ENSTAR Natural Gas Company 8/15/2014 Alaska Pipeline Company Gas Cost Adjustment Calculation 2014 Q4

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1 ENSTAR Natural Gas Company 8/15/2014 Alaska Pipeline Company Gas Cost Adjustment Calculation 2014 Q4 Contract Current Base Index Current Reimbursed Price Base Price Index Index Ratio Calculated Price Net Taxes Transportation per Mcf Volume Total Cost (1) Approved Base Supply Contracts: a) Hilcorp APL % $ ,642,000 14,317,000 b) Hilcorp Alaska $ ,432,000 16,663,000 c) Anchor Point Energy $ ,000 4,215,000 d) Buccaneer Alaska BUC I $ ,000 2,676,000 e) Buccaneer Alaska BUC III $ ,600 1,687,000 f) ConocoPhillips CPAI g) Hilcorp APL-12 $ ,902,000 20,806,000 h) System Bas Gas Supply 10,238,600 60,364,000 i) Current Average Cost of System Base Gas Supply (2) Additional Gas Supply: a) Short Term Supply Contracts b) CPAI-4 (Boil Off) , ,000 c) Undetermined Supply d) Total Additional Gas Supply 36, ,000 (3) Gas Withdrawn From Storage ,049,600 12,913,000 (4) Transportation Fees 1,499,000 (5) Total Current Cost of System Gas Supply 11,325,000 74,942,000 (6) Current Average Cost of System Gas Supply (7) Estimated Balance of Gas Cost Balance 9/31/14 ((over) or under collected) 5,156,000 (8) Other Adjustments - (9) Estimated Stored Gas Carrying Costs ,000 (10) Total Costs 80,595,000 (11) Divided by Total Sales (Mcf) 11,280,000 Weighted Average Unit Cost of Gas and Gas Cost (12) Adjustment Previous Gas Cost Adjustment Change (0.5289) % Change -6.9%

2 Schedule G1 Schedule G2 Schedule G3 Schedule G4 Last Quarter Comparison 2014 Q Q Q Q Q Q Q Q4 Base Rate $ GCA $ Per Mcf Cost $ $ Consumption ,104 1,104 6,496 6,496 1, , $ 3, $ 3, $ 9, $ 9, $ 56, $ 53, Customer charge $ $ $ 1, $ 1, $ 4, $ 4, Annual Bill 1, , $ 3, $ 3, $ 11, $ 10, $ 61, $ 57, % $ Increase (78.81) (6.57) $ (208.92) $ (17.41) $ (583.91) $ (48.66) $ (3,435.73) $ (286.31) Current Rates Proposed Rates % Increase -5.4% per Mo. -5.5% per Mo. -5.3% per Mo. -5.6% per Mo Gas Sales Service Customers 7/31/ ,260 74,592 (0) 145, ,962 Annual Revenue Annual Revenue Estimated Annual Revenues $ 5,550,153 $ 5,167,620 $ 572,404 $ 532,952 (0) $ 1,118,065 $ 1,041,005 $ 2,163,720 $ 2,014,590 $ 9,404,342 $ 8,756,168 Schedule G1 Schedule G2 Schedule G3 Schedule G4 Last Year Comparison 2013 Q Q Q Q Q Q Q Q4 Base Rate $ GCA $ Per Mcf Cost $ $ Consumption ,104 1,104 6,496 6,496 1, , , , , , , , Customer charge , , , , Annual Bill 1, , , , , , , , % $ Increase , % Increase 9.65% per Mo. 9.91% per Mo. 9.51% per Mo % per Mo.

3 Quarter Calculation of ENSTAR Anchor Point Energy Price Index Value Caculation Revised: 8/6/2014 Calculation Period 2014 Q4 Price per Mcf Quarter Start End Trading Months in Quarter Oct Nov Dec 1 15 Sep 15 Oct Jan Feb Mar Index Value $ $ $ Dec 15 Jan Apr May Jun Floor $ $ $ Mar 15 Apr Jul Aug Sep Ceiling $ $ $ Jun 15 Jul Oct Nov Dec Final Index Price $ $ $ Platts Gas Daily NYMEX Natural Gas Futures Forward Strips Trading Day Settlement Prices Trade Date Oct Nov Dec EXCESS Gas Price $8.825 $8.825 $ Jun Monday $ $ $ % of Final Index Price 17 Jun Tuesday $ $ $ Jun Wednesday $ $ $ Jun Thursday $ $ $ Jun Friday $ $ $ Jun Saturday 22 Jun Sunday 23 Jun Monday $ $ $ Jun Tuesday $ $ $ Q4 25 Jun Wednesday $ $ $ Floor Value Calculation Ceiling Value Calculation Price per Mcf 26 Jun Thursday $ $ $ Jun Friday $ $ $ Floor Price without Adjuster Ceiling Price without Adjuster 2014 Q3 Index Value $ Jun Saturday $ $ Q4 Prelim Index Value $ Jun Sunday % Change 1.60% 30 Jun Monday $ $ $ Jul Tuesday $ $ $ For purposes of calculating the Floor Price, For purposes of calculating the Ceiling Price, assuming Allowable Change (up to 18%) 1.60% 2 Jul Wednesday $ $ $ assuming that: that: 3 Jul Thursday $ $ $ Incremental Allowable Change (1/2 4 Jul Friday 2014 Quarter 1 GDPIPD* 2014 Quarter 1 GDPIPD* above 18%) 0.00% 5 Jul Saturday Total Change 1.60% 6 Jul Sunday 7 Jul Monday $ $ $ September 30, 2010 GDPIPD September 30, 2010 GDPIPD 2014 Q4 Final Index $ Jul Tuesday $ $ $ Q4 Price Floor $ Jul Wednesday $ $ $ Q4 Price Ceiling $ Jul Thursday $ $ $ Adjuster Calculation Adjuster Calculation 11 Jul Friday $ $ $ (2014 Quarter 1 GDPIPD*) (2014 Quarter 1 GDPIPD*) 12 Jul Saturday divided by divided by 13 Jul Sunday (September 30, 2010 GDPIPD) (September 30, 2010 GDPIPD) 2014 Q4 APE Index Price $ Jul Monday $ $ $ = = 15 Jul Tuesday $ $ $ Floor Price Ceiling Price 6.85 x [( ) / 2] 9.9 x [( ) / 2] Average $ $ $ x [ / 2] 9.9 x [ / 2] Index Value $ x x $7.060 per Mcf $ per Mcf *GDPIPD from three quarters prior

4 Quarter Q4 Prices per Mcf Calculation Period Oct Nov Dec Quarter Start End Trading Months in Quarter Index $ $ $ Sep 15 Oct Jan Feb Mar Floor $ $ $ Dec 15 Jan Apr May Jun Ceiling $ $ $ Mar 15 Apr Jul Aug Sep Final Price $ $ $ Jun 15 Jul Oct Nov Dec Non Firm gas Price $ $ $ Platts Gas Daily NYMEX Natural Gas Futures Forward Strips Trading Day Settlement Prices 125% final price Trade Date Oct Nov Dec 15 Jun 14 Sunday 16 Jun 14 Monday Winter Floor Value Calculation Base Floor Value Calculation 2014 Q4 Ceiling Value Calculation % Change from Prior Quarter 17 Jun 14 Tuesday Jun 14 Wednesday Q3 Index Value $4.510 January, February, March, April, May, 19 Jun 14 Thursday March, April, May, June, July, August, 2014 Q4 Prelim Index Value $4.438 December, January, February June, July, August, September, October, 20 Jun 14 Friday September, October, November November, December 21 Jun 14 Saturday % Change 1.60% 22 Jun 14 Sunday 23 Jun 14 Monday Winter Floor Price without Adjuster Base Floor Price without Adjuster Ceiling Price without Adjuster 24 Jun 14 Tuesday $ $ $ Jun 14 Wednesday Jun 14 Thursday Quarter 1 GDPIPD* 2014 Quarter 1 GDPIPD* 2014 Quarter 1 GDPIPD* 27 Jun 14 Friday Jun 14 Saturday 29 Jun 14 Sunday September 30, 2011 GDPIPD September 30, 2011 GDPIPD September 30, 2011 GDPIPD Total Change 1.60% 30 Jun 14 Monday Jul 14 Tuesday Jul 14 Wednesday Adjuster Calculation Adjuster Calculation Adjuster Calculation 3 Jul 14 Thursday (2014 Quarter 1 GDPIPD*) (2014 Quarter 1 GDPIPD*) (2014 Quarter 1 GDPIPD*) 4 Jul 14 Friday divided by divided by divided by 5 Jul 14 Saturday (September 30, 2011 GDPIPD) (September 30, 2011 GDPIPD) (September 30, 2011 GDPIPD) 6 Jul 14 Sunday = = = 7 Jul 14 Monday Jul 14 Tuesday Jul 14 Wednesday Winter Floor Price Floor Price Ceiling Price 10 Jul 14 Thursday x [( ) / 2] 5.75 x [( ) / 2] 10 x [( ) / 2] 11 Jul 14 Friday x [ / 2] 5.75 x [ / 2] 10 x [ / 2] 12 Jul 14 Saturday 6.85 x x x Jul 14 Sunday $ $ $ Q4 Index Value $ Jul 14 Monday Jul 14 Tuesday Jan 00 1/0/1900 Average $ $ $ Index Value $ *GDPIPD from three quarters prior Calculation of ENSTAR Buc I Price Index Value Calculation Revised: 8/6/2014 Allowable Change (up to 18%) 1.60% Incremental Allowable Change (1/2 above 18%) 0.00% S:\Active TA Letters\TA Q4 GCA\Buc Price 2014 Q (2).xlsx

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7 Bureau of Economic Analysis Table Implicit Price Deflators for Gross Domestic Product [Index numbers, 2009=100] Seasonally adjusted Bureau of Economic Analysis Last Revised on: July 30, Next Release Date August 28, Line I II III IV I II III IV I II III IV I II III IV I II 1 Gross do Personal co Goods Durable g Nondurab Services Gross priva Fixed inves Nonreside Structur Equipme Intellect Residenti Change in Net exports Exports Goods Services Imports Goods Services Governmen Federal National d Nondefen State and Addendum 27 Gross natio