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<TABLE>
<CAPTION>
UNITIL CORPORATION
CONSOLIDATED BALANCE SHEETS (000's) (A)
ASSETS: (Unaudited)
June 30,
2000 Adjustments Pro Formed
--------------- --------------- ------------------
<S> <C> <C> <C>
Utility Plant
Electric $166,473 $166,473
Gas 35,273 35,273
Common 21,150 21,150
Construction Work in Progress 3,207 18,300 (E) 21,507
--------------- --------------- ------------------
Utility Plant 226,103 18,300 244,403
Less: Accumulated Depreciation 68,518 68,518
--------------- --------------- ------------------
Net Utility Plant 157,585 18,300 175,885
--------------- --------------- ------------------
Miscellaneous Property & Investments 6,338 6,338
--------------- --------------- ------------------
Current Assets:
Cash 3,002 3,002
Accounts Receivable 17,274 17,274
Materials and Supplies 2,321 2,321
Prepayments 1,362 1,362
Accrued Revenue 2,402 2,402
--------------- --------------- ------------------
Total Current Assets 26,361 26,361
Noncurrent Assets:
Regulatory Assets 139,799 139,799
Prepaid Pension Costs 8,789 8,789
Debt Issuance Costs 1,382 1,382
Other Noncurrent Assets 25,124 25,124
--------------- --------------- ------------------
Total Noncurrent Assets 175,094 175,094
--------------- --------------- ------------------
TOTAL $365,378 $18,300 $383,678
=============== =============== ==================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
<PAGE>
<TABLE>
<CAPTION>
UNITIL CORPORATION
CONSOLIDATED BALANCE SHEETS (000's) (A)
CAPITALIZATION AND LIABILITIES: (Unaudited)
June 30,
2000 Adjustments Pro Formed
--------------- --------------- ------------------
<S> <C> <C> <C>
Capitalization:
Common Stock Equity $77,973 ($381)(D) $77,592
Preferred Stock, Non-Redeemable 225 225
Preferred Stock, Redeemable 3,465 3,465
Long-term Debt, Less Current Portion 81,864 81,864
--------------- --------------- ------------------
Total Capitalization 163,527 (381) 163,146
Current Liabilities:
Long-term Debt, Current Portion 3,199 3,199
Capitalized Lease, Current Portion 850 850
Accounts Payable 13,771 13,771
Short-Term Debt 16,700 18,300 (F) 35,000
Dividends Declared and Payable 1,841 1,841
Refundable Customer Deposits 1,282 1,282
Taxes Payable 152 (220)(B) (68)
Interest Payable 1,150 601 (C) 1,751
Other Current Liabilities 6,550 6,550
--------------- --------------- ------------------
Total Current Liabilities 45,495 18,681 64,176
Deferred Income Taxes 42,883 42,883
--------------- --------------- ------------------
Noncurrent Liabilities
Power Supply Contract Obligations 101,763 101,763
Capitalized Leases, Less Current Portion 3,447 3,447
Other Deferred Credits 8,263 8,263
--------------- --------------- ------------------
Total Noncurrent Liabilities 113,473 113,473
--------------- --------------- ------------------
TOTAL $365,378 $18,300 $383,678
=============== =============== ==================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
<PAGE>
<TABLE>
<CAPTION>
UNITIL CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS (000's) (A)
(Unaudited)
Six Months Ended
June 30,
2000 Adjustments Pro Formed
--------------- --------------- ------------------
<S> <C> <C> <C>
Operating Revenues:
Electric 77,736 77,736
Gas 11,425 11,425
Other 64 64
--------------- --------------- ------------------
Total Operating Revenues 89,225 89,225
--------------- --------------- ------------------
Operating Expenses:
Fuel and Purchased Power 52,638 52,638
Gas Purchased for Resale 6,308 6,308
Operating and Maintenance 12,192 12,192
Depreciation and Amortization 6,061 6,061
Provisions for Taxes:
Local Property and Other 2,622 2,622
Federal and State Income 1,916 (220)(B) 1,696
--------------- --------------- ------------------
Total Operating Expenses 81,737 (220) 81,517
--------------- --------------- ------------------
Operating Income 7,488 220 7,708
Non-operating Expense, Net 133 133
--------------- --------------- ------------------
Income Before Interest Expense 7,355 220 7,575
Interest Expense, Net 3,464 601 (C) 4,065
--------------- --------------- ------------------
Net Income 3,891 (381)(D) 3,510
Less Dividends on Preferred Stock 133 133
--------------- --------------- ------------------
Net Income Applicable to Common Stock $3,758 ($381) $3,377
=============== =============== ==================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
<PAGE>
UNITIL CORPORATION
Notes to Pro Forma Consolidated Financial Statements
(A) These statements have been pro formed to reflect an increase in Short-Term
Debt to the requested borrowing limit and the corresponding impact on
expenses and Net Income.
(B) The reduction in taxes reflect the rise in interest expense which reduced
income for tax purposes.
(C) The cost of this increase in Short-Term Debt is reflected in higher
interest costs for the six months period.
(D) Lower Net Income and Common Equity (e.g. Retained Earnings) reflects the
impact of higher interest expense.
(E) Assumes all borrowings are made to fund capital additions to plant.
(F) Relects the incremental increase in Short-Term Debt to reach the borrowing
limit.
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