036 0.0747 Universal Corp. UVV 11.00 1,014.56 0.0001 0.0008 Universal Electronics UEIC 30.00 281.34 0.0000 0.0006 Universal Forest UFPI 14.00 535.64 0.0000 0.0005 Universal Health Sv. `B' UHS 23.00 4,065.49 0.0003 0.0067 Unum Group UNM 15.00 6,656.31 0.0005 0.0072 Urban Outfitters URBN 24.00 4,215.34 0.0003 0.0073 URS Corp. URS 25.00 2,907.46 0.0002 0.0052 US Airways Group LCC 44.00 909.45 0.0001 0.0029 US Ecology ECOL 19.00 342.32 0.0000 0.0005 USG Corp. USG 30.00 934.98 0.0001 0.0020 UTStarcom Holdings UTSI 22.00 220.18 0.0000 0.0003 V.F. Corp. VFC 12.00 15,457.70 0.0011 0.0134 Vail Resorts MTN 12.00 1,644.79 0.0001 0.0014 Valassis Communic. VCI 18.00 947.23 0.0001 0.0012 Valero Energy VLO 20.00 14,520.21 0.0010 0.0209 Valmont Inds. VMI 15.00 2,271.45 0.0002 0.0025 Valspar Corp. VAL 15.00 3,324.56 0.0002 0.0036 ValueClick Inc. VCLK 24.00 1,342.03 0.0001 0.0023 ValueVision Media VVTV 23.00 103.25 0.0000 0.0002 Varian Medical Sys. VAR 20.00 6,686.15 0.0005 0.0096 Varian Semiconductor VSEA 5.00 4,766.07 0.0003 0.0017 VCA Antech WOOF 16.00 1,738.83 0.0001 0.0020 Vectren Corp. VVC 10.00 2,342.75 0.0002 0.0017 Veeco Instruments VECO 36.00 1,088.37 0.0001 0.0028 Ventas, Inc. VTR 6.00 - - Verifone Systems PAY 18.00 3,989.18 0.0003 0.0052 VeriSign Inc. VRSN 14.00 5,251.24 0.0004 0.0053 Verisk Analytics VRSK 12.00 6,189.12 0.0004 0.0054 Verizon Communic. VZ 17.00 106,024.30 0.0076 0.1299 Vertex Pharmac. VRTX 31.00 7,599.74 0.0005 0.0170 Viacom Inc. 'B' VIA/B 18.00 23,858.08 0.0017 0.0309 Viad Corp. VVI 9.00 429.46 0.0000 0.0003 ViaSat, Inc. VSAT 8.00 1,859.91 0.0001 0.0011 Village Super Market VLGEA 7.00 404.60 0.0000 0.0002 Visa Inc. V 20.00 76,034.88 0.0055 0.1096 Vishay Intertechnology VSH 32.00 1,706.79 0.0001 0.0039 Visteon Corp. VC 12.00 - - Vitamin Shoppe VSI 8.00 1,098.86 0.0001 0.0006 VMware, Inc. VMW 4.00 42,238.90 0.0030 0.0122 Volcano Corp. VOLC 23.00 1,270.94 0.0001 0.0021 Vonage Holdings VG 26.00 623.05 0.0000 0.0012 Vornado R'lty Trust VNO 7.00 15,211.54 0.0011 0.0077 Vulcan Materials VMC 12.00 4,030.50 0.0003 0.0035 VALUE LINE WEIGHTED AVERAGE Rebuttal Exhibit No. RBH-12 TOTAL RETURN ANALYSIS Page 15 of 15

Proj 3-5 Yr Wgtd % Annual Market Cap $ % Total Average Company Ticker Total (Mil) Market Cap Total W.P. Carey & Co. LLC WPC 9.00 1,624.81 0.0001 0.0011 Wabash National WNC 31.00 513.56 0.0000 0.0011 WABCO Hldgs. WBC 26.00 3,358.40 0.0002 0.0063 Wabtec Corp. WAB 5.00 3,243.99 0.0002 0.0012 Wal-Mart Stores WMT 11.00 198,788.00 0.0143 0.1576 Walgreen Co. WAG 23.00 29,625.31 0.0021 0.0491 Walter Energy WLT 23.00 4,634.17 0.0003 0.0077 Warnaco Group WRC 16.00 2,132.14 0.0002 0.0025 Washington Federal WFSL 19.00 1,531.78 0.0001 0.0021 Washington Post WPO 31.00 2,662.44 0.0002 0.0059 Washington R.E.I.T. WRE 13.00 - - Waste Connections WCN 12.00 3,781.00 0.0003 0.0033 Waste Management WM 14.00 14,675.38 0.0011 0.0148 Waters Corp. WAT 15.00 7,279.37 0.0005 0.0079 Watsco, Inc. WSO 15.00 2,081.14 0.0001 0.0022 Watson Pharmac. WPI 4.00 8,363.98 0.0006 0.0024 Watts Water Techn. WTS 14.00 1,336.66 0.0001 0.0013 Wausau Paper WPP 16.00 391.93 0.0000 0.0005 WD-40 Co. WDFC 8.00 714.75 0.0001 0.0004 Weatherford Int'l WFT 30.00 12,170.66 0.0009 0.0263 WebMD Health WBMD 16.00 1,817.39 0.0001 0.0021 Websense Inc. WBSN 21.00 755.06 0.0001 0.0011 Webster Fin'l WBS 4.00 1,714.14 0.0001 0.0005 Weight Watchers WTW 13.00 5,602.56 0.0004 0.0052 Weingarten Realty WRI 11.00 - - Weis Markets WMK 9.00 1,045.79 0.0001 0.0007 WellPoint, Inc. WLP 7.00 24,573.28 0.0018 0.0124 Wells Fargo WFC 26.00 136,272.70 0.0098 0.2553 Wendy's Company WEN 8.00 2,147.08 0.0002 0.0012 Werner Enterprises WERN 14.00 1,753.15 0.0001 0.0018 WESCO Int'l WCC 14.00 2,136.35 0.0002 0.0022 West Marine WMAR 18.00 208.61 0.0000 0.0003 West Pharmac. Svcs. WST 17.00 1,317.46 0.0001 0.0016 Westar Energy WR 7.00 3,193.79 0.0002 0.0016 Western Digital WDC 17.00 6,654.96 0.0005 0.0082 Western Union WU 19.00 11,018.90 0.0008 0.0151 Westlake Chemical WLK 19.00 2,670.50 0.0002 0.0037 Wet Seal `A' WTSLA 16.00 317.47 0.0000 0.0004 Weyerhaeuser Co. WY 25.00 9,447.03 0.0007 0.0170 WGL Holdings Inc. WGL 3.00 2,214.83 0.0002 0.0005 Whirlpool Corp. WHR 37.00 3,915.52 0.0003 0.0104 Whole Foods Market WFM 3.00 12,252.41 0.0009 0.0026 Wiley (John) & Sons JW/A 22.00 2,859.35 0.0002 0.0045 Williams Cos. WMB 12.00 18,245.64 0.0013 0.0158 Williams Partners L.P. WPZ 11.00 16,865.09 0.0012 0.0134 Williams-Sonoma WSM 16.00 3,950.66 0.0003 0.0046 Windstream Corp. WIN 13.00 6,390.30 0.0005 0.0060 Winn-Dixie Stores WINN 10.00 361.88 0.0000 0.0003 Winnebago WGO 21.00 218.16 0.0000 0.0003 Wintrust Financial WTFC 12.00 1,033.17 0.0001 0.0009 Wisconsin Energy WEC 10.00 7,657.32 0.0006 0.0055 WMS Industries WMS 29.00 1,287.66 0.0001 0.0027 Wolverine World Wide WWW 13.00 1,793.38 0.0001 0.0017 Woodward, Inc. WWD 15.00 2,457.79 0.0002 0.0027 World Wrestling Ent. WWE 17.00 789.48 0.0001 0.0010 Worthington Inds. WOR 21.00 1,240.44 0.0001 0.0019 Wright Express WXS 24.00 1,965.91 0.0001 0.0034 Wright Medical WMGI 27.00 576.44 0.0000 0.0011 Wyndham Worldwide WYN 10.00 5,220.86 0.0004 0.0038 Wynn Resorts WYNN 23.00 16,573.55 0.0012 0.0275 Xcel Energy Inc. XEL 4.00 12,705.64 0.0009 0.0037 XenoPort, Inc. XNPT 35.00 203.06 0.0000 0.0005 Xerox Corp. XRX 22.00 11,719.01 0.0008 0.0186 Xilinx Inc. XLNX 15.00 8,568.61 0.0006 0.0093 XO Group XOXO 9.00 267.13 0.0000 0.0002 Yahoo! Inc. YHOO 14.00 19,842.32 0.0014 0.0200 Yum! Brands YUM 9.00 25,128.60 0.0018 0.0163 Zale Corp. ZLC 35.00 126.70 0.0000 0.0003 Zebra Techn. 'A' ZBRA 20.00 1,960.95 0.0001 0.0028 Zimmer Holdings ZMH 24.00 10,032.18 0.0007 0.0173 Zions Bancorp. ZION 11.00 3,208.85 0.0002 0.0025 Zipcar, Inc. ZIP 1.00 712.02 0.0001 0.0001 ZOLL Medical ZOLL 15.00 788.87 0.0001 0.0009 Zoltek Cos. ZOLT 32.00 248.14 0.0000 0.0006 Zumiez Inc. ZUMZ 9.00 704.90 0.0001 0.0005 Zygo Corp. ZIGO 16.00 260.30 0.0000 0.0003 Average Projected 3-5yr Return: 17.63 16.06 Total Market Cap $ (Mil): 13,878,914.18 1.0000 Rebuttal Exhibit No. RBH-13 Page 1 of 2

REVIEW OF CWIP PROVISIONS HEVERT REVISED PROXY GROUP

[1]

Revised Proxy Group Companies CWIP in by Jurisdiction Rate Base

Alabama AL SO -- Arizona AZ PNW -- Arkansas AR AEP -- California CA EIX -- Florida FL SO  Georgia GA SO  Idaho ID IDA  Indiana IN AEP  Kansas KS GXP, WR  Kentucky KY AEP  Louisiana LA AEP, CNL  Michigan MI AEP, TEG  Minnesota MN OTTR -- Mississippi MS SO  Missouri MO GXP -- North Dakota ND OTTR  Ohio OH AEP  Oklahoma OK AEP  Oregon OR IDA, POR -- South Dakota SD OTTR  Tennessee TN AEP -- Texas TX AEP -- Virginia VA AEP  West Virginia WV AEP  Wisconsin WI TEG  16

Notes: [1] Source: Regulatory Research Associates, [1] Pre-Approval of Regulated Utility Generation Investment, [1] May 13, 2010 Rebuttal Exhibit No. RBH-13 Page 2 of 2

REVIEW OF CWIP PROVISIONS UNITED STATES

[1] CWIP in Rate Base

Alabama AL -- Alaska AK -- Arizona AZ -- Arkansas AR -- California CA -- Colorado CO  Connecticut CT -- Delaware DE -- District of Columbia DC -- Florida FL  Georgia GA  Hawaii HI -- Idaho ID  Illinois IL -- Indiana IN  Iowa IA -- Kansas KS  Kentucky KY  Louisiana LA  Maine ME -- Maryland MD -- Massachusetts MA -- Michigan MI  Minnesota MN -- Mississippi MS  Missouri MO -- Montana MT -- Nebraska NE -- Nevada NV  New Hampshire NH -- New Jersey NJ -- New Mexico NM  New York NY -- North Carolina NC  North Dakota ND  Ohio OH  Oklahoma OK  Oregon OR -- Pennsylvania PA -- Rhode Island RI -- South Carolina SC  South Dakota SD  Tennessee TN -- Texas TX -- Utah UT -- Vermont VT  Virginia VA  Washington WA  West Virginia WV  Wisconsin WI  Wyoming WY -- 23

Notes: [1] Source: Regulatory Research Associates, [1] Pre-Approval of Regulated Utility Generation Investment, [1] May 13, 2010 FLOTATION COST ADJUSTMENT Rebuttal Exhibit No. RBH-14 Page 1 of 1

Proxy Group Flotation Costs (two most recent common stock issuances per company after Jan. 1st, 2000 where available) Underwriting Offering Net Proceeds Total Flotation Gross Equity Issue Flotation Cost Date Issuing Entity Shares Issued Offering Price Discount Expense Per Share Costs before Costs Net Proceeds Percentage

Open Market Issuances 9/27/2002 Duke Energy DUK 62,675,000 $18.3500 $0.4588 $1,000,000 $17.8753 $29,752,156 $1,150,086,250 $1,120,334,094 2.5870% 3/15/2001 Duke Energy DUK 28,750,000 $38.9800 $1.0330 $990,000 $37.9126 $30,688,750 $1,120,675,000 $1,089,986,250 2.7384%

4/1/2009 American Electric Power AEP 69,000,000 $24.5000 $0.7350 $400,000 $23.7592 $51,115,000 $1,690,500,000 $1,639,385,000 3.0237% 2/27/2003 American Electric Power AEP 57,500,000 $20.9500 $0.6285 $550,000 $20.3119 $36,688,750 $1,204,625,000 $1,167,936,250 3.0457% 8/14/2006 Cleco Corporation CNL 6,900,000 $23.7500 $0.8900 $225,000 $22.8274 $6,366,000 $163,875,000 $157,509,000 3.8847% 11/9/2004 Cleco Corporation CNL 2,000,000 $18.5000 $0.6475 $200,000 $17.7525 $1,495,000 $37,000,000 $35,505,000 4.0405% 5/12/2009 Great Plains Energy GXP 11,500,000 $14.0000 $0.4900 $500,000 $13.4665 $6,135,000 $161,000,000 $154,865,000 3.8106% 5/17/2006 Great Plains Energy GXP 7,002,450 $27.5000 $0.8938 $500,000 $26.5348 $6,758,790 $192,567,375 $185,808,585 3.5098% 12/9/2004 IDACORP IDA 4,025,000 $30.0000 $1.2000 $300,000 $28.7255 $5,130,000 $120,750,000 $115,620,000 4.2484% 9/22/2008 Ottertail Corporation OTTR 5,175,000 $30.0000 $1.0875 $400,000 $28.8352 $6,027,813 $155,250,000 $149,222,188 3.8826% 12/10/2004 Ottertail Corporation OTTR 3,335,000 $25.4500 $0.9500 $300,000 $24.4100 $3,468,250 $84,875,750 $81,407,500 4.0863% 4/8/2010 Pinnacle West Capital PNW 6,900,000 $38.0000 $1.3300 $190,000 $36.6425 $9,367,000 $262,200,000 $252,833,000 3.5725% 4/27/2005 Pinnacle West Capital PNW 6,095,000 $42.0000 $1.3650 $250,000 $40.5940 $8,569,675 $255,990,000 $247,420,325 3.3477% 3/5/2009 Portland General POR 12,477,500 $14.1000 $0.4935 $375,000 $13.5764 $6,532,646 $175,932,750 $169,400,104 3.7131% 6/12/2007 Portland General POR 23,658,106 $26.0000 $0.7800 $700,000 $25.1904 $19,153,323 $615,110,756 $595,957,433 3.1138% 12/6/2000 Southern Company SO 28,750,000 $28.5000 $0.9200 $490,000 $27.5630 $26,940,000 $819,375,000 $792,435,000 3.2879% 11/4/2010 Westar Energy WR 8,625,000 $25.5400 $0.8939 $250,000 $24.6171 $7,959,888 $220,282,500 $212,322,613 3.6135% 5/29/2008 Westar Energy WR 6,900,000 $24.2800 $0.8498 $325,000 $23.3831 $6,188,620 $167,532,000 $161,343,380 3.6940% Weighted Average Flotation Costs $268,336,660 $8,597,627,381 $8,329,290,721 3.1211% FLOTATION COSTS 3.1211%

The flotation adjustment is derived by dividing the dividend yield by 1-F (where F = flotation costs expressed in percentage terms), or by 0.9688, and adding that result to the constant growth rate to determine the cost of equity. Using the formulas shown previously in my testimony, the Constant Growth DCF calculation is modified as follows to accommodate an adjustment for flotation costs:

+× gD )5.1( k = + g −× FP )1(

Flotation Cost Adjustment - 30 Day Constant Growth

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] Expected Dividend Yield Proj EPS Annualized Expected Adjusted for Growth Proj EPS Growth Proj EPS Growth Average Growth Flotation Adjusted Dividend Stock Price Dividend Yield Dividend Yield Flotation Costs (Zacks) (Value Line) (First Call) Estimate DCF k(e) DCF k(e)

AEP American Electric Power $1.84 $37.74 4.88% 4.98% 5.14% 4.00% 4.50% 3.97% 4.16% 9.13% 9.29% CNL Cleco Corp. $1.12 $34.64 3.23% 3.32% 3.43% 7.00% 6.00% 3.00% 5.33% 8.65% 8.76% EIX Edison International $1.28 $36.74 3.48% 3.55% 3.67% 5.00% NA 2.90% 3.95% 7.50% 7.62% GXP Great Plains Energy Inc. $0.83 $19.18 4.33% 4.48% 4.62% 9.00% 6.00% 5.80% 6.93% 11.41% 11.55% IDA IDACORP, Inc. $1.20 $37.28 3.22% 3.29% 3.40% 4.70% 4.00% 4.67% 4.46% 7.75% 7.85% TEG Integrys/WPS Resources $2.72 $48.84 5.57% 5.78% 5.97% 4.70% 9.00% 9.50% 7.73% 13.52% 13.70% OTTR Otter Tail Corp. $1.19 $19.78 6.02% 6.25% 6.45% 5.00% 13.00% 5.00% 7.67% 13.91% 14.12% PNW Pinnacle West Capital $2.10 $43.13 4.87% 5.01% 5.17% 5.30% 6.00% 6.25% 5.85% 10.86% 11.02% POR Portland General $1.06 $23.70 4.47% 4.60% 4.75% 5.00% 7.50% 5.32% 5.94% 10.54% 10.69% SO Southern Co. $1.89 $41.60 4.54% 4.67% 4.82% 5.00% 6.00% 5.95% 5.65% 10.32% 10.47% WR Westar Energy $1.28 $25.98 4.93% 5.09% 5.25% 6.10% 8.50% 5.18% 6.59% 11.68% 11.85% MEDIAN Median: 4.67% Median: 5.85% 10.54% 10.69%

FLOTATION ADJUSTED MEDIAN CONSTANT GROWTH DCF RESULT 10.69% UNADJUSTED MEDIAN CONSTANT GROWTH DCF RESULT 10.54% DIFFERENCE (FLOTATION COST ADJUSTMENT) 0.15% [12]

Notes on Flotation Cost Adjustment Calculation: [1] Source: Bloomberg [2] Source: Bloomberg [3] Equals Col. [1] / Col. [2] [4] Equals Col. [3] x (1 + .5 x Col. [9]) [5] Equals Col. [4] / (1 - 3.12%) [6] Source: Zacks Research [7] Source: Value Line [8] Source: Yahoo [9] Average of columns [6], [7], [8] [10] Equals Col. [4] + Col. [9] [11] Equals Col. [5] + Col. [9] [12] Equals median Adjusted DCF, Col. [11] - Median Unadjusted DCF, Col. [10]