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11 ($ Millions) 300 (6 Months Ended March 31) $ $94 $ Laclede Gas Non-Regulated/Other Alagasco ($ Billions) (As of June 26, 2015) GAS ATO PNY LG SWX WGL OGS NJR SJI Legacy LG NWN Legacy Alagasco

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14 ($ Millions) $300 $300 ~ $300/yr. $200 $ $100 $0 $109 $ (forecast) Year (forecast) Pipeline Replacement Distribution, Equipment, IT and Other 1 Capital spend includes one month of MGE in fiscal 2013 and twelve months in fiscal 2014, and one month of Alagasco in fiscal 2014.

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23 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $ $2.79 $ $ $ $ $ $ H H 2015 Gas Utility Gas Marketing Other 2 1 See Net Economic Earnings (Non-GAAP) Reconciliation in Appendix. ²Negative amounts not shown ($0.03) in 2013, ($0.09) in 2014, ($0.13) in 1H 2015 and ($0.01) in 1H 2014.

24 ($ Millions) (6 Months Ended March 31) $ $ $ EBITDA is Earnings Before Interest, Taxes, Depreciation and Amortization. See EBITDA Reconciliation in Appendix.

25 $1.90 $1.80 Payout Ratio 62.7% 58.1% 59.5% 59.2% 57.7% $1.76 Dividend Yield 3.5% 1 $ $1.70 $1.60 $1.58 $1.62 $1.66 $ % +4.5% $ % +2.5% +2.5% +2.4% $ Based on 2015 annualized dividend and LG closing stock price of $52.06 on June 30, Annualized dividend based on quarterly dividend of $0.46 per share effective January 5, 2015.

26 Laclede Group Unsecured Debt Laclede Gas First Mortgage Bonds Laclede Gas Commercial Paper Alagasco Unsecured Debt S&P BBB+ A A-2 A- Moody s Baa2 A1 P-2 A2 Fitch BBB+ A F2 Not Rated ¹For purposes of this calculation, long-term capitalization gives 100% equity treatment to notes issued as part of equity unit offering due to mandatory conversion feature. The current portion of long-term debt is considered a part of long-term capitalization since the Company plans to refinance this debt.

27 1 See Net Economic Earnings (Non-GAAP) Reconciliation in Appendix. Growth calculated on fiscal 2014 net economic earnings per share, excluding earnings benefit of $0.17 per share from abnormally cold weather in the second quarter.

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30 1 See Net Economic Earnings (Non-GAAP) Reconciliation in Appendix. 2 See note of explanation on the following page.

31 Millions (except EPS) Earnings by Segment Gas Utility $ $ 80.5 Gas Marketing Other (5.5) (0.4) Net Economic Earnings (non-gaap) 1 $ $ 88.0 Acquisition-related costs (1.9) (2.2) Fair value adjustments Net Income (GAAP) $ $ 87.8 Earnings Per Share Net Economic Earnings $ $ 2.68 Net Income $ 3.26 $ 2.68 Shares Outstanding - End of Period Key Balance Sheet / Cash Flow Metrics Six Months Ended March 31, Cash Flow from Operating Activities $ $ Capital Expenditures $ $ 68.2 Long-term Debt $ 1,816.3 $ Short-term Debt $ $ 36.0 % Equity to LT Capitalization % 57.1% 1 See Net Economic Earnings (Non-GAAP) Reconciliation in Appendix. 2 Long-Term Capitalization gives 100% equity treatment to notes issued in 2014 as part of equity unit offering due to mandatory conversion feature, and includes current maturities of $80.0 million since the Company plans to refinance these debt securities.

32 $ Laclede Gas Rate Base Latest Filings MGE Rate Base Alabama Equity Alabama Debt 1 NEE is Net Economic Earnings; excludes Alagasco transaction costs. See Net Economic Earnings (Non-GAAP) Reconciliation in Appendix. 2 As filed, Laclede Gas (Case No. GR ) and MGE (Case No. GR ). 3 Average common equity for 12 months ended 9/30/14 and debt (long-term and short-term) at 9/30/14, both per RSE filing with Alabama Public Service Commission dated 10/24/14.

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34 Rate Base (millions) 1 $944 Allowed ROE (for ISRS) 9.70% Customers 2 642,200 Employees 3 1,929 6% 94% ¹Rate base as filed in 2013 general rate case. 2 Average customers for 12 months ended September 30, Employees supporting Laclede Gas and MGE combined, at fiscal year ended September 30, RESIDENTIAL COMMERCIAL & INDUSTRIAL

35 Rate Base (millions) 1 $565 Pre-tax WACC (for ISRS) 9.75% Customers 2 505,200 13% 87% RESIDENTIAL COMMERCIAL & INDUSTRIAL ¹Rate base as filed in general rate case concluded in Average customers for 12 months ended September 30, 2014.

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38 Average Common Equity (millions) $391 Allowed ROE % Customers 415,800 Employees 943 7% 93% RESIDENTIAL COMMERCIAL & INDUSTRIAL ¹Average common equity for 12 months ended September 30, Average customers for the month of September 2014, the period of Laclede s ownership of Alagasco; Employees as of September 30, Allowed ROE effective fiscal year 2015.

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40 O&M Equity Approved equity and retained earnings Up to 56.5% of total capitalization Rates based on approved budgeted balances; reviewed quarterly vs. actuals 10.8% ROE for Debt Includes short and long-term debt O & M Recurring operating costs (excludes certain one-time costs) Interest recovered in rates as a pass through of actual costs incurred Budgeted costs recovered in rates Rate review quarterly, adjusted for actual cost levels (only rate reductions allowed) 2007

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44 FY Ended FY Ended FY Ended FY Ended FY Ended FY Ended 1H Ended 1H Ended Sept. 30 Sept. 30 Sept. 30 Sept. 30 Sept. 30 Sept. 30 Mar. 31 Mar. 31 (Millions, except per share amounts) Net economic earnings (Non-GAAP) $ 60.8 $ 56.1 $ 62.4 $ 62.6 $ 65.0 $ $ 88.0 $ Add: Unrealized gain (loss) on energy-related derivatives 3.4 (2.1) (0.5) Add: Low er of cost or market inventory adjustments (0.9) (0.2) Add: Realized (gain) loss on economic hedges prior to sale of commodity (0.2) (0.1) Add: Acquisition, divestiture and restructuring activities (0.1) (10.8) (17.3) (2.2) (1.9) Net Income (GAAP) $ 64.2 $ 54.0 $ 63.8 $ 62.6 $ 52.8 $ 84.6 $ 87.8 $ Net economic earnings per share excluding propane sale (Non-GAAP) $ 2.74 $ 2.36 $ 2.52 $ 2.79 $ 2.87 $ 3.05 $ 2.68 $ 3.31 Add: Sale of excess propane inventories (1) Net economic earnings per share (Non-GAAP) Add: Unrealized gain (loss) on energy-related derivatives 0.15 (0.09) (0.02) Add: Low er of cost or market inventory adjustments (0.03) (0.01) Add: Realized (gain) loss on economic hedges prior to sale of commodity (0.01) Add: Acquisition, divestiture and restructuring activities (0.01) (0.42) (0.48) (0.07) (0.05) Weighted Average Shares Adjustment (0.38) (0.27) - - Diluted Earnings per Share (GAAP) $ 2.89 $ 2.43 $ 2.86 $ 2.79 $ 2.02 $ 2.35 $ 2.68 $ 3.26 Amounts presented net of income taxes, which are calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of pre-tax reconciling items. Net economic earnings per share and net economic earnings per share excluding propane sale are calculated by replacing net income with net economic earnings and net economic earnings excluding propane sale in the GAAP diluted earnings per share calculation. Also, net economic earnings per share exclude the impact of the May 2013 and June 2014 equity offerings to fund the acquisitions of MGE and Alagasco, respectively. For the fiscal year ended September 30, 2013, the weighted average diluted shares used in the net economic earnings per share calculation was 22.5 million compared to 26.0 million in the GAAP EPS calculation. For the twelve months ended September , the weighted-average diluted shares used in the net economic earnings per share calculation were 32.7 million compared to 35.9 million in the GAAP EPS calculation. (1) Income tax expense associated with the sale of excess propane inventories was $3.9 million and $2.3 million for fiscal years 2011 and 2010, respectively.

45 6 Months Ended March 31, (Millions) EBITDA (Non-GAAP) $ $ $ Less: Depreciation and amortization (12.7) (40.1) (64.2) Less: Interest charges (22.2) (19.8) (38.3) Less: Income tax expense (27.8) (43.9) (67.3) Net Income (GAAP) $ 55.8 $ 87.8 $ 141.5

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