Attachment PMN-LL-1. Pro Forma Lead-Lag Summary

Transcription

1 Attachment PMNLL Pro Forma LeadLag Summary

2 Attachment PMNLL Page of 3 Cash Working Capital Requirements 4/3/206 2 Months Ended Dec 3, 205 6:2:45 PM Lead Lag Summary Revenue Expense Net Net Day Line Annual (Lead) Lag (Lead) Lag (Lead) Lag Weighted No Expense Days Days Days Amount Source () (2) (3) (4) (5) (6) Total Revenue Lag Page 2 of 3 Line Total Expense Lag 4 Operation & Maintenance Exp Included 5 UES Labor $,944, $86,248,405 Page 3 of 3 Line 9 6 Pensions & Benefits 2,6, (4.69) $08,885,343 Page 3 of 3 Line 2 to 6 7 General Liability & Fiduciary 447, (80.24) $06,542,42 Page 3 of 3 Line & 8 8 Regulatory Commission Assesment Fees 69, $6,83,378 Page 3 of 3 Line 9 Automobile Leases 89, $9,206,844 Page 3 of 3 Line 20 0 Service Company Charges 7,943, $62,935,707 Page 3 of 3 Line 2 to 26 Inflation Adjustment 4, $3,70,556 Page 3 of 3 Line 27 2 Other O&M Expenses 7,722, $25,650,48 Page 3 of 3 Line 28 3 Total O&M Expenses for CWC 2,0, $392,22, Taxes Other Than Income Taxes 6 Other Taxes Excluding Property Taxes 307, $2,889,52 Page 3 of 3 Line 38 & 39 Property Taxes 6,059, (36.70) $572,254,432 Page 3 of 3 Line 40 & 4 8 Total Other Taxes for CWC 6,367, $585,43, Income Taxes 2 Federal Income Taxes,630, $33,202,7 Page 3 of 3 Line 45,46 & State Income Taxes,09, $22,593,792 Page 3 of 3 Line 47,48 & Total Income Taxes for CWC 2,740, $55,796, Interest Expense 26 Total Interest Expense for CWC 5,339, (.72) $62,562,850 Page 3 of 3 Line Net of Reveune less Expense Lag $35,66, $970,590, Days Avg Daily Cash Working Capital Requirements $2,659,52 Line 29 Col 5 / Line Cash Working Capital Requirements $2,659,52 Line 29 Col * Working Capital Percent % Line 29 Col 4/ Line /4/206 2:5 PM UES Lead Lag Summary 235 Rev 436.xls Lead Lag Summary

3 Attachment PMNLL Page 2 of 3 Cash Working Capital Requirements 4/3/206 2 Months Ended Dec 3, 205 6:2:45 PM Revenues Lag Summary (Lead) Line Revenues Lag Wtg Delivery No Revenue Lag Billed Days Source Dollar Days Service Lag 5.2 See Note 2 3 Billing Lag 4 Cycle Read Customers.07 W/P Supporting Page 5 6 Collection Lag 42.6 W/P Supporting Page 7 8 Total Sales Revenues with Increase $57,856, $3,38,3, Late Charge Revenue $48, See Note 2 $22,906,453 2 Disconnect / Reconnect Charges $36, Line 8 $7,998, Enhanced Meter Revenue $23, W/P Supporting Page 9 $78, Rent from Electric Property CATV $380,559 (30.42) W/P Supporting Page 9 $,575,328 8 Miscellaneous Rent $63, W/P Supporting Page 9 $,926, Other Electric Revenues $97, Line 8 $5,685, Line Extension Surcharge $, Line 8 $69, Revenue From Trans of Electric of Others $4, Line 8 $2,454, Total Revenue Lag $59,093, $3,4,9, Notes: 3. Computed as 365/2/ Fees are assessed on the next billing. Lag is computed as the collection lag on Line 6 plus the average of 5.4 grace period days from due date /4/206 2:6 PM UES Lead Lag Summary 235 Rev 436.xls Revenues

4 Attachment PMNLL Page 3 of 3 Cash Working Capital Requirements 4/3/206 2 Months Ended Dec 3, 205 6:2:45 PM Cost of Service Lead Lag Summary (Lead) Line Revenue Req Lag Weighted No Amount Days Source Amount Operation & Maintenance Expense 2 Labor UES Direct Test Year $,788,0.08 W/P Supporting Page 0 $,84,22 3 Labor UES Incentive Test Year $32, W/P Supporting Page 0 $7,255,344 4 Total UES Labor Test Year $,820,775 $27,069, Labor UES Direct ProForma Adj $34, W/P Supporting Page 0 $,495,64 7 Labor UES Incentive Pro Forma Adj $, W/P Supporting Page 0 $2,555,922 8 Total UES Labor Pro Forma Adj $23,49 $,060,282 9 Total UES Labor Pro Forma $,944, $26,009, Pension & Benefits $2,465, W/P Supporting Page 65 $277,8,263 3 Medical & Dental Insurances UES Pro Forma Adj $3, W/P Supporting Page 65 $6,93 4 Pension UES Pro Forma Adj $56, W/P Supporting Page 65 $2,079,858 5 PBOP UES Pro Forma Adj $2, W/P Supporting Page 65 $2,696, K UES Pro Forma Adj $7, W/P Supporting Page 65 $86,788 Acct 925 General Liability & Fiduciary $393,465 (80.24) W/P Supporting Page 94 $70,9,36 8 Property & Liability Insurances Pro forma Adj $54,228 (80.24) W/P Supporting Page 94 $9,774,83 Acct 928 Regulatory Commission Assesment Fees $69,88.62 W/P Supporting Page 97 $2,99, Automobile Leases $89, W/P Supporting Page 98 $,75,333 2 Acct 923 Service Company Charges $7,740, W/P Supporting Page $288,48, USC Labor Pro Forma Adj $207, W/P Supporting Page $7,728, USC Medical & Dental Insurances Pro Forma Adj $49, W/P Supporting Page $,86, USC Pension Pro Forma Adj $49, W/P Supporting Page $,842, USC PBOP Pro Forma Adj $4, W/P Supporting Page $,542,93 26 USC 40K Pro Forma Adj $36, W/P Supporting Page $,362, Inflation Adjustment $4, W/P Supporting Page 24 $4,473,98 28 Other O&M Expenses $7,722, W/P Supporting Page 24 $320,202, Total Oper & Maint Exp for Cash Working Capital $2,0, $830,098, Plus: Oper & Maint Items Excl form CWC Calculation 32 Acct 904 Provision for Doubtful Accounts $223, Distribution Bad Debt Adj $, Protected Receivables Expense Adj $344, Total Pro Forma Oper & Maint Exp $2,909, Taxes Other Than Income Taxes 38 Other Taxes Excluding Property Taxes $275, W/P Supporting Page 28 $4,487, Payroll Taxes Pro Forma Adj $3, W/P Supporting Page 28 $373, Property Taxes $5,029,628 (36.70) W/P Supporting Page 29 $84,577,850 4 Property Taxes Pro Forma Adj $,030,08 (36.70) W/P Supporting Page 29 $37,802, Total Pro Forma Taxes Other Than Income $6,367,37 (34.6) $2,5, Income Taxes 45 Federal Income Taxes Test Year $227, W/P Supporting Page 42 $8,504, Federal Income Taxes Pro Forma Adj $542, W/P Supporting Page 42 $20,294, State Income Taxes Test Year $755, W/P Supporting Page 43 $28,232, State Income Taxes Pro Forma Adj $7, W/P Supporting Page 43 $6,634,8 49 Federal Income Taxes on Increase $,946, W/P Supporting Page 42 $72,732, State Income Taxes on Increase $53, W/P Supporting Page 43 $,872,23 5 Total Pro Forma Income Taxes $2,740, $02,4, Interest Expense 54 Test Year Interest Expense $5,975, W/P Supporting Page 44 $44,996, Interest Expense Adj for Ratemaking $635, W/P Supporting Page 44 $44,48,4 56 Total Adjusted Interest Expense $5,339, $370,847, Total Expenses for Cash Working Capital $35,66, $,085,838, /4/206 2:6 PM UES Lead Lag Summary 235 Rev 436.xls Expenses

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6 Attachment PMNLL2 Qualifications of Paul M. Normand

7 Attachment PMN LL 2 Page of 3 PAUL M. NORMAND Principal Experience in the electric, gas, and water industry includes project management of various cost analyses, engineering system planning and design functions, detailed electric power loss analyses, as well as cost and contract functions for a manufacturer of nuclear equipment. Also, experienced in the analysis and preparation of economic data, revenue requirements and rate design for presentation before state and federal regulatory agencies. Presented expert testimony on behalf of utilities in over 30 applications before regulatory commissions. EXPERIENCE: 84 Present MANAGEMENT APPLICATIONS CONSULTING, INC. Principal consultant providing consulting services to industry in planning, pricing, and regulation. Extensive experience in analyzing power systems for power loss studies and unbundling issues P. M. NORMAND ASSOCIATES Independent consultant providing services to the utility industry in cost analyses, rate design and expert testimony GILBERT/COMMONWEALTH, Reading, Pa. Director, Rate Regulatory Services Administrative and fiscal responsibility for rate and regulatory services nationally for electric, gas, and water utilities. Additional responsibilities included all marketing, research and development efforts, and contract negotiations for all studies performed by the Regulatory Service Department. Provided consulting service to utilities in project management, personnel staffing, and future development efforts. Manager, Austin, Texas Office Responsibility for the overall administrative and business aspects for the department in the Southwest. Duties included the preparation of all aspects of rate cases and PURPA compliance studies. Senior Management Consultant Responsibilities included project management of various electric and gas costofservice studies and the development of methodologies utilized in the analysis of timedifferentiated average and marginal cost studies

8 Attachment PMN LL 2 Page 2 of 3 PAUL M. NORMAND / Page 2 (Continued) Consulting Engineer Prepared class and timedifferentiated costof service studies, revenue requirements exhibits, and expert testimony for formal rate proceedings before regulatory agencies. Performed forecasted tenyear costofservice studies by customer classes. Analyzed and prepared transmission (wheeling) rates based on costofservice. Engineer Derived system demand and energy loss factors and customer load characteristics required for costofservice results and related rate schedules WESTINGHOUSE ELECTRIC CORPORATION, Pittsburgh, PA Responsible for the procurement of electrical/electronic control equipment and power cables for the nuclear reactor control system. Assisted in the development of procedures for the seismic testing of various electronic equipment related to reactor control NEW ENGLAND ELECTRIC SYSTEM, Westborough, Massachusetts Experience from various system assignments in conjunction with formal education. Assigned to the Transmission and Distribution Department with responsibilities in several voltage conversion efforts and system planning. Development of network modeling techniques, load flow, and fault study analyses for the system planning department U.S. NAVY Aviation electronic technician with responsibilities for maintenance and troubleshooting of electronic communication equipment. EDUCATION: B.S.E.E., Electrical Engineering, Northeastern University, 75 M.S.E.E., Electrical Power Systems, Northeastern University, 75 Graduate Studies MBA Program, Lehigh University and Albright College, 77 to 80 SOCIETIES: Institute of Electrical and Electronic Engineers

9 Attachment PMN LL 2 Page 3 of 3 PAUL M. NORMAND / Page 3 (Continued) APPEARANCES AS EXPERT WITNESS: Federal Energy Regulatory Commission Arkansas Public Service Commission Delaware Public Service Commission Indiana Utility Regulatory Commission Illinois Commerce Commission Kansas Corporation Commission Kentucky Public Service Commission Louisiana Public Service Commission Maine Public Utilities Commission Maryland Public Service Commission Massachusetts Department of Public Utilities Missouri Public Service Commission New Hampshire Public Utilities Commission New Jersey Board of Public Utilities New York Public Service Commission North Carolina Utilities Commission Ohio Public Utilities Commission Pennsylvania Public Utility Commission Rhode Island Public Utilities Commission Texas Public Utilities Commission PAPERS AND PRESENTATIONS: Probability of Dispatch Costing Method for Electric Utility CostofService Analysis. Coauthored with P. S. Hurley, presented to Edison Electric Institute Rate Research Committee May 4, 82. Costing Strategies under Changing Marketing Goals and Long Term Investment Growth. Presented to Missouri Valley Electric Association (MVEA), Kansas City, MO, November 3,

10 UNITIL ENERGY SYSTEMS, INC. LEADLAG STUDY WORKPAPERS State of New Hampshire Public Utilities Commission Docket No. DE

11 UNITIL ENERGY SYSTEMS, INC. INDEX TO LEADLAG STUDY WORKPAPERS Revenue Lag... Other Revenues Lag...9 NonADP Payroll Lag...0 ADP Payroll Lag...5 Employee Pensions & Benefits Lag...65 Injuries and Damages Expense Lag...94 Regulatory Commission Expense Lag...97 Automobile Leases Lag...98 Service Company Charges Lag... Other O&M Lag...24 Taxes Other Than Income Lag...28 Property Tax Lag...29 Federal and State Income Taxes Lag...42 Interest on Long Term Debt Lag...44 Page

12 Page of 52 Number of Days Delay Between Receipt of Revenue and Distribution Services to Electric Customers Based on 205 Data Customers Line Number of No. Descripton Days Delay Revenue Lag: 2 Receipt of Electric Service to Meter Reading 5.2 days 3 Meter Reading to Recording of Accounts Receivable.07 days 4 Billing to Collection 42.6 days 5 Subtotal Revenue Lag Days days

13 Page 2 of 52 Receipt of Electric Service to Meter Reading Average Days Delay January, 205 to December 3, 205 Number of Days December January 3 February 28 March 3 April 30 May 3 June 30 July 3 August 3 September 30 October 3 November 30 December 3 28 Day Month * Day Months 4* Day Months 7*3 2 Total 365 days 365 Days / 2 Months / 2 = 5.2 days

14 Page 3 of 52 Unitil Energy Systems, Inc Meter Reading to Recording of Accounts Receivable Month Average Days January February March 205. April May June July August September October November December Average

15 Page 4 of 52 Meter Reading to Recording of Accounts Receivable Monthly Detail January 205 Days Lag Number of Meters Percent of Meters Days Lag Multiplier Weighted Days Lag 72,33 98.% % % % % % % % 0.00 Over % Total 73, %.03 February 205 Days Lag Number of Meters Percent of Meters Days Lag Multiplier Weighted Days Lag 67, % , % % % % % % to % 0.00 Over % Total 73, %.09 March 205 Days Lag Number of Meters Percent of Meters Days Lag Multiplier Wtd Days Lag 66, % , % % % % % % to % 0.00 Over % Total 73, %

16 Page 5 of 52 Meter Reading to Recording of Accounts Receivable Monthly Detail April 205 Days Lag Number of Meters Percent of Meters Days Lag Multiplier Wtd Days Lag 72, % % % % % % % to % 0.00 Over % Total 73, %.02 May 205 Days Lag Number of Meters Percent of Meters Days Lag Multiplier Wtd Days Lag 72, % % % % % % % to % 0.00 Over % Total 73, %.03 June 205 Days Lag Number of Meters Percent of Meters Days Lag Multiplier Wtd Days Lag 72, % ,307.76% % % % % % to % 0.00 Over % Total 74, %

17 Page 6 of 52 Meter Reading to Recording of Accounts Receivable Monthly Detail July 205 Days Lag Number of Meters Percent of Meters Days Lag Multiplier Wtd Days Lag 7, % , % % % % % % to % 0.00 Over % Total 74, %.05 August 205 Days Lag Number of Meters Percent of Meters Days Lag Multiplier Wtd Days Lag 72, % ,83.58% % % % % % to % 0.00 Over % Total 74, %.04 September 205 Days Lag Number of Meters Percent of Meters Days Lag Multiplier Wtd Days Lag 66, % , % , % % % % % to % 0.00 Over % Total 74, %

18 Page 7 of 52 Meter Reading to Recording of Accounts Receivable Monthly Detail October 205 Days Lag Number of Meters Percent of Meters Days Lag Multiplier Wtd Days Lag 67, % , % ,622 2.% % % % % to % 0.00 Over % Total 73, %.4 November 205 Days Lag Number of Meters Percent of Meters Days Lag Multiplier Wtd Days Lag 72, % % % % % % % to % 0.00 Over % Total 73, %.03 December 205 Days Lag Number of Meters Percent of Meters Days Lag Multiplier Wtd Days Lag 7, % ,45.55% % % % % % to % 0.00 Over % Total 73, %

19 Number Of Days Lag In Billing To Collection Twelve Months Average /5 2/5 UES Lead Lag Study Page 8 of 52 Electric Sales Revenues Accounts Receivable Electric Sales Month Days in Month Daily Average (/Days) () (2) (3) 205 January 3,052,4 550,068 20,6,646 February 28 6,578,54 592,077 20,566,237 March 3 6,903,54 545,263 22,030,48 April 30 4,030, ,697 20,775,209 May 3 2,084, ,830,458,96 June 30 2,47, ,930 8,084,932 July 3 0,76, ,42 6,72,339 August 3 2,077, ,6,07,975 September 30,896, ,546 8,359,9 October 3 9,496,0 306,323 3,243,89 November 30 9,099, ,329 3,34,480 December 3 0,452,92 337, 3,844,685 Total $ 52,58,468 $ 5,030,006 $ 22,089,377 Average $ 2,75,22 $ 4,67 $,674,5 Payment Lag Days (3/2)

20 Unitil Energy Systems,Inc. Calculation of Other Operating Revenue Lags 2 Months Ended Dec 3, 205 UES Lead Lag Study Page 9 of 52 Line (Lead) Lag No Account Amount Days Notes Rent from Electric Property CATV $380, Billed quarterly. Billed in Jan for FebApr, billed in Mar for MayJuj, etc. 2 Billed on last day of the month. Due in Thirty Days. 3 Service period is three months. Assume payment in the middle of the first month Miscellaneous Rent $63, Rent paid to UES from other Unitil subsidiaries for the use of office space at the UES DOC. 6 UES bills rent during the month and it is paid the following month. 7 Service period is one month. Assume payment in the middle of the following month Enhanced Meter Revenue $23, External suppliers who receive interval metering data for a customer. 0 Billed in the month they request the service and pay they following month. Service period is one month. Assume payment in the middle of the following month /4/206 2:53 PM of Other Operating Revenue Lags xlsx Sheet 00049

21 Page 0 of 52 Unitil Energy Systems,Inc. Calculation of Payroll Lag Days 4/4/206 2 Months Ended Dec 3, 205 3:37:4 PM Summary Total Payroll Lead Lag Summary ADP and Non ADP Line (Lead) Lag Weighted No Gross Payroll Items Amount Days Dollar Days 2 Regular Payroll 3 Total ADP Weekly & Monthly $,032, $6,496, Total Non ADP Weekly & Monthly $3, $7,087, Total Weekly & Monthly Payroll $,225, $3,584, Incentive Payroll 2 Total ADP Weekly & Monthly $, $26,29, Total Non ADP Weekly Monthly $2, $552, Total Weekly & Monthly Payroll $, $26,682,67 8 Test Year Payroll O&M Expense Percent 20 Union Payroll $,3, %.08 $4,537,37 2 Non Union Payroll $476,2 26.5%.08 $5,276, Incentive Payroll $32,605.79% $7,255, Total O&M Payroll $,820, % 4.87 $27,069, /4/206 3:37 PM of UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Summary ADP & Non ADP Payroll

22 Page of 52 Unitil Energy Systems,Inc. Calculation of Payroll Lag Days 4/4/206 2 Months Ended Dec 3, 205 3:37:4 PM Non ADP Payroll Deductions Lead Lag Summary Line (Lead) Lag Weighted No Gross Payroll Items Amount Days Dollar Days 2 Weekly 3 40K Loan $23, $85, K Tax Deferred $64, $508,509 5 Health Insurance Premium $34, $2,095,447 6 Health Savings Account $, $7,439 7 Dental Premium $2, $06,892 8 Vision Premium $ $27,84 9 Supplemental Life Premium $, $2,665 0 Supplemental AD&D Premium $ $2,5 Home Auto $ $5,500 2 Stock Purchase $3, $932,077 3 Charity $ $9,504 4 PC Purchase Loan $ $296,38 5 Activity Prizes $ $0 6 Award $ $0 Miscellaneous $3, $433,467 8 Union Dues $0, $224,437 Medical Care $ $4, Dependent Care $ $0 2 Auto Adjustment $ $ Total Weekly Payroll $40, $3,402, /4/206 3:4 PM of 2 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Payroll Lead Lag Summary

23 Page 2 of 52 Unitil Energy Systems,Inc. Calculation of Payroll Lag Days 4/4/206 2 Months Ended Dec 3, 205 3:37:4 PM Non ADP Payroll Deductions Lead Lag Summary Line (Lead) Lag Weighted No Gross Payroll Items Amount Days Dollar Days Monthly 28 40K Loan $3, $67, K Tax Deferred $,4.00 $330,45 30 Health Insurance Premium $7, $483,399 3 Health Savings Account $5, $, Dental Premium $ $37,34 33 Vision Premium $ $7, Supplemental Life Premium $ $5,0 35 Supplemental AD&D Premium $ $99 36 Home Auto $ $ Stock Purchase $ $63, Charity $ $7,33 39 PC Purchase Loan $ $40, Activity Prizes $ $0 4 Award $ $0 42 Miscellaneous $ $0 43 Union Dues $ $0 44 Medical Care $ $ Dependent Care $ $0 46 Auto Adjustment $2, $2,7, Total Monthly Payroll $52, $3,685, Total Weekly & Semi Monthly $3, $7,087, Incentive Pay 56 40K Tax Deferred $2, $552, Total Incentive Payroll $2, $552, /4/206 3:4 PM 2 of 2 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Payroll Lead Lag Summary

24 Page 3 of 52 Unitil Energy Systems,Inc. Calculation of Payroll Lag Days 4/4/206 2 Months Ended Dec 3, 205 3:37:4 PM Total Payroll Service Line Gross Pay Total ADP Payroll Total Non ADP No Payroll Description Amount Deductions Payroll Deductions Difference 2 Weekly 3 4 0/3/205 $69,974 $58,394 $,580 $0 5 0/0/205 $79,469 $67,48 $,988 $0 6 0//205 $70,635 $58,975 $,660 $0 7 0/24/205 $63,26 $59,959 $3,258 $0 8 0/3/205 $77,279 $65,08 $2,8 $0 9 /7/205 $70,077 $58,552 $,525 $0 0 /4/205 $8,858 $69,4 $2,44 $0 /2/205 $7,977 $64,686 $7,29 $0 2 /28/205 $72,742 $60,927 $,85 $0 3 2/5/205 $80,385 $68,448 $,937 $0 4 2/2/205 $7,067 $59,592 $,474 $0 5 2//205 $67,63 $56,026 $,586 $0 6 2/26/205 $74,2 $62,75 $,477 $0 8 $950,483 $80,253 $40,230 $ Monthly /3/205 $88,004 $74,537 $3,467 $0 27 /30/205 $93,250 $73,737 $,53 $0 28 2/3/205 $94,20 $74,40 $,79 $ $275,455 $222,684 $52,77 $ Incentive Pay 34 February Incentive PayWeekly $8,879 $,975 $904 $0 35 Incentive PaySalary $0,032 $99,463 $,569 $0 37 $,9 $,438 $2, Total $,345,849 $,50,375 $5,474 $0 4 4/4/206 3:42 PM of UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Summary Payroll

25 Page 4 of 52 Unitil Energy Systems,Inc. Calculation of Payroll Lag Days 4/4/206 2 Months Ended Dec 3, 205 3:37:4 PM 40K Loan Line Service Period Total Midpoint Payment (Lead) Lag Weighted No Payroll Description Amount Start End Days Service Period Date Days Dollar Days 2 Weekly 3 4 0/3/205 $,86 9/27/5 2:00 AM 0/4/5 2:00 AM 7 9/30/5 2:00 PM 0/8/5 2:00 AM 7.50 $3,62 5 0/0/205 $,86 0/4/5 2:00 AM 0//5 2:00 AM 7 0/7/5 2:00 PM 0/5/5 2:00 AM 7.50 $3,62 6 0//205 $,86 0//5 2:00 AM 0/8/5 2:00 AM 7 0/4/5 2:00 PM 0/22/5 2:00 AM 7.50 $3,62 7 0/24/205 $,86 0/8/5 2:00 AM 0/25/5 2:00 AM 7 0/2/5 2:00 PM /3/5 2:00 AM 2.50 $22, /3/205 $,86 0/25/5 2:00 AM //5 2:00 AM 7 0/28/5 2:00 PM /5/5 2:00 AM 7.50 $3,62 9 /7/205 $,80 //5 2:00 AM /8/5 2:00 AM 7 /4/5 2:00 PM /2/5 2:00 AM 7.50 $3,508 0 /4/205 $,80 /8/5 2:00 AM /5/5 2:00 AM 7 //5 2:00 PM //5 2:00 AM 7.50 $3,508 /2/205 $,809 /5/5 2:00 AM /22/5 2:00 AM 7 /8/5 2:00 PM /27/5 2:00 AM 8.50 $5,372 2 /28/205 $,809 /22/5 2:00 AM /29/5 2:00 AM 7 /25/5 2:00 PM 2/3/5 2:00 AM 7.50 $3, /5/205 $,809 /29/5 2:00 AM 2/6/5 2:00 AM 7 2/2/5 2:00 PM 2/0/5 2:00 AM 7.50 $3, /2/205 $,809 2/6/5 2:00 AM 2/3/5 2:00 AM 7 2/9/5 2:00 PM 2//5 2:00 AM 7.50 $3, //205 $,809 2/3/5 2:00 AM 2/20/5 2:00 AM 7 2/6/5 2:00 PM 2/23/5 2:00 AM 6.50 $, /26/205 $,809 2/20/5 2:00 AM 2/27/5 2:00 AM 7 2/23/5 2:00 PM 2/3/5 2:00 AM 7.50 $3,564 8 $23, $85, Monthly /3/205 $,32 0//5 2:00 AM //5 2:00 AM 3 0/6/5 2:00 PM /5/5 2:00 AM.50 $25, /30/205 $,32 //5 2:00 AM 2//5 2:00 AM 30 /6/5 2:00 AM 2/3/5 2:00 AM.00 $22, /3/205 $,32 2//5 2:00 AM //6 2:00 AM 3 2/6/5 2:00 PM 2/3/5 2:00 AM 4.50 $, $3, $67, Total $27, Payment date indicates the check date in Dataview. 40 4/4/206 3:43 PM of UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls 40K Loan

26 Page 5 of 52 Unitil Energy Systems,Inc. Calculation of Payroll Lag Days 4/4/206 2 Months Ended Dec 3, 205 3:37:4 PM 40K Tax Deferred Line Service Period Total Midpoint Payment (Lead) Lag Weighted No Payroll Description Amount Start End Days Service Period Date Days Dollar Days 2 Weekly 3 4 0/3/205 $4,620 9/27/5 2:00 AM 0/4/5 2:00 AM 7 9/30/5 2:00 PM 0/8/5 2:00 AM 7.50 $34, /0/205 $5,028 0/4/5 2:00 AM 0//5 2:00 AM 7 0/7/5 2:00 PM 0/5/5 2:00 AM 7.50 $37,70 6 0//205 $4,699 0//5 2:00 AM 0/8/5 2:00 AM 7 0/4/5 2:00 PM 0/22/5 2:00 AM 7.50 $35, /24/205 $5,07 0/8/5 2:00 AM 0/25/5 2:00 AM 7 0/2/5 2:00 PM /3/5 2:00 AM 2.50 $63, /3/205 $5,238 0/25/5 2:00 AM //5 2:00 AM 7 0/28/5 2:00 PM /5/5 2:00 AM 7.50 $39,286 9 /7/205 $4,58 //5 2:00 AM /8/5 2:00 AM 7 /4/5 2:00 PM /2/5 2:00 AM 7.50 $34,354 0 /4/205 $5,496 /8/5 2:00 AM /5/5 2:00 AM 7 //5 2:00 PM //5 2:00 AM 7.50 $4,223 /2/205 $5,442 /5/5 2:00 AM /22/5 2:00 AM 7 /8/5 2:00 PM /27/5 2:00 AM 8.50 $46,258 2 /28/205 $4,985 /22/5 2:00 AM /29/5 2:00 AM 7 /25/5 2:00 PM 2/3/5 2:00 AM 7.50 $37, /5/205 $5,28 /29/5 2:00 AM 2/6/5 2:00 AM 7 2/2/5 2:00 PM 2/0/5 2:00 AM 7.50 $38, /2/205 $4,666 2/6/5 2:00 AM 2/3/5 2:00 AM 7 2/9/5 2:00 PM 2//5 2:00 AM 7.50 $34, //205 $4,628 2/3/5 2:00 AM 2/20/5 2:00 AM 7 2/6/5 2:00 PM 2/23/5 2:00 AM 6.50 $30,08 6 2/26/205 $4,669 2/20/5 2:00 AM 2/27/5 2:00 AM 7 2/23/5 2:00 PM 2/3/5 2:00 AM 7.50 $35,0 8 $64, $508, Monthly /3/205 $6,476 0//5 2:00 AM //5 2:00 AM 3 0/6/5 2:00 PM /5/5 2:00 AM.50 $26, /30/205 $6,476 //5 2:00 AM 2//5 2:00 AM 30 /6/5 2:00 AM 2/3/5 2:00 AM.00 $0, /3/205 $6,468 2//5 2:00 AM //6 2:00 AM 3 2/6/5 2:00 PM 2/3/5 2:00 AM 4.50 $93, $,4.00 $330, Incentive Pay 34 February Incentive PayWeekly $904 //5 2:00 AM //6 2:00 AM 365 7/2/5 2:00 PM 2//6 2:00 AM $202, Incentive PaySalary $,569 //5 2:00 AM //6 2:00 AM 365 7/2/5 2:00 PM 2//6 2:00 AM $350, $2, $552, Annualized Lag $337, $3,907, Payment date indicates the check date in Dataview. 4/4/206 3:43 PM of UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls 40K Tax Deferred

27 Page 6 of 52 Unitil Energy Systems,Inc. Calculation of Payroll Lag Days 4/4/206 2 Months Ended Dec 3, 205 3:37:4 PM Health Insurance Premium Line Service Period Total Midpoint Payment (Lead) Lag Weighted No Payroll Description Amount Start End Days Service Period Date Days Dollar Days 2 Weekly 3 4 0/3/205 $2,660 9/27/5 2:00 AM 0/4/5 2:00 AM 7 9/30/5 2:00 PM 6.59 $63,80 5 0/0/205 $2,660 0/4/5 2:00 AM 0//5 2:00 AM 7 0/7/5 2:00 PM 6.59 $63,80 6 0//205 $2,660 0//5 2:00 AM 0/8/5 2:00 AM 7 0/4/5 2:00 PM 6.59 $63,80 7 0/24/205 $2,660 0/8/5 2:00 AM 0/25/5 2:00 AM 7 0/2/5 2:00 PM 6.59 $63,80 8 0/3/205 $2,660 0/25/5 2:00 AM //5 2:00 AM 7 0/28/5 2:00 PM 6.59 $63,80 9 /7/205 $2,660 //5 2:00 AM /8/5 2:00 AM 7 /4/5 2:00 PM 6.59 $63,80 0 /4/205 $2,660 /8/5 2:00 AM /5/5 2:00 AM 7 //5 2:00 PM 6.59 $63,80 /2/205 $2,660 /5/5 2:00 AM /22/5 2:00 AM 7 /8/5 2:00 PM 6.59 $63,80 2 /28/205 $2,549 /22/5 2:00 AM /29/5 2:00 AM 7 /25/5 2:00 PM 6.59 $57, /5/205 $2,549 /29/5 2:00 AM 2/6/5 2:00 AM 7 2/2/5 2:00 PM 6.59 $57, /2/205 $2,549 2/6/5 2:00 AM 2/3/5 2:00 AM 7 2/9/5 2:00 PM 6.59 $57, //205 $2,549 2/3/5 2:00 AM 2/20/5 2:00 AM 7 2/6/5 2:00 PM 6.59 $57, /26/205 $2,549 2/20/5 2:00 AM 2/27/5 2:00 AM 7 2/23/5 2:00 PM 6.59 $57,008 8 $34, $2,095, Monthly /3/205 $2,66 0//5 2:00 AM //5 2:00 AM 3 0/6/5 2:00 PM 6.59 $6,33 27 /30/205 $2,66 //5 2:00 AM 2//5 2:00 AM 30 /6/5 2:00 AM 6.59 $6, /3/205 $2,66 2//5 2:00 AM //6 2:00 AM 3 2/6/5 2:00 PM 6.59 $6, $7, $483, Total $4, $2,578, The employee 20 % contribution toward health insurance is an offset to the expense. 40 UES is self insured. 4 4/4/206 3:44 PM of UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Health Insurance Prem

28 Page of 52 Calculation of Medical lags from Claims lag tables. Dec5 Weighted 2 Months Weighted Claim Total Paid Payments Claim Total Paid Payments Prior $0 40 $0 Prior $0 $0 Jan $ $46,000 Jan $400 $46,000 Feb $0 334 $0 Feb $0 $0 Mar $0 306 $0 Mar $0 $0 Apr $0 275 $0 Apr $0 $0 May $0 245 $0 May $0 $0 Jun $0 24 $0 Jun $0 $0 Jul $0 84 $0 Jul $0 $0 Aug $0 53 $0 Aug $283 $43,305 Sep $33 22 $38,5 Sep $,438 $4,044 Oct $2,34 92 $6,287 Oct $24,268 $2,229,80 Nov $5,670 6 $3,5,856 Nov $62,375 $9,904,599 Dec $4,036 3 $25, Dec $28,6 $863,834 $58, $3,657,404 $26, $3,36,584 Nov5 Weighted Claim Total Paid Payments Prior $0 40 $0 Dec $0 365 $0 Jan $0 334 $0 Feb $0 303 $0 Mar $0 275 $0 Apr $0 244 $0 May $0 24 $0 Jun $0 83 $0 Jul $0 53 $0 Aug $44 22 $53,78 Sep $2,350 9 $23,870 Oct $2,593 6 $,3,52 Nov $2,36 30 $69,483 $26, $,654,286 4/4/206 3:46 PM of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Health Insurance Prem

29 Page 8 of 52 Oct5 Weighted Claim Total Paid Payments Prior $0 40 $0 Nov $0 365 $0 Dec $0 335 $0 Jan $0 304 $0 Feb $0 273 $0 Mar $0 245 $0 Apr $0 24 $0 May $0 84 $0 Jun $0 53 $0 Jul $0 23 $0 Aug $, $64,250 Sep $45,769 6 $2,79,893 Oct $8,979 3 $278,358 $56, $3,234,50 Sep5 Weighted Claim Total Paid Payments Prior $0 40 $0 Oct $0 365 $0 Nov $0 334 $0 Dec $0 304 $0 Jan $0 273 $0 Feb $0 242 $0 Mar $0 24 $0 Apr $0 83 $0 May $0 53 $0 Jun $0 22 $0 Jul $ $2,06 Aug $5,527 6 $947,35 Sep $2,83 30 $84,932 $8, $,053,082 4/4/206 3:46 PM 2 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Health Insurance Prem

30 Page of 52 Aug5 Weighted Claim Total Paid Payments Prior $0 40 $0 Sep $0 365 $0 Oct $0 335 $0 Nov $0 304 $0 Dec $0 274 $0 Jan $0 243 $0 Feb $0 22 $0 Mar $0 84 $0 Apr $0 53 $0 May $0 23 $0 Jun $0 92 $0 Jul $7,08 62 $438,993 Aug $2,285 3 $70,845 $9, $509,838 Jul5 Weighted Claim Total Paid Payments Prior $0 40 $0 Aug $0 365 $0 Sep $0 334 $0 Oct $0 304 $0 Nov $0 273 $0 Dec $0 243 $0 Jan $0 22 $0 Feb $0 8 $0 Mar $ $43,305 Apr $0 22 $0 May $23 92 $,270 Jun $3,43 6 $,74 Jul $643 3 $,939 $4, $266,228 4/4/206 3:46 PM 3 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Health Insurance Prem 00050

31 Page 20 of 52 Jun5 Weighted Claim Total Paid Payments Prior $0 40 $0 Jul $0 365 $0 Aug $0 334 $0 Sep $0 303 $0 Oct $0 273 $0 Nov $0 242 $0 Dec $0 22 $0 Jan $0 8 $0 Feb $0 50 $0 Mar $0 22 $0 Apr $434 9 $39,472 May $4,750 6 $289,777 Jun $, $3,737 $6, $360,987 May5 Weighted Claim Total Paid Payments Prior $0 40 $0 Jun $0 365 $0 Jul $0 335 $0 Aug $0 304 $0 Sep $0 273 $0 Oct $0 243 $0 Nov $0 22 $0 Dec $0 82 $0 Jan $0 5 $0 Feb $ $82,2 Mar $,7 92 $,582,39 Apr $5,88 6 $358,720 May $,230 3 $38,28 $24, $2,06,099 4/4/206 3:46 PM 4 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Health Insurance Prem

32 Page 2 of 52 Apr5 Weighted Claim Total Paid Payments Prior $0 40 $0 May $0 365 $0 Jun $0 334 $0 Jul $0 304 $0 Aug $0 273 $0 Sep $0 242 $0 Oct $0 22 $0 Nov $0 8 $0 Dec $0 5 $0 Jan $0 20 $0 Feb $ 89 $,498 Mar $3,282 6 $200,222 Apr $2, $7,83 $5, $272,902 Mar5 Weighted Claim Total Paid Payments Prior $0 40 $0 Apr $0 365 $0 May $0 335 $0 Jun $0 304 $0 Jul $0 274 $0 Aug $0 243 $0 Sep $0 22 $0 Oct $0 82 $0 Nov $0 5 $0 Dec $0 2 $0 Jan $0 90 $0 Feb $2, $5,465 Mar $,435 3 $44,483 $4, $5,948 4/4/206 3:46 PM 5 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Health Insurance Prem

33 Page 22 of 52 Feb5 Weighted Claim Total Paid Payments Prior $0 40 $0 Mar $0 365 $0 Apr $0 334 $0 May $0 304 $0 Jun $0 273 $0 Jul $0 243 $0 Aug $0 22 $0 Sep $0 8 $0 Oct $0 5 $0 Nov $0 20 $0 Dec $0 90 $0 Jan $,3 59 $65,673 Feb $ $5,560 $, $8,233 Jan5 Weighted Claim Total Paid Payments Prior $0 40 $0 Feb $0 365 $0 Mar $0 337 $0 Apr $0 306 $0 May $0 276 $0 Jun $0 245 $0 Jul $0 25 $0 Aug $0 84 $0 Sep $0 53 $0 Oct $0 23 $0 Nov $0 92 $0 Dec $0 62 $0 Jan $454 3 $4,076 $ $4,076 4/4/206 3:46 PM 6 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Health Insurance Prem

34 Page 23 of 52 Unitil Energy Systems,Inc. Calculation of Payroll Lag Days 4/4/206 2 Months Ended Dec 3, 205 3:44:52 PM Health Savings Account Line Service Period Total Midpoint Payment (Lead) Lag Weighted No Payroll Description Amount Start End Days Service Period Date Days Dollar Days 2 Weekly 3 4 0/3/205 $87 9/27/5 2:00 AM 0/4/5 2:00 AM 7 9/30/5 2:00 PM 0/7/5 2:00 AM 6.50 $ /0/205 $87 0/4/5 2:00 AM 0//5 2:00 AM 7 0/7/5 2:00 PM 0/4/5 2:00 AM 6.50 $ //205 $87 0//5 2:00 AM 0/8/5 2:00 AM 7 0/4/5 2:00 PM 0/2/5 2:00 AM 6.50 $ /24/205 $87 0/8/5 2:00 AM 0/25/5 2:00 AM 7 0/2/5 2:00 PM 0/28/5 2:00 AM 6.50 $ /3/205 $87 0/25/5 2:00 AM //5 2:00 AM 7 0/28/5 2:00 PM /4/5 2:00 AM 6.50 $566 9 /7/205 $87 //5 2:00 AM /8/5 2:00 AM 7 /4/5 2:00 PM /2/5 2:00 AM 7.50 $653 0 /4/205 $87 /8/5 2:00 AM /5/5 2:00 AM 7 //5 2:00 PM /8/5 2:00 AM 6.50 $566 /2/205 $87 /5/5 2:00 AM /22/5 2:00 AM 7 /8/5 2:00 PM /25/5 2:00 AM 6.50 $566 2 /28/205 $87 /22/5 2:00 AM /29/5 2:00 AM 7 /25/5 2:00 PM 2/2/5 2:00 AM 6.50 $ /5/205 $87 /29/5 2:00 AM 2/6/5 2:00 AM 7 2/2/5 2:00 PM 2/9/5 2:00 AM 6.50 $ /2/205 $87 2/6/5 2:00 AM 2/3/5 2:00 AM 7 2/9/5 2:00 PM 2/6/5 2:00 AM 6.50 $ //205 $87 2/3/5 2:00 AM 2/20/5 2:00 AM 7 2/6/5 2:00 PM 2/23/5 2:00 AM 6.50 $ /26/205 $87 2/20/5 2:00 AM 2/27/5 2:00 AM 7 2/23/5 2:00 PM 2/30/5 2:00 AM 6.50 $566 8 $, $7, Monthly /3/205 $,890 0//5 2:00 AM //5 2:00 AM 3 0/6/5 2:00 PM 0/2/5 2:00 AM 4.50 $8, /30/205 $,890 //5 2:00 AM 2//5 2:00 AM 30 /6/5 2:00 AM /8/5 2:00 AM 2.00 $3, /3/205 $,890 2//5 2:00 AM //6 2:00 AM 3 2/6/5 2:00 PM 2/6/5 2:00 AM 0.50 $ $5, $, Total $6, Payment date indicates the check date in Dataview /4/206 3:47 PM of UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Health Savings Acct

35 Page 24 of 52 Unitil Energy Systems,Inc. Calculation of Payroll Lag Days 4/4/206 2 Months Ended Dec 3, 205 3:44:52 PM Dental Premium Line Service Period Total Midpoint (Lead) Lag Weighted No Payroll Description Amount Start End Days Service Period Days Dollar Days 2 Weekly 3 4 0/3/205 $8 9/27/5 2:00 AM 0/4/5 2:00 AM 7 9/30/5 2:00 PM 47.3 $8, /0/205 $8 0/4/5 2:00 AM 0//5 2:00 AM 7 0/7/5 2:00 PM 47.3 $8, //205 $8 0//5 2:00 AM 0/8/5 2:00 AM 7 0/4/5 2:00 PM 47.3 $8, /24/205 $8 0/8/5 2:00 AM 0/25/5 2:00 AM 7 0/2/5 2:00 PM 47.3 $8, /3/205 $8 0/25/5 2:00 AM //5 2:00 AM 7 0/28/5 2:00 PM 47.3 $8,378 9 /7/205 $8 //5 2:00 AM /8/5 2:00 AM 7 /4/5 2:00 PM 47.3 $8,378 0 /4/205 $8 /8/5 2:00 AM /5/5 2:00 AM 7 //5 2:00 PM 47.3 $8,378 /2/205 $8 /5/5 2:00 AM /22/5 2:00 AM 7 /8/5 2:00 PM 47.3 $8,378 2 /28/205 $69 /22/5 2:00 AM /29/5 2:00 AM 7 /25/5 2:00 PM 47.3 $7, /5/205 $69 /29/5 2:00 AM 2/6/5 2:00 AM 7 2/2/5 2:00 PM 47.3 $7, /2/205 $69 2/6/5 2:00 AM 2/3/5 2:00 AM 7 2/9/5 2:00 PM 47.3 $7, //205 $69 2/3/5 2:00 AM 2/20/5 2:00 AM 7 2/6/5 2:00 PM 47.3 $7, /26/205 $69 2/20/5 2:00 AM 2/27/5 2:00 AM 7 2/23/5 2:00 PM 47.3 $7,974 8 $2, $06, Monthly /3/205 $264 0//5 2:00 AM //5 2:00 AM 3 0/6/5 2:00 PM 47.3 $2, /30/205 $264 //5 2:00 AM 2//5 2:00 AM 30 /6/5 2:00 AM 47.3 $2, /3/205 $264 2//5 2:00 AM //6 2:00 AM 3 2/6/5 2:00 PM 47.3 $2, $ $37, Total $3, $44, The employee 20% contribution toward dental insurance is an offset to the expense. 40 UES is self insured Lag days based on Health Insurance Premium lag 43 4/4/206 3:47 PM of UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Dental Premium

36 Page 25 of 52 Calculation of Dental lags from Claims lag tables. Dec5 Weighted 2 Months Weighted Claim Total Paid Payments Claim Total Paid Payments Prior $0 40 $0 Prior $620 $280,860 Jan $0 365 $0 Jan $0 $0 Feb $ $47,762 Feb $43 $47,762 Mar $0 306 $0 Mar $0 $0 Apr $0 275 $0 Apr $529 $44,28 May $0 245 $0 May $0 $0 Jun $0 24 $0 Jun $0 $0 Jul $0 84 $0 Jul $0 $0 Aug $0 53 $0 Aug $0 $0 Sep $43 22 $,446 Sep $43 $,446 Oct $0 92 $0 Oct $,440 $29,852 Nov $786 6 $47,956 Nov $9,336 $565,459 Dec $3,847 3 $,255 Dec $22,469 $687,650 $4, $232,4 $33, $,584,748 Nov5 Weighted Claim Total Paid Payments Prior $0 40 $0 Dec $0 365 $0 Jan $0 334 $0 Feb $0 303 $0 Mar $0 275 $0 Apr $0 244 $0 May $0 24 $0 Jun $0 83 $0 Jul $0 53 $0 Aug $0 22 $0 Sep $0 9 $0 Oct $90 6 $55,480 Nov $3, $06,3 $4, $6,653 4/4/206 3:49 PM of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Dental Premium

37 Page 26 of 52 Oct5 Weighted Claim Total Paid Payments Prior $0 40 $0 Nov $0 365 $0 Dec $0 335 $0 Jan $0 304 $0 Feb $0 273 $0 Mar $0 245 $0 Apr $0 24 $0 May $0 84 $0 Jun $0 53 $0 Jul $0 23 $0 Aug $0 92 $0 Sep $,078 6 $65,746 Oct $,25 3 $34,88 $2, $00,627 Sep5 Weighted Claim Total Paid Payments Prior $0 40 $0 Oct $0 365 $0 Nov $0 334 $0 Dec $0 304 $0 Jan $0 273 $0 Feb $0 242 $0 Mar $0 24 $0 Apr $0 83 $0 May $0 53 $0 Jun $0 22 $0 Jul $0 92 $0 Aug $,734 6 $05,772 Sep $3, $05,825 $5, $2,597 4/4/206 3:49 PM 2 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Dental Premium

38 Page 27 of 52 Aug5 Weighted Claim Total Paid Payments Prior $0 40 $0 Sep $0 365 $0 Oct $0 335 $0 Nov $0 304 $0 Dec $0 274 $0 Jan $0 243 $0 Feb $0 22 $0 Mar $0 84 $0 Apr $0 53 $0 May $0 23 $0 Jun $0 92 $0 Jul $54 62 $9,573 Aug $5,578 3 $2,909 $5, $82,482 Jul5 Weighted Claim Total Paid Payments Prior $0 40 $0 Aug $0 365 $0 Sep $0 334 $0 Oct $0 304 $0 Nov $0 273 $0 Dec $0 243 $0 Jan $0 22 $0 Feb $0 8 $0 Mar $0 53 $0 Apr $0 22 $0 May $43 92 $3,56 Jun $294 6 $,90 Jul $,56 3 $48,377 $, $79,443 4/4/206 3:49 PM 3 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Dental Premium

39 Page 28 of 52 Jun5 Weighted Claim Total Paid Payments Prior $0 40 $0 Jul $0 365 $0 Aug $0 334 $0 Sep $0 303 $0 Oct $0 273 $0 Nov $0 242 $0 Dec $0 22 $0 Jan $0 8 $0 Feb $0 50 $0 Mar $0 22 $0 Apr $0 9 $0 May $365 6 $22,265 Jun $ $5,792 $ $38,057 May5 Weighted Claim Total Paid Payments Prior $0 40 $0 Jun $0 365 $0 Jul $0 335 $0 Aug $0 304 $0 Sep $0 273 $0 Oct $0 243 $0 Nov $0 22 $0 Dec $0 82 $0 Jan $0 5 $0 Feb $0 20 $0 Mar $0 92 $0 Apr $,060 6 $64,660 May $525 3 $6,280 $, $80,940 4/4/206 3:49 PM 4 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Dental Premium 00050

40 Page 29 of 52 Apr5 Weighted Claim Total Paid Payments Prior $ $280,860 May $0 365 $0 Jun $0 334 $0 Jul $0 304 $0 Aug $0 273 $0 Sep $0 242 $0 Oct $0 22 $0 Nov $0 8 $0 Dec $0 5 $0 Jan $0 20 $0 Feb $0 89 $0 Mar $863 6 $52,655 Apr $ $2,675 $2, $355,0 Mar5 Weighted Claim Total Paid Payments Prior $0 40 $0 Apr $0 365 $0 May $0 335 $0 Jun $0 304 $0 Jul $0 274 $0 Aug $0 243 $0 Sep $0 22 $0 Oct $0 82 $0 Nov $0 5 $0 Dec $0 2 $0 Jan $0 90 $0 Feb $, $08,3 Mar $823 3 $25,525 $2, $33,842 4/4/206 3:49 PM 5 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Dental Premium 0005

41 Page 30 of 52 Feb5 Weighted Claim Total Paid Payments Prior $0 40 $0 Mar $0 365 $0 Apr $0 334 $0 May $0 304 $0 Jun $ $44,28 Jul $0 243 $0 Aug $0 22 $0 Sep $0 8 $0 Oct $0 5 $0 Nov $0 20 $0 Dec $, $6,696 Jan $ $5,26 Feb $6 28 $5,488 $, $6,970 Jan5 Weighted Claim Total Paid Payments Prior $0 40 $0 Feb $0 365 $0 Mar $0 337 $0 Apr $0 306 $0 May $0 276 $0 Jun $0 245 $0 Jul $0 25 $0 Aug $0 84 $0 Sep $0 53 $0 Oct $0 23 $0 Nov $0 92 $0 Dec $0 62 $0 Jan $499 3 $5,469 $ $5,469 4/4/206 3:49 PM 6 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Dental Premium 00052

42 Page 3 of 52 Unitil Energy Systems,Inc. Calculation of Payroll Lag Days 4/4/206 2 Months Ended Dec 3, 205 3:48:27 PM Vision Premium Line Service Period Total Midpoint Payment (Lead) Lag Weighted No Payroll Description Amount Start End Days Service Period Date Days Dollar Days 2 Weekly 3 4 0/3/205 $48 9/27/5 2:00 AM 0/4/5 2:00 AM 7 9/30/5 2:00 PM 45. $2,9 5 0/0/205 $48 0/4/5 2:00 AM 0//5 2:00 AM 7 0/7/5 2:00 PM 45. $2,9 6 0//205 $48 0//5 2:00 AM 0/8/5 2:00 AM 7 0/4/5 2:00 PM 45. $2,9 7 0/24/205 $48 0/8/5 2:00 AM 0/25/5 2:00 AM 7 0/2/5 2:00 PM 45. $2,9 8 0/3/205 $48 0/25/5 2:00 AM //5 2:00 AM 7 0/28/5 2:00 PM 45. $2,9 9 /7/205 $48 //5 2:00 AM /8/5 2:00 AM 7 /4/5 2:00 PM 45. $2,9 0 /4/205 $48 /8/5 2:00 AM /5/5 2:00 AM 7 //5 2:00 PM 45. $2,9 /2/205 $48 /5/5 2:00 AM /22/5 2:00 AM 7 /8/5 2:00 PM 45. $2,9 2 /28/205 $46 /22/5 2:00 AM /29/5 2:00 AM 7 /25/5 2:00 PM 45. $2, /5/205 $46 /29/5 2:00 AM 2/6/5 2:00 AM 7 2/2/5 2:00 PM 45. $2, /2/205 $46 2/6/5 2:00 AM 2/3/5 2:00 AM 7 2/9/5 2:00 PM 45. $2, //205 $46 2/3/5 2:00 AM 2/20/5 2:00 AM 7 2/6/5 2:00 PM 45. $2, /26/205 $46 2/20/5 2:00 AM 2/27/5 2:00 AM 7 2/23/5 2:00 PM 45. $2,082 8 $ $27, Monthly /3/205 $56 0//5 2:00 AM //5 2:00 AM 3 0/6/5 2:00 PM 45. $2,53 27 /30/205 $56 //5 2:00 AM 2//5 2:00 AM 30 /6/5 2:00 AM 45. $2, /3/205 $56 2//5 2:00 AM //6 2:00 AM 3 2/6/5 2:00 PM 45. $2, $ $7, Total $ $35, UES is self insured for Vision. 39 The employee contribution toward vision insurance is an offset to the expense. 40 The lag until payment is made to the provider is estimated to be 30 days after the payroll deduction. 4 4/4/206 3:50 PM of UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Vision Premium 00053

43 Page 32 of 52 Calculation of Vision lags from Claims lag tables. Dec5 Weighted 2 Months Weighted Claim Total Paid Payments Claim Total Paid Payments Prior $0 40 $0 Prior $0 $0 Jan $0 365 $0 Jan $0 $0 Feb $0 334 $0 Feb $0 $0 Mar $0 306 $0 Mar $0 $0 Apr $0 275 $0 Apr $0 $0 May $0 245 $0 May $0 $0 Jun $0 24 $0 Jun $0 $0 Jul $0 84 $0 Jul $0 $0 Aug $0 53 $0 Aug $236 $35,636 Sep $69 22 $8,48 Sep $40 $49,836 Oct $0 92 $0 Oct $700 $63,897 Nov $,676 6 $02,236 Nov $8,497 $,26,436 Dec $2,989 3 $92,659 Dec $25,832 $787,06 $4, $203,33 $45, $2,062,9 Nov5 Weighted Claim Total Paid Payments Prior $0 40 $0 Dec $0 365 $0 Jan $0 334 $0 Feb $0 303 $0 Mar $0 275 $0 Apr $0 244 $0 May $0 24 $0 Jun $0 83 $0 Jul $0 53 $0 Aug $05 22 $2,80 Sep $0 9 $0 Oct $2,03 6 $22,793 Nov $2, $7,60 $4, $207,23 4/4/206 3:53 PM of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Vision Premium 00054

44 Page 33 of 52 Oct5 Weighted Claim Total Paid Payments Prior $0 40 $0 Nov $0 365 $0 Dec $0 335 $0 Jan $0 304 $0 Feb $0 273 $0 Mar $0 245 $0 Apr $0 24 $0 May $0 84 $0 Jun $0 53 $0 Jul $50 23 $6,50 Aug $0 92 $0 Sep $,5 6 $72,895 Oct $,285 3 $39,835 $2, $8,880 Sep5 Weighted Claim Total Paid Payments Prior $0 40 $0 Oct $0 365 $0 Nov $0 334 $0 Dec $0 304 $0 Jan $0 273 $0 Feb $0 242 $0 Mar $0 24 $0 Apr $0 83 $0 May $0 53 $0 Jun $69 22 $8,48 Jul $0 92 $0 Aug $2,20 6 $34,786 Sep $, $44,898 $3, $88,02 4/4/206 3:53 PM 2 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Vision Premium 00055

45 Page 34 of 52 Aug5 Weighted Claim Total Paid Payments Prior $0 40 $0 Sep $0 365 $0 Oct $0 335 $0 Nov $0 304 $0 Dec $0 274 $0 Jan $0 243 $0 Feb $0 22 $0 Mar $0 84 $0 Apr $0 53 $0 May $0 23 $0 Jun $0 92 $0 Jul $, $,527 Aug $,704 3 $52,82 $3, $0,339 Jul5 Weighted Claim Total Paid Payments Prior $0 40 $0 Aug $0 365 $0 Sep $0 334 $0 Oct $0 304 $0 Nov $0 273 $0 Dec $0 243 $0 Jan $0 22 $0 Feb $0 8 $0 Mar $0 53 $0 Apr $0 22 $0 May $45 92 $3,340 Jun $689 6 $42,005 Jul $2,229 3 $69,087 $3, $24,43 4/4/206 3:53 PM 3 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Vision Premium 00056

46 Page 35 of 52 Jun5 Weighted Claim Total Paid Payments Prior $0 40 $0 Jul $0 365 $0 Aug $0 334 $0 Sep $0 303 $0 Oct $0 273 $0 Nov $0 242 $0 Dec $0 22 $0 Jan $0 8 $0 Feb $0 50 $0 Mar $0 22 $0 Apr $7 9 $6,46 May $584 6 $35,624 Jun $3, $98,970 $3, $4,055 May5 Weighted Claim Total Paid Payments Prior $0 40 $0 Jun $0 365 $0 Jul $0 335 $0 Aug $0 304 $0 Sep $0 273 $0 Oct $0 243 $0 Nov $0 22 $0 Dec $0 82 $0 Jan $0 5 $0 Feb $0 20 $0 Mar $70 92 $6,440 Apr $2,493 6 $52,073 May $3,42 3 $06,05 $5, $264,564 4/4/206 3:53 PM 4 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Vision Premium 0005

47 Page 36 of 52 Apr5 Weighted Claim Total Paid Payments Prior $0 40 $0 May $0 365 $0 Jun $0 334 $0 Jul $0 304 $0 Aug $0 273 $0 Sep $0 242 $0 Oct $0 22 $0 Nov $0 8 $0 Dec $0 5 $0 Jan $ 20 $4,040 Feb $0 89 $0 Mar $708 6 $43,206 Apr $2, $76,686 $3, $33,932 Mar5 Weighted Claim Total Paid Payments Prior $0 40 $0 Apr $0 365 $0 May $0 335 $0 Jun $0 304 $0 Jul $0 274 $0 Aug $0 243 $0 Sep $0 22 $0 Oct $0 82 $0 Nov $0 5 $0 Dec $0 2 $0 Jan $45 90 $3,050 Feb $, $82,28 Mar $2,276 3 $70,556 $3, $65,734 4/4/206 3:53 PM 5 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Vision Premium 00058

48 Page 37 of 52 Feb5 Weighted Claim Total Paid Payments Prior $0 40 $0 Mar $0 365 $0 Apr $0 334 $0 May $0 304 $0 Jun $0 273 $0 Jul $0 243 $0 Aug $0 22 $0 Sep $0 8 $0 Oct $236 5 $35,636 Nov $0 20 $0 Dec $7 90 $6,390 Jan $, $90,777 Feb $,32 28 $36,725 $3, $69,528 Jan5 Weighted Claim Total Paid Payments Prior $0 40 $0 Feb $0 365 $0 Mar $0 337 $0 Apr $0 306 $0 May $0 276 $0 Jun $0 245 $0 Jul $0 25 $0 Aug $0 84 $0 Sep $0 53 $0 Oct $0 23 $0 Nov $8 92 $8,26 Dec $2,03 62 $30,386 Jan $878 3 $27,28 $3, $5,820 4/4/206 3:53 PM 6 of 6 UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Vision Premium 0005

49 Page 38 of 52 Unitil Energy Systems,Inc. Calculation of Payroll Lag Days 4/4/206 2 Months Ended Dec 3, 205 3:53:02 PM Supplemental Life Premium Line Service Period Total Midpoint Payment (Lead) Lag Weighted No Payroll Description Amount Start End Days Service Period Date Days Dollar Days 2 Weekly 3 4 0/3/205 $ 9/27/5 2:00 AM 0/4/5 2:00 AM 7 9/30/5 2:00 PM 0/26/5 2:00 AM $2, /0/205 $ 0/4/5 2:00 AM 0//5 2:00 AM 7 0/7/5 2:00 PM 0/26/5 2:00 AM 8.50 $2,6 6 0//205 $ 0//5 2:00 AM 0/8/5 2:00 AM 7 0/4/5 2:00 PM 0/26/5 2:00 AM.50 $, /24/205 $ 0/8/5 2:00 AM 0/25/5 2:00 AM 7 0/2/5 2:00 PM 0/26/5 2:00 AM 4.50 $ /3/205 $ 0/25/5 2:00 AM //5 2:00 AM 7 0/28/5 2:00 PM 0/26/5 2:00 AM 2.50 $292 9 /7/205 $ //5 2:00 AM /8/5 2:00 AM 7 /4/5 2:00 PM 2/2/5 2:00 AM $3,22 0 /4/205 $ /8/5 2:00 AM /5/5 2:00 AM 7 //5 2:00 PM 2/2/5 2:00 AM $2,394 /2/205 $ /5/5 2:00 AM /22/5 2:00 AM 7 /8/5 2:00 PM 2/2/5 2:00 AM 3.50 $,577 2 /28/205 $ /22/5 2:00 AM /29/5 2:00 AM 7 /25/5 2:00 PM 2/2/5 2:00 AM 6.50 $ /5/205 $ /29/5 2:00 AM 2/6/5 2:00 AM 7 2/2/5 2:00 PM 2/28/5 2:00 AM $2, /2/205 $ 2/6/5 2:00 AM 2/3/5 2:00 AM 7 2/9/5 2:00 PM 2/28/5 2:00 AM 8.50 $2,6 5 2//205 $ 2/3/5 2:00 AM 2/20/5 2:00 AM 7 2/6/5 2:00 PM 2/28/5 2:00 AM.50 $, /26/205 $ 2/20/5 2:00 AM 2/27/5 2:00 AM 7 2/23/5 2:00 PM 2/28/5 2:00 AM 4.50 $526 8 $, $2, Monthly /3/205 $40 0//5 2:00 AM //5 2:00 AM 3 0/6/5 2:00 PM 0/26/5 2:00 AM 9.50 $, /30/205 $40 //5 2:00 AM 2//5 2:00 AM 30 /6/5 2:00 AM 2/2/5 2:00 AM 6.00 $2, /3/205 $40 2//5 2:00 AM //6 2:00 AM 3 2/6/5 2:00 PM 2/28/5 2:00 AM.50 $, $ $5, $26, Total Weighted Lag $, Payment date indicates the check date in Dataview /4/206 3:54 PM of UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Supplemental Life Premium

50 Page 39 of 52 Unitil Energy Systems,Inc. Calculation of Payroll Lag Days 4/4/206 2 Months Ended Dec 3, 205 3:53:02 PM Supplemental AD&D Premium Line Net Payroll Service Period Total Midpoint Payment (Lead) Lag Weighted No Payroll Description Amount Start End Days Service Period Date Days Dollar Days 2 Weekly 3 4 0/3/205 $ 9/27/5 2:00 AM 0/4/5 2:00 AM 7 9/30/5 2:00 PM 0/26/5 2:00 AM $29 5 0/0/205 $ 0/4/5 2:00 AM 0//5 2:00 AM 7 0/7/5 2:00 PM 0/26/5 2:00 AM 8.50 $2 6 0//205 $ 0//5 2:00 AM 0/8/5 2:00 AM 7 0/4/5 2:00 PM 0/26/5 2:00 AM.50 $3 7 0/24/205 $ 0/8/5 2:00 AM 0/25/5 2:00 AM 7 0/2/5 2:00 PM 0/26/5 2:00 AM 4.50 $5 8 0/3/205 $ 0/25/5 2:00 AM //5 2:00 AM 7 0/28/5 2:00 PM 0/26/5 2:00 AM 2.50 $29 9 /7/205 $ //5 2:00 AM /8/5 2:00 AM 7 /4/5 2:00 PM 2/2/5 2:00 AM $34 0 /4/205 $ /8/5 2:00 AM /5/5 2:00 AM 7 //5 2:00 PM 2/2/5 2:00 AM $234 /2/205 $ /5/5 2:00 AM /22/5 2:00 AM 7 /8/5 2:00 PM 2/2/5 2:00 AM 3.50 $54 2 /28/205 $ /22/5 2:00 AM /29/5 2:00 AM 7 /25/5 2:00 PM 2/2/5 2:00 AM 6.50 $74 3 2/5/205 $ /29/5 2:00 AM 2/6/5 2:00 AM 7 2/2/5 2:00 PM 2/28/5 2:00 AM $29 4 2/2/205 $ 2/6/5 2:00 AM 2/3/5 2:00 AM 7 2/9/5 2:00 PM 2/28/5 2:00 AM 8.50 $2 5 2//205 $ 2/3/5 2:00 AM 2/20/5 2:00 AM 7 2/6/5 2:00 PM 2/28/5 2:00 AM.50 $3 6 2/26/205 $ 2/20/5 2:00 AM 2/27/5 2:00 AM 7 2/23/5 2:00 PM 2/28/5 2:00 AM 4.50 $5 8 $ $2, Monthly /3/205 $3 0//5 2:00 AM //5 2:00 AM 3 0/6/5 2:00 PM 0/26/5 2:00 AM 9.50 $25 27 /30/205 $3 //5 2:00 AM 2//5 2:00 AM 30 /6/5 2:00 AM 2/2/5 2:00 AM 6.00 $ /3/205 $3 2//5 2:00 AM //6 2:00 AM 3 2/6/5 2:00 PM 2/28/5 2:00 AM.50 $ $ $ $2,24 34 Total Weighted Lag $ Payment date indicates the check date in Dataview /4/206 3:55 PM of UES Non ADP Payroll Ded Lead Lag 235 Rev 3256.xls Supplemental AD&D Prem 00052