20250530Bulkley Exhibit Nos. 3-16.pdf

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 3 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

Brattle Ann E. Bulkley
PRINCIPAL
Boston 508.981.0866 [e-mail]
With more than 25 years of experience in the energy industry, Ms.
Bulkley specializes in regulatory economics for the electric and natural
gas and water utility sectors, including valuation of regulated and
unregulated utility assets, cost of capital, and capital structure issues.
Ms. Bulkley has extensive state and federal regulatory experience, and she has provided expert
testimony on the cost of capital in nearly 100 regulatory proceedings before 32 state regulatory
commissions and the Federal Energy Regulatory Commission (FERC).
In addition to her regulatory experience, Ms. Bulkley has provided valuation and appraisal services for a
variety of purposes, including the sale or acquisition of utility assets, regulated ratemaking, ad valorem
tax disputes, and other litigation purposes. In addition, she has experience in the areas of contract and
business unit valuation, strategic alliances, market restructuring, and regulatory and litigation support.
Ms. Bulkley is a Certified General Appraiser licensed in the Commonwealth of Massachusetts and the
State of New Hampshire.
Prior to joining Brattle, Ms. Bulkley was a Senior Vice President at an economic consultancy and held
senior positions at several other consulting firms.
AREAS OF EXPERTISE
• Regulatory Economics, Finance & Rates
• Regulatory Investigations & Enforcement
• Tax Controversy&Transfer Pricing
• Electricity Litigation & Regulatory Disputes
• M&A Litigation
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EDUCATION
• Boston University
MA in Economics
• Simmons College
BA in Economics and Finance
PROFESSIONAL EXPERIENCE
• The Brattle Group(2022—Present)
Principal
• Concentric Energy Advisors, Inc. (2002-2021)
Senior Vice President
Vice President
Assistant Vice President
Project Manager
• Navigant Consulting, Inc. (1997-2002)
Project Manager
• Reed Consulting Group (1995-1997)
Consultant- Project Manager
• Cahners Publishing Company(1995)
Economist
SELECTED CONSULTING EXPERIENCE & EXPERT TESTIMONY
REGULATORY ANALYSIS AND RATEMAKING
Have provided a range of advisory services relating to regulatory policy analysis and many aspects of
utility ratemaking, with specific services including:
• Cost of capital and return on equity testimony, cost of service and rate design analysis and
testimony, development of ratemaking strategies
• Development of merchant function exit strategies
It
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• Analysis and program development to address residual energy supply and/or provider of last resort
obligations
• Stranded costs assessment and recovery
Performance-based ratemaking analysis and design
• Many aspects of traditional utility ratemaking (e.g., rate design, rate base valuation)
COST OF CAPITAL
Have provided expert testimony on the cost of capital and capital structure in nearly 100 regulatory
proceedings before state and federal regulatory commissions in the United States.
RATEMAKING
Have assisted several clients with analysis to support investor-owned and municipal utility clients in the
preparation of rate cases. Sample engagements include:
• Assisted several investor-owned and municipal clients on cost allocation and rate design issues
including the development of expert testimony supporting recommended rate alternatives.
• Worked with Canadian regulatory staff to establish filing requirements for a rate review of a newly
regulated electric utility.Along with analyzing and evaluating rate application, attended hearings
and conducted investigation of rate application for regulatory staff and prepared, supported, and
defended recommendations for revenue requirements and rates for the company.Additionally,
developed rates for gas utility for transportation program and ancillary services.
VALUATION
Have provided valuation services to utility clients, unregulated generators, and private equity clients for
a variety of purposes, including ratemaking,fair value, ad valorem tax, litigation and damages, and
acquisition.Appraisal practices are consistent with the national standards established by the Uniform
Standards of Professional Appraisal Practice.
Representative projects/clients have included:
• Prepared appraisals of electric utility transmission and distribution assets for ad valorem tax
purposes.
• Prepared appraisals of hydroelectric generating facilities for ad valorem tax purposes.
• Conducted appraisals of fossil fuel generating facilities for ad valorem tax purposes.
• Conducted appraisals of generating assets for the purposes of unwinding sale-leaseback
agreements.
• For a confidential utility client, prepared valuation of fossil and nuclear generation assets for
financing purposes for regulated utility client.
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• Conducted a strategic review of the acquisition of nuclear generation assets. Review included the
evaluation of the operating costs of the facilities and the long-term liabilities associated with the
assets including the decommissioning of the assets.
• Prepared a valuation of a portfolio of generation assets for a large energy utility to be used for
strategic planning purposes. Valuation approach included an income approach, a real options
analysis, and a risk analysis.
• Assisted clients in the restructuring of NUG contracts through the valuation of the underlying assets.
Performed analysis to determine the option value of a plant in a competitively priced electricity
market following the settlement of the NUG contract.
• Prepared market valuations of several purchase power contracts for large electric utilities in the sale
of purchase power contracts. Assignment included an assessment of the regional power market,
analysis of the underlying purchase power contracts, and a traditional discounted cash flow
valuation approach, as well as a risk analysis. Analyzed bids from potential acquirers using income
and risk analysis approached. Prepared an assessment of the credit issues and value at risk for the
selling utility.
• Prepared appraisal of a portfolio of generating facilities for a large electric utility to be used for
financing purposes.
• Conducted a valuation of regulated utility assets for the fair value rate base estimate used in
electric rate proceedings in Indiana.
• Prepared an appraisal of a fleet of fossil generating assets for a large electric utility to establish the
value of assets transferred from utility property.
• Conducted due diligence on an electric transmission and distribution system as part of a buy-side
due diligence team.
• Provided analytical support and prepared testimony regarding the valuation of electric distribution
system assets in five communities in a condemnation proceeding.
• Prepared feasibility reports analyzing the expected net benefits resulting from municipal ownership
of investor-owned utility operations.
• Prepared independent analyses of proposal for the proposed government condemnation of the
investor-owned utilities in Maine and the formation of a public power district.
• Valued purchase power agreements in the transfer of assets to a deregulated electric market.
STRATEGIC AND FINANCIAL ADVISORY SERVICES
Have assisted several clients across North America with analytically-based strategic planning, due
diligence, and financial advisory services.
Representative projects include:
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• Preparation of feasibility studies for bond issuances for municipal and district steam clients.
• Assisted in the development of a generation strategy for an electric utility. Analyzed various NERC
regions to identify potential market entry points. Evaluated potential competitors and alliance
partners. Assisted in the development of gas and electric price forecasts. Developed a framework for
the implementation of a risk management program.
• Assisted clients in identifying potential joint venture opportunities and alliance partners. Contacted
interviewed and evaluated potential alliance candidates based on company-established criteria for
several LDCs and marketing companies.Worked with several LDCs and unregulated marketing
companies to establish alliances to enter into the retail energy market. Prepared testimony in
support of several merger cases and participated in the regulatory process to obtain approval for
these mergers.
• Assisted clients in several buy-side due diligence efforts, providing regulatory insight and developing
valuation recommendations for acquisitions of both electric and gas properties.
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BULKLEY TESTIMONY LISTING
SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Arizona Corporation Commission
UNS Gas 11/24 UNS Gas Docket No.G-04204A- Return on Equity
24-0237
Southwest Gas Corporation 02/24 Southwest Gas Docket No. G-01551A- Return on Equity
Corporation 23-0341
UNS Electric 11/22 UNS Electric Docket No. E-04204A- Return on Equity
15-0251
Tucson Electric Power 6/22 Tucson Electric Power Docket No. G-01933A- Return on Equity
Company Company 22-0107
Southwest Gas Corporation 12/21 Southwest Gas Docket No.G-01551A- Return on Equity
Corporation 21-0368
Arizona Public Service 10/19 Arizona Public Service Docket No. E-01345A- Return on Equity
Company Company 19-0236
Tucson Electric Power 04/19 Tucson Electric Power Docket No. E-01933A- Return on Equity
Company Company 19-0028
Tucson Electric Power 11/15 Tucson Electric Power Docket No. E-01933A- Return on Equity
Company Company 15-0322
UNS Electric 05/15 UNS Electric Docket No. E-04204A- Return on Equity
15-0142
UNS Electric 12/12 UNS Electric Docket No. E-04204A- Return on Equity
12-0504
Arkansas Public Service Commission
Oklahoma Gas and Electric Co 10/21 Oklahoma Gas and Electric Docket No. D-18-046- Return on Equity
Co FIR
Arkansas Oklahoma Gas 10/13 Arkansas Oklahoma Gas Docket No. 13-078-U Return on Equity
Corporation Corporation
California Public Utilities Commission
PacifiCorp,d/b/a Pacific 5/22 PacifiCorp,d/b/a Pacific Docket No.A-22-05-006 Return on Equity
Power Power
San Jose Water Company 05/21 San Jose Water Company A2105004 Return on Equity
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SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Colorado Public Utilities Commission
Public Service Company of 01/24 Public Service Company of Docket No.24AL-_G Return on Equity
Colorado Colorado
Public Service Company of 11/22 Public Service Company of Docket No.22AL-0530E Return on Equity
Colorado Colorado
Public Service Company of 01/22 Public Service Company of Docket No. 22AL-0046G Return on Equity
Colorado Colorado
Public Service Company of 07/21 Public Service Company of 21AL-0317E Return on Equity
Colorado Colorado
Public Service Company of 02/20 Public Service Company of 20AL-0049G Return on Equity
Colorado Colorado
Public Service Company of 05/19 Public Service Company of 19AL-0268E Return on Equity
Colorado Colorado
Public Service Company of 01/19 Public Service Company of 19AL-0063ST Return on Equity
Colorado Colorado
Atmos Energy Corporation 05/15 Atmos Energy Corporation Docket No. 15AL-0299G Return on Equity
Atmos Energy Corporation 04/14 Atmos Energy Corporation Docket No. 14AL-0300G Return on Equity
Atmos Energy Corporation 05/13 Atmos Energy Corporation Docket No. 13AL-0496G Return on Equity
Connecticut Public Utilities Regulatory Authority
United Illuminating 11/12/24 United Illuminating Docket No.24-10-04 Return on Equity
The Southern Connecticut Gas 11/23 The Southern Connecticut Docket No. 23-11-02 Return on Equity
Company Gas Company
Connecticut Natural Gas 11/23 Connecticut Natural Gas Docket No. 23-11-02 Return on Equity
Corporation Corporation
Connecticut Water Company 10/23 Connecticut Water Docket No.23-08-32 Return on Equity
Company
United Illuminating 09/22 United Illuminating Docket No.22-08-08 Return on Equity
United Illuminating 05/21 United Illuminating Docket No. 17-12- Return on Equity
03RE11
Connecticut Water Company 01/21 Connecticut Water Docket No.20-12-30 Return on Equity
Company
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SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Connecticut Natural Gas 06/18 Connecticut Natural Gas Docket No. 18-05-16 Return on Equity
Corporation Corporation
Yankee Gas Services Co.d/b/a 06/18 Yankee Gas Services Co. Docket No. 18-05-10 Return on Equity
Eversource Energy d/b/a Eversource Energy
The Southern Connecticut Gas 06/17 The Southern Connecticut Docket No. 17-05-42 Return on Equity
Company Gas Company
The United Illuminating 07/16 The United Illuminating Docket No. 16-06-04 Return on Equity
Company Company
Federal Energy Regulatory Commission
Sea Robin Pipeline 12/22 Sea Robin Pipeline Docket No. RP22-_ Return on Equity
Northern Natural Gas 07/22 Northern Natural Gas Docket No. RP22-_ Return on Equity
Company Company
Transwestern Pipeline 07/22 Transwestern Pipeline Docket No. RP22-_ Return on Equity
Company, LLC Company, LLC
Florida Gas Transmission 02/21 Florida Gas Transmission Docket No. RP21-441 Return on Equity
TransCanyon 01/21 TransCanyon Docket No. ER21-1065 Return on Equity
Duke Energy 12/20 Duke Energy Docket No. EL21-9-000 Return on Equity
Wisconsin Electric Power 08/20 Wisconsin Electric Power Docket No. EL20-57- Return on Equity
Company Company 000
Panhandle Eastern Pipe Line 10/19 Panhandle Eastern Pipe Docket Nos. Return on Equity
Company, LP Line Company, LP RP19-78-000
RP19-78-001
Panhandle Eastern Pipe Line 08/19 Panhandle Eastern Pipe Docket Nos. Return on Equity
Company, LP Line Company, LP RP19-1523
Sea Robin Pipeline Company 11/18 Sea Robin Pipeline Docket#RP19-352-000 Return on Equity
LLC Company LLC
Tallgrass Interstate Gas 10/15 Tallgrass Interstate Gas RP16-137 Return on Equity
Transmission Transmission
Idaho Public Utilities Commission
PacifiCorp d/b/a Rocky 05/24 PacifiCorp d/b/a Rocky Case No. PAC-E-24-04 Return on Equity
Mountain Power Mountain Power
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SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
PacifiCorp d/b/a Rocky 05/21 PacifiCorp d/b/a Rocky Case No. PAC-E-24-04 Return on Equity
Mountain Power Mountain Power
Intermountain Gas Co 12/22 Intermountain Gas Co C-INT-G-22-07 Return on Equity
PacifiCorp d/b/a Rocky 05/21 PacifiCorp d/b/a Rocky Case No. PAC-E-21-07 Return on Equity
Mountain Power Mountain Power
Nw-
Illinois Commerce Commission
Illinois American Water 01/24 Illinois American Water Docket No. 24-0097 Return on Equity
Peoples Gas Light&Coke 01/23 Peoples Gas Light&Coke D-23-0069 Return on Equity
Company Company
North Shore Gas Company 01/23 North Shore Gas D-23-0068 Return on Equity
Company
Illinois American Water 02/22 Illinois American Water Docket No. 22-0210 Return on Equity
North Shore Gas Company 02/21 North Shore Gas No. 20-0810 Return on Equity
Company
Indiana Utility Regulatory Commission
Ohio Valley Gas Corporation 02/24 Ohio Valley Gas Cause No.46011 Return on Equity
and Ohio Valley Gas, Inc. Corporation and Ohio
Valley Gas, Inc.
Southern Indiana Gas and 12/23 Southern Indiana Gas and IURC Cause No.45990 Return on Equity
Electric Company d/b/a Electric Company d/b/a
CenterPoint Energy Indiana CenterPoint Energy
South Indiana South
Indiana Michigan Power Co. 08/23 Indiana Michigan Power IURC Cause No.45933 Return on Equity
Co.
Indiana American Water 03/23 Indiana and Michigan IURC Cause No.45870 Return on Equity
Company American Water
Company
Indiana Michigan Power Co. 07/21 Indiana Michigan Power IURC Cause No.45576 Return on Equity
Co.
Indiana Gas Company Inc. 12/20 Indiana Gas Company Inc. IURC Cause No.45468 Return on Equity
Southern Indiana Gas and 10/20 Southern Indiana Gas and IURC Cause No.45447 Return on Equity
Electric Company Electric Company
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SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Indiana and Michigan 09/18 Indiana and Michigan IURC Cause No.45142 Return on Equity
American Water Company American Water
Company
Indianapolis Power and Light 12/17 Indianapolis Power and Cause No.45029 Fair Value
Company Light Company
Northern Indiana Public 09/17 Northern Indiana Public Cause No.44988 Fair Value
Service Company Service Company
Indianapolis Power and Light 12/16 Indianapolis Power and Cause No.44893 Fair Value
Company Light Company
Northern Indiana Public 10/15 Northern Indiana Public Cause No.44688 Fair Value
Service Company Service Company
Indianapolis Power and Light 09/15 Indianapolis Power and Cause No.44576 Fair Value
Company Light Company Cause No.44602
Kokomo Gas and Fuel 09/10 Kokomo Gas and Fuel Cause No.43942 Fair Value
Company Company
Northern Indiana Fuel and 09/10 Northern Indiana Fuel Cause No.43943 Fair Value
Light Company, Inc. and Light Company, Inc.
Iowa Department of Commerce Utilities Board
Iowa-American Water 04/24 Iowa-American Water Docket No. RPU-2024- Return on Equity
Company Company 000_
MidAmerican Energy 06/23 MidAmerican Energy Docket No. RPU-2023- Return on Equity
Company Company
MidAmerican Energy 01/22 MidAmerican Energy Docket No. RPU-2022- Return on Equity
Company Company 0001
Iowa-American Water 08/20 Iowa-American Water Docket No. RPU-2020- Return on Equity
Company Company 0001
Kansas Corporation Commission
Evergy Kansas 04/23 Evergy Kansas Docket No. 23-EKCE- Return on Equity
775-RTS
Atmos Energy Corporation 08/15 Atmos Energy Corporation Docket No. 16-ATMG- Return on Equity
079-RTS
Kentucky Public Service Commission
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SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Kentucky American Water 06/23 Kentucky American Water Docket No.2023- Return on Equity
Company Company
Kentucky American Water 11/18 Kentucky American Water Docket No. 2018-00358 Return on Equity
Company Company
Maine Public Utilities Commission
Central Maine Power 08/22 Central Maine Power Docket No. 2022-00152 Return on Equity
Central Maine Power 10/18 Central Maine Power Docket No. 2018-194 Return on Equity
Maryland Public Service Commission 91
Maryland American Water 06/18 Maryland American Water Case No.9487 Return on Equity
Company Company
Massachusetts Appellate Tax Board
Hopkinton LNG Corporation 03/20 Hopkinton LNG Docket No. Valuation of LNG
Corporation Facility
FirstLight Hydro Generating 06/17 FirstLight Hydro Docket No. F-325471 Valuation of Electric
Company Generating Company Docket No. F-325472 Generation Assets
Docket No. F-325473
Docket No. F-325474
Massachusetts Department of Public Utilities
Massachusetts Electric 11/23 Massachusetts Electric DPU 23-150 Return on Equity
Company Company
Nantucket Electric Company Nantucket Electric
d/b/a National Grid Company
d/b/a National Grid
National Grid USA 11/20 Boston Gas Company DPU 20-120 Return on Equity
Berkshire Gas Company 05/18 Berkshire Gas Company DPU 18-40 Return on Equity
Unitil Corporation 01/04 Fitchburg Gas and Electric DTE 03-52 Integrated Resource
Plan;Gas Demand
Forecast
Michigan Public Service Commission
Consumers Energy 12/16/24 Consumers Energy C-U-21806 Return on Equity
Upper Michigan Energy 05/24 Upper Michigan Energy Case No. U-21541 Return on Equity
Resources Corporation Resources Corporation
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SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Michigan Gas Utilities 03/24 Michigan Gas Utilities Case No. U-21540 Return on Equity
Corporation Corporation
Indiana Michigan Power Co. 09/23 Indiana Michigan Power Case No. U-21461 Return on Equity
Co.
Michigan Gas Utilities 03/23 Michigan Gas Utilities Case No. U-21366 Return on Equity
Corporation Corporation
Michigan Gas Utilities 03/21 Michigan Gas Utilities Case No. U-20718 Return on Equity
Corporation Corporation
Wisconsin Electric Power 12/11 Wisconsin Electric Power Case No. U-16830 Return on Equity
Company Company
Michigan Tax Tribunal
New Covert Generating Co., 03/18 The Township of New MTT Docket No. Valuation of Electric
LLC. Covert Michigan 000248TT and 16- Generation Assets
001888-TT
Covert Township 07/14 New Covert Generating Docket No. 399578 Valuation of Electric
Co., LLC. Generation Assets
Minnesota Public Utilities Commission
ALLETE, Inc. d/b/a Minnesota 11/23 Allete, Inc.d/b/a D-E-015/GR-23-155 Return on Equity
Power Minnesota Power
CenterPoint Energy Resources 11/23 CenterPoint Energy D-G-008/GR-23-173 Return on Equity
Resources
Minnesota Energy Resources 11/22 Minnesota Energy Docket No. G011/GR- Return on Equity
Corporation Resources 22-504
Corporation
CenterPoint Energy Resources 11/21 CenterPoint Energy D-G-008/GR-21-435 Return on Equity
Resources
ALLETE, Inc.d/b/a Minnesota 11/21 Allete, Inc.d/b/a D-E-015/GR-21-630 Return on Equity
Power Minnesota Power
Otter Tail Power Company 11/20 Otter Tail Power Company E017/GR-20-719 Return on Equity
ALLETE, Inc.d/b/a Minnesota 11/19 Allete, Inc.d/b/a E015/GR-19-442 Return on Equity
Power Minnesota Power
It
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SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
CenterPoint Energy Resources 10/19 CenterPoint Energy G-008/GR-19-524 Return on Equity
Corporation d/b/a Resources Corporation
CenterPoint Energy d/b/a CenterPoint Energy
Minnesota Gas Minnesota Gas
Great Plains Natural Gas Co. 09/19 Great Plains Natural Gas Docket No.G004/GR- Return on Equity
Co. 19-511
Minnesota Energy Resources 10/17 Minnesota Energy Docket No. G011/GR- Return on Equity
Corporation Resources 17-563
Corporation
Missouri Public Service Commission
Ameren Missouri 09/24 Ameren Missouri rFileNo. GR-2024-0369 Return on Equity
Missouri American Water 07/24 Missouri American Water WR-2024-0320 Return on Equity
Company Company
Ameren Missouri 06/24 Ameren Missouri File No. ER-2024-0319 Return on Equity
Evergy Missouri West 02/24 Evergy Missouri West File No. ER-2024-0189 Return on Equity
Ameren Missouri 08/22 Ameren Missouri File No. ER-2022-0337 Return on Equity
Missouri American Water 07/22 Missouri American Water Case No.WR-2022- Return on Equity
Company Company 0303
Case No.SR-2022-0304
Evergy Missouri West 01/22 Evergy Missouri West File No. ER-2022-0130 Return on Equity
Evergy Missouri Metro 01/22 Evergy Missouri Metro File No. ER-2022-0129 Return on Equity
Ameren Missouri 03/21 Ameren Missouri Docket No. ER-2021- Return on Equity
0240
Docket No. GR-2021-
0241
Fag It
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SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Missouri American Water 06/20 Missouri American Water Case No.WR-2020- Return on Equity
Company Company 0344
Case No.SR-2020-0345
Missouri American Water 06/17 Missouri American Water Case No.WR-17-0285 Return on Equity
Company Company Case No.SR-17-0286
Montana Public Service Commission 1i
Montana-Dakota Utilities Co. 7/24 Montana-Dakota Utilities D2024-05-061 Return on Equity
Co.
Montana-Dakota Utilities Co. 11/22 Montana-Dakota Utilities D2022.11.099 Return on Equity
Co.
Montana-Dakota Utilities Co. 06/20 Montana-Dakota Utilities D2020.06.076 Return on Equity
Co.
Montana-Dakota Utilities Co. 09/18 Montana-Dakota Utilities D2018.9.60 Return on Equity
Co.
Public Utilities Commission of Nevada
Nevada Power Company 02/25 Nevada Power Company 25-02016 Return on Equity
d/b/a NV Energy d/b/a NV Energy
Sierra Pacific Power Company 02/24 Sierra Pacific Power 24-02026 Return on Equity
d/b/a NV Energy Company
d/b/a NV Energy
Nevada Power Company 06/23 Nevada Power Company 23-06007 Return on Equity
d/b/a NV Energy d/b/a NV Energy
Nevada Power Company 03/23 Nevada Power Company 22-03028 Merger benefits
d/b/a NV Energy d/b/a NV Energy
New Hampshire-Board of Tax and Land Appeals
Public Service Company of 11/19 Public Service Company Master Docket No. Valuation of Utility
New Hampshire d/b/a 12/19 of New Hampshire d/b/a 28873-14-15-16-17PT Property and
Eversource Energy Eversource Energy Generating Assets
New Hampshire Public Utilities Commission
Liberty Utilities(EnergyNorth 07/23 Liberty Utilities Docket No. DG 23-067 Return on Equity
Natural Gas) (EnergyNorth Natural
Gas)
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SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Liberty Utilities(Granite State 05/23 Liberty Utilities(Granite Docket No. DE 23-039 Return on Equity
Electric) State Electric)
Public Service Company of 05/19 Public Service Company of DE-19-057 Return on Equity
New Hampshire New Hampshire
New Hampshire-Merrimack County Superior Court
Northern New England 04/18 Northern New England 220-2012-CV-1100 Valuation of Utility
Telephone Operations, LLC Telephone Operations, LLC Property
d/b/a FairPoint d/b/a FairPoint
Communications, NNE Communications, NNE
New Hampshire-Rockingham Superior Court
Eversource Energy 05/18 Public Service Commission 218-2016-CV-00899 Valuation of Utility
of New Hampshire 218-2017-CV-00917 Property
New Jersey Board of Public Utilities
New Jersey American Water 02/24 New Jersey American WR2401056 Return on Equity
Company, Inc. Water Company, Inc.
Elizabethtown Gas Company 2/24 Elizabethtown Gas GR24020158 Return on Equity
Company
Public Service Electric and Gas 12/23 Public Service Electric and ER23120924 Return on Equity
Company Gas Company GR23120925
New Jersey American Water 01/22 New Jersey American WR22010019 Return on Equity
Company, Inc. Water Company, Inc.
Public Service Electric and Gas 10/20 Public Service Electric and EO18101115 Return on Equity
Company Gas Company
New Jersey American Water 12/19 New Jersey American WR19121516 Return on Equity
Company, Inc. Water Company, Inc.
Public Service Electric and Gas 04/19 Public Service Electric and EO18060629 Return on Equity
Company Gas Company GO18060630
Public Service Electric and Gas 02/18 Public Service Electric and GR17070776 Return on Equity
Company Gas Company
Public Service Electric and Gas 01/18 Public Service Electric and ER18010029 Return on Equity
Company Gas Company GR18010030
New Mexico Public Regulation Commission
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SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Southwestern Public Service 07/19 Southwestern Public 19-00170-UT Return on Equity
Company Service Company
Southwestern Public Service 10/17 Southwestern Public Case No. 17-00255-UT Return on Equity
Company Service Company
Southwestern Public Service 12/16 Southwestern Public Case No. 16-00269-UT Return on Equity
Company Service Company
Southwestern Public Service 10/15 Southwestern Public Case No. 15-00296-UT Return on Equity
Company Service Company
Southwestern Public Service 06/15 Southwestern Public Case No. 15-00139-UT Return on Equity
Company Service Company
New York State Department of Public Service
Liberty Utilities(New York 5/23 Liberty Utilities(New York Case 23-W-0235 Return on Equity
Water) Water)
New York State Electric and 05/22 New York State Electric 22-E-0317 Return on Equity
Gas Company and Gas Company 22-G-0318
22-E-0319
Rochester Gas and Electric Rochester Gas and Electric 22-G-0320
Corning Natural Gas 07/21 Corning Natural Gas Case No. 21-G-0394 Return on Equity
Corporation Corporation
Central Hudson Gas and 08/20 Central Hudson Gas and Electric 20-E-0428 Return on Equity
Electric Corporation Electric Corporation Gas 20-G-0429
Niagara Mohawk Power 07/20 National Grid USA Case No. 20-E-0380 Return on Equity
Corporation 20-G-0381
Corning Natural Gas 02/20 Corning Natural Gas Case No. 20-G-0101 Return on Equity
Corporation Corporation
New York State Electric and 05/19 New York State Electric 19-E-0378 Return on Equity
Gas Company and Gas Company 19-G-0379
19-E-0380
Rochester Gas and Electric Rochester Gas and Electric 19-G-0381
It
Brattle Ann E. Bulkley brattle.com 1 16
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 3
Page 16 of 21

Brattle
SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Brooklyn Union Gas Company 04/19 Brooklyn Union Gas 19-G-0309 Return on Equity
d/b/a National Grid NY Company d/b/a National 19-G-0310
KeySpan Gas East Corporation Grid NY
d/b/a National Grid KeySpan Gas East
Corporation d/b/a National
Grid
Central Hudson Gas and 07/17 Central Hudson Gas and Electric 17-E-0459 Return on Equity
Electric Corporation Electric Corporation Gas 17-G-0460
Niagara Mohawk Power 04/17 National Grid USA Case No. 17-E-0238 Return on Equity
Corporation 17-G-0239
Corning Natural Gas 06/16 Corning Natural Gas Case No. 16-G-0369 Return on Equity
Corporation Corporation
National Fuel Gas Company 04/16 National Fuel Gas Case No. 16-G-0257 Return on Equity
Company
KeySpan Energy Delivery 01/16 KeySpan Energy Delivery Case No. 15-G-0058 Return on Equity
Case No. 15-G-0059
New York State Electric and 05/15 New York State Electric Case No. 15-E-0283 Return on Equity
Gas Company and Gas Company Case No. 15-G-0284
Rochester Gas and Electric Rochester Gas and Electric Case No. 15-E-0285
Case No. 15-G-0286
North Dakota Public Service Commission
Otter Tail Power Company 11/23 Otter Tail Power Company Case No. PU-23-_ Return on Equity
Montana-Dakota Utilities Co. 11/23 Montana-Dakota Utilities Case No. PU-23-_ Return on Equity
Co.
Montana-Dakota Utilities Co. 05/22 Montana-Dakota Utilities C-PU-22-194 Return on Equity
Co.
Montana-Dakota Utilities Co. 08/20 Montana-Dakota Utilities C-PU-20-379 Return on Equity
Co.
Northern States Power 12/12 Northern States Power C-PU-12-813 Return on Equity
Company Company
Northern States Power 12/10 Northern States Power C-PU-10-657 Return on Equity
Company Company
Fag It
Brattle Ann E. Bulkley brattle.com 1 17
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 3
Page 17 of 21

Brattle
SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Oklahoma Corporation Commission
Oklahoma Gas& Electric 12/23 Oklahoma Gas& Electric Cause No. PUD2023- Return on Equity
000087
Oklahoma Gas&Electric 12/21 Oklahoma Gas&Electric Cause No. PUD Return on Equity
202100164
Arkansas Oklahoma Gas 01/13 Arkansas Oklahoma Gas Cause No. PUD Return on Equity
Corporation Corporation 201200236
Oregon Public Service Commission
PacifiCorp d/b/a Pacific 02/24 PacifiCorp d/b/a Pacific Docket No. UE-433 Return on Equity
Power& Light Power& Light
PacifiCorp d/b/a Pacific 03/22 PacifiCorp d/b/a Pacific Docket No. UE-399 Return on Equity
Power& Light Power& Light
PacifiCorp d/b/a Pacific 02/20 PacifiCorp d/b/a Pacific Docket No. UE-374 Return on Equity
Power& Light Power& Light
Pennsylvania Public Utility Commission
American Water Works 11/23 Pennsylvania-American Docket No. R-2023- Return on Equity
Company Inc. Water Company 3043189(water)
Docket No. R-2023-
3043190(wastewater)
American Water Works 04/22 Pennsylvania-American Docket No. R-2020- Return on Equity
Company Inc. Water Company 3031672 (water)
Docket No. R-2020-
3031673 (wastewater)
American Water Works 04/20 Pennsylvania-American Docket No. R-2020- Return on Equity
Company Inc. Water Company 3019369(water)
Docket No. R-2020-
3019371 (wastewater)
American Water Works 04/17 Pennsylvania-American Docket No. R-2017- Return on Equity
Company Inc. Water Company 2595853
South Dakota Public Utilities Commission
MidAmerican Energy 05/22 MidAmerican Energy D-NG22-005 Return on Equity
Company Company
Brattle Ann E. Bulkley brattle.com 1 18
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 3
Page 18 of 21

Brattle
SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Northern States Power 06/14 Northern States Power Docket No. EL14-058 Return on Equity
Company Company
Tennessee Public Utility Commission
Tennessee American Water 04/24 Tennessee American Docket No.24-00032 Return on Equity
Company Water Company
Texas Public Utility Commission
Electric Transmission Texas 02/25 Electric Transmission Texas Docket No. 57518 Return on Equity
LLC LLC
CenterPoint Energy Houston 03/24 CenterPoint Energy D-56211 Return on Equity
Houston
AEP Texas 02/24 AEP Texas D-56165 Return on Equity
Entergy Texas, Inc. 07/22 Entergy Texas, Inc. D-53719 Return on Equity
Southwestern Public Service 08/19 Southwestern Public Docket No. D-49831 Return on Equity
Commission Service Commission
Southwestern Public Service 01/14 Southwestern Public Docket No.42004 Return on Equity
Company Service Company
Texas Railroad Commissior
CenterPoint Energy Entex and 10/23 CenterPoint Energy Entex 2023 Texas Division Return on Equity
CenterPoint Energy Texas Gas and CenterPoint Energy Rate Case
Texas Gas Case No. OS-23-
00015513
Utah Public Service Commission
PacifiCorp d/b/a Rocky 06/24 PacifiCorp d/b/a Rocky Docket No. 24-035-04 Return on Equity
Mountain Power Mountain Power
PacifiCorp d/b/a Rocky 05/20 PacifiCorp d/b/a Rocky Docket No. 20-035-04 Return on Equity
Mountain Power Mountain Power
Virginia State Corporation Commission
Virginia American Water 11/23 Virginia American Water Docket No. PUR-2023- Return on Equity
Company, Inc. Company, Inc. 00194
Virginia American Water 11/21 Virginia American Water Docket No. PUR-2021- Return on Equity
Company, Inc. Company, Inc. 00255
Brattle Ann E. Bulkley brattle.com 1 19
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No.3
Page 19 of 21

Brattle
SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Virginia American Water 11/18 Virginia American Water Docket No. PUR-2018- Return on Equity
Company, Inc. Company, Inc. 00175
Washington Utilities Transportation Commission
Cascade Natural Gas 03/24 Cascade Natural Gas Docket No. UG-240008 Return on Equity
Corporation Corporation
Puget Sound Energy Inc. 02/24 Puget Sound Energy Inc. Docket No. UE-240004 Return on Equity
UG-240005
PacifiCorp d/b/a Pacific 03/23 PacifiCorp d/b/a Pacific Docket No. UE-230172 Return on Equity
Power& Light Power&Light
Cascade Natural Gas 06/20 Cascade Natural Gas Docket No. UG-200568 Return on Equity
Corporation Corporation
PacifiCorp d/b/a Pacific 12/19 PacifiCorp d/b/a Pacific Docket No. UE-191024 Return on Equity
Power& Light Power&Light
Cascade Natural Gas 04/19 Cascade Natural Gas Docket No. UG-190210 Return on Equity
Corporation Corporation
West Virginia Public Service Commission
West Virginia American Water 05/23 West Virginia American Case No. 23-0383-W- Return on Equity
Company Water Company 42T
West Virginia American Water 04/21 West Virginia American Case No. 21-02369-W- Return on Equity
Company Water Company 42T
West Virginia American Water 04/18 West Virginia American Case No. 18-0573-W- Return on Equity
Company Water Company 42T
Case No. 18-0576-S-42T
Wisconsin Public Service Commission
Wisconsin Power and Light 04/24 Wisconsin Power and Light Docket No. 6680-UR- Return on Equity
128
Wisconsin Electric Power 04/24 Wisconsin Electric Power Docket No.05-UR-111 Return on Equity
Company and Wisconsin Gas Company and Wisconsin
LLC Gas LLC
Wisconsin Power and Light 05/23 Wisconsin Power and Light Docket No.6680-UR- Return on Equity
124
Fag It
Brattle Ann E. Bulkley brattle.com 120
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 3
Page 20 of 21

Brattle
SPONSOR DATE CASE/APPLICANT DOCKET/CASE NO. SUBJECT
Wisconsin Electric Power 04/22 Wisconsin Electric Power Docket No.05-UR-110 Return on Equity
Company and Wisconsin Gas Company and Wisconsin
LLC Gas LLC
Wisconsin Public Service Corp. 04/22 Wisconsin Public Service 6690-UR-127 Return on Equity
Corp.
Alliant Energy Alliant Energy Return on Equity
Wisconsin Electric Power 03/19 Wisconsin Electric Power Docket No.05-UR-109 Return on Equity
Company and Wisconsin Gas Company and Wisconsin
LLC Gas LLC
Wisconsin Public Service Corp. 03/19 Wisconsin Public Service 6690-UR-126 Return on Equity
Corp.
Wyoming Public Service Commission
Montana-Dakota Utilities Co. 10/24 Montana-Dakota Utilities Docket No.30013-415- Return on Equity
Co. GR-24
PacifiCorp d/b/a Rocky 08/24 PacifiCorp d/b/a Rocky Docket No. 20000-671- Return on Equity
Mountain Power Mountain Power ER-24
PacifiCorp d/b/a Rocky 02/23 PacifiCorp d/b/a Rocky Docket No. 20000-633- Return on Equity
Mountain Power Mountain Power ER-23
PacifiCorp d/b/a Rocky 03/20 PacifiCorp d/b/a Rocky Docket No. 20000-578- Return on Equity
Mountain Power Mountain Power ER-20
Montana-Dakota Utilities Co. 05/19 Montana-Dakota Utilities 30013-351-GR-19 Return on Equity
Co.
CERTIFICATIONS/ACCREDITATIONS
Certified General Appraiser, licensed in the Commonwealth of Massachusetts
It
Brattle Ann E. Bulkley brattle.com 121
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 3
Page 21 of 21

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 4 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

SUMMARY OF ROE ANALYSES RESULTS
Constant Growth DCF
Mean Low Mean Mean High
30-Day Average 9.53% 10.66% 11.78%
90-Day Average 9.66% 10.79% 11.91%
180-Day Average 9.79% 10.92% 12.05%
Constant Growth Average 9.66% 10.79% 11.91%
Median Low Median Median High
30-Day Average 9.38% 11.00% 11.87%
90-Day Average 9.54% 11.19% 12.03%
180-Day Average 9.69% 11.38% 12.20%
Constant Growth Average 9.54% 11.19% 12.04%
CAPM
Current 30-day Near-Term Blue Long-Term Blue
Average Treasury Chip Forecast Yield Chip Forecast Yield
Bond Yield
Value Line Beta 11.85% 11.84% 11.82%
Bloomberg Beta 10.68% 10.65% 10.60%
Long-term Avg. Beta 10.73% 10.71% 10.66%
ECAPM
Value Line Beta 12.03% 12.03% 12.01%
Bloomberg Beta 11.15% 11.14% 11.10%
Long-term Avg. Beta 11.19% 11.18% 11.14%
Bond Yield Risk Premium
Current 30-day Near-Term Blue Long-Term Blue
Average Treasury Chip Forecast Yield Chip Forecast Yield
Bond Yield
Results 10.51% 10.46% 10.34%
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No.4
Page 1 of 1

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 5 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

30-DAY CONSTANT GROWTH DCF--INTERMOUNTAIN GAS COMPANY PROXY GROUP
[11 [21 [31 [41 [51 [61 [71 (81 (91 [101 [11]
Average
Value Line Zacks Projected
Projected S&P Capital IQ Projected EPS
Annualized Stock Dividend Expected EPS Growth Projected EPS EPS Growth Growth
Company Dividend Price Yield Dividend Yield Rate Growth Rate Rate Rate Low ROE Mean ROE High ROE
Atmos Energy Corporation ATO $3.48 $149.66 2.33% 2.41% 6.00% 7.52% 7.10% 6.87% 8.40% 9.28% 9.94%
NiSource Inc. NI $1.12 $39.62 2.83% 2.95% 9.50% 8.22% 8.20% 8.64% 11.14% 11.59% 12.46%
Northwest Natural Gas Company NWN $1.96 $41.60 4.71% 4.86% 6.50% 6.50% n/a 6.50% 11.36% 11.36% 11.36%
ONE Gas,Inc. OGS $2.68 $73.90 3.63% 3.70% 4.00% 3.83% 4.70% 4.18% 7.52% 7.88% 8.41
Southwest Gas Corporation SWX $2.48 $74.65 3.32% 3.48% 10.00% 12.60% 6.60% 9.73% 10.03% 13.22% 16.13%
Spire,Inc. SR $3.14 $75.89 4.14% 4.27% 4.50% 8.08% 6.50% 6.36% 8.73% 10.63% 12.39%
Mean 3.49% 3.61% 6.75% 7.79% 6.62% 7.05% 9.53% 10.66% 11.78%
Median 3.47% 3.59% 6.25% 7.80% 6.60% 6.69% 9.38% 11.00% 11.87%
Notes:
[11 Source:Bloomberg Professional as of March 31 2025
[21 Source:Bloomberg Professional 30-day average as of March 31 2025
[31 Equals[1]/[21
[41 Equals[3]x(1+0.5 x[81)
[51 Source:Value Line
[61 Source:S&P Cap IQ
[71 Source:Zacks
[81 Equals average of[5],[6],[71
[91 Equals[3]x(1+0.5x(min([5],[6].[71))+(min([5],[6].[7])
[101 Equals[4]+[81
[111 Equals[3]x(1+0.5x(max([5],[6].[71))+(max([5],[6].[7])
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 5
Page 1 of 3

90-DAY CONSTANT GROWTH DCF--INTERMOUNTAIN GAS COMPANY PROXY GROUP
[11 [21 [31 [41 [51 [61 [71 [81 191 [101 [11]
Value Line S&P Capital IQ Zacks Average
Annualized Stock Dividend Expected Earnings Projected EPS Earnings Growth
Company Dividend Price Yield Dividend Yield Growth Growth Rate Growth Rate Low ROE Mean ROE High ROE
Atmos Energy Corporation ATO $3.48 $144.43 2.41% 2.49% 6.00% 7.52% 7.10% 6.87% 8.48% 9.37% 10.02%
NiSource Inc. NI $1.12 $37.85 2.96% 3.09% 9.50% 8.22% 8.20% 8.64% 11.28% 11.73% 12.60%
Northwest Natural Gas Company NWN $1.96 $40.77 4.81% 4.96% 6.50% 6.50% n/a 6.50% 11.46% 11.46% 11.46%
ONE Gas,Inc. OGS $2.68 $71.89 3.73% 3.81% 4.00% 3.83% 4.70% 4.18% 7.63% 7.98% 8.52%
Southwest Gas Corporation SWX $2.48 $73.75 3.36% 3.53% 10.00% 12.60% 6.60% 9.73% 10.07% 13.26% 16.18%
Spire,Inc. SR $3.14 $71.09 4.42% 4.56% 4.50% 8.08% 6.50% 6.36% 9.02% 10.92% 12.68%
Mean 3.61% 3.74% 6.75% 7.79% 6.62% 7.05% 9.66% 10.79% 11.91%
Median 3.55% 3.67% 6.25% 7.80% 6.60% 6.69% 9.54% 11.19% 12.03%
Notes:
[1]Source:Bloomberg Professional as of March 31 2025
[2]Source:Bloomberg Professional 90-day average as of March 31 2025
[3]Equals[1]/[2]
[4]Equals[3]x(1+0.5 x[8])
[5]Source:Value Line
[6]Source:S&P Cap IQ
[7]Source:Zacks
[81 Equals average of[5],[6],[71
[91 Equals[3]x(1+0.5x(min([5],[6].[71))+(min([5],[6].[7])
[101 Equals[4]+[81
[111 Equals[3]x(1+0.5x(max([5],[6].[71))+(max([5],[6].[7])
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 5
Page 2 of 3

180-DAY CONSTANT GROWTH DCF—INTERMOUNTAIN GAS COMPANY PROXY GROUP
[11 [21 [31 [41 [51 [61 [71 [81 [91 [101 [11]
Value Line S&P Capital IQ Zacks Average
Annualized Stock Dividend Expected Earnings Projected EPS Earnings Growth
Company Dividend Price Yield Dividend Yield Growth Growth Rate Growth Rate Low ROE Mean ROE High ROE
Atmos Energy Corporation ATO $3.48 $138.49 2.51% 2.60% 6.00% 7.52% 7.10% 6.87% 8.59% 9.47% 10.13%
NiSource Inc. NI $1.12 $35.34 3.17% 3.31% 9.50% 8.22% 8.20% 8.64% 11.50% 11.95% 12.82%
Northwest Natural Gas Company NWN $1.96 $39.77 4.93% 5.09% 6.50% 6.50% n/a 6.50% 11.59% 11.59% 11.59%
ONE Gas,Inc. OGS $2.68 $70.66 3.79% 3.87% 4.00% 3.83% 4.70% 4.18% 7.69% 8.05% 8.58%
Southwest Gas Corporation SWX $2.48 $72.79 3.41% 3.57% 10.00% 12.60% 6.60% 9.73% 10.12% 13.31% 16.22%
Spire,Inc. SR $3.14 $67.37 4.66% 4.81% 4.50% 8.08% 6.50% 6.36% 9.27% 11.17% 12.93%
Mean 3.75% 3.87% 6.75% 7.79% 6.62% 7.05% 9.79% 10.92% 12.05%
Median 3.60% 3.72% 6.25% 7.80% 6.60% 6.69% 9.69% 11.38% 12.20%
Notes:
[1]Source:Bloomberg Professional as of March 31 2025
[2]Source:Bloomberg Professional 180-day average as of March 31 2025
[3]Equals[1]/[2]
[4]Equals[3]x(1+0.5 x[8])
[5]Source:Value Line
[6]Source:S&P Cap IQ
[7]Source:Zacks
[81 Equals average of[5],[6],[71
[91 Equals[3]x(1+0.5x(min([5],[6].[71))+(min([51,[6].[7])
[101 Equals[4]+[81
[11]Equals[3]x(1+0.5x(max([5],[6].[7]))+(max([5],[6].[7])
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 5
Page 3 of 3

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 6 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

CAPITAL ASSET PRICING MODEL-CURRENT RISK FREE RATE AND VALUE LINE BETA
K=Rf+p(Rm-Rf)
K=Rf+0.25 x(Rm-Rf)+0.T5 x3 x(Rm-Rf)
[11 f21 [31 Mall Idl [51 Iel
Curteni 30Eay et
average d 30-year Market Risk
U.S.Treasury bond Return Premium CAPM ECAPM
Company Ticker vidd Beta(01 (Rm) (Rm-Rf)ROE(K) ROE(K)
At-Energy Corporatlon ATO 6.61% 0.90 12.58% 7.97% 11.78% 11.98%
NlSource Inc. NI 6.81% 0.95 12.58% 7.97% 12.18% 12.28%
Nodhwest Natural Gas Company NWN 4.61% 0.90 12.58% 7.97% 11.78% 11.98%
ONE Gas,Inc. OGS 4.61% 0.85 12.58% 7.97% 11.39% 11.69%
Southwest Gas CoryorMlon SWX 6.81% 0.95 12.58% 7.97% 12.18% 12.28%
Solve.Inc. SR 6.81% 0.90 12.58% 7.97% 11.T8% 11.98%
Mean 11.85% 12.03%
Metlwn 11.T8% 11.98%
NMes:
[11 Source:Bloomberg Professional 30-day average as of March 31 2025
[21 Source:Value Line
[31 Source:Exhibit No.8
[41 Equals[3]-[1]
[51 Equals[11+[2]x(4]
[61 Equals[11+0.25 x([4])+0.75 x([2]x[4])
CAPITAL ASSET PRICING MODEL-NEAR TERM PROJECTED RISK-FREE RATE AND VALUE LINE BETA
K=Rf+0 Rm-Rf)
K=Rf+0.25 x(Rm-Rf)+0.T5 x 0x R.-Rf)
f11 [21 131 141 151 161
Near-term projected Market
30-year U.S.Treasury Market Risk
bond ytald(O32.25- Return Premium CAPM ECAPM
Company Ticker 0320261 eeta(0) (Rm) (Rm-Rf)ROE(K) ROE(K)
AtmOS Energy Corporatlon ATO 6.52% 0.90 12.58% 8.08% 11.78% 11.98%
NlSource Inc. NI 6.52% 0.95 12.58% 8.06% 12.18% 12.28%
Nodhwest Natural Gas Company NWN 4.52% 0.90 12.58% 8.08% 11.1% 11.98%
ONE Gas,Inc. OGS 4.52% 0.85 12.58% 8.06% 11.3T% 11.68%
Southwest Gas C.9-.Ion SWX 6.52% 0.95 12.58% 8.08% 12.18% 12.28%
Solve,Inc. SR 6.52% 0.90 12.58% 8.08% 11.78% 11.98%
Mean 11.84% 12.03%
Metlian 11.78% 11.98%
NMes:
[11 Blue Chip Financial Forecasts,Vol.44,No.4,April 1,2025,at 2.
[21 Source:Value Line
[31 Source:Exhibit No.8
[41 Equals[31-[1]
[5]Equals[11+[2]x[4]
161 Equals[11+0.25 x([4])+0.75 x([2]x[4])
CAPITAL ASSET PRICING MODEL-LONG-TERM PROJECTED RISK-FREE RATE AND VALUE LINE BETA
K=Rf+0 Rm-Rf)
K=Rf+0.25 x(Rm-Rf)+0.T5 x 0x Rm-Rf)
f11 [21 [31 f41 [51 161
Mallet
Pa lh-nd r U.S. Market Risk
Tr
Treasusunry bontl yield Return Premium
Company Ticker 12028-20307 Bela(6) (Rm) (Rm-Rf1 ROE OE( ROE(KK) ROE(K)
Atmos Energy Corporatlon ATO 6.30% 0.90 12.58% 8.28% 11.T5% 11.98%
NlSource Inc. NI 6.30% 0.95 12.58% 8.28% 12.1T% 12.2T%
Nodhwest Natural Gas Company NWN 4.30% 0.90 12.58% 8.28% 11.T5% 11.98%
ONE Gas,Inc. OGS 4.30% 0.85 12.58% 8.28% 11.34% 11.85%
Southwest Gas C.q-.Ion SWX 6.30% 0.95 12.58% 8.28% 12.17% 12.2]%
Spire,Inc. SR 6.30% 0.90 12.58% 8.28% 11.T5% 11.96%
Mean 11.82% 12.01%
Metlwn 11.75% 11.96%
NMes:
[11 Blue Chip Financial Fa a,%,Vd.43,No.12,November 2l,2024,M 14
[21 Saurce:Value Line
[315aurce:Exhibit No.8
[5]Equals[31-[1]
[ Equals[11+(2]x(4]
161 Equals[11+0.25 x([4])+0.75 x([2]x[4])
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No.6
Pagel of 3

CAPITAL ASSET PRICING MODEL-CURRENT RISK FREE RATE AND BLOOMBERG BETA
K=Rf+"(mZ K=Rf-0.251(Rm-Rfl+0.75.5.(R.-Rn
111 121 111 111 161
Mallet
.7.g.d 30-y", Market Risk
U.S.Treasury bond R.W,. Premium CAPM ECAPM
Company Tid,s, yield Bat,(0) (R,) iR,-Rf)ROE(K) ROE(K)
A-Energy Corporation ATO 4.61% 0.74 12.58% 7.97% 10.53% ll.U%
N S-lnc. NI 4.61% 0.78 12.58% 7.97% 10.87% 11.29%
N,sth-N-1 Ga.Company NWN 4.61% 0.69 12.58% 7.97% 10.13% 10.75%
ONE GasInc. OGS 4.61% 0.76 12.58% 7.97% 10.66% 11.14%
Southwest Gas C,q-I,, SwX 4.61% 0.83 12.58% 7.97% 11.21% 11.55%
Solre.Inc. SIR 4.61% 0.76 12.58% 7.97% 10.65% 11.14%
Mean 10.88%madi- 1111.1145%%
Nuts.
[l,�S- :Blmbb:,,Professional rm m30-d.y-,.g....fM-1,312025
Source:: g Professional
[3 :EA,ibit N..8
[4��Equals[3]-[l]
IS Eq­ �j� [2]x(4]
[6�Equals +0.25 x Is])+0.75 x([2)x[4))
CAPITAL ASSET PRICING MODEL-NEAR TERM PROJECTED RISK-FREE RATE AND BLOOMBERG BETA
K=Rif+0(R'-Rf)K=Rif+0.25 x(Rm-Fb)+0.75.0 x(R.-W)
Ill [21 131 141 151 161
N---projected M.H,al
30-year U.S.-'r Market Risk
bond ywd(Q3 2.2S- R-,. Premium CAPM ECAPM
C-as'y Ticker Q3 20261 Bsta(61 (Rml IRm-Rf)ROE IK) ROE(K)
Atm..Energy Corporation ATO 452 0.74 12.58% 8�O 0:% 100�50 11.02%
NiS.u,..Inc. NI Z2% 0 7: 2�58 8.06% 85% 11.28%
Northwest Natural Gas Company NWN 4.52% 0.6 12 BB 8.06% 10.11% 10.73%
ONE Gas Inc. OGS 4.52% 0.76 12.5
8
8.06% 10.64% 11.13%
Southwest Gas Corporation SwX 452% 083 12.58% 8.06% 11.19% �
Spire, SR Z2% 0.76 12.58% 8.06% 10.63% 11.12%
m .0�65 11.14%
m1L 64% 11.12%
N-:
Ill Blue Chip Fi-dd F.-h.,V.I.44.N..4."1 1.2025.9 2.
P]�-BI-I,.,9P Professional
[31 Sou,.:EA,Ibft N..8
[4 Equals[3-[1]
[5�Equ +
[1� [2]x[4]
[6]Equals[l]+0.25.([4])+0.75x([2].[4])
CAPITAL ASSET PRICING MODEL-LONG-TERM PROJECTED RISK-FREE RATE AND BLOOMBERG BETA
K=Rf+o(m-Rq K=Rf+0.25.(Rm-Rfl+0.75x5x(R.-Rn
Ill r21 131 !,t 151 161 M
Projected
30- .r U.S. Markel Risk
T,-u,y bond yield Ralum Premium CAPM ECAPM
�­y Ticker 12026-2030) Beta(61 (Rml IRm-z ROE 11<1 ROE(K)
Atm,.Energy Corporation ATO 430% O�74 0 122�58 8.21% 11.45% 11.11%
NiS.u-Inc. NI Z0% 7: W 8.28% 10.80% 11.24%
Northwest
Natural Gas Company NWN 4.30% 0.6 12.BB 8.28% 10.04% 10.67%
ONE Gas Inc. OGS 4.30% 0.76 12.� 8.28% 10.59% 11.09%
S.0
Spire,
Gas Corporation SwX 4.30%
0�' 12. 8.21% 11.16% 11.51%
r,Inc.z SIR Z0% 7: 12.= 8.28% 10.58% 11.08%
10. % 11.10%
Median W 10.58% 11.08%
N-:
[l.1Blue Chip Financial Forecasts,Vd.43,N..12,November 27,2024,at 14
B'u,oa BlooBloombergb. Professional Z-
[3] EA,Ibft No.[4]Equals[3-[1]
[5]Equals[1�+[2]x[4]
[6]Equals[1+0.25.([4])+0.75 x([2].[4])
Case No.INT-G-25-02
A.Bulkley,1GC
Exhibit No.6
Page 2 of 3

CAPITAL ASSET PRICING MODEL-CURRENT RISK FREE RATE AND LONG-TERM BETA
K=Rf+p(Rm-Rf)
K=Rf+0.25x(Rm-Rf)+0.75xSx(Rm-Rn
111 121 131 Idl 151 I61
CuneM 30day Market
average of 30-year Markat Risk
U.S.Treasury bond R-,. Premium CAPM ECAPM
Campanv Ticker mid Bata(61 (Rml IRm-Rf)ROE IKI ROE(K)
At-Energy Corporation ATO 4.61% 0.76 12.58% 7.87% 10.69% 11.16%
NiSource lnc. NI 4.61% 0.78 12.58% 7.87% 10.79% 11.24%
Nodhwast Natural Gas Company NWN 4.61% 0.73 12.58% 7.87% 10.39% 10.84%
ONE Gas,Inc. OGS 4.61% 0.75 12.58% 7.87% 10.59% 11.08%
Southvrest Gas Corporation SWX 4.61% 0.84 12.58% 7.87% 11.28% 11.61%
Spire,Inc. SR 4.61% 0.75 12.58% 7.87% 10.62% 11.11%
Mean 10.73% 11.18%
Medlsn 10.66% 11.14%
Notas:
[11 Source:Bloomberg Pmfassiona130-Gay average as of March 31 2025
[21 Source:Exhibit No.
[31 Source:Exhibit No.8
[61 Equals[3]-[1]
[51 Equals[11+[2]x[41
[61 Equals[11+0.25 x([41)+0.75 x([21 x[41)
CAPITAL ASSET PRICING MODEL-CURRENT RISK FREE RATE AND LONG-TERM BETA
K=Rf+p(Rm-RN
K=Rf+0.25x(Rm-Rf1+0.75xSx(Rm-Rf)
111 f21 131 [41 [51 161
Near-tens projected Market
30-year U.S.Treasury Markel Risk
bond yteld(Q32025- R-,. P-lum CAPM ECAPM
Caa,ay Ticker Q320261 Bata(61 (Rml IRm-Rf)ROE IKI ROE(K)
At-Energy Corporation ATO 4.52% O.T6 12.58% 8.06% 10.67% 11.15%
NiSource Inc. NI 4.52% O.TB 12.58% 8.06% 10.T% 11.22%
Nodhwest Natural Gas Company NWN 4.52% 0.73 12.58% 8.06% 10.37% 10.82%
ONE Gas,Inc. OGS 4.52% 0.75 12.58% 8.06% 10.57% 11.07%
Southvrest Gas Corporation SWX 4.52% 0.84 12.58% 8.06% 11.27% 11.60%
Spire,Inc. SR 4.52% O.TS 12.58% 8.06% 10.60% 11.10%
Mean 10.11% 11.18%
Medlsn 10.63% 11.12%
Notes:
[11 Blue Chip Finandd Forecasts,Vol.44.No.4,WI 1,2025.st 2.
[21 Source:Exhibit No.
[31 Source:Exhibit No.8
[61 Equals[31-[1]
151 Equals[11+[2]x[4]
[61 Equals[11+0.25 x([4])+0.75 x([2]x[4])
CAPITAL ASSET PRICING MODEL-CURRENT RISK FREE RATE AND LONG-TERM BETA
K=Rf+6(Rm-Rf)
K=Rf+0.25x(Rm-Rf1+0.75xSx(Rm-Rf)
111 [21 f31 161 [51 161
Projected 30-year U.S. Market Risk
Treasury hand ylald R-,. P-lum CAPM ECAPM
Company Ticker I2026-2030) Bata(61 (Rml IRm-Rf)ROE IKI ROE(K)
Atmos Energy Corporation ATO 4.30% 0.76 12.58% 8.28% 10.62% 11.11%
NiSource Inc. NI 4.30% 0.78 12.58% 8.28% 10.72% 11.18%
Nodhwest Natural Gas Company NWN 4.30% 0.73 12.58% 8.28% 10.30% 10.87%
ONE Gas,Inc. OGS 4.30% 0.75 12.58% 8.28% 10.51% 11.03%
Southvrest Gas Corporation SWX 4.30% 0.89 12.58% 8.28% 11.24% 11.57%
Spire,Inc. SR 4.30% 0.75 12.58% 8.28% 10.55% 11.06%
Mean 10.66% 11.14%
Median 10.58% 11.08%
Notes:
[11 Blue Chip Financial Forecasta,Vd.43,No.12,November 2T,2024,.14
(2
1 Source:Exhibit No.7
[31 Source:Exhibit No.8
[61 Equals[3]-[1]
[51 Equals[11+[2]x[4]
[61 Equals[11+0.25 x([4])+0.75 x([2]x[4])
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No.6
Page 3 of 3

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 7 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

HISTORICAL BETA-2013-2024
[1] [2] [3] [41 [51 [6] [7] [8] 191 [10] [11] [12] [13]
Company Ticker 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 Average
Atmos Energy Corporation ATO 0.80 0.80 0.80 0.70 0.70 0.60 0.60 0.80 0.80 0.80 0.85 0.90 0.76
NiSource Inc. NI 0.85 0.85 NMF NMF 0.60 0.50 0.55 0.85 0.85 0.85 0.90 0.95 0.78
Northwest Natural Gas Company NWN 0.65 0.7 0.65 0.65 0.70 0.60 0.60 0.80 0.85 0.80 0.80 0.90 0.73
ONE Gas,Inc. OGS 0.70 0.70 0.65 0.65 0.80 0.80 0.80 0.80 0.85 0.75
Southwest Gas Corporation SWX 0.8 0.85 0.8 0.75 0.80 0.70 0.70 0.95 0.95 0.90 0.90 0.95 0.84
Spire,Inc. SR 0.65 0.7 0.7 0.70 0.70 0.65 0.65 0.85 0.85 0.85 0.85 0.90 0.75
Mean 0.75 0.78 0.74 0.70 0.70 0.62 0.63 0.84 0.85 0.83 0.85 0.91 0.77
Notes:
[1]Value Line,dated December 26,2013.
[2]Value Line,dated December 31,2014.
[3]Value Line,dated December 30,2015.
[4]Value Line,dated December 29,2016.
[5]Value Line,dated December 28,2017.
[6]Value Line,dated December 27,2018.
[7]Value Line,dated December 26,2019.
[8]Value Line,dated December 30,2020.
[9]Value Line,dated December 29,2021.
[101 Value Line,dated December 30,2022.
[11]Value Line,Dated December 29,2023.
[12]Value Line,Dated December 27,2024.
[13]Average of Cols.[1]through[12]
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No.7
Page 1 of 1

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 8 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

MARKET RISK PREMIUM DERIVED FROM S&P 500 INDEX
[1]Estimate of the S&P 500 Dividend Yield 1.36%
[2]Estimate of the S&P 500 Growth Rate 11.15%
[3]S&P 500 Estimated Required Market Return 12.58%
[41 151 161 171 181 191 [101 [11]
Bloomberg Cap-Weighted
Shares Market Weight in Estimated Cap-Weighted Long-Term Long-Term
Name Ticker Outst'p Price Capitalization Index Dividend Yield Dividend Yield Growth Est. Growth Est.
LyondellBasell Industries NV LYB 323.45 70.40 22,771 0.07% 7.61% 0.00% 11.14% 0.01%
American Express Co AXP 701.11 269.05 188,634 0.54% 1.22% 0.01% 15.16% 0.08%
Vedwn Communications Inc VZ 4,209.70 45.36 190,952 0.55% 5.97% 0.03% 1.43% 0.01%
Texas Pacific Land Corp TPL 22.98 1,324.99 30,455 0.48%
Broadcom Inc AVGO 4,701.95 167.43 787,247 1.41% 23.48%
Boeing Co/The BA 752.41 170.55 128,323 30.85%
Solventum Corp SOLV 173.00 76.04 13,155 -0.35%
Caterpillar Inc CAT 477.93 329.80 157,622 0.45% 1.71% 0.01% 7.23% 0.03%
JPMorgan Chase&Co JPM 2,796.11 245.30 685,885 2.28%
Chevron Corp CVX 1,749.72 167.29 292,710 4.09%
Coca-Cola Co/The KO 4,303.57 71.62 308,221 0.89% 2.85% 0.03% 5.69% 0.05%
AbbVie Inc ABBV 1,768.98 209.52 370,636 1.07% 3.13% 0.03% 15.54% 0.17%
Walt Disney Co/The DIS 1,807.79 98.70 178,429 0.51% 1.01% 0.01% 11.36% 0.06%
Corpay Inc CPAY 70.25 348.72 24,498 0.07% 12.58% 0.01%
Extra Space Storage Inc EXR 212.00 148.49 31,480 4.36%
Exxon Mobil Corp XOM 4,339.14 118.93 516,054 3.33%
Phillips 66 PBX 407.70 123.48 50,343 3.73%
General Electric Cc GE 1,066.58 200.15 213,476 0.61% 0.72% 0.00% 18.22% 0.11%
HP Inc HPO 942.70 27.69 26,103 0.08% 4.18% 0.00% 1.55% 0.00%
Home Depot Inc/The HD 994.03 366.49 364,303 1.05% 2.51% 0.03% 5.11% 0.05%
Monolithic Power Systems Inc MPWR 47.87 579.98 27,761 1.08%
International Business Machines Corp IBM 927.26 248.66 230,574 0.66% 2.69% 0.02% 3.46% 0.02%
Johnson&Johnson JNJ 2,409.85 165.84 399,649 2.99%
Lululemon Athletica Inc LULU 115.52 283.06 32,699 0.09% 9.55% 0.01%
McDonald's Corp MCD 714.46 312.37 223,176 0.64% 2.27% 0.01% 9.12% 0.06%
Merck&Co Inc MIRK 2,526.04 89.76 226,737 0.65% 3.61% 0.02% 14.65% 0.10%
3M Co MMM 539.32 146.86 79,204 0.23% 1.99% 0.00% 6.59% 0.02%
American Water Works Co Inc AWK 195.01 147.52 28,768 2.07%
Bank of America Corp BAC 7,602.80 41.73 317,265 2.49%
Pfizerinc PFE 5,671.45 25.34 143,715 6.79% -2.32%
Procter&Gamble Co/The PG 2,344.85 170.42 399,610 1.15% 2.36% 0.03% 6.24% 0.07%
AT&T Inc T 7,178.18 28.28 202,999 0.58% 3.93% 0.02% 5.16% 0.03%
Travelers Cos InGThe TRV 226.73 264.46 59,960 0.17% 1.59% 0.00% 1.10% 0.00%
RTX Corp RTX 1,335.09 132.46 176,846 0.51% 1.90% 0.01% 8.65% 0.04%
Analog Devices Inc ADI 495.98 201.67 100,024 0.29% 1.96% 0.01% 11.79% 0.03%
Walmart Inc WMT 8,016.85 87.79 703,799 2.03% 1.07% 0.02% 7.43% 0.15%
Cisco Systems Inc CSCO 3,978.29 61.71 245,500 0.71% 2.66% 0.02% 4.69% 0.03%
Intel Corp INTC 4,360.59 22.71 99,029 28."
General Motors Cc GM 995.00 47.03 46,795 0.13% 1.02% 0.00% 8.53% 0.01%
Microsoft Corp MSFT 7,433.98 375.39 2,790,643 8.03% 0.88% 0.07% 13.09% 1.05%
Dollar General Corp DG 219.95 87.93 19,340 0.06% 2.68% 0.00% 5.74% 0.00%
Cigna Group/The CI 271.11 329.00 89,195 0.26% 1.84% 0.00% 5.07% 0.01%
Kinder Morgan Inc KMI 2,221.96 28.53 63,393 4.03%
Citigroup Inc C 1,882.16 70.99 133,615 3.16%
American International Group Inc AIG 593.33 86.94 51,584 0.15% 1.84% 0.00% 12.18% 0.02%
Altria Group Inc MO 1,690.66 60.02 101,474 0.29% 6.80% 0.02% 4.48% 0.01%
HCA Healthcare Inc HCA 246.20 345.55 85,076 0.24% 0.83% 0.00% 9.26% 0.02%
International Paper Co IP 526.13 53.35 28,069 3.47%
Hewlett Packard Enterprise Co HPE 1,313.58 15.43 20,269 0.06% 3.37% 0.00% 4.02% 0.00%
Abbott Laboratories ABT 1,734.32 132.65 230,058 0.66% 1.78% 0.01% 10.26% 0.07%
Aflac Inc AFL 545.81 111.19 60,689 0.17% 2.09% 0.00% 4.80% 0.01%
Air Products and Chemicals Inc APD 222.48 293.13 65,214 0.19% 2.44% 0.00% 6.37% 0.01%
Super Micro Computer Inc SMCI 593.48 34.24 20,321
Royal Caribbean Cruises Ltd RCL 269.13 205.44 55,290 0.16% 1.46% 0.00% 19.67% 0.03%
Hess Corp HES 308.29 159.73 49,243 1.25%
Lennox International Inc LII 35.58 560.83 19,954 0.82%
Archer-Daniels-Midland Co ADM 480.16 48.01 23,052 0.07% 4.25% 0.00% 7.27% 0.00%
Automatic Data Processing Inc ADP 406.87 305.53 124,311 0.36% 2.02% 0.01% 9.07% 0.03%
Venal,Analytics Inc VRSK 140.28 297.62 41,749 0.60%
AutoZone Inc AZO 16.73 3,812.78 63,783 0.18% 9.56% 0.02%
Linde PLC LIN 472.91 465.64 220,207 0.63% 1.29% 0.01% 8.04% 0.05%
Avery Dennison Corp AVY 78.97 177.97 14,054 0.04% 1.98% 0.00% 8.96% 0.00%
Enphase Energy Inc ENPH 132.47 62.05 8,220
MSCI Inc MSCI 77.60 565.50 43,884 1.27%
Ball Corp BALL 282.38 52.07 14,703 0.04% 1.54% 0.00% 11.85% 0.01%
Axon Enterprise Inc AXON 76.62 525.95 40,300 27.80%
Dayforce Inc DAY 158.26 58.33 9,231
Carrier Global Corp CARR 863.99 63.40 54,777 0.16% 1.42% 0.00% 13.57% 0.02%
Bank of New York Mellon Corp/The BK 717.97 83.87 60,216 0.17% 2.24% 0.00% 12.56% 0.02%
Otis Worldwide Corp OTIS 396.52 103.20 40,921 1.51%
Baxter International Inc SAX 512.92 34.23 17,557 0.05% 1.99% 0.00% 14.67% 0.01%
Becton Dickinson&Co BDX 287.14 229.06 65,771 0.19% 1.82% 0.00% 9.31% 0.02%
Berkshire Hathaway Inc BRK/B 1,339.91 532.58 713,607
Best Buy Co Inc BEY 211.37 73.61 15,559 0.04% 5.16% 0.00% 5.78% 0.00%
Boston Scientific Corp BSX 1,479.07 100.88 149,209 0.43% 12.77% 0.05%
Bristol-Myers Squibb Co BMY 2,034.76 60.99 124,100 4.07% 82.16%
Brown-Forman Corp BF/B 303.54 33.94 10,302 2.67% -2.71%
Coterra Energy Inc CTRA 764.10 28.90 22,082 0.06% 3.04% 0.00% 15.54% 0.01%
Hilton Worldwide Holdings Inc HILT 239.61 227.55 54,524 0.16% 0.26% 0.00% 13.66% 0.02%
Carnival Corp CCL 1,166.61 19.53 22,784 25.25%
Builders FirstSource Inc BLDR 113.62 124.94 14,196 0.04% 8.55% 0.00%
UDR Inc UDR 331.13 45.17 14,957 0.04% 3.81% 0.00% 1.98% 0.00%
Clorox Co/The CLX 123.19 147.25 18,140 0.05% 3.31% 0.00% 8.97% 0.00%
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 8
Page 1 of 6

[4] 151 [6] [71 [8] [9] [101 [11]
Bloomberg Cap-Weighted
Shares Market Weight in Estimated Cap-Weighted Long-Term Long-Term
Name Ticker Outarq Price Capitalization Index Dividend Yield Dividend Yield Growth Est. Growth Est.
Paycom Software Inc PAYC 57.26 218.48 12,511 0.04% 0.69% 0.00% 7.82% 0.00%
CMS Energy Corp CMS 299.11 75.11 22,467 0.06% 2.89% 0.00% 7.64% 0.00%
Colgate-Palmolive Co CL 811.08 93.70 75,999 0.22% 2.22% 0.00% 5.69% 0.01%
EPAM Systems Inc EPAM 56.89 168.64 9,605
Conagra Brands Inc CAG 477.32 26.67 12,730 5.25% -3.22%
Airbnb Inc ABNB 440.00 119.46 52,563 0.15% 10.66% 0.02%
Consolidated Edison Inc ED 353.07 110.59 39,046 0.11% 3.07% 0.00% 4.89% 0.01%
Coming Inc GLW 856.78 45.78 39,223 0.11% 2.45% 0.00% 17.92% 0.02%
GODaddy Inc GIDDY 141.36 180.14 25,464
Cummins Inc CMI 137.48 313.44 43,092 0.12% 2.32% 0.00% 10.37% 0.01%
Caesars Entertainment Inc CZR 212.01 25.00 5,300 51.64
Danaher Corp DHR 715.45 205.00 146,667 0.42% 0.62% 0.00% 8.67% 0.04%
Target Corp TGT 455.58 104.36 47,544 0.14% 4.29% 0.01% 11.25% 0.02%
Williams-Sonoma Inc WSM 123.51 158.10 19,527 0.06% 1.67% 0.00% 4.50% 0.00%
Deere&Co DE 271.41 469.35 127,388 0.37% 1.38% 0.01% 0.48% 0.00%
Dominion Energy Inc D 852.22 56.07 47,784 4.76% 23.10%
Dover Corp DOV 137.06 175.68 24,079 0.07% 1.17% 0.00% 10.22% 0.01%
Alliant Energy Corp LNT 256.69 64.35 16,518 0.05% 3.15% 0.00% 6.14% 0.00%
Steel Dynamics Inc STLD 149.90 125.08 18,749 0.05% 1.60% 0.00% 14.29% 0.01%
Duke Energy Corp DUK 777.02 121.97 94,773 0.27% 3.43% 0.01% 7.90% 0.02%
Regency Centers Corp REG 181.53 73.76 13,389 0.04% 3.82% 0.00% 4.59% 0.00%
Eaton Corp PLC ETN 391.77 271.83 106,495 0.31% 1.53% 0.00% 11.73% 0.04%
Ecolab Inc ECL 283.63 253.52 71,907 0.21% 1.03% 0.00% 12.49% 0.03%
Revvity Inc RVTY 120.15 105.80 12,712 0.04% 0.26% 0.00% 8.81% 0.00%
Dell Technologies Inc DELL 358.71 91.15 32,696 0.09% 2.30% 0.00% 12.40% 0.01
Emerson Electric Co EMIR 563.90 109.64 61,826 0.18% 1.92% 0.00% 8.28% 0.01%
EOG Resources Inc EOG 551.54 128.24 70,730 3.04% -3.30%
Aon PLC AON 216.00 399.09 86,204 0.25% 0.68% 0.00% 10.68% 0.03%
Enlergy Corp ETR 446.34 85.49 38,158 0.11% 2.81% 0.00% 7.73% 0.01%
Equifax Inc EFX 124.80 243.56 30,396 0.64%
EOT Corp EOT 597.44 53.43 31,921 1.18%
IOVIA Holdings Inc IOV 176.32 176.30 31,084 0.09% 8.80% 0.01%
Gartner Inc IT 76.82 419.74 32,244
FedEx Corp FDX 239.60 243.78 58,409 0.17% 2.26% 0.00% 11.22% 0.02%
Brown&Brown Inc BRO 286.63 124.40 35,656 0.10% 0.48% 0.00% 9.12% 0.01%
Ford Motor Co F 3,905.70 10.03 39,174 0.11% 1.50% 0.00% 0.18% 0.00%
NextEra Energy Inc NEE 2,057.03 70.89 145,823 0.42% 3.20% 0.01% 7.09% 0.03%
Franklin Resources Inc BEN 525.40 19.25 10,114 6.65%
Garmin Ltd GRIN 192.40 217.13 41,777 1.66%
Freeport-McMoRan Inc FCX 1,437.07 37.86 54,408 0.16% 1.58% 0.00% 14.30% 0.02%
Expand Energy Corp EXE 232.70 111.32 25,904 2.07% -29.49%
Dexcom Inc DXCM 392.11 68.29 26,777 0.08% 19.18% 0.01%
General Dynamics Corp GO 268.38 272.58 73,156 0.21% 2.20% 0.00% 13.45% 0.03%
General Mills Inc GIS 547.60 59.79 32,741 4.01% -2.42%
Genuine Parts Co GPC 138.78 119.14 16,534 3.46%
Atmos Energy Corp ATO 158.73 154.58 24,536 0.07% 2.25% 0.00% 7.27% 0.01%
WW Grainger Inc GWW 48.17 987.83 47,585 0.14% 0.83% 0.00% 5.85% 0.01%
Halliburton Co HAL 868.09 25.37 22,023 2.68% -2.16%
L3Hamis Technologies Inc LHX 187.72 209.31 39,291 0.11% 2.29% 0.00% 12.47% 0.01%
Healthpeak Properties Inc DOC 698.60 20.22 14,126 0.04% 6.03% 0.00% 4.91% 0.00%
Insulet Corp PODD 70.23 262.61 18,442 24.42%
Fortive Corp FTV 340.29 73.18 24,902 0.07% 0.44% 0.00% 7.56% 0.01%
Hershey Co/The HSY 147.95 171.03 25,304 3.20% -9.26%
Synchrony Financial SYF 388.75 52.94 20,580 0.06% 1.89% 0.00% 14.88% 0.01%
Hormel Foods Corp HRL 549.91 30.94 17,014 0.05% 3.75% 0.00% 7.27% 0.00%
Arthur J Gallagher&Co AJG 255.73 345.24 88,290 0.75%
Mondelez International Inc MDLZ 1,293.53 67.85 87,766 0.25% 2.77% 0.01% 0.40% 0.00%
CenterPoint Energy Inc CNP 652.73 36.23 23,648 0.07% 2.43% 0.00% 8.15% 0.01%
Humana Inc HUM 120.69 264.60 31,935 0.09% 1.34% 0.00% 6.50% 0.01%
Willis Towers Watson PLC WTW 99.38 337.95 33,586 0.10% 1.09% 0.00% 7.49% 0.01%
Illinois Tool Works Inc ITW 293.37 248.01 72,758 0.21% 2.42% 0.01% 1.21% 0.00%
CDW Corp/DE COW 132.49 160.26 21,233 0.06% 1.56% 0.00% 6.38% 0.00%
Trans Technologies PLC TT 224.29 336.92 75,568 0.22% 1.12% 0.00% 9.97% 0.02%
Interpublic Group of Cos Inc/The IPG 372.65 27.16 10,121 4.86%
International Flavors&Fragrances Inc IFF 255.74 77.61 19,848 0.06% 2.06% 0.00% 7.72% 0.00%
Generac Holdings Inc GNRC 59.61 126.65 7,550 0.02% 19.45% 0.00%
NXP Semiconductors NV NXPI 253.62 190.06 48,203 0.14% 2.13% 0.00% 4.62% 0.01%
Kellanova K 345.22 82.49 28,477 0.08% 2.76% 0.00% 4.55% 0.00%
Broadridge Financial Solutions Inc BR 117.02 242.46 28,372 1.45%
Kimberly-Clark Corp KMB 331.65 142.22 47,168 0.14% 3.54% 0.00% 3.87% 0.01%
Kimco Realty Corp KIM 679.50 21.24 14,433 0.04% 4.71% 0.00% 3.40% 0.00%
Oracle Corp ORCL 2,804.23 139.81 392,060 1.13% 1.43% 0.02% 8.75% 0.10%
Kroger Co/The KR 723.61 67.69 48,981 0.14% 1.89% 0.00% 6.11% 0.01%
Lennar Corp LEN 232.69 114.78 26,708 1.74% -1.58%
Eli Lilly&Co LILY 947.99 825.91 782,954 2.25% 0.73% 0.02% 20.00% 0.45%
Charter Communications Inc CHTR 142.01 368.53 52,336 0.15% 18.16% 0.03%
Loews Corp L 212.86 91.91 19,564 0.27%
Lowe's Cos Inc LOW 559.71 233.23 130,540 0.38% 1.97% 0.01% 6.05% 0.02%
Hubbell Inc HUBB 53.57 330.91 17,728 1.60%
IDEX Corp IEX 75.54 180.97 13,671 1.53%
Marsh&McLennan Cos Inc MMC 492.90 244.03 120,283 0.35% 1.34% 0.00% 8.55% 0.03%
Masco Corp MAS 211.65 69.54 14,718 0.04% 1.78% 0.00% 9.14% 0.00%
S&P Global Inc SPGI 313.84 508.10 159,462 0.76%
Medtronic PLC MDT 1,282.54 89.86 115,249 0.33% 3.12% 0.01% 6.49% 0.02%
Viatris Inc VTRS 1,193.69 8.71 10,397 5.51% -3.79%
CVS Health Corp CVS 1,260.80 67.75 85,419 0.25% 3.93% 0.01% 14.47% 0.04%
DuPont de Nemours Inc DO 418.05 74.68 31,220 0.09% 2.20% 0.00% 8.02% 0.01%
Micron Technology Inc MU 1,117.57 86.89 97,106 0.53% 86.81%
Motorola Solutions Inc MSI 166.96 437.81 73,098 0.21% 1.00% 0.00% 7.04% 0.01%
Cboe Global Markets Inc CBOE 104.70 226.29 23,693 0.07% 1.11% 0.00% 13.35% 0.01
Newmont Corp NEM 1,127.26 48.28 54,424 2.07% -4.72%
NIKE Inc NKE 1,181.24 63.48 74,985 2.52% -7.00%
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 8
Page 2 of 6

[4] 151 [6] [71 [8] [9] [101 [11]
Bloomberg Cap-Weighted
Shares Market Weight in Estimated Cap-Weighted Long-Term Long-Term
Name Ticker Outefq Price Capitalization Index Dividend Yield Dividend Yield Growth Est. Growth Est.
NiSource Inc NI 470.61 40.09 18,867 2.79%
Norfolk Southern Corp NBC 246.56 236.85 58,397 0.17% 2.28% 0.00% 11.89% 0.02%
Principal Financial Group Inc PFG 225.57 84.37 19,031 0.05% 3.56% 0.00% 13.66% 0.01%
Eversource Energy ES 367.08 62.11 22,799 0.07% 4.85% 0.00% 4.42% 0.00%
Northrop Grumman Corp NOC 144.76 512.01 74,116 0.21% 1.61% 0.00% 5.70% 0.01%
Wells Fargo&Co WFC 3,265.16 71.79 234,406 0.67% 2.23% 0.02% 16.95% 0.11%
Nucor Corp NUE 230.75 120.34 27,768 0.08% 1.83% 0.00% 19.06% 0.02%
Occidental Petroleum Corp OXY 939.78 49.36 46,388 1.94%
Omnicom Group Inc OMC 196.56 82.91 16,296 0.05% 3.38% 0.00% 5.45% 0.00%
ONEOK Inc OKE 624.34 99.22 61,947 4.15%
Raymond James Financial Inc RJF 204.91 138.41 28,362 0.08% 1.44% 0.00% 15.42% 0.01%
PG&E Corp PCG 2,193.58 17.18 37,686 0.58%
Parker-Hannifin Corp PH 128.76 607.85 78,270 0.23% 1.07% 0.00% 7.54% 0.02%
Rollins Inc ROL 485.08 54.03 26,209 1.22%
PPL Corp PPL 738.29 36.11 26,660 3.02%
Aptiv PLC APTV 229.45 59.50 13,652 0.04% 15.17% 0.01%
ConocoPhillips COP 1,264.17 105.02 132,763 0.38% 2.97% 0.01% 4.50% 0.02%
PulteGroup Inc PHM 201.59 102.80 20,723 0.06% 0.86% 0.00% 0.98% 0.00%
Pinnacle West Capital Corp PNW 119.24 95.25 11,358 0.03% 3.76% 0.00% 2.12% 0.00%
PNC Financial Services Group Inc/The PNC 395.75 175.77 69,561 0.20% 3.64% 0.01% 8.09% 0.02%
PPG Industries Inc PPG 226.97 109.35 24,820 0.07% 2.49% 0.00% 7.69% 0.01%
DoorDash Inc DASH 394.49 182.77 72,100
Progressive Corp/The PGR 586.24 283.01 165,911 0.48% 0.14% 0.00% 14.79% 0.07%
Veralto Corp VLTO 248.05 97.45 24,173 0.45%
Public Service Enterprise Group Inc PEG 498.56 82.30 41,032 0.12% 3.06% 0.00% 9.40% 0.01%
Cooper Cos Inc/The COO 199.98 84.35 16,868 0.05% 9.91% 0.00%
Edison International EIX 385.02 58.92 22,686 5.62%
Schlumberger NV SLB 1,359.86 41.80 56,842 0.16% 2.73% 0.00% 1.25% 0.00%
Charles Schwab Corp/The SCHW 1,813.57 78.28 141,966 1.38%
Sherwin-Williams Corrhe SHW 251.51 349.19 87,825 0.25% 0.90% 0.00% 6.20% 0.02%
West Pharmaceutical Services Inc WST 72.29 223.88 16,185 0.05% 0.38% 0.00% 5.83% 0.00%
J M Smucker Co/The SJM 106.42 118.41 12,601 3.65%
Snap-on Inc SNA 52.42 337.01 17,665 0.05% 2.54% 0.00% 4.26% 0.00%
AMETEK Inc AME 230.75 172.14 39,721 0.11% 0.72% 0.00% 8.60% 0.01%
Uber Technologies Inc UBER 2,091.26 72.86 152,369 -6.02%
Southern Co/The SO 1,094.63 91.95 100,652 0.29% 3.13% 0.01% 6.37% 0.02%
Truist Financial Corp TFC 1,305.39 41.15 53,717 0.15% 5.05% 0.01% 8.22% 0.01%
Southwest Airlines Cc LUV 592.66 33.58 19,902 2.14% 50.33%
W RBerkley Corp WIRE 379.23 71.16 26,986 0.08% 0.45% 0.00% 8.92% 0.01%
Stanley Black&Decker Inc SWK 154.54 76.88 11,881 4.27%
Public Storage PSA 175.42 299.29 52,500 4.01
Arista Networks Inc ANET 1,261.12 77.48 97,712 0.28% 14.64% 0.04%
Sysce Corp SYY 489.23 75.04 36,712 2.72%
Corteva Inc CTVA 683.01 62.93 42,982 0.12% 1.08% 0.00% 15.89% 0.02%
Texas Instruments Inc TXN 909.92 179.70 163,512 0.47% 3.03% 0.01% 12.68% 0.06%
Textron Inc TXT 181.62 72.25 13,122 0.04% 0.11% 0.00% 10.03% 0.00%
Thermo Fisher Scientific Inc TMO 377.26 497.60 187,725 0.54% 0.35% 0.00% 9.24% 0.05%
TJX Cos lncfThe TJX 1,124.16 121.80 136,922 0.39% 1.40% 0.01% 7.62% 0.03%
Globe Life Inc GL 83.24 131.72 10,965 0.82%
Johnson Controls International plc JCI 660.14 80.11 52,884 0.15% 1.85% 0.00% 9.69% 0.01%
lilts Beauty Inc ULTA 45.31 366.54 16,608 0.05% 3.98% 0.00%
Union Pacific Corp UNP 599.32 236.24 141,583 0.41% 2.27% 0.01% 9.95% 0.04
Keysight Technologies Inc KEYS 172.81 149.77 25,882 0.07% 12.64% 0.01%
UnitadHealth Group Inc UNH 914.71 523.75 479,081 1.38% 1.60% 0.02% 11.45% 0.16%
Blackstone Inc BX 729.42 139.78 101,958 4.12% 24.94%
Ventas Inc VTR 437.62 68.76 30,091 0.09% 2.79% 0.00% 9.17% 0.01%
Labcorp Holdings Inc LH 83.70 232.74 19,480 0.06% 1.24% 0.00% 10.01% 0.01%
Vulcan Materials Co VMC 132.10 233.30 30,819 0.09% 0.84% 0.00% 13.04% 0.01%
Weyerhaeuser Co WY 725.85 29.28 21,253 0.06% 2.87% 0.00% 8.13% 0.00%
Williams Cos lncffhe WMB 1,220.69 59.76 72,948 3.35%
Constellation Energy Corp CEG 315.12 201.63 63,538 0.18% 0.77% 0.00% 12.12% 0.02%
WEC Energy Group Inc WEC 315.82 108.98 34,418 0.10% 3.28% 0.00% 7.53% 0.01%
Adobelnc ADBE 426.20 383.53 163,460 0.47% 13.63% 0.06%
Vistra Corp VST 340.16 117.44 39,948 0.76% -5.61%
AES Corp/The AES 711.90 12.42 8,842 0.03% 5.67% 0.00% 3.32% 0.00%
Expeditors International of Washington Inc EXPD 137.76 120.25 16,565 0.05% 1.21% 0.00% 4.35% 0.00%
Amgen Inc AMGN 537.20 311.55 167,366 0.48% 3.06% 0.01% 6.91% 0.03%
Apple Inc AAPL 15,022.07 222.13 3,336,853 9.60% 0.45% 0.04% 14.47% 1.39%
Autodesk Inc ADSK 213.00 261.80 55,763 0.16% 14.19% 0.02%
Cintas Corp CTAS 403.54 205.53 82,940 0.76%
Comcasl Corp CMCSA 3,771.58 36.90 139,171 0.40% 3.58% 0.01% 4.62% 0.02%
Molson Coors Beverage Co TAP 190.16 60.87 11,575 0.03% 3.09% 0.00% 8.44% 0.00%
KLA Corp KLAC 132.89 679.80 90,336 0.26% 1.00% 0.00% 15.45% 0.04%
Marriott International Inc/MD MAR 275.37 238.20 65,594 0.19% 1.06% 0.00% 10.85% 0.02%
Fisery Inc FI 561.29 220.83 123,949 0.36% 15.74% 0.06%
McCormick&Cc Inc/MD MKC 252.68 82.31 20,798 0.06% 2.19% 0.00% 6.37% 0.00%
PACCAR Inc PCAR 524.93 97.37 51,113 0.15% 1.36% 0.00% 6.90% 0.01%
Costco Wholesale Corp COST 443.68 945.78 419,627 1.21% 0.49% 0.01% 8.86% 0.11%
Stryker Corp SYK 381.69 372.25 142,084 0.41% 0.90% 0.00% 9.83% 0.04%
Tyson Foods Inc TSN 286.19 63.81 18,261 3.13% 21.06%
Lamb Weston Holdings Inc LW 142.64 53.30 7,603 2.78% -11.26%
Applied Materials Inc AMAT 812.44 145.12 117,901 0.34% 1.27% 0.00% 10.64% 0.04%
Cardinal Health Inc CAH 241.57 137.26 33,159 0.10% 1.47% 0.00% 9.07% 0.01%
Cincinnati Financial Corp CINF 156.56 147.72 23,128 0.07% 2.36% 0.00% 2.85% 0.00%
Paramount Global PARA 630.01 11.96 7,535 1.67%
DR Horton Inc DHI 315.12 127.13 40,062 0.12% 1.26% 0.00% 7.26% 0.01%
Electronic Arts Inc EA 260.62 144.52 37,664 0.11% 0.53% 0.00% 5.98% 0.01%
Erie Indemnity Cc ERIE 46.19 419.05 19,356 1.30%
Fair Isaac Corp FICO 24.42 1,844.16 45,031
Fastenal Cc FAST 573.45 77.55 44,471 0.13% 2.22% 0.00% 10.52% 0.01%
M&T Bank Corp MTB 164.29 178.75 29,367 0.08% 3.02% 0.00% 11.88% 0.01%
Xcel Energy Inc XEL 574.55 70.79 40,673 3.22%
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 8
Page 3 of 6

[4] 151 [6] [71 [8] [9] [101 [11]
Bloomberg Cap-Weighted
Shares Market Weight in Estimated Cap-Weighted Long-Term Long-Term
Name Ticker Outst'g Price Capitalization Index Dividend Yield Dividend Yield Growth Est. Growth Est.
Fifth Third Bancorp FITB 668.10 39.20 26,189 3.78%
Gilead Sciences Inc GILD 1,245.16 112.05 139,520 2.82% 21.66%
Hasbro Inc HAS 139.53 61.49 8,580 0.02% 4.55% 0.00% 6.73% 0.00%
Huntington Bancshares MUCH HBAN 1,460.75 15.01 21,926 0.06% 4.13% 0.00% 12.50% 0.01%
Welltower Inc WELL 641.31 153.21 98,255 0.28% 1.75% 0.00% 16.50% 0.05%
Slogan Inc BIIB 146.37 136.84 20,030
Northern Trust Corp NTRS 194.97 98.65 19,234 0.06% 3.04% 0.00% 8.91% 0.00%
Packaging Corp of America PKG 89.93 198.02 17,808 2.52%
Paychex Inc PAYX 360.19 154.28 55,570 0.16% 2.54% 0.00% 6.24% 0.01%
QUALCOMM Inc OCOM 1,106.00 153.61 169,893 0.49% 2.21% 0.01% 15.26% 0.07%
Ross Stores Inc ROST 329.93 127.79 42,162 0.12% 1.27% 0.00% 6.48% 0.01%
IDEXX Laboratories Inc IDXX 81.04 419.95 34,032 0.10% 12.27% 0.01%
Starbucks Corp SBUX 1,135.90 98.09 111,420 0.32% 2.49% 0.01% 9.20% 0.03%
KeyCorp KEY 1,095.72 15.99 17,521 0.05% 5.13% 0.00% 18.11% 0.01%
Fox Corp FOXA 217.85 56.60 12,330 0.04% 0.95% 0.00% 8.98% 0.00%
Fox Corp FOX 235.58 52.71 12,417 0.04% 1.02% 0.00% 8.98% 0.00%
State Street Corp STT 288.47 88.77 25,607 0.07% 3.42% 0.00% 10.32% 0.01%
Norwegian Cruise,Line Holdings Ltd NCLH 439.94 18.96 8,341 0.02% 18.95% 0.00%
US Bancorp USE 1,558.01 42.22 65,779 0.19% 4.74% 0.01% 9.30% 0.02%
A D Smith Corp AOS 117.66 65.36 7,690 2.08%
Gen Digital Inc GEN 616.30 26.54 16,357 0.05% 1.88% 0.00% 11.23% 0.01%
T Rowe Price Group Inc TROW 222.24 91.87 20,417 5.53%
Waste Management Inc W M 402.12 231.51 93,094 0.27% 1.43% 0.00% 10.93% 0.03%
Constellation Brands Inc STZ 180.70 183.52 33,163 0.10% 2.20% 0.00% 8.23% 0.01%
Invesco Ltd IVZ 447.41 15.17 6,787 0.02% 5.41% 0.00% 12.05% 0.00%
Intuit Inc INTU 279.56 613.99 171,648 0.49% 0.68% 0.00% 13.97% 0.07%
Morgan Stanley MS 1,612.86 116.67 188,172 0.54% 3.17% 0.02% 11.82% 0.06%
Microchip Technology Inc MCHP 537.82 48.41 26,036 3.76% -33.30%
Crowdstrike Holdings Inc CRWD 247.87 352.58 87,395 24.67%
Chubb Ltd CB 400.41 301.99 120,920 0.35% 1.21% 0.00% 3.77% 0.01%
Hologic Inc HOLX 225.72 61.77 13,943 0.04% 9.04% 0.00%
Citizens Financial Group Inc CFG 437.13 40.97 17,909 4.10% 21.23%
Jabil Inc JBL 109.18 136.07 14,856 0.04% 0.24% 0.00% 12.83% 0.01%
O'Reilly Automotive Inc ORLY 57.24 1,432.58 82,002 0.24% 10.30% 0.02%
Allstate Corp/The ALL 265.03 207.07 54,879 0.16% 1.93% 0.00% 12.65% 0.02%
Equity Residential EQR 379.71 71.58 27,179 0.08% 3.87% 0.00% 4.03% 0.00%
Keung Dr Pepper Inc KDP 1,356.75 34.22 46,428 0.13% 2.69% 0.00% 6.20% 0.01%
Host Hotels&Resorts Inc HST 699.11 14.21 9,934 5.63% -0.80%
Incyte Corp INCY 193.52 60.55 11,718
Simon Property Group Inc SPG 326.24 166.08 54,183 0.16% 5.06% 0.01% 1.29% 0.00%
Eastman Chemical Co EMN 115.46 88.11 10,173 0.03% 3.77% 0.00% 10.17% 0.00%
AvalonBay Communities Inc AVB 142.25 214.62 30,531 0.09% 3.26% 0.00% 5.26% 0.00%
Prudential Financial Inc PRU 354.43 111.68 39,582 0.11% 4.84% 0.01% 7.89% 0.01%
United Parcel Service Inc UPS 733.48 109.99 80,676 0.23% 5.96% 0.01% 7.91% 0.02%
Walgreens Boots Alliance Inc WBA 864.74 11.17 9,659 -21.88%
STERIS PLC STE 98.25 226.65 22,269 1.01%
McKesson Corp MCK 125.33 672.99 84,343 0.24% 0.42% 0.00% 13.47% 0.03%
Lockheed Martin Corp LMT 234.57 446.71 104,786 0.30% 2.95% 0.01% 11.65% 0.04
Cencora Inc CDR 193.71 278.09 53,870 0.16% 0.79% 0.00% 9.83% 0.02%
Capital One Financial Corp COP 381.48 179.30 68,399 0.20% 1.34% 0.00% 14.58% 0.03%
The Campbell's Company CPB 298.18 39.92 11,903 0.03% 3.91% 0.00% 2.22% 0.00%
Waters Corp WAT 59.41 368.57 21,897 0.06% 7.42% 0.00%
Nordson Corp NDSN 56.91 201.72 11,480 1.55%
Dollar Tree Inc DLTR 215.08 75.07 16,146 0.05% 7.94% 0.00%
Darden Restaurants Inc DRI 117.15 207.76 24,338 0.07% 2.70% 0.00% 9.10% 0.01%
Evergy Inc EVRG 229.75 68.95 15,841 0.05% 3.87% 0.00% 5.71% 0.00%
Match Group Inc MTCH 250.43 31.20 7,813 2.44%
NVR Inc NVR 2.97 7,244.39 21,509 0.06% 6.01% 0.00%
NetApp Inc NTAP 203.41 87.84 17,868 0.05% 2.37% 0.00% 8.16% 0.00%
Old Dominion Freight Line Inc ODFL 212.55 165.45 35,166 0.10% 0.68% 0.00% 9.27% 0.01%
DaVita Inc OVA 80.00 152.97 12,238 0.04% 10.03% 0.00%
Hartford Insurance Group Inc/The HIG 285.39 123.73 35,311 0.10% 1.68% 0.00% 8.76% 0.01%
Iron Mountain Inc IRM 293.74 86.04 25,273 3.65%
Estee Lauder Cos InclThe EL 234.17 66.00 15,455 0.04% 2.12% 0.00% 8.85% 0.00%
Cadence Design Systems Inc CDNS 274.31 254.33 69,766 0.20% 14.79% 0.03%
Tyler Technologies Inc TYL 43.11 581.39 25,061
Universal Health Services Inc UHS 57.75 187.90 10,851 0.03% 0.43% 0.00% 11.19% 0.00%
Skyworks Solutions Inc SWKS 153.57 64.63 9,926 4.33% -9.02%
Quest Diagnostics Inc DGX 110.98 169.20 18,777 0.05% 1.89% 0.00% 9.07% 0.00%
Rockwell Automation Inc ROK 113.07 258.38 29,216 0.08% 2.03% 0.00% 12.57% 0.01%
Kraft Heinz Co/The KHC 1,193.40 30.43 36,315 5.26% -3.61%
American Tower Corp AMT 467.46 217.60 101,719 3.13% 23.12%
Regeneron Pharmaceuticals Inc REGN 107.51 634.23 68,185 0.20% 0.56% 0.00% 2.86% 0.01%
Amazon.com Inc AMZN 10,597.73 190.26 2,016,324 5.80% 13.61% 0.79%
Jack Henry&Associates Inc JKHY 72.90 182.60 13,311 0.04% 1.27% 0.00% 9.25% 0.00%
Ralph Lauren Corp RL 39.88 220.74 8,804 0.03% 1.49% 0.00% 13.79% 0.00%
BXP Inc BXP 158.21 67.19 10,630 0.03% 5.83% 0.00% 1.55% 0.00%
Amphenol Corp APH 1,211.78 65.59 79,481 0.23% 1.01% 0.00% 15.74% 0.04
Howmet Aerospace Inc HWM 405.02 129.73 52,544 0.15% 0.31% 0.00% 12.69% 0.02%
Valero Energy Corp VLO 314.46 132.07 41,531 3.42%
Synopsyslnc SNIPS 154.62 428.85 66,309 0.19% 13.35% 0.03%
CH Robinson Worldwide Inc CHRW 118.26 102.40 12,110 0.03% 2.42% 0.00% 16.60% 0.01%
Accenture PLC ACN 625.48 312.04 195,175 0.56% 1.90% 0.01% 7.12% 0.04%
TransDigm Group Inc TDG 56.08 1,383.29 77,581 0.22% 13.51% 0.03%
Yuml Brands Inc YUM 279.10 157.36 43,919 0.13% 1.80% 0.00% 10.30% 0.01%
Prologis Inc PLO 926.18 111.79 103,537 0.30% 3.61% 0.01% 6.63% 0.02%
FirstEnergy Corp FIE 576.70 40.42 23,310 0.07% 4.40% 0.00% 3.61% 0.00%
VeriSign Inc VRSN 94.60 253.87 24,016
Quanta Services Inc PWR 148.20 254.18 37,669 0.11% 0.16% 0.00% 13.20% 0.01%
Henry Schein Inc HSIC 124.18 68.49 8,505 0.02% 5.92% 0.00%
Ameren Corp AEE 270.16 100.40 27,124 2.83%
ANSYS Inc ANSS 87.65 316.56 27,747
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 8
Page 4 of 6

[4] 151 [6] [71 [8] [9] [101 [11]
Bloomberg Cap-Weighted
Shares Market Weight in Estimated Cap-Weighted Long-Term Long-Term
Name Ticker Outerg Price Capitalization Index Dividend Yield Dividend Yield Growth Est. Growth Est.
FactSet Research Systems Inc FDS 38.03 454.64 17,290 0.92%
NVIDIA Corp NVDA 24,400.00 108.38 2,644,472 0.04% 31.31%
Cognizant Technology Solutions Corp CTSH 494.62 76.50 37,838 0.11% 1.62% 0.00% 6.14% 0.01%
Intuitive Surgical Inc ISRG 358.27 495.27 177,443 0.51% 16.58% 0.08%
Take-Two Interactive Software Inc TTWO 176.50 207.25 36,579 60.65%
Republic Services Inc RSG 312.28 242.16 75,623 0.22% 0.96% 0.00% 8.71% 0.02%
eBaylnc EBAY 466.00 67.73 31,562 0.09% 1.71% 0.00% 7.84% 0.01%
Goldman Sachs Group Inc/The GS 310.79 546.29 169,782 0.49% 2.20% 0.01% 9.26% 0.05%
SBA Communications Corp SBAC 107.62 220.01 23,676 0.07% 2.02% 0.00% 7.17% 0.00%
Sam pre SIRE 651.91 71.36 46,521 0.13% 3.62% 0.00% 7.02% 0.01%
Moody's Corp MCO 179.89 465.69 83,773 0.81
ON Semiconductor Corp ON 421.42 40.69 17,148 -0.17%
Booking Holdings Inc BKNG 32.82 4,606.91 151,177 0.44% 0.83% 0.00% 15.92% 0.07%
F5 Inc FFIV 57.65 266.27 15,351 0.04% 7.07% 0.00%
Akamai Technologies Inc AKAM 150.39 80.50 12,106
Charles River Laboratories International Inc CRL 51.14 150.52 7,698 0.02% 3.82% 0.00%
MarketAxess Holdings Inc MKTX 37.69 216.35 8,155 0.02% 1.41% 0.00% 1.36% 0.00%
Devon Energy Corp DVN 649.00 37.40 24,273 2.57% -5.51%
Bio-Techne Corp TECH 158.09 58.63 9,269 0.55%
Alphabet Inc GOOGL 5,833.00 154.64 902,015 2.60% 0.52% 0.01% 12.25% 0.32%
Allegion plc ALLE 86.29 130.46 11,257 0.03% 1.56% 0.00% 4.12% 0.00%
Netflix Inc NFLX 427.76 932.53 398,896 22.93%
Agilent Technologies Inc A 285.10 116.73 33,281 0.10% 0.85% 0.00% 8.80% 0.01%
Warner Bros Discovery Inc WBD 2,454.76 10.73 26,340 41.11%
Trimble Inc TRMB 245.79 65.65 16,136
Eleven.Health Inc ELV 226.39 434.96 98,469 0.28% 1.57% 0.00% 9.93% 0.03%
CME Group Inc CME 360.38 265.29 95,605 0.28% 1.88% 0.01% 3.60% 0.01%
Juniper Networks Inc JNPR 333.19 36.19 12,058 0.03% 2.43% 0.00% 12.36% 0.00%
DTE Energy Co DTE 207.52 138.27 28,693 0.08% 3.15% 0.00% 5.80% 0.00%
Nasdaq Inc NDAO 575.15 75.86 43,631 0.13% 1.27% 0.00% 13.47% 0.02%
Philip Morris International Inc PM 1,556.49 158.73 247,061 0.71% 3.40% 0.02% 10.11% 0.07%
Ingersoll Rand Inc IR 403.08 80.03 32,259 0.10%
Salssforce Inc CRM 961.00 268.36 257,894 0.74% 0.62% 0.00% 12.53% 0.09%
Roper Technologies Inc ROP 107.39 589.58 63,312 0.56%
Huntington Ingalls Industries Inc HII 39.24 204.04 8,006 0.02% 2.65% 0.00% 13.85% 0.00%
MetLife Inc MET 681.23 80.29 54,696 0.16% 2.72% 0.00% 12.81% 0.02%
Tapestry Inc TPR 207.02 70.41 14,576 0.04% 1.99% 0.00% 9.55% 0.00%
CSX Corp CSX 1,884.75 29.43 55,468 0.16% 1.77% 0.00% 8.69% 0.01%
Edwards Lifesciences Corp EW 587.86 72.48 42,608
Amenprise Financial Inc AMP 95.81 484.11 46,384 0.13% 1.22% 0.00% 11.93% 0.02%
Zebra Technologies Corp ZBRA 51.14 282.56 14,451
Zimmer Biomet Holdings Inc ZBH 199.06 113.18 22,530 0.85%
Camden Property Trust CPT 108.80 122.30 13,306 0.04% 3.43% 0.00% 1.25% 0.00%
CBRE Group Inc CBRE 300.04 130.78 39,239
Mastercard Inc MA 904.89 548.12 495,988 1.43% 0.55% 0.01% 13.27% 0.19%
CarMaxlnc KMX 153.80 77.92 11,984 0.03% 16.70% 0.01%
Intercontinental Exchange Inc ICE 574.56 172.50 99,112 0.29% 1.11% 0.00% 16.02% 0.05%
Fidelity National Information Services Inc FIS 529.69 74.68 39,557 0.11% 2.14% 0.00% 9.27% 0.01%
Smurfit WestRock PLC SW 521.98 45.06 23,520 3.82% 63.58%
Chipotle Mexican Grill Inc CMG 1,355.34 50.21 68,051 0.20% 19.68% 0.04%
Wynn Resorts Ltd WYNN 106.17 83.50 8,865 0.03% 1.20% 0.00% 8.30% 0.00%
Live Nation Entertainment Inc LYV 233.40 130.58 30,478 0.09% 12.10% 0.01%
Assurantlnc AIZ 50.79 209.75 10,654 1.53%
NRG Energy Inc NRG 203.67 95.46 19,442 1.84%
Monster Beverage Corp MNST 973.16 58.52 56,949 0.16% 14.23% 0.02%
Regions Financial Corp RF 905.47 21.73 19,676 0.06% 4.60% 0.00% 5.90% 0.00%
Baker Hughes Co BKR 990.35 43.95 43,526 2.09%
Mosaic Co/The MOS 316.94 27.01 8,561 3.26% .8.84%
Expedia Group Inc EXPE 123.33 168.10 20,732 0.06% 0.95% 0.00% 19.43% 0.01%
CF Industries Holdings Inc CF 166.47 78.15 13,009 2.56% -6.30%
APA Corp APA 364.06 21.02 7,653 4.76% -13.72%
Leidos Holdings Inc LDOS 128.21 134.94 17,301 0.05% 1.19% 0.00% 7.40% 0.00%
Alphabet Inc GOOG 5,497.00 156.23 858,796 2.47% 0.51% 0.01% 12.25% 0.30%
TKO Group Holdings Inc TKO 81.55 152.81 12,462 0.99%
First Solar Inc FSLR 107.06 126.43 13,536 41.85%
Discover Financial Services DFS 251.60 170.70 42,949 1.64% -0.84%
Visa Inc V 1,723.36 350.46 603,970 1.74% 0.67% 0.01% 12.19% 0.21%
Mid-America Apartment Communities Inc MAA 116.90 167.58 19,590 0.06% 3.62% 0.00% 2.74% 0.00%
Xylem Inc/NY XYL 243.35 119.46 29,071 1.34%
Marathon Petroleum Corp MPC 311.53 145.69 45,387 2.50%
Tractor Supply Co TSCO 531.62 55.10 29,292 0.08% 1.67% 0.00% 9.11% 0.01%
Advanced Micro Devices Inc AMD 1,616.30 102.74 166,058 23.60%
R.Med Inc RMD 146.87 223.85 32,876 0.09% 0.95% 0.00% 14.08% 0.01%
Mettler-Toledo International Inc MTD 20.84 1,180.91 24,611 0.07% 9.24% 0.01%
VICI Properties Inc VICI 1,056.70 32.62 34,470 0.10% 5.30% 0.01% 2.59% 0.00%
Copart Inc CPRT 966.09 56.59 54,671
Jacobs Solutions Inc J 122.54 120.89 14,814 0.04% 1.06% 0.00% 12.45% 0.01%
Albemarle Corp ALB 117.65 72.02 8,473 2.25% 79.84%
Fortinet Inc FTNT 768.97 96.26 74,021 0.21% 9.01% 0.02%
Modern.Inc MRNA 386.62 28.35 10,961
Essex Property Trust Inc ESS 64.33 306.57 19,720 0.06% 3.35% 0.00% 3.33% 0.00%
Costar Group Inc CSGP 421.76 79.23 33,416
Realty Income Corp O 891.77 57.74 51,492 5.58%
Westinghouse Air Brake Technologies Corp WAB 170.85 181.35 30,983 0.09% 0.55% 0.00% 15.34% 0.01%
Palantir Technologies Inc PLTR 2,248.95 84.40 189,811 31.39%
Pool Corp POOL 37.72 318.35 12,008 0.03% 1.51% 0.00% 8.77% 0.00%
Western Digital Corp WDC 347.82 40.43 14,063 189.78%
PepsiCo Inc PEP 1,371.31 149.94 205,614 0.59% 3.61% 0.02% 5.01% 0.03%
TE Connectivity PLC TEL 298.35 141.32 42,163 0.12% 2.01% 0.00% 7.32% 0.01%
Diamondback Energy Inc FANG 289.44 159.88 46,276 2.50% -7.45%
Palo Alto Networks Inc PANW 662.10 170.64 112,981 0.33% 13.48% 0.04%
Servic.Now Inc NOW 207.20 796.14 164,960
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 8
Page 5 of 6

[4] 151 [6] [71 181 [9] [101 [11]
Bloomberg Cap-Weighted
Shares Market Weight in Estimated Cap-Weighted Long-Term Long-Term
Name Ticker Outarq Price Capitalization Index Dividend Yield Dividend Yield Growth Est. Growth Est.
Church&Dwight Co Inc CHD 246.11 110.09 27,094 1.07%
Federal Realty Investment Trust FRT 85.78 96.72 8,297 0.02% 4.55% 0.00% 4.52% 0.00%
MGM Resorts International MGM 282.95 29.64 8,387 0.02% 17.73% 0.00%
American Electric Power Go Inc AEP 533.99 109.27 58,349 0.17% 3.40% 0.01% 5.15% 0.01%
Invitation Homes Inc INVH 612.69 34.85 21,352 0.06% 3.33% 0.00% 3.76% 0.00%
PTC Inc PTC 120.32 154.95 18,644 0.05% 16.78% 0.01%
JB Hunt Transport Services Inc JBHT 100.01 147.95 14,796 0.04% 1.19% 0.00% 16.22% 0.01%
Lam Research Corp LRCX 1,283.66 72.70 93,322 0.27% 1.27% 0.00% 16.87% 0.05%
Mohawk Industries Inc MHK 62.59 114.18 7,146 0.02% 8.38% 0.00%
GE HealthCare Technologies Inc GEHC 457.30 80.71 36,909 0.11% 0.17% 0.00% 9.53% 0.01%
Pentair PLC PNR 164.97 87.48 14,432 0.04% 1.14% 0.00% 9.27% 0.00%
Vertex Pharmaceuticals Inc VRTX 256.79 484.82 124,497 305.00%
Amcor PLC AMCR 1,445.34 9.70 14,020 0.04% 5.26% 0.00% 7.10% 0.00%
Meta Platforms Inc META 2,189.90 576.36 1,262,170 3.63% 0.36% 0.01% 13.81% 0.50%
T-Mobile US Inc TMUS 1,141.74 266.71 304,515 1.32%
United Rentals Inc URI 65.33 626.70 40,944 0.12% 1.14% 0.00% 9.68% 0.01%
Alexandria Real Estate Equities Inc ARE 173.09 92.51 16,013 0.05% 5.71% 0.00% 2.61% 0.00%
Honeywell International Inc HON 648.77 211.75 137,377 2.13%
Delta Air Lines Inc DAL 645.96 43.60 28,164 0.08% 1.38% 0.00% 11.42% 0.01%
United Airlines Holdings Inc UAL 328.80 69.05 22,704 0.07% 12.86% 0.01%
Seagate Technology Holdings PLC STX 211.71 84.95 17,985 3.39%
News Corp NWS 189.34 30.37 5,750 0.66%
Centene Corp CNC 496.06 60.71 30,116 0.09% 7.97% 0.01%
Apollo Global Management Inc APO 570.48 136.94 78,122 0.22% 1.35% 0.00% 13.50% 0.03%
Martin Marietta Materials Inc MLM 60.97 478.13 29,154 0.66% -11.04%
Teradyne Inc TER 161.54 82.60 13,343 0.04% 0.58% 0.00% 6.69% 0.00%
PayPal Holdings Inc PYPL 989.24 65.25 64,548 0.19% 12.44% 0.02%
Tesla Inc TSLA 3,216.52 259.16 833,593
Blackrock Inc BLK 155.25 946.48 146,944 2.20%
KKR&Co Inc KKR 888.25 115.61 102,691 0.61%
Arch Capital Group Ltd ACGL 375.72 96.18 36,136 0.10% 2.86% 0.00%
Dow Inc DOW 705.76 34.92 24,645 8.02% 32.49%
Everest Group Ltd EG 42.93 363.33 15,599 2.20% 28.71%
Teledyne Technologies Inc TIDY 46.84 497.71 23,311 0.07% 9.78% 0.01%
Dominos Pizza Inc DPZ 34.30 459.45 15,758 0.05% 1.51% 0.00% 9.24% 0.00%
GE Vernova Inc GEV 273.35 305.28 83,447 0.33% 97.07%
News Corp NWSA 378.06 27.22 10,291 0.73%
Exelon Corp EXC 1,009.54 46.08 46,519 0.13% 3.47% 0.00% 8.40% 0.01%
Global Payments Inc GPN 245.88 97.92 24,076 0.07% 1.02% 0.00% 9.66% 0.01%
Crown Castle Inc CCI 435.43 104.23 45,385 6.01% 33.10%
Align Technology Inc ALGN 73.21 158.86 11,630 0.03% 10.64% 0.00%
Kenvue Inc KVUE 1,911.24 23.98 45,832 3.42% 34.17%
Targa Resources Corp TRGP 217.59 200.47 43,619 1.50
Bungle Global SA BG 133.97 76.42 10,238 0.03% 3.56% 0.00% 3.46% 0.00%
LKQ Corp LKQ 258.55 42.54 10,999 2.82%
Deckers Outdoor Corp DECK 151.77 111.81 16,970 22.63%
Workday Inc WDAY 215.00 233.53 50,209
Zoetis Inc ZTS 447.79 164.65 73,729 0.21% 1.21% 0.00% 7.96% 0.02%
Equinix Inc EQIX 97.33 815.35 79,360 2.30%
Digital Realty Trust Inc DLR 336.64 143.29 48,238 3.41%
Molina Healthcare Inc MOH 54.70 329.39 18,018 0.05% 9.45% 0.00%
Las Vegas Sands Corp LVS 71593.47% 3863.00% 27,657 0.08% 2.59% 0.00% 7.35% 0.01%
Notes:
[1]Equals sum of Col.[9]
[2]Equals sum of Col.[11]
[3]Equals([1]x(1+(0.5 x[2])))+[2]
[4]Source:Bloomberg Professional as of March 31 2025
[5]Source:Bloomberg Professional as of March 31 2025
[6]Equals[4]x[5]
[7]Equals weight in S&P 500 based on market capitalization[6]if Growth Rate>0%and 520%
[8]Source:Bloomberg Professional,as of March 31 2025
[9]Equals[7]x[8]
[10]Source:Bloomberg Professional,as of March 31 2025
[11]Equals[7]x[10]
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 8
Page 6 of 6

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 9 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

BOND YIELD PLUS RISK PREMIUM
[11 [21 [31
Authorized
Natual Gas U.S.Govt.30- Risk
Quarter ROE year Treasury Premium
1980.1 13.45% 11.66% 1.79%
1980.2 14.38% 10.52% 3.85%
1980.3 13.87% 10.85% 3.02%
1980.4 14.35% 12.10% 2.25%
1981.1 14.71% 12.53% 2.18%
1981.2 14.61% 13.24% 1.36%
1981.3 14.86% 14.13% 0.72%
1981.4 15.70% 13.85% 1.86%
1982.1 15.55% 13.96% 1.59%
1982.2 15.62% 13.52% 2.10%
1982.3 15.77% 12.79% 2.97%
1982.4 15.63% 10.75% 4.89%
1983.1 15.41% 10.71% 4.71%
1983.2 14.84% 10.65% 4.19%
1983.3 15.24% 11.62% 3.62%
1983.4 15.40% 11.74% 3.66%
1984.1 15.39% 12.04% 3.35%
1984.2 15.07% 13.18% 1.89%
1984.3 15.46% 12.69% 2.77%
1984.4 15.33% 11.70% 3.63%
1985.1 15.03% 11.58% 3.45%
1985.2 15.44% 11.00% 4.45%
1985.3 14.64% 10.55% 4.08%
1985.4 14.37% 10.04% 4.33%
1986.1 14.05% 8.77% 5.28%
1986.2 13.28% 7.49% 5.79%
1986.3 13.09% 7.40% 5.69%
1986.4 13.62% 7.53% 6.09%
1987.1 12.61% 7.49% 5.11%
1987.2 13.04% 8.53% 4.51%
1987.3 12.70% 9.06% 3.64%
1987.4 12.69% 9.23% 3.46%
1988.1 12.94% 8.63% 4.31%
1988.2 12.48% 9.06% 3.41%
1988.3 12.79% 9.18% 3.61%
1988.4 12.98% 8.97% 4.00%
1989.1 12.99% 9.04% 3.96%
1989.2 13.25% 8.70% 4.55%
1989.3 12.56% 8.12% 4.44%
1989.4 12.94% 7.93% 5.00%
1990.1 12.68% 8.44% 4.24%
1990.2 12.81% 8.65% 4.16%
1990.3 12.36% 8.79% 3.57%
1990.4 12.78% 8.56% 4.22%
1991.1 12.69% 8.20% 4.49%
1991.2 12.53% 8.31% 4.22%
1991.3 12.43% 8.19% 4.24%
1991.4 12.33% 7.85% 4.48%
1992.1 12.42% 7.81% 4.61%
1992.2 11.98% 7.90% 4.09%
1992.3 11.87% 7.45% 4.42%
1992.4 11.94% 7.52% 4.42%
1993.1 11.75% 7.07% 4.68%
1993.2 11.71% 6.86% 4.85%
1993.3 11.39% 6.32% 5.07%
1993.4 11.16% 6.14% 5.02%
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No.9
Page 1 of 4

BOND YIELD PLUS RISK PREMIUM
[11 [21 [31
Authorized
Natual Gas U.S.Govt.30- Risk
Quarter ROE year Treasury Premium
1994.1 11.12% 6.58% 4.54%
1994.2 10.84% 7.36% 3.47%
1994.3 10.87% 7.59% 3.28%
1994.4 11.53% 7.96% 3.56%
1995.2 11.00% 6.94% 4.06%
1995.3 11.07% 6.72% 4.35%
1995.4 11.61% 6.24% 5.37%
1996.1 11.45% 6.29% 5.16%
1996.2 10.88% 6.92% 3.95%
1996.3 11.25% 6.97% 4.28%
1996.4 11.19% 6.62% 4.57%
1997.1 11.31% 6.82% 4.49%
1997.2 11.70% 6.94% 4.76%
1997.3 12.00% 6.53% 5.47%
1997.4 10.92% 6.15% 4.77%
1998.2 11.37% 5.85% 5.52%
1998.3 11.41% 5.48% 5.93%
1998.4 11.69% 5.11% 6.58%
1999.1 10.82% 5.37% 5.44%
1999.2 11.25% 5.80% 5.45%
1999.4 10.38% 6.26% 4.12%
2000.1 10.66% 6.30% 4.36%
2000.2 11.03% 5.98% 5.05%
2000.3 11.33% 5.79% 5.54%
2000.4 12.10% 5.69% 6.41%
2001.1 11.38% 5.45% 5.93%
2001.2 10.75% 5.70% 5.05%
2001.4 10.65% 5.30% 5.35%
2002.1 10.67% 5.52% 5.15%
2002.2 11.64% 5.62% 6.03%
2002.3 11.50% 5.09% 6.41%
2002.4 11.01% 4.93% 6.08%
2003.1 11.38% 4.85% 6.53%
2003.2 11.36% 4.60% 6.76%
2003.3 10.61% 5.11% 5.50%
2003.4 10.84% 5.11% 5.73%
2004.1 11.06% 4.88% 6.18%
2004.2 10.57% 5.34% 5.24%
2004.3 10.37% 5.11% 5.26%
2004.4 10.66% 4.93% 5.73%
2005.1 10.65% 4.71% 5.94%
2005.2 10.54% 4.47% 6.07%
2005.3 10.47% 4.42% 6.05%
2005.4 10.32% 4.65% 5.66%
2006.1 10.68% 4.63% 6.05%
2006.2 10.60% 5.14% 5.46%
2006.3 10.34% 5.00% 5.34%
2006.4 10.14% 4.74% 5.40%
2007.1 10.52% 4.80% 5.72%
2007.2 10.13% 4.99% 5.14%
2007.3 10.03% 4.95% 5.08%
2007.4 10.12% 4.61% 5.50%
2008.1 10.38% 4.41% 5.97%
2008.2 10.17% 4.57% 5.59%
2008.3 10.55% 4.45% 6.10%
2008.4 10.34% 3.64% 6.69%
2009.1 10.24% 3.44% 6.80%
2009.2 10.11% 4.17% 5.94%
2009.3 9.88% 4.32% 5.56%
2009.4 10.31% 4.34% 5.97%
2010.1 10.24% 4.62% 5.61%
2010.2 9.99% 4.37% 5.62%
2010.3 10.43% 3.86% 6.57%
2010.4 10.09% 4.17% 5.92%
2011.1 10.10% 4.56% 5.54%
2011.2 9.85% 4.34% 5.51%
2011.3 9.65% 3.70% 5.95%
2011.4 9.88% 3.04% 6.84%
2012.1 9.63% 3.14% 6.50%
2012.2 9.83% 2.94% 6.89%
2012.3 9.75% 2.74% 7.01%
2012.4 10.06% 2.86% 7.19%
2013.1 9.57% 3.13% 6.44%
2013.2 9.47% 3.14% 6.33%
2013.3 9.60% 3.71% 5.89%
2013.4 9.83% 3.79% 6.04%
2014.1 9.54% 3.69% 5.85%
2014.2 9.84% 3.44% 6.39%
2014.3 9.45% 3.27% 6.18%
2014.4 10.28% 2.96% 7.32%
2015.1 9.47% 2.55% 6.91%
2015.2 9.43% 2.88% 6.55%
2015.3 9.75% 2.96% 6.79% Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No.9
Page 2 of 4

BOND YIELD PLUS RISK PREMIUM
[11 [21 [31
Authorized
Natual Gas U.S.Govt.30- Risk
Quarter ROE Year Treasury Premium
2015.4 9.68% 2.96% 6.71%
2016.1 9.48% 2.72% 6.76%
2016.2 9.42% 2.57% 6.85%
2016.3 9.47% 2.28% 7.19%
2016.4 9.67% 2.83% 6.84%
2017.1 9.60% 3.05% 6.55%
2017.2 9.47% 2.90% 6.57%
2017.3 10.14% 2.82% 7.32%
2017.4 9.70% 2.82% 6.88%
2018.1 9.68% 3.02% 6.66%
2018.2 9.43% 3.09% 6.34%
2018.3 9.71% 3.06% 6.65%
2018.4 9.53% 3.27% 6.26%
2019.1 9.55% 3.01% 6.54%
2019.2 9.73% 2.78% 6.94%
2019.3 9.95% 2.29% 7.67%
2019.4 9.74% 2.26% 7.48%
2020.1 9.35% 1.89% 7.46%
2020.2 9.55% 1.38% 8.17%
2020.3 9.52% 1.37% 8.15%
2020.4 9.50% 1.62% 7.87%
2021.1 9.71% 2.07% 7.63%
2021.2 9.48% 2.26% 7.22%
2021.3 9.43% 1.93% 7.50%
2021.4 9.59% 1.95% 7.65%
2022.1 9.38% 2.25% 7.12%
2022.2 9.23% 3.05% 6.18%
2022.3 9.52% 3.26% 6.26%
2022.4 9.65% 3.89% 5.75%
2023.1 9.64% 3.75% 5.89%
2023.2 9.40% 3.81% 5.59%
2023.3 9.53% 4.23% 5.30%
2023.4 9.62% 4.58% 5.04%
2024.1 9.62% 4.32% 5.29%
2024.2 9.97% 4.58% 5.40%
2024.3 9.58% 4.23% 5.35%
2024.4 9.70% 4.50% 5.21%
2025.1 9.73% 4.72% 5.01%
AVERAGE 11.33% 6.03% 5.29%
MEDIAN 10.68% 5.11% 5.46%
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No.9
Page 3 of 4

9.00
y=-0.4282x+0.0788
8.00% ♦♦ R'=0.8536
7.00% r'
.5 5.00% �♦M I:♦♦ ♦ ♦ ♦ t
r 4.00% ♦ s
.♦ . .n r.
3.00% ♦ ♦�
2.00
1.00
1.00% 3.00% 5.00% 7.00% 9.00% 11.00% 13.00% 15.00%
U.S.Government 30-year T}easury Yield
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.9239230
R Square 0.8536336
Adjusted R Square 0.8527973
Standard Error 0.0054622
Observations 177
ANOVA
of SS MS F Significance F
Regression 1 0.03045 0.03045 1,020.62999 0.00000
Residual 175 0.00522 0.00003
Total 176 0.03567
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 0.0788 0.00 86.84 0.0000 0.0770 0.0806 0.0770 0.0806
U.S.Govt.30-year Treasury (0.4282) 0.01 (31.95) 0.0000 (0.4547) (0.4018) (0.4547) (0.4018)
[71 [8] 191
U.S.Govt.
30-year Risk
Treasury Premium ROE
[71 [81 [91
Current 30-day average of 30-year U.S.Treasury bond yield[4] 4.61% 5.90% 10.51
Blue Chip Near-Term Projected Forecast(Q3 2025-03 2026)[5] 4.52% 5.94% 10.46%
Blue Chip Lonq-Term Projected Forecast(2026-2030)[61 4.30% 6.04% 10.34%
AVERAGE 10.44%
Notes:
[1]Regulatory Research Associates,rate rases through March 31,2025
[2)S&P Capital IQ Pro,quarterly bond yields are the average of each trading day in the quarter
[3]Equals Column[1]-Column[2]
[4)S&P Capital IQ Pro,30day average as of March 31,2025
[5]Blue Chip Financial Forecasts,Vol.44,No.4,April 1,2025,at 2
[6)Blue Chip Financial Forecasts,Vol.43,No.12,November 27,2024,at 14
[7]See notes[4],[5]&[6]
[8)Equals 0.078773+(-0.428240 x Column[7])
[9]Equals Column[7]+Column[8]
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No.9
Page 4 of 4

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 10 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

SIZE PREMIUM CALCULATION
Proxy Group Market Capitalization and Market-to-Book Ratio
[1]
Market
Capitalization
Company Ticker ($billions)
Atmos Energy Corporation ATO 23.78
NiSource Inc. NI 18.62
Northwest Natural Gas Company NWN 1.67
ONE Gas, Inc. OGS 4.42
Southwest Gas Corporation SWX 5.36
Spire, Inc. SR 4.45
Average 9.72
Median 4.91
IMG
Rate base($millions)[2] $ 578
Company proposed common equity ratio[3] 50.00%
Proposed Common Equity($millions)[4] $ 289.24
Kroll Cost of Capital Navigator--Size Premium
[6] [7]
Market
Capitalization
of Largest
Company Size
Breakdown of Deciles 1-10 ($millions) Premium
1-Largest 3,522,211.14 -0.01%
2 46,949.06 0.33%
3 20,178.36 0.49%
4 9,937.35 0.50%
5 6,181.27 0.74%
6 3,946.15 1.00%
7 2,464.50 1.19%
8 1,417.45 0.88%
9 729.92 1.73%
10-Smallest 304.48 4.47%
IMG-Implied Market Capitalization 289.24 4.47%
Proxy Group Median Market Capitalization[5] 4,905.63 0.74%
Size Premium[8] 3.73%
Notes:
[1]Source:S&P Capital IQ Pro,equals 30-day average as of March 31,2025
[2]Data provided by the Company
[3]Data provided by the Company
[4]Equals[2]x[3]
[5]Equals median market capitalization of proxy group x 1000
[6]-[7]Kroll Cost of Capital Navigator-Size Premium:Annual Data as of 12/31/2024
[8]Size Premium of IMG less Size Premium of Proxy Group
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 10
Page 1 of 1

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 11 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

2025-2029 CAPITAL EXPENDITURES AS A PERCENTAGE OF2024 NET PLANT
($Millions)
[1] [2] [3] [4] [5] [6] [7]
2025-2029
Cap.Ex./
2024
2024 2025 2026 2027 2028 2029 Net Plant
Atmos Energy Corporation ATO
Capital Spending per Share $ 22.70 $ 22.60 $ 22.10 $ 21.60 $ 21.60
Common Shares Outstanding 163 168 177 185 185
Capital Expenditures $ 3,700.10 $ 3,796.80 $ 3,900.65 $ 3,996.00 $ 3,996.00 87.32%
Net Plant $ 22,204
NiSource Inc. NI
Capital Spending per Share $ 5.50 $ 6.00 $ 6.50 $ 7.00 $ 7.00
Common Shares Outstanding 485 500 513 525 525
Capital Expenditures $ 2,667.50 $ 3,000.00 $ 3,331.25 $ 3,675.00 $ 3,675.00 63.49%
Net Plant $ 25,750
Northwest Natural Gas Company NWN
Capital Spending per Share $ 9.50 $ 10.00 $ 10.75 $ 11.50 $ 11.50
Common Shares Outstanding 43 45 48 50 50
Capital Expenditures $ 408.50 $ 450.00 $ 510.63 $ 575.00 $ 575.00 67.18%
Net Plant $ 3,750
ONE Gas,Inc. OGS
Capital Spending per Share $ 12.30 $ 12.45 $ 12.60 $ 12.75 $ 12.75
Common Shares Outstanding 57 57 57 57 57
Capital Expenditures $ 694.95 $ 703.43 $ 715.05 $ 726.75 $ 726.75 53.64%
Net Plant $ 6,650
Spire,Inc. SR
Capital Spending per Share $ 13.15 $ 13.25 $ 13.00 $ 12.75 $ 12.75
Common Shares Outstanding 60 62 67 72 72
Capital Expenditures $ 789.00 $ 821.50 $ 871.00 $ 918.00 $ 918.00 69.15%
Net Plant $ 6,243
Southwest Gas Corporation SWX
Capital Spending per Share $ 12.50 $ 13.50 $ 14.00 $ 14.50 $ 14.50
Common Shares Outstanding 73 73 74 75 75
Capital Expenditures $ 912.50 $ 985.50 $ 1,036.00 $ 1,087.50 $ 1,087.50 63.07%
Net Plant $ 8,100
Intermountain Gas Company IMG
Capital Expenditures[8] $ 76.95 $ 65.25 $ 69.02 $ 69.66 $ 71.61 62.81
Net Plant[9] $ 561.23
Notes:
[1]-[6]Source:Value Line,dated February 21,2025
[7]Equals(Column[2]+[3]+[4]+[5]+[6])/Column[1]
[8]Source:Company-Provided Data
[9]Source:Company-Provided Data for December 31,2024
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 11
Page 1 of 2

100.00
90.00
o Median=65.33% 87.32%
80.00
63.07%
0
70.00% 62.81/0 63.49% — 67.18% 69.15%
53.64%
60.00%
50.00
40.00
30.00%
20.00%
10.00%
0.00
OGS IMG SWX NI NWN SR ATO
Projected CAPEX/2025 Net Plant
Company Ticker 2025-2029/2024
1 ONE Gas, Inc. OGS 53.64%
2 Intermountain Gas Company IMG 62.81%
3 Southwest Gas Corporation SWX 63.07%
4 NiSource Inc. NI 63.49%
5 Northwest Natural Gas Company NWN 67.18%
6 Spire, Inc. SR 69.15%
7 Atmos Energy Corporation ATO 87.32%
Proxy Group Median 65.33%
Intermountain Gas Company 0.96
Notes:
Source: Exhibit No. 11, pg. 1 col. [7]
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 11
Page 2 of 2

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 12 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

REGULATORY RISK ASSESSMENT
[11 [21 [31 [41 [51 [61
Revenue Stabilization
Formula- Straight Fixed
Utility Test Year Revenue Based Variable Overall Revenue Capital Cost
Company Operating Subsidiary State Type Convention Decoupling Rates Rate Design Stabilization Recovery
Atmos Energy Corp. Atmos Energy Corp. Kansas Gas Historical Yes No No Yes Yes
Atmos Energy Corp. Kentucky Gas Fully Forecast Yes No No Yes Yes
Atmos Energy Corp. Louisiana Gas Partially Forecast Yes Yes No Yes No
Atmos Energy Corp. Mississippi Gas Fully Forecast Yes Yes No Yes Yes
Atmos Energy Corp. Tennessee Gas Historical Yes Yes No Yes No
Atmos Energy Corp. Texas RRC Gas Historical Yes Yes No Yes Yes
NiSouroe Inc. Northern Indiana Public Service Co. Indiana Electric Fully Forecast Yes No No Yes Yes
Northern Indiana Public Service Co. Indiana Gas Fully Forecast No No No No Yes
Columbia Gas of Kentucky Inc. Kentucky Gas Fully Forecast Yes No No Yes Yes
Columbia Gas of Maryland Inc. Maryland Gas Historical Yes No No Yes Yes
Columbia Gas of Ohio Inc. Ohio Gas Partially Forecast No No Yes Yes Yes
Columbia Gas of Pennsylvania Inc. Pennsylvania Gas Fully Forecast Yes No No Yes Yes
Columbia Gas of Virginia Inc. Virginia Gas Fully Forecast Yes No No Yes Yes
Northwest Natural Gas Company Northwest Natural Gas Co. Oregon Gas Fully Forecast Yes No No Yes Yes
Northwest Natural Gas Co. Washington Gas Historical No No No No No
ONE Gas,Inc. Kansas Gas Service Co. Kansas Gas Historical Yes No No Yes Yes
Oklahoma Natural Gas Co. Oklahoma Gas Historical Yes No No Yes No
Texas Gas Service Co. Texas RRC Gas Historical Yes No No Yes Yes
Southwest Gas Corporation Southwest Gas Corp. Arizona Gas Historical Full No No Yes Yes
Southwest Gas Corp. California Gas Fully Forecast Full No No Yes No
Southwest Gas Corp. Nevada Gas Historical Full No No Yes Yes
Spire,Inc. Spire Alabama Inc. Alabama Gas Historical Yes Yes No Yes No
Spire Gulf Inc. Alabama Gas Historical Yes Yes No Yes No
Spire Missouri Inc. Missouri Gas Historical Yes No No Yes Yes
Proxy Group Totals Fully Forecast 9
Partially Forecast 2 Yes 22 Yes 17
Historical 13 No 2 No 7
Forecast 45.83% %Yes 91.67% %Yes 70.83%
MDU Resources[71 Intermountain Gas Company Idaho Gas Partially Forecast No No No No No
Notes:
[1]Regulatory Research Associates,effective as of January 31,2025.
[2]S&P Global Market Intelligence,Regulatory Focus:Adjustment Clauses,dated July 18,2022.Operating subsidiaries not covered in this report were excluded from this exhibit.A designation of"Yes"indicates full or partial decoupling.
[3]S&P Capital IQ Pro,Alternative Regulation
[4]S&P Global Market Intelligence,Regulatory Focus:Adjustment Clauses,dated July 18,2022.
[5]Equals IF(AND([3]=No,[4]=No,[5]=No),No,Yes)
[6]S&P Global Market Intelligence,Regulatory Focus:Adjustment Clauses,dated July 18,2022.Yes,if noted by S&P as a having a capital tracker to recover either"Traditional generation","Renewables/Non-traditional generation","Delivery infrastructure",or"Environmental compliance".
[7]Data provided by Company
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 12
Page 1 of 1

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 13 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

COMPARISON OF INTERMOUNTAIN AND PROXY GROUP COMPANIES
RRA JURISDICTIONAL RANKINGS
[1] [2]
RRA
Rank Numeric Rank
Atmos Energy Corp. Kansas Average/3 6
Kentucky Average/2 5
Louisiana PSC Average/2 5
Mississippi Average/l 4
Tennessee Above Average/3 3
Texas—RRC Average/l 4
NiSource Inc. Indiana Average/l 4
Kentucky Average/2 5
Maryland Below Average/3 9
Ohio Average/2 5
Pennsylvania Above Average/2 2
Virginia Average/1 4
Northwest Natural Gas Company Oregon Average/2 5
Washington Average/3 6
ONE Gas,Inc. Kansas Average/3 6
Oklahoma Average/3 6
Texas—RRC Average/1 4
Southwest Gas Corporation Arizona Below Average/2 8
California Average/1 4
Nevada Average/1 4
Spire,Inc. Alabama Above Average/1 1
Missouri Average/3 6
Proxy Group Average Average/1-Average/2 4.82
Intermountain Gas Idaho Average/2 5.00
Notes
[1]Source:State Regulatory Evaluations,Regulatory Research Associates,as of March 11,2025.
[2]AA/1=1,AA/2=2,AA/3=3,A/1=4,A/2=5,A/3=6,BA/1=7,BA/2=8,BA/3=9
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 13
Page 1 of 1

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 14 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

COMPARISON OF INTERMOUNTAIN AND PROXY GROUP COMPANIES
S&P CREDIT SUPPORTIVE RANKINGS
[1] [21
S&P
Rank Numeric Rank
Atmos Energy Corp. Kansas Highly credit supportive 2
Kentucky Most credit supportive 1
Louisiana—PSC Highly Credit Supportive 2
Mississippi Very credit supportive 3
Tennessee Highly credit supportive 2
Texas—RRC Highly credit supportive
NiSource Inc. Indiana Highly credit supportive 2
Kentucky Most credit supportive 1
Maryland Very credit supportive 3
Ohio Very credit supportive 3
Pennsylvania Highly Credit Supportive 2
Virginia Highly credit supportive 2
Northwest Natural Gas Company Oregon More credit supportive 4
Washington Very credit supportive 3
ONE Gas,Inc. Kansas Highly credit supportive 2
Oklahoma Very credit supportive 3
Texas RRC Highly credit supportive 2
Southwest Gas Corporation Arizona More credit supportive 4
California More Credit Supportive 4
Nevada Very Credit Supportive 3
Spire,Inc. Alabama Most credit supportive 1
Missouri Very credit supportive 3
Proxy Group Average Very Credit Supportive/ 2.48
Highly Credit Supportive
Intermountain Gas Idaho Very credit supportive 3
Notes
[1]Source:North American Regulated Utilities:CapEx and climate change pressures credit quality,Standard and Poor's
Ratings Services,January 14,2025.
[2]Most=1,Highly--2,Very--3,More=4,Credit Supportive=5
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 14
Page 1 of 1

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 15 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

FLOTATION COST ADJUSTMENT—INTERMOUNTAIN GAS PROXY GROUP
[1] [21 [31 [41 151 [61 [71 181 191
Under- Offering Total Flotation Gross Equity Flotation
Shares Issued Offering writing Expense Net Proceeds Costs Issue Before Net Proceeds Cost
Company Date Ill 10001 Price Discount till ($000) Per Share ($000) Costs($0001 ($000) Percentage
MDU Resources Group 2/4/2004 2,300 $ 23.32 $ 0.7930 $ 350 $ 22.37 $ 2,174 $ 53,636 $ 51,462 4.05%
MDU Resources Group 11/19/2002 2,400 $24.00 $ 0.7200 $ 193 $ 23.20 $ 1,921 $ 57,600 $ 55,680 3.33%
4,700 $ 4,094 $ 111,236 $ 107,142 3.68%
[i]Offering Completion Date
[ii]Underwriting discount was calculated as the market price minus the offering price when not explicitly given in the prospectus.
The flotation cast adjustment is derived by dividing the dividend yield by 1-F(where F=flotation casts expressed in percentage terms),or by 0.9632,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:
k-Dx(1+O.5--),
Px(I-F)
[10] [11] [121 [131 [141 [151 [16] [171 [18] 1191 [201
Expected
Expected Dividend Yield Value Line S&P Capital IQ Average
Annualized Dividend Dividend Adjusted for Earnings Projected EPS Zacks Earnings Earnings ROE Adjusted for Flotation
Company Ticker Dividend Stock Price Yield Yield Flotation Costs Growth Growth Rate Growth Growth ROE Costs
Atmos Energy Corporation ATO $3.48 $149.66 2.33% 2.41% 2.50% 6.00% 7.52% 7.10% 6.87% 9.28% 9.37%
NiSource Inc. NI $1.12 $39.62 2.83% 2.95% 3.06% 9.50% 8.22% 8.20% 8.64% 11.59% 11.70%
Northwest Natural Gas Company NWN $1.96 $41.60 4.71% 4.86% 5.05% 6.50% 6.50% n/a 6.50% 11.36% 11.55%
ONE Gas,Inc. OGS $2.68 $73.90 3.63% 3.70% 3.84% 4.00% 3.83% 4.70% 4.18% 7.88% 8.02%
Southwest Gas Corporation SWX $2.48 $74.65 3.32% 3.48% 3.62% 10.00% 12.60% 6.60% 9.73% 13.22% 13.35%
Spire,Inc. SR $3.14 $75.89 4.14% 4.27% 4.43% 4.50% 8.08% 6.50% 6.36% 10.63% 10.79%
Mean 10.66% 10.80%
Flotation Cost Adjustment [211 0.14%
Notes:
[1]-[4]Sources:MDU Resources Group-Prospectus dated August 18,2017,February 4,2004 and Prospectus dated November 19,2002.
[5]Equals[e]/[l]
[6]Equals[4]+([7]x[3])
[7]Equals[1]x(2]
[8]Equals[7]-[6]
[9]Equals[6]/[7]
[10]Source:Bloomberg Professional
[11]Source:Bloomberg Professional,equals 30-day average as of March 31,2025
[12]Equals[10]/[11]
[13]Equals(12]x(1+0.5 x[18])
[14]Equals[13]/(1-Flotation Cost)
[15]Source:Value Line
[16]Source:S&P Cap IQ
[17]Source:Zacks
[18]Equals Average([15],[16],[17])
[19]Equals(13]+(18]
[20]Equals[14]+[18]
[21]Equals Average([20])-Average([l9])
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 15
Page 1 of 1

Preston N. Carter, ISB No. 8462
Megann E. Meier, ISB No. 11948
GIVENS PURSLEY LLP
601 West Bannock Street
P.O. Box 2720
Boise, Idaho 83701-2720
Office: [phone]
Fax: [phone]
[e-mail]
[e-mail]
Attorneys for Intermountain Gas Company
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION Case No. INT-G-25-02
OF INTERMOUNTAIN GAS COMPANY
FOR THE AUTHORITY TO INCREASE
ITS RATES AND CHARGES FOR
NATURAL GAS SERVICE IN THE STATE
OF IDAHO
EXHIBIT 16 TO ACCOMPANY THE
DIRECT TESTIMONY OF ANN BULKLEY

CAPITAL STRUCTURE ANALYSIS
COMMON EQUITY RATIO[1]
Proxy Group Company Ticker 2023 2022 2021 3-yr Avg.
Atmos Energy Corporation ATO 60.20% 60.01% 59.88% 60.03%
NiSource Inc. NI 55.44% 54.17% 54.85% 54.82%
Northwest Natural Gas Company NWN 47.26% 51.21% 49.57% 49.35%
ONE Gas, Inc. OGS 70.68% 58.24% 61.09% 63.34%
Southwest Gas Corporation SWX 47.45% 43.96% 48.05% 46.49%
Spire, Inc. SR 52.08% 54.48% 54.86% 53.81%
Proxy Group
MEAN 55.70% 55.17% 54.77% 55.21%
LOW 47.26% 43.96% 48.05% 46.49%
HIGH 70.68% 61.42% 61.09% 63.34%
COMMON EQUITY RATIO-UTILITY OPERATING COMPANIES
Company Name Ticker 2023 2022 2021 3-yr Avg.
Atmos Energy Corporation ATO 60.20% 60.01% 59.88% 60.03%
Northern Indiana Public Service Company LLC NI 59.26% 56.92% 58.59% 58.26%
Columbia Gas of Kentucky, Inc. NI 53.66% 54.91% 53.87% 54.15%
Columbia Gas of Maryland, Inc. NI 52.00% 51.96% 55.26% 53.07%
Columbia Gas of Ohio, Inc. NI 50.50% 50.67% 50.79% 50.65%
Columbia Gas of Pennsylvania, Inc. NI 55.88% 56.64% 56.05% 56.19%
Columbia Gas of Virginia, Inc. NI 45.25% 44.25% 44.52% 44.67%
Northwest Natural Gas Company NWN 47.26% 51.21% 49.57% 49.35%
Kansas Gas Service Company, Inc. OGS 60.44% 58.37% 61.37% 60.06%
Oklahoma Natural Gas Company OGS 60.46% 58.26% 60.99% 59.90%
Texas Gas Service Company, Inc. OGS 100.00% 58.13% 60.98% 73.04%
Southwest Gas Corporation SWX 47.45% 43.96% 48.05% 46.49%
Spire Alabama Inc. SR 55.31% 61.18% 56.63% 57.71%
Spire Gulf Inc. SR 46.42% 51.61% 49.48% 49.17%
Spire Mississippi Inc. SR 100.00% 100.00% 100.00% 100.00%
Spire Missouri Inc. SR 50.66% 51.46% 53.96% 52.03%
Notes:
[1]Ratios are weighted by actual common capital,preferred equity,long-term debt and short-term debt of Operating
Subsidiaries.
[2]Natural Gas and Water operating subsidiaries where data was unable to be obtained for 2023,2022 and 2021 were
removed from the analysis.
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 16
Page 1 of 3

CAPITAL STRUCTURE ANALYSIS
LONG-TERM DEBT RATIO[1]
Proxy Group Company Ticker 2023 2022 2021 3-yr Avg.
Atmos Energy Corporation ATO 39.80% 39.99% 40.12% 39.97%
NiSource Inc. NI 44.56% 45.83% 45.15% 45.18%
Northwest Natural Gas Company NWN 52.74% 48.79% 50.43% 50.65%
ONE Gas, Inc. OGS 29.32% 41.76% 38.91% 36.66%
Southwest Gas Corporation SWX 52.55% 56.04% 51.95% 53.51%
Spire, Inc. SR 47.92% 45.52% 45.14% 46.19%
Proxy Group
MEAN 44.28% 44.80% 45.20% 44.76%
LOW 29.32% 38.26% 38.91% 36.66%
HIGH 52.74% 56.04% 51.95% 53.51%
LONG-TERM DEBT RATIO-UTILITY OPERATING COMPANIES
Company Name Ticker 2023 2022 2021 3-yr Avg.
Atmos Energy Corporation ATO 39.80% 39.99% 40.12% 39.97%
Northern Indiana Public Service Company LLC NI 40.74% 43.08% 41.41% 41.74%
Columbia Gas of Kentucky, Inc. NI 46.34% 45.09% 46.13% 45.85%
Columbia Gas of Maryland, Inc. NI 48.00% 48.04% 44.74% 46.93%
Columbia Gas of Ohio, Inc. NI 49.50% 49.33% 49.21% 49.35%
Columbia Gas of Pennsylvania, Inc. NI 44.12% 43.36% 43.95% 43.81%
Columbia Gas of Virginia, Inc. NI 54.75% 55.75% 55.48% 55.33%
Northwest Natural Gas Company NWN 52.74% 48.79% 50.43% 50.65%
Kansas Gas Service Company, Inc. OGS 39.56% 41.63% 38.63% 39.94%
Oklahoma Natural Gas Company OGS 39.54% 41.74% 39.01% 40.10%
Texas Gas Service Company, Inc. OGS 0.00% 41.87% 39.02% 26.96%
Southwest Gas Corporation SWX 52.55% 56.04% 51.95% 53.51%
Spire Alabama Inc. SR 44.69% 38.82% 43.37% 42.29%
Spire Gulf Inc. SR 53.58% 48.39% 50.52% 50.83%
Spire Mississippi Inc. SR 0.00% 0.00% 0.00% 0.00%
Spire Missouri Inc. SR 49.34% 48.54% 46.04% 47.97%
Notes:
[1]Ratios are weighted by actual common capital,preferred equity,long-term debt and short-term debt of Operating
Subsidiaries.
[2]Natural Gas and Water operating subsidiaries where data was unable to be obtained for 2023,2022 and 2021 were
removed from the analysis.
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 16
Page 2 of 3

CAPITAL STRUCTURE ANALYSIS
PREFERRED EQUITY RATIO[1]
Proxy Group Company Ticker 2023 2022 2021 3-yr Avg.
Atmos Energy Corporation ATO 0.00% 0.00% 0.00% 0.00%
NiSource Inc. NI 0.00% 0.00% 0.00% 0.00%
Northwest Natural Gas Company NWN 0.00% 0.00% 0.00% 0.00%
ONE Gas, Inc. OGS 0.00% 0.00% 0.00% 0.00%
Southwest Gas Corporation SWX 0.00% 0.00% 0.00% 0.00%
Spire, Inc. SR 0.00% 0.00% 0.00% 0.00%
Proxy Group
MEAN 0.03% 0.03% 0.03% 0.03%
LOW 0.00% 0.00% 0.00% 0.00%
HIGH 0.29% 0.32% 0.33% 0.31%
PREFERRED EQUITY RATIO-UTILITY OPERATING COMPANIES
Company Name Ticker 2023 2022 2021 3-yr Avg.
Atmos Energy Corporation ATO 0.00% 0.00% 0.00% 0.00%
Northern Indiana Public Service Company LLC NI 0.00% 0.00% 0.00% 0.00%
Columbia Gas of Kentucky, Inc. NI 0.00% 0.00% 0.00% 0.00%
Columbia Gas of Maryland, Inc. NI 0.00% 0.00% 0.00% 0.00%
Columbia Gas of Ohio, Inc. NI 0.00% 0.00% 0.00% 0.00%
Columbia Gas of Pennsylvania, Inc. NI 0.00% 0.00% 0.00% 0.00%
Columbia Gas of Virginia, Inc. NI 0.00% 0.00% 0.00% 0.00%
Northwest Natural Gas Company NWN 0.00% 0.00% 0.00% 0.00%
Kansas Gas Service Company, Inc. OGS 0.00% 0.00% 0.00% 0.00%
Oklahoma Natural Gas Company OGS 0.00% 0.00% 0.00% 0.00%
Texas Gas Service Company, Inc. OGS 0.00% 0.00% 0.00% 0.00%
Southwest Gas Corporation SWX 0.00% 0.00% 0.00% 0.00%
Spire Alabama Inc. SR 0.00% 0.00% 0.00% 0.00%
Spire Gulf Inc. SR 0.00% 0.00% 0.00% 0.00%
Spire Mississippi Inc. SR 0.00% 0.00% 0.00% 0.00%
Spire Missouri Inc. SR 0.00% 0.00% 0.00% 0.00%
Notes:
[1]Ratios are weighted by actual common capital,preferred equity,long-term debt and short-term debt of Operating
Subsidiaries.
[2]Natural Gas and Water operating subsidiaries where data was unable to be obtained for 2023,2022 and 2021 were
removed from the analysis.
Case No.INT-G-25-02
A.Bulkley,IGC
Exhibit No. 16
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