<SEC-DOCUMENT>0001193125-20-250247.txt : 20201026
<SEC-HEADER>0001193125-20-250247.hdr.sgml : 20201026
<ACCEPTANCE-DATETIME>20200921164558
ACCESSION NUMBER:		0001193125-20-250247
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		19
CONFORMED PERIOD OF REPORT:	20200915
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200921
DATE AS OF CHANGE:		20200921

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNITIL CORP
		CENTRAL INDEX KEY:			0000755001
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				020381573
		STATE OF INCORPORATION:			NH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08858
		FILM NUMBER:		201186920

	BUSINESS ADDRESS:	
		STREET 1:		6 LIBERTY LANE WEST
		CITY:			HAMPTON
		STATE:			NH
		ZIP:			03842
		BUSINESS PHONE:		6037736504

	MAIL ADDRESS:	
		STREET 1:		6 LIBERTY LANE WEST
		CITY:			HAMPTON
		STATE:			NH
		ZIP:			03842
</SEC-HEADER>
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<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">Item&#160;1.01 Entry into a Material Definitive Agreement </p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">As reported on the Form <span style="white-space:nowrap">8-K</span> of Unitil Corporation (the &#8220;Company&#8221; or the &#8220;Registrant&#8221;) dated June&#160;16, 2020, on such date: </p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:3%">&#160;</td>
<td style="width:2%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt;text-align:left">Northern Utilities, Inc. (&#8220;Northern Utilities&#8221;), a natural gas distribution utility subsidiary of the Company, priced $40&#160;million of Senior Unsecured Notes due September&#160;15, 2040 at 3.78% (the &#8220;Northern Utilities Notes&#8221;) through a private placement marketing process principally to institutional investors; </p></td></tr></table> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:3%">&#160;</td>
<td style="width:2%;vertical-align:top" align="left">&#8226;</td>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt;text-align:left">Fitchburg Gas and Electric Light Company (&#8220;Fitchburg&#8221;), an electric and natural gas distribution utility subsidiary of the Company, priced $27.5&#160;million of Senior Unsecured Notes due September&#160;15, 2040 at 3.78% (the &#8220;Fitchburg Notes&#8221;) through a private placement marketing process principally to institutional investors; and </p></td></tr></table> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:3%">&#160;</td>
<td style="width:2%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt;text-align:left">Unitil Energy Systems, Inc. (&#8220;Unitil Energy&#8221;), an electric distribution utility subsidiary of the Company, priced $27.5&#160;million of Series R First Mortgage Bonds due September&#160;15, 2040 at 3.58% (the &#8220;Unitil Energy Bonds&#8221;) through a private placement marketing process principally to institutional investors. </p></td></tr></table> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">On September&#160;15, 2020: </p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:3%">&#160;</td>
<td style="width:2%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt;text-align:left">Northern Utilities entered into a Note Purchase Agreement with Metropolitan Life Insurance Company, Metropolitan Tower Life Insurance Company, Brighthouse Life Insurance Company, American Fidelity Assurance Company, The Lincoln National Life Insurance Company, Minnesota Life Insurance Company, American Republic Insurance Company, Blue Cross and Blue Shield of Florida, Inc., Catholic Life Insurance, Catholic United Financial, Royal Neighbors of America, Western Fraternal Life Association, Thrivent Financial for Lutherans, Pacific Life Insurance Company, and United of Omaha Life Insurance Company (the &#8220;Northern Utilities Note Purchase Agreement&#8221;) pursuant to which it issued and sold the Northern Utilities Notes; </p></td></tr></table> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:3%">&#160;</td>
<td style="width:2%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt;text-align:left">Fitchburg entered into a Note Purchase Agreement with Brighthouse Life Insurance Company of NY, Metropolitan Life Insurance Company, Metropolitan Tower Life Insurance Company, The Lincoln National Life Insurance Company, Lincoln Life&#160;&amp; Annuity Company of New York, Minnesota Life Insurance Company, American Republic Insurance Company, Blue Cross and Blue Shield of Florida, Inc., Catholic Life Insurance, Catholic United Financial, Royal Neighbors of America, Thrivent Financial for Lutherans, Pacific Life Insurance Company, and United of Omaha Life Insurance Company (the &#8220;Fitchburg Note Purchase Agreement&#8221;) pursuant to which it issued and sold the Fitchburg Notes; and </p></td></tr></table> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:3%">&#160;</td>
<td style="width:2%;vertical-align:top" align="left">&#8226;</td>
<td style="width:1%;vertical-align:top">&#160;</td>
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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Fitchburg Note Purchase Agreement and the Fitchburg Notes collectively contain customary representations and warranties, covenants and events of default for a transaction of this type. The Fitchburg Notes may or will become immediately due and payable upon an event of default, as described in the Fitchburg Note Purchase Agreement. </p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Unitil Energy Bond Purchase Agreement, the Sixteenth Supplemental Indenture and the Unitil Energy Bonds (collectively, the &#8220;Unitil Energy Bond Documents&#8221;) collectively contain customary representations and warranties, covenants and events of default for a transaction of this type. The Unitil Energy Bonds may or will become immediately due and payable upon an event of default, as described in the Unitil Energy Bond Documents. The Unitil Energy Bond Documents also contain a &#8220;fall-away&#8221; structure whereby the collateral securing the Unitil Energy Bonds will be released after all other first mortgage bonds of Unitil Energy are paid, subject to certain additional conditions described in the Unitil Energy Bond Purchase Agreement. </p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The foregoing summary of the Northern Utilities Note Purchase Agreement and the Northern Utilities Notes, the Fitchburg Note Purchase Agreement and the Fitchburg Notes, and the Unitil Energy Bond Documents does not purport to be complete and is subject to, and qualified in its entirety by, the full text of such documents, the executed copies or forms of which are attached hereto as exhibits to this Current Report on Form <span style="white-space:nowrap">8-K.</span> Certain of the purchasers of the Northern Utilities Notes, Fitchburg Notes, or Unitil Energy Bonds (or their affiliates) are holders of other indebtedness of the Company or its subsidiaries. </p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Northern Utilities, Fitchburg, and Unitil Energy plan to use the net proceeds from these long-term financings to refinance existing debt and for general corporate purposes. </p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Northern Utilities, Fitchburg, and Unitil Energy offered the Northern Utilities Notes, the Fitchburg Notes, and the Unitil Energy Bonds, respectively, principally to institutional investors in an offering made pursuant to the exemption from registration requirements under Section&#160;4(a)(2) of the Securities Act of 1933, as amended (&#8220;Act&#8221;). </p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Northern Utilities Notes, the Fitchburg Notes, and the Unitil Energy Bonds have not been and will not be registered under the Act, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act and applicable state securities laws. </p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Company intends this notice to comply with Rule 135c of the Act and, accordingly, this notice does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. </p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Northern Utilities Note Purchase Agreement and a Northern Utilities Note, the Fitchburg Note Purchase Agreement and a Fitchburg Note, and the Unitil Energy Bond Purchase Agreement, a Unitil Energy Bond and the Sixteenth Supplemental Indenture have been attached as exhibits to this Current Report on Form <span style="white-space:nowrap">8-K</span> to provide investors with information regarding their terms. The representations, warranties and covenants contained in such documents were made only for purposes of such documents and as of specific dates, were solely for the benefit of the parties to such documents, and are subject to limitations agreed upon by the parties to such documents. Moreover, the representations and warranties contained in such documents were made for the purpose of allocating contractual risk between the parties to such documents instead of establishing matters as facts, and may be subject to standards of materiality applicable to the parties to such documents that differ from those applicable to investors generally. Investors (other than the parties to such documents) are not third-party beneficiaries under such documents and should not rely on the representations, warranties and covenants contained therein or any descriptions thereof as characterizations of the actual state of facts or condition of the Company or any of its subsidiaries or affiliates. </p>
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<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">Item&#160;2.03 Creation of a Direct Financial Obligation or an Obligation under an <span style="white-space:nowrap">Off-Balance</span> Sheet Arrangement of a Registrant </p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The disclosure in Item 1.01 is incorporated by reference into this Item 2.03. </p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">Item&#160;9.01 Financial Statements and Exhibits </p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">(d) &#160;Exhibits </p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td></td>

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<td style="vertical-align:bottom;white-space:nowrap"><span style="font-weight:bold">Number</span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"><span style="font-weight:bold">Exhibit</span></td></tr>


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<td style="vertical-align:top;white-space:nowrap">4.1</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d923021dex41.htm">Note Purchase Agreement dated September&#160;15, 2020 by and among Northern Utilities, Inc. and the several purchasers named therein. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:9.75pt"></td>
<td style="height:9.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">4.2*</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d923021dex42.htm">3.78% Senior Note, Series 2020, due September&#160;15, 2040, issued by Northern Utilities, Inc. to Metropolitan Life Insurance Company. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:9.75pt"></td>
<td style="height:9.75pt" colspan="2"></td></tr>
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<td style="vertical-align:top;white-space:nowrap">4.3</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d923021dex43.htm">Note Purchase Agreement dated September&#160;15, 2020 by and among Fitchburg Gas and Electric Light Company and the several purchasers named therein. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:9.75pt"></td>
<td style="height:9.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">4.4*</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d923021dex44.htm">3.78% Senior Note, Series 2020A, due September&#160;15, 2040, issued by Fitchburg Gas and Electric Light Company to Brighthouse Life Insurance Company of NY. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:9.75pt"></td>
<td style="height:9.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">4.5</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d923021dex45.htm">Bond Purchase Agreement dated September&#160;15, 2020 by and among Unitil Energy Systems, Inc., U.S. Bank National Association (as trustee), and the several purchasers named therein. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:9.75pt"></td>
<td style="height:9.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">4.6</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d923021dex46.htm">Sixteenth Supplemental Indenture dated September&#160;15, 2020 by and between Unitil Energy Systems, Inc. and U.S. Bank National Association (as trustee). </a></td></tr>
<tr style="font-size:1pt">
<td style="height:9.75pt"></td>
<td style="height:9.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">4.7*</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d923021dex47.htm">First Mortgage Bond, Series R, 3.58%, due September&#160;15, 2040, issued by Unitil Energy Systems, Inc. to CUDD AND CO (as nominee for Symetra Life Insurance Company). </a></td></tr>
<tr style="font-size:1pt">
<td style="height:9.75pt"></td>
<td style="height:9.75pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">104</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Cover Page Interactive Data File (embedded within the Inline XBRL document)</td></tr>
</table> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:17%">&#160;</p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:5%;vertical-align:top" align="left">*</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:left">This note or bond is substantially identical in all material respects to other notes or bonds that are otherwise required to be filed as exhibits, except as to the registered payee of such note or bond, the identifying number of such note or bond, and the principal amount of such note or bond. In accordance with instruction no. 2 to Item 601 of Regulation <span style="white-space:nowrap">S-K,</span> the Registrant has filed a copy of only one of such notes or bonds, with a schedule identifying the other notes or bonds omitted and setting forth the material details in which such notes or bonds differ from the note or bond that was filed. The Registrant acknowledges that the Securities and Exchange Commission may at any time in its discretion require filing of copies of any notes or bonds so omitted. </p></td></tr></table>
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<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold;text-align:center">SIGNATURES </p> <p style="margin-top:10pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top" colspan="3">UNITIL CORPORATION</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
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<td style="vertical-align:top">By:&#160;&#160;</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><span style="text-decoration:underline">/s/ Robert B. Hevert</span></td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Name: Robert B. Hevert</td></tr>
<tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<td style="vertical-align:top"></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Title:&#160; Senior Vice President, Chief Financial Officer and Treasurer</td></tr>
</table> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Date:&#160;&#160;&#160;&#160;September&#160;21, 2020 </p>
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</XBRL>
</TEXT>
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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>d923021dex41.htm
<DESCRIPTION>EX-4.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Execution Version </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:60pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>ORTHERN</SMALL>
U<SMALL>TILITIES</SMALL>, I<SMALL>NC</SMALL>. </P> <P STYLE="margin-top:38pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">$40,000,000 3.78% Senior Notes, Series 2020, due September&nbsp;15, 2040 </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTE</SMALL> P<SMALL>URCHASE</SMALL> A<SMALL>GREEMENT</SMALL> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:38pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Dated as of September&nbsp;15, 2020 </P> <P STYLE="font-size:38pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>ABLE</SMALL> <SMALL>OF</SMALL> C<SMALL>ONTENTS</SMALL> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">S<SMALL>ECTION</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">H<SMALL>EADING</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2">P<SMALL>AGE</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">A<SMALL>UTHORIZATION</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">S<SMALL>ALE</SMALL> <SMALL>AND</SMALL> P<SMALL>URCHASE</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">C<SMALL>LOSING</SMALL> </TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">C<SMALL>ONDITIONS</SMALL> <SMALL>TO</SMALL> C<SMALL>LOSING</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Representations and Warranties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Performance; No Default</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Compliance Certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Opinions of Counsel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Purchase Permitted By Applicable Law, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Sale of Other Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Payment of Special Counsel Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Private Placement Number</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Changes in Corporate Structure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Funding Instructions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Proceedings and Documents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Regulatory Approvals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Organization; Power and Authority</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Authorization, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Disclosure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Organization and Ownership of Shares of the Company and Subsidiaries; Affiliates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Financial Statements; Material Liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Compliance with Laws, Other Instruments, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Governmental Authorizations, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Litigation; Observance of Agreements, Statutes and Orders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Title to Property; Leases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Licenses, Permits, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Compliance with ERISA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Private Offering by the Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Use of Proceeds; Margin Regulations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Existing Indebtedness; Future Liens</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Foreign Assets Control Regulations, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Status under Certain Statutes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-i- </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Environmental Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notes Rank Pari Passu</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Solvency and Consideration.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;6.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Purchase for Investment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;6.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Source of Funds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;6.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Binding Effect</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;6.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Access to Information; Knowledge and Experience</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">I<SMALL>NFORMATION</SMALL> <SMALL>AS</SMALL> <SMALL>TO</SMALL> C<SMALL>OMPANY</SMALL>.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;7.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Financial and Business Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;7.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Officer&#146;s Certificate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;7.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Visitation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">P<SMALL>AYMENT</SMALL> <SMALL>AND</SMALL> P<SMALL>REPAYMENT</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> N<SMALL>OTES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Maturity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Optional Prepayments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Allocation of Partial Prepayments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Maturity; Surrender, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Purchase of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Make-Whole Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Payments Due on <FONT STYLE="white-space:nowrap">Non-Business</FONT> Days</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">A<SMALL>FFIRMATIVE</SMALL> C<SMALL>OVENANTS</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Compliance with Law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Insurance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Maintenance of Properties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Payment of Taxes and Claims</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Corporate Existence, Etc.; Ownership of Subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Books and Records</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notes to Rank Pari Passu</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Guarantors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">N<SMALL>EGATIVE</SMALL> C<SMALL>OVENANTS</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Limitation on Funded Indebtedness</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Limitation on Liens</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Transactions with Affiliates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Merger or Consolidation; Sale or Transfer of Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Restrictions on Dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Line of Business</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Economics Sanctions Regulations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">E<SMALL>VENTS</SMALL> <SMALL>OF</SMALL> D<SMALL>EFAULT</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-ii- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">R<SMALL>EMEDIES</SMALL> <SMALL>ON</SMALL> D<SMALL>EFAULT</SMALL>, E<SMALL>TC</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;12.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Acceleration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;12.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Other Remedies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;12.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Rescission</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;12.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">No Waivers or Election of Remedies, Expenses, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">R<SMALL>EGISTRATION</SMALL>; E<SMALL>XCHANGE</SMALL>; S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;13.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Registration of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;13.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Transfer and Exchange of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;13.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Replacement of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">P<SMALL>AYMENTS</SMALL> <SMALL>ON</SMALL> N<SMALL>OTES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;14.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Place of Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;14.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Home Office Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;14.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">FATCA Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">E<SMALL>XPENSES</SMALL>, E<SMALL>TC</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;15.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Transaction Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;15.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Certain Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;15.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Tax Withholding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;15.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Survival</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">S<SMALL>URVIVAL</SMALL> <SMALL>OF</SMALL> R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL>; E<SMALL>NTIRE</SMALL> A<SMALL>GREEMENT</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">A<SMALL>MENDMENT</SMALL> <SMALL>AND</SMALL> W<SMALL>AIVER</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;17.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Requirements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;17.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Solicitation of Holders of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;17.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Binding Effect, etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;17.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notes Held by Company, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">N<SMALL>OTICES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">R<SMALL>EPRODUCTION</SMALL> <SMALL>OF</SMALL> D<SMALL>OCUMENTS</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">C<SMALL>ONFIDENTIAL</SMALL> I<SMALL>NFORMATION</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">M<SMALL>ISCELLANEOUS</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.1.</P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Successors and Assigns</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accounting Terms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Severability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-iii- </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Construction, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Counterparts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;22.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">G<SMALL>OVERNING</SMALL> L<SMALL>AW</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;22.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">J<SMALL>URISDICTION</SMALL> <SMALL>AND</SMALL> P<SMALL>ROCESS</SMALL>; W<SMALL>AIVER</SMALL>
<SMALL>OF</SMALL> J<SMALL>URY</SMALL> T<SMALL>RIAL</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
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<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Signature</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> A</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Information Relating to Purchasers</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> B</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Defined Terms</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> 5.3</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Disclosure Materials</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> 5.4</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Organization and Ownership of Shares and Subsidiaries</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> 5.5</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL>&nbsp;5.15</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> 10.1</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> 10.2</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">E<SMALL>XHIBIT</SMALL> 1</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Form of 3.78% Senior Note, Series 2020, due September&nbsp;15, 2040</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">E<SMALL>XHIBIT</SMALL> 4.4(a)</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Form of Opinion of Special Counsel for the Company</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">E<SMALL>XHIBIT</SMALL> 4.4(b)</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Form of Opinion of Gary Epler, Chief Regulatory Counsel for Unitil Service Corp.</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">E<SMALL>XHIBIT</SMALL> 4.4(c)</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Form of Opinion of Special Counsel for the Purchasers</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">E<SMALL>XHIBIT</SMALL> 15.3</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Form of U.S. Tax Compliance Certificate</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>N<SMALL>ORTHERN</SMALL> U<SMALL>TILITIES</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 Liberty Lane West </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Hampton, New
Hampshire 03842-1720 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">$40,000,000 3.78% Senior Notes, Series 2020, due September&nbsp;15, 2040 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Dated as of September&nbsp;15, 2020 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">T<SMALL>O</SMALL> E<SMALL>ACH</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL> L<SMALL>ISTED</SMALL> <SMALL>IN</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>CHEDULE</SMALL>&nbsp;A H<SMALL>ERETO</SMALL>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Northern Utilities, Inc., a New Hampshire corporation (the <I>&#147;Company&#148;</I>), agrees with each of the purchasers
whose names appear at the end hereof (each, a <I>&#147;Purchaser&#148;</I> and, collectively, the <I>&#147;Purchasers&#148;</I>) as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A<SMALL>UTHORIZATION</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company will authorize the issue and sale of its $40,000,000 aggregate principal amount 3.78% Senior Notes, Series 2020,
due September&nbsp;15, 2040 (as amended, restated or otherwise modified from time to time pursuant to <B>Section</B><B></B><B>&nbsp;17</B>, are referred to as the <I>&#147;Notes&#148;</I>, such term to include any such notes issued in substitution
therefor pursuant to <B>Section</B><B></B><B>&nbsp;13</B>). The Notes shall be substantially in the form set out in <B>Exhibit</B><B></B><B>&nbsp;1</B>, with such changes therefrom, if any, as may be approved by each Purchaser and the Company.
Certain capitalized and other terms used in this Agreement are defined in <B>Schedule</B><B></B><B>&nbsp;B</B>; and references to a <I>&#147;Schedule&#148;</I> or an <I>&#147;Exhibit&#148;</I> are, unless otherwise specified, to a Schedule or an
Exhibit<B> </B>attached to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S<SMALL>ALE</SMALL>
<SMALL>AND</SMALL> P<SMALL>URCHASE</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subject to the terms and conditions of
this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in <B>Section</B><B></B><B>&nbsp;3</B>, Notes in the principal amount specified opposite such
Purchaser&#146;s name in <B>Schedule</B><B></B><B>&nbsp;A</B> at the purchase price of 100% of the principal amount thereof. The Purchasers&#146; obligations hereunder are several and not joint obligations and no Purchaser shall have any liability
to any Person for the performance or <FONT STYLE="white-space:nowrap">non-performance</FONT> of any obligation by any other Purchaser hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C<SMALL>LOSING</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 111
West Monroe Street, Chicago, Illinois 60603 at </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
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10:00&nbsp;a.m., Central time, at a closing (the <I>&#147;Closing&#148;</I>) on September&nbsp;15, 2020 or on such other Business Day thereafter on or prior to September&nbsp;30, 2020 as may be
agreed upon by the Company and the Purchasers. At the Closing the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note (or such greater number of Notes in denominations of at least $500,000
as such Purchaser may request) dated the date of the Closing and registered in such Purchaser&#146;s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of
the purchase price therefor by wire transfer to account number 4622844048 at Bank of America, ABA&nbsp;number 026009593, Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 28255. If at the Closing the Company shall fail to
tender such Notes to any Purchaser as provided above in this <B>Section</B><B></B><B>&nbsp;3</B>, or any of the conditions specified in <B>Section</B><B></B><B>&nbsp;4</B> shall not have been fulfilled to such Purchaser&#146;s reasonable
satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure by the Company to tender such Notes or any of the
conditions specified in <B>Section</B><B></B><B>&nbsp;4</B> not having been fulfilled to such Purchaser&#146;s reasonable satisfaction or such nonfulfillment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C<SMALL>ONDITIONS</SMALL> <SMALL>TO</SMALL> C<SMALL>LOSING</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Purchaser&#146;s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to
the fulfillment to such Purchaser&#146;s reasonable satisfaction, prior to or at the Closing, of the following conditions (except, in each case, to the extent any representation or warranty expressly relates to a different date, in which case as of
such different date): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Representations and
Warranties</I>. The representations and warranties of the Company in this Agreement shall be correct when made and at the time of the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Performance; No Default</I>. The Company shall have performed
and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing. Before and after giving effect to the issue and sale of the Notes (and the application of the
proceeds thereof as contemplated by <B>Section</B><B></B><B>&nbsp;5.14</B>), no Default or Event of Default shall have occurred and be continuing. Neither the Company nor any Subsidiary shall have entered into any transaction since the date of this
Agreement that would have been prohibited by <B>Section</B><B></B><B>&nbsp;10</B> had such Section applied since such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance Certificates</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Officer&#146;s Certificate</I>. The Company shall have delivered to such Purchaser an
Officer&#146;s Certificate, dated the date of the Closing, certifying that the conditions specified in <B>Sections 4.1</B>,<B> 4.2</B>,<B> </B>and<B> 4.9</B> have been fulfilled. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Secretary&#146;s Certificate</I>. The Company shall have delivered to such Purchaser a
certificate of its Secretary or Assistant Secretary, dated the date of Closing, certifying as to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
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resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinions of Counsel</I>. Such Purchaser shall have received
opinions in form and substance reasonably satisfactory to such Purchaser, dated the date of the Closing (a)&nbsp;from Dentons US LLP, special counsel for the Company, covering the matters set forth in <B>Exhibit</B><B></B><B>&nbsp;4.4(a)</B> and
covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers), (b)&nbsp;from Gary Epler,
Chief Regulatory Counsel for Unitil Service Corp., covering the matters set forth in <B>Exhibit</B><B></B><B>&nbsp;4.4(b)</B> and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may
reasonably request (and the Company hereby instructs Gary Epler to deliver such opinion to the Purchasers) and (c)&nbsp;from Chapman and Cutler&nbsp;LLP, the Purchasers&#146; special counsel in connection with such transactions, substantially in the
form set forth in <B>Exhibit 4.4(c)</B> and covering such other matters incident to such transactions as such Purchaser may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.5.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Purchase Permitted By Applicable Law, Etc</I>. On the date of
the Closing such Purchaser&#146;s purchase of Notes shall (a)&nbsp;be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section&nbsp;1405(a)(8) of the New York
Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b)&nbsp;not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of
the Board of Governors of the Federal Reserve System) and (c)&nbsp;not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If
requested by such Purchaser, such Purchaser shall have received an Officer&#146;s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.6.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Sale of Other Notes</I>. Contemporaneously with the
Closing the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in <B>Schedule</B><B></B><B>&nbsp;A</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.7.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment of Special Counsel Fees</I>. Without limiting the
provisions of <B>Section</B><B></B><B>&nbsp;15.1</B>, the Company shall have paid on or before the Closing the reasonable fees, charges and disbursements of the Purchasers&#146; special counsel referred to in <B>Section</B><B></B><B>&nbsp;4.4</B> to
the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing, unless the Company and the Purchasers&#146; special counsel have agreed to make such payment due on a later date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.8.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Private Placement Number</I>. A Private Placement Number
issued by Standard&nbsp;&amp; Poor&#146;s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for the Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.9.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Changes in Corporate Structure</I>. The Company shall not
have changed its jurisdiction of incorporation or organization, as applicable, or been a party to any merger or </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
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consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in <B>Schedule
5.5</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.10.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Funding Instructions</I>. At least three
Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in <B>Section</B><B></B><B>&nbsp;3</B>
including (i)&nbsp;the name and address of the transferee bank, (ii)&nbsp;such transferee bank&#146;s ABA number and (iii)&nbsp;the account name and number into which the purchase price for the Notes is to be deposited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.11.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Proceedings and Documents</I>. All corporate and other
proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be reasonably satisfactory to such Purchaser and its special counsel, and such Purchaser and its
special counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.12.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Approvals</I>. The issue and sale of the Notes
shall have been duly authorized by order of the NHPUC, the MPUC and such other regulatory authorities as may have jurisdiction, such order(s) shall be in full force and effect at the time of the Closing and any appeal periods applicable thereto
shall have expired with no appeals filed during such periods. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company represents and warrants to each Purchaser that the representations and warranties contained in this
<B>Section</B><B></B><B>&nbsp;5</B> are true and correct as of the date of this Agreement and the Closing (except, in each case, to the extent any representation or warranty expressly relates to a different date, in which case as of such different
date): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Organization; Power and Authority. </I>The
Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such
qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has
the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, except, in each case, as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The Company has the corporate power and authority to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Authorization, Etc</I>. This Agreement and the Notes have
been duly authorized by all necessary corporate action on the part of the Company, and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by (i)&nbsp;applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting the enforcement </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
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of creditors&#146; rights generally and (ii)&nbsp;general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Disclosure</I>. The Company, through its agent, BofA
Securities, Inc., has delivered to each Purchaser documents, certificates or other writings identified in <B>Schedule 5.3</B> and such financial statements listed in <B>Schedule 5.5</B>, relating to the transactions contemplated hereby. The
Disclosure Documents (defined below) fairly describe, in all material respects, the general nature of the business and principal properties of the Company and its Subsidiaries. This Agreement and the documents, certificates or other writings
delivered to the Purchasers by or on behalf of the Company in connection with the transactions contemplated hereby and identified in <B>Schedule</B><B></B><B>&nbsp;5.3</B>, and the financial statements listed in
<B>Schedule</B><B></B><B>&nbsp;5.5</B> (this Agreement and such documents, certificates or other writings identified in <B>Schedule 5.3</B> and such financial statements listed in <B>Schedule 5.5</B> delivered to each Purchaser being referred to,
collectively, as the <I>&#147;Disclosure Documents&#148;</I>), taken as a whole, do not, as of their respective dates, contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not
misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since June&nbsp;30, 2020, there has been no change in the financial condition, operations, business or properties of the Company
and its Subsidiaries (taken as a whole) except changes that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. There is no fact known to the Company that would reasonably be expected to have a
Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Organization and Ownership of Shares of the Company and
Subsidiaries; Affiliates</I>. (a)<B>&nbsp;Schedule</B><B></B><B>&nbsp;5.4</B> contains (except as noted therein) complete and correct lists (i)&nbsp;of the Company&#146;s Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the
jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary, (ii)&nbsp;of the Company&#146;s Affiliates, other than
Subsidiaries, and (iii)&nbsp;of the Company&#146;s directors and senior officers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;All of the
outstanding shares of capital stock or similar equity interests of each Subsidiary shown in <B>Schedule</B><B></B><B>&nbsp;5.4</B> as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and are
owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in <B>Schedule</B><B></B><B>&nbsp;5.4</B>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Subsidiary identified in <B>Schedule</B><B></B><B>&nbsp;5.4</B> is a corporation or other
legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such
qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such
Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact except, in each case, as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;No Subsidiary is a party to, or otherwise subject to any legal, regulatory, contractual or other
restriction (other than this Agreement, the agreements listed on <B>Schedule</B><B></B><B>&nbsp;5.4</B> and customary limitations imposed by corporate or utility regulatory law or similar statutes) restricting the ability of such Subsidiary to pay
dividends out of profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary in an amount substantially
inconsistent with the past practice of such Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company is a <FONT
STYLE="white-space:nowrap">Wholly-Owned</FONT> Subsidiary of Unitil. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.5.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial Statements; Material Liabilities</I>. The Company
has delivered to each Purchaser copies of the consolidated financial statements of the Company and its Subsidiaries listed on <B>Schedule</B><B></B><B>&nbsp;5.5</B>. All of said consolidated financial statements (including in each case the related
schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash
flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to
normal <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments). The Company and its Subsidiaries do not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents except
liabilities, as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.6.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with Laws, Other Instruments, Etc</I>. The
execution, delivery and performance by the Company of this Agreement and the Notes will not (i)&nbsp;contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company
or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or <FONT STYLE="white-space:nowrap">by-laws,</FONT> members agreement or any other Material agreement or instrument to
which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or affected, (ii)&nbsp;conflict with or result in a breach of any of the terms, conditions or provisions of any
order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or (iii)&nbsp;violate any provision of any statute or other rule or regulation of any Governmental Authority applicable
to the Company or any Subsidiary except, in each case, as would not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.7.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Governmental Authorizations, Etc</I>. The Company is subject
to regulation by the NHPUC and the MPUC with respect to retail rates, adequacy of service, issuance of securities, accounting and other matters and to regulation by FERC under the Energy Policy Act of 2005 in regards to certain bookkeeping,
accounting and reporting requirements. The issuance and sale of the Notes have been authorized by an order of the NHPUC and an order of the MPUC, which orders have each become final and the applicable waiting or appeal periods (including any
extension thereof) have expired with no appeals filed during such periods. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or
performance </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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by the Company of this Agreement or the Notes other than the orders of the NHPUC and MPUC referenced above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.8.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Litigation; Observance of Agreements, Statutes and
Orders</I>. (a)&nbsp;Other than as described below and except as disclosed in the Disclosure Documents, there are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened against or affecting the
Company or any Subsidiary or any property of the Company or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Disclosure Documents, neither the Company
nor any Subsidiary is (i)&nbsp;in default under any term of any agreement or instrument to which it is a party or by which it is bound, (ii)&nbsp;in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental
Authority or (iii)&nbsp;in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including, without limitation Environmental Laws, the USA Patriot Act or any of the other laws and regulations that are referred
to in <B>Section</B><B></B><B>&nbsp;5.16</B>), in each case which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.9.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Taxes</I>. The Company and its Subsidiaries have filed all
income, franchise and other Material tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties,
assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i)&nbsp;the amount of which is not individually or in the aggregate
Material or (ii)&nbsp;the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves
in accordance with GAAP. The Company knows of no basis for any other tax or assessment that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the
Company and its Subsidiaries in respect of income taxes for all fiscal periods are recognized in accordance with GAAP, and, except as disclosed in the Disclosure Documents, the Company knows of no Material unpaid assessment for additional income
taxes for any fiscal period or any reasonable basis therefor. As of the date of this Agreement, the federal income tax liabilities of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute
of limitations having run) for all fiscal years up to and including the fiscal year ended December&nbsp;31, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.10.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Title to Property; Leases</I>. The Company and its
Subsidiaries have good and sufficient title to their respective properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in
<B>Section</B><B></B><B>&nbsp;5.5</B> or purported to have been acquired by the Company or any Subsidiary after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited
by this Agreement, except for those defects in title and Liens that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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Effect. All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.11.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Licenses, Permits, Etc</I>. (a)&nbsp;The Company and its
Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known
conflict with the rights of others, except in each case for such lack or ownership or possession or for those conflicts that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;To the knowledge of the Company, there is no Material violation by any Person of any right of the
Company or any of its Subsidiaries with respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Company or any of its Subsidiaries that would reasonably be expected to have a
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.12.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with ERISA</I>. (a)
The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a Material
Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title&nbsp;I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section&nbsp;3 of
ERISA), and no event, transaction or condition has occurred or exists that would, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition
of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title&nbsp;I or IV of ERISA to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or
federal law or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;None of the Plans that are subject to the minimum funding requirements of section&nbsp;412 of the
Code or section 302 of ERISA, nor any trust established thereunder, have incurred any &#147;accumulated funding deficiency&#148; or &#147;liquidity shortfall&#148; (as those terms are defined in section&nbsp;302 of ERISA or section 412 of the Code),
whether or not waived. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company and its ERISA Affiliates have not incurred withdrawal
liabilities (and are not subject to contingent withdrawal liabilities) under section&nbsp;4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The postretirement benefit obligations (determined as of the last day of the Company&#146;s most
recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic <FONT STYLE="white-space:nowrap">715-60,</FONT> without regard to liabilities attributable to continuation coverage mandated
by section 4980B of the Code) of the Company and its Subsidiaries have been determined in accordance with GAAP and are reflected in footnote&nbsp;7 of the Company&#146;s audited financial statements for its most recently ended fiscal year. </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will
not involve any transaction that is subject to the prohibitions of section&nbsp;406 of ERISA or in connection with which a tax could be imposed pursuant to section&nbsp;4975(c)(1)(A)&#150;(D) of the Code. The representation by the Company to each
Purchaser in the first sentence of this <B>Section</B><B></B><B>&nbsp;5.12(e)</B> is made in reliance upon and subject to the accuracy of such Purchaser&#146;s representation in <B>Section</B><B></B><B>&nbsp;6.2</B> as to the sources of the funds
used to pay the purchase price of the Notes to be purchased by such Purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company and
its Subsidiaries do not have any <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.13.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Private Offering by the Company</I>. Neither the Company nor
anyone acting on its behalf has offered the Notes or any similar securities for sale to, solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not
more than fifteen (15)&nbsp;other Institutional Investors, each of which has been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the
issuance or sale of the Notes to the registration requirements of section&nbsp;5 of the Securities Act. The representation and warranty by the Company to each Purchaser in the second sentence of this <B>Section</B><B></B><B>&nbsp;5.13</B> is made in
reliance upon and subject to the accuracy of the Purchasers&#146; representations in <B>Section</B><B></B><B>&nbsp;6.1</B> and <B>Section</B><B></B><B>&nbsp;6.4</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.14.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Use of Proceeds; Margin Regulations</I>. The Company will
apply the proceeds of the sale of the Notes to refinance existing short-term debt and/or for general corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or
carrying any margin stock within the meaning of Regulation&nbsp;U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the
Company in a violation of Regulation&nbsp;X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation&nbsp;T of said Board (12 CFR 220). The Company does not own or carry any margin stock. As used in this Section,
the terms <I>&#147;margin stock&#148;</I> and <I>&#147;purpose of buying or carrying&#148;</I> shall have the meanings assigned to them in said Regulation U. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.15.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Existing Indebtedness; Future Liens.</I> (a)&nbsp;Except as
described therein, <B>Schedule</B><B></B><B>&nbsp;5.15</B> sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of June&nbsp;30, 2020 (including a description of the obligors and obligees,
principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of
the Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary and no event or
condition exists with respect to any Indebtedness of the Company or any Subsidiary with an outstanding principal amount in excess of $1,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons
to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any Subsidiary has agreed or consented to cause or permit in the future
(upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by <B>Section</B><B></B><B>&nbsp;10.2</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in <B>Schedule 5.15</B>, neither the Company nor any Subsidiary is a party to,
or otherwise subject to any provision contained in, any instrument evidencing Funded Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other
organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Funded Indebtedness of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.16.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Foreign Assets Control Regulations, Etc</I>.
(a)&nbsp;Neither the Company nor any Controlled Entity (i)&nbsp;is a Blocked Person, (ii)&nbsp;has been notified that its name appears or may in the future appear on a State Sanctions List or (iii)&nbsp;is a target of sanctions that have been
imposed by the United Nations or the European Union. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any Controlled
Entity (i)&nbsp;has violated, been found in violation of, or been charged or convicted under, any applicable U.S. Economic Sanctions Laws, <FONT STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws or
<FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws or (ii)&nbsp;to the Company&#146;s knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, <FONT
STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws or <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;No part of the proceeds from the sale of the Notes hereunder: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;constitutes or will constitute funds obtained on behalf of any Blocked Person or
will otherwise be used by the Company or any Controlled Entity, directly or indirectly, (A)&nbsp;in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B)&nbsp;for any purpose that would cause any Purchaser
to be in violation of any U.S. Economic Sanctions Laws or (C)&nbsp;otherwise in violation of any U.S. Economic Sanctions Laws; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;will be used, directly or indirectly, in violation of, or cause any Purchaser to
be in violation of, any applicable <FONT STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;will be used, directly or indirectly, for the purpose of making any improper
payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in
violation of, any applicable <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The
Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable
U.S. Economic Sanctions Laws, <FONT STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws and <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-10- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.17.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Status under Certain Statutes</I>. Neither the Company nor
any Subsidiary is subject to regulation under the Investment Company Act of 1940, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended. The Company is subject to regulation under the Public Utility Holding
Company Act of 2005, as amended, and the Energy Policy Act of 2005, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.18.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Environmental Matters</I>. (a)&nbsp;Except as disclosed in
the Disclosure Documents, neither the Company nor any Subsidiary has knowledge of any claim or has received any notice of any claim, and no proceeding has been instituted raising any claim against the Company or any of its Subsidiaries or any of
their respective real properties now or formerly owned, leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected
to result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Disclosure Documents, all
buildings on all real properties now owned, leased or operated by the Company or any Subsidiary are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse
Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.19.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Notes Rank Pari Passu.</I> The obligations of
the Company under this Agreement and the Notes rank <I>pari passu</I> in right of payment with all other senior unsecured Funded Indebtedness (actual or contingent) of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.20.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Solvency and Consideration.</I> On the date of Closing,
after giving effect to the issue and sale of the Notes and the application of the proceeds as contemplated by <B>Section</B><B>&nbsp;5.14 </B>hereof, the Company is solvent, has capital not unreasonably small in relation to its business or any
contemplated or undertaken transaction and has assets having a value both at fair valuation and a present fair salable value greater than the amount required to pay its debts as they become due and greater than the amount that will be required to
pay its probable liability on its existing debts as they become due and matured. The Company does not intend to incur, nor does it believe, nor should it believe that it will incur, debts beyond its ability to pay such debts as they become due. The
Company will not be rendered insolvent by the execution, delivery and performance of its obligations under or in respect of the Notes or this Agreement. The Company does not intend to hinder, delay or defraud its creditors by or through the
execution, delivery or performance of its obligations under or in respect of the Notes or this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;6.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;6.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Purchase for Investment</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Purchaser severally represents and warrants that it (i)&nbsp;is an institutional
&#147;accredited investor&#148; as defined in Rule 501(a)(1), (2), (3), or (7)&nbsp;under the Securities Act, (ii)&nbsp;is not an &#147;underwriter&#148; as defined in section 2(a)(11) of the Securities Act, and (iii)&nbsp;is purchasing the Notes
for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-11- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
with a view to the distribution thereof, <I>provided</I> that the disposition of such Purchaser&#146;s or their property shall at all times be within such Purchaser&#146;s or their control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Purchaser understands that the Notes have not been registered under the Securities Act and
may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the
Company is not required to and does not intend to register the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Purchaser
understands that the Notes will bear a legend, prominently stamped or printed thereon, reading substantially as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE
SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;6.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Source of Funds</I>. Each Purchaser severally represents and
warrants that at least one of the following statements is an accurate representation as to each source of funds (a <I>&#147;Source&#148;</I>) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser
hereunder: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the Source is an &#147;insurance company general account&#148; (as
the term is defined in the United States Department of Labor&#146;s Prohibited Transaction Exemption (<I>&#147;PTE&#148;</I>) <FONT STYLE="white-space:nowrap">95-60)</FONT> in respect of which the reserves and liabilities (as defined by the annual
statement for life insurance companies approved by the NAIC (the <I>&#147;NAIC Annual Statement&#148;</I>)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and
liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE <FONT STYLE="white-space:nowrap">95-60)</FONT> or by the same employee
organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser&#146;s
state of domicile; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;the Source is a separate account that is maintained
solely in connection with such Purchaser&#146;s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or
beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-12- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;the Source is either (i)&nbsp;an insurance company pooled separate account, within
the meaning of PTE <FONT STYLE="white-space:nowrap">90-1</FONT> or (ii)&nbsp;a bank collective investment fund, within the meaning of the PTE <FONT STYLE="white-space:nowrap">91-38</FONT> and, except as disclosed by such Purchaser to the Company in
writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment
fund; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;the Source constitutes assets of an &#147;investment fund&#148;
(within the meaning of Part&nbsp;VI of PTE <FONT STYLE="white-space:nowrap">84-14</FONT> (the <I>&#147;QPAM Exemption&#148;</I>)) managed by a &#147;qualified professional asset manager&#148; or &#147;QPAM&#148; (within the meaning of Part&nbsp;VI
of the QPAM Exemption), no employee benefit plan&#146;s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate
(within the meaning of Part&nbsp;VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and
(g)&nbsp;of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be &#147;related&#148; within the meaning
of Part VI(h) of the QPAM Exemption and (i)&nbsp;the identity of such QPAM and (ii)&nbsp;the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or
maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to
the Company in writing pursuant to this clause (d); or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;the Source constitutes
assets of a &#147;plan(s)&#148; (within the meaning of Part IV(h) of PTE <FONT STYLE="white-space:nowrap">96-23</FONT> (the <I>&#147;INHAM Exemption&#148;</I>)) managed by an <FONT STYLE="white-space:nowrap">&#147;in-house</FONT> asset manager&#148;
or &#147;INHAM&#148; (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h)&nbsp;of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the
definition of &#147;control&#148; in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Company and (i)&nbsp;the identity of such INHAM and (ii)&nbsp;the name(s) of the employee benefit plan(s) whose assets constitute the
Source have been disclosed to the Company in writing pursuant to this clause (e); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;the Source is a governmental plan; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;the Source is one or more employee benefit plans, or a separate account or trust
fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;the Source does not include assets of any employee benefit plan, other than a plan
exempt from the coverage of ERISA. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-13- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As used in this <B>Section</B><B></B><B>&nbsp;6.2</B>, the terms &#147;employee benefit plan,&#148; &#147;governmental plan,&#148; and
&#147;separate account&#148; shall have the respective meanings assigned to such terms in section&nbsp;3 of ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;6.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Binding Effect.</I> Each Purchaser severally represents and
warrants that this Agreement has been duly executed and delivered by it and this Agreement constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;6.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Access to Information; Knowledge and Experience. </I>Each
Purchaser severally represents and warrants that it (i)&nbsp;has been furnished with or has had access to the information requested from the Company, (ii)&nbsp;has had an opportunity to discuss with management of the Company the business and
financial affairs of the Company and (iii)&nbsp;has such knowledge and experience in business and financial matters and with respect to investments in securities similar to the Notes that it is capable of evaluating the risks and merits of this
investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I<SMALL>NFORMATION</SMALL> <SMALL>AS</SMALL> <SMALL>TO</SMALL>
C<SMALL>OMPANY</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;7.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial and Business
Information</I>. From the date of the Closing and thereafter, so long as any of the Notes are outstanding, the Company shall deliver to holder of Notes that is an Institutional Investor: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Statements &#151; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;within 90 days after the end of each quarterly fiscal period in each fiscal year
of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;an unaudited consolidated balance sheet of the Company and its Subsidiaries as at
the end of such quarter, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;unaudited consolidated statements of income,
changes in shareholders&#146; equity and cash flows of the Company and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;within 90 days after the end of each quarterly fiscal period in each fiscal year
of Unitil (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;an unaudited consolidated balance sheet of Unitil and its Subsidiaries as at the
end of such quarter, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;unaudited consolidated statements of income, changes
in shareholders&#146; equity and cash flows of Unitil and its Subsidiaries, for such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-14- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in
reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being
reported on and their results of operations and cash flows, subject to changes resulting from <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments, <I>provided</I> that delivery within the time period specified above of copies of
Unitil&#146;s Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> (the <I>&#147;Form</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;10-Q&#148;</FONT></I>) prepared in material compliance with the requirements therefor and
filed with the SEC shall be deemed to satisfy the requirements of <B>Section</B><B></B><B>&nbsp;7.1(a)(ii)</B>, <I>provided, further,</I> that the Company shall be deemed to have made such delivery of such
<FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> if Unitil shall have timely made such <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> available on EDGAR or on its home page on the worldwide web (at the date of this Agreement located at
http://www.unitil.com) (such availability being referred to as <I>&#147;Electronic Delivery&#148;</I>); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Annual Statements &#151; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;within 120 days after the end of each fiscal year of the Company, duplicate copies of </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;a consolidated balance sheet of the Company and its Subsidiaries as at the end of
such year, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;consolidated statements of income, changes in
shareholders&#146; equity and cash flows of the Company and its Subsidiaries for such year; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;within 120 days after the end of each fiscal year of Unitil, duplicate copies of </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;a consolidated balance sheet of Unitil and its Subsidiaries as at the end of such
year, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;consolidated statements of income, changes in shareholders&#146;
equity and cash flows of Unitil and its Subsidiaries for such year, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">setting forth in each case above in
<B>Section</B><B></B><B>&nbsp;7.1(b)(i)</B> and <B>Section</B><B></B><B>&nbsp;7.1(b)(ii)</B> in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by a report
thereon of independent public accountants of recognized national standing, to the effect that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of
operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such
audit provides a reasonable basis for such report in the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-15- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
circumstances, <I>provided</I> that the delivery within the time period specified above of Unitil&#146;s <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> (the <I>&#147;Form <FONT
STYLE="white-space:nowrap">10-K&#148;</FONT></I>) for such fiscal year (together with Unitil&#146;s annual report to shareholders, if any, prepared pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-3</FONT> under the Exchange Act) prepared
in material compliance with the requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of <B>Section</B><B></B><B>&nbsp;7.1(b)(ii)</B>, <I>provided, further,</I> that the Company shall be deemed to have made such
delivery of such <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> if Unitil shall have timely made Electronic Delivery thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>SEC and Other Reports</I> &#151; promptly upon their becoming available, one
copy of (i)&nbsp;each proxy statement, financial statement, or report sent by the Company, Unitil or any Subsidiary to its public securities holders generally, and (ii)&nbsp;each regular or periodic report, each registration statement (without
exhibits), and each prospectus and all amendments thereto filed by the Company, Unitil or any Subsidiary with the SEC; <I>provided</I> that copies of any such documents required to be delivered pursuant to this clause&nbsp;(c) may be delivered by
Electronic Delivery; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Notice of Default or Event of Default</I> &#151;
promptly, and in any event within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or
that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in <B>Section</B><B></B><B>&nbsp;11(e)</B>, a written notice specifying the nature and period of existence thereof and what action the
Company is taking or proposes to take with respect thereto; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Material
Adverse Events</I> &#151; promptly upon the occurrence thereof, notice of any event, circumstance or condition which would reasonably be expected to materially and adversely affect the ability of the Company to perform its obligations under this
Agreement and the Notes; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;<I>Requested Information</I> &#151; with
reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company, Unitil or any of their respective Subsidiaries (including, but without limitation, actual
copies of Unitil&#146;s <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> and <FONT STYLE="white-space:nowrap">Form&nbsp;10-K)</FONT> or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from
time to time may be reasonably requested by any such holder of a Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;7.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Officer&#146;s Certificate</I>. Each set of financial
statements delivered to a holder of a Note pursuant to <B>Section</B><B></B><B>&nbsp;7.1(a)</B> or <B>Section</B><B></B><B>&nbsp;7.1(b)</B> shall be accompanied by a certificate of a Senior Financial Officer setting forth: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Covenant Compliance</I> &#151; the information (including detailed calculations)
required in order to establish whether the Company was in compliance with the requirements of <B>Sections</B><B></B><B>&nbsp;10.1 </B>(to the extent Funded Indebtedness is incurred during the period covered by such certificate)<B> </B>and<B>
10.5</B>, during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may
be, permissible under the terms of such Sections, and the calculation of the amount, ratio or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-16- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
percentage then in existence). In the event that the Company or any Subsidiary has made an election to measure any financial liability using fair value (which election is being disregarded for
purposes of determining compliance with this Agreement pursuant to <B>Section</B><B></B><B>&nbsp;22.2</B>) as to the period covered by any such financial statement, such Senior Financial Officer&#146;s certificate as to such period shall include a
reconciliation from GAAP with respect to such election; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Event of
Default</I> &#151; a statement that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its
Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event
that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including, without limitation, any such event or condition resulting from the failure of the Company or any Subsidiary to comply with any
Environmental Law), specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;7.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Visitation</I>. The Company shall permit the representatives
of each holder of a Note that is an Institutional Investor: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Default</I>
&#151; if no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company
and its Subsidiaries with the Company&#146;s officers, and (with the consent of the Company, which consent will not be unreasonably withheld) its independent public accountants, and (with the consent of the Company, which consent will not be
unreasonably withheld) to visit the other offices and properties of the Company and each Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Default</I> &#151; if a Default or Event of Default then exists, at the expense
of the Company to visit and inspect any of the offices or properties of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their
respective affairs, finances and accounts with their respective officers and (with the consent of the Company, which consent will not be unreasonably withheld) independent public accountants, all at such times and as often as may be requested. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each holder of the Notes agrees to keep confidential any Confidential Information received as a result of the rights granted in this
<B>Section</B><B></B><B>&nbsp;7</B> in the manner provided in <B>Section</B><B></B><B>&nbsp;20</B>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-17- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P<SMALL>AYMENT</SMALL> <SMALL>AND</SMALL> P<SMALL>REPAYMENT</SMALL>
<SMALL>OF</SMALL> <SMALL>THE</SMALL> N<SMALL>OTES</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Maturity</I>. As provided therein, the entire unpaid
principal balance of each Note shall be due and payable on the Maturity Date thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Optional Prepayments</I>. Prior to May&nbsp;15, 2040, the
Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes (but if in part then in a minimum aggregate principal amount of $100,000), at 100% of the principal amount so prepaid,
together with interest accrued thereon to the date of such prepayment, <I>plus</I> the Make-Whole Amount determined for the prepayment date with respect to such principal amount. On and after May&nbsp;15, 2040, the Company may, at its option, upon
notice as provided below, prepay at any time all the Notes, at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, but without payment of the Make-Whole Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company will give each holder of Notes written notice of each optional prepayment under this
<B>Section</B><B></B><B>&nbsp;8.2</B> not less than 15 days and not more than 45&nbsp;days prior to the date fixed for such prepayment unless the Company and the Required Holders agree to another time period pursuant to
<B>Section</B><B></B><B>&nbsp;17</B>. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be
prepaid (determined in accordance with <B>Section</B><B></B><B>&nbsp;8.3</B>), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial
Officer as to the estimated Make-Whole Amount, if any, due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such
prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, if any, as of the specified prepayment date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Allocation of Partial Prepayments</I>. In the case of each
partial prepayment of the Notes pursuant to <B>Section</B><B></B><B>&nbsp;8.1 </B>or<B> Section</B><B></B><B>&nbsp;8.2</B>, the aggregate principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding
in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Maturity; Surrender, Etc</I>.<I> </I>In the case of each
optional prepayment of Notes pursuant to this <B>Section</B><B></B><B>&nbsp;8</B>, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day),
together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the
interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued
in lieu of any prepaid principal amount of any Note. </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.5.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Purchase of Notes</I>. The Company will not and will not
permit any Affiliate Controlled by the Company to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a)&nbsp;upon the payment or prepayment of the Notes in accordance with the terms of this
Agreement and the Notes or (b)&nbsp;pursuant to a written offer to purchase a specified principal amount of Notes made by the Company or an Affiliate Controlled by the Company pro rata to the holders of all Notes at the time outstanding upon the
same terms and conditions. Any such offer shall provide each holder of Notes with reasonably sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least 20&nbsp;Business Days. If
the holders of more than 25% of the principal amount of the Notes then outstanding accept such offer, the Company shall promptly notify the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such offer
shall be extended by the number of days necessary to give each such remaining holder at least ten Business Days from its receipt of such notice to accept such offer. The Company will promptly cancel all Notes acquired by it or any Affiliate
Controlled by the Company pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.6.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Make-Whole Amount</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Make</I><I><FONT STYLE="white-space:nowrap">-Whole</FONT> Amount&#148;</I> means, with respect to any Note, an amount
equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, <I>provided</I> that the
<FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount may in no event be less than zero. For the purposes of determining the <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, the following terms have the following meanings: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Called Principal&#148;</I> means, with respect to any Note, the principal of such Note that is to be prepaid pursuant
to <B>Section</B><B></B><B>&nbsp;8.2</B> or has become or is declared to be immediately due and payable pursuant to <B>Section</B><B></B><B>&nbsp;12.1</B>, as the context requires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Discounted Value&#148;</I> means, with respect to the Called Principal of any Note, the amount obtained by
discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a
discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Reinvestment Yield&#148;</I> means, with respect to the Called Principal of any Note, 0.50% over the yield to
maturity implied by the yield(s) reported as of 10:00 a.m. (New&nbsp;York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as &#147;Page PX1&#148; (or such other
display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">on-the-run</FONT></FONT> U.S. Treasury securities
<B>(</B><I>&#147;Reported&#148;</I><B>)</B> having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining
Average Life, then such implied yield to maturity will be determined by (a)&nbsp;converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b)&nbsp;interpolating linearly between the
</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
yields Reported for the applicable most recently issued actively traded <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">on-the-run</FONT></FONT> U.S. Treasury securities with
the maturities (1)&nbsp;closest to and greater than such Remaining Average Life and (2)&nbsp;closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest
rate of the applicable Note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If such yields are not Reported or the yields Reported as of such time are not ascertainable
(including by way of interpolation), then <I>&#147;Reinvestment Yield&#148;</I> means, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest
day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S.
Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied
yield to maturity will be determined by interpolating linearly between (1)&nbsp;the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2)&nbsp;the U.S. Treasury constant maturity so
reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Remaining Average Life&#148;</I> means, with respect to any Called Principal, the number of years obtained by
dividing (i)&nbsp;such Called Principal into (ii)&nbsp;the sum of the products obtained by multiplying (a)&nbsp;the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b)&nbsp;the number of years,
computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year composed of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months and calculated to two decimal places, that will elapse between the Settlement Date with respect
to such Called Principal and the scheduled due date of such Remaining Scheduled Payment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Remaining Scheduled
Payments&#148;</I> means, with respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called
Principal were made prior to its scheduled due date, <I>provided</I> that if such Settlement Date is not a date on which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be
reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to <B>Section</B><B></B><B>&nbsp;8.2</B> or <B>Section</B><B></B><B>&nbsp;12.1</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Settlement Date&#148;</I> means, with respect to the Called Principal of any Note, the date on which such Called
Principal is to be prepaid pursuant to <B>Section</B><B></B><B>&nbsp;8.2</B> or has become or is declared to be immediately due and payable pursuant to <B>Section</B><B></B><B>&nbsp;12.1</B>, as the context requires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.7.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Payments Due on
Non</I><I><FONT STYLE="white-space:nowrap">-Business</FONT> Days.</I> Anything in this Agreement or the Notes to the contrary notwithstanding, (x)&nbsp;except as set forth in clause&nbsp;(y), any payment of interest on any Note that is due on a date
that is not a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (y)&nbsp;any payment of principal of or
</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
<FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount on any Note (including principal due on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on
the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A<SMALL>FFIRMATIVE</SMALL> C<SMALL>OVENANTS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company covenants that so long as any of the Notes are outstanding: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with Law</I>. Without limiting
<B>Section</B><B></B><B>&nbsp;10.7</B>, the Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA,
Environmental Laws, the USA Patriot Act and the other laws and regulations that are referred to in <B>Section</B><B></B><B>&nbsp;5.16</B>, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental
authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that <FONT STYLE="white-space:nowrap">non-compliance</FONT> with such laws,
ordinances or governmental rules or regulations or the failure to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Insurance.</I> The
Company will insure and keep insured, and will cause every Subsidiary to insure and keep insured, to a reasonable amount with reputable insurance companies, so much of their respective properties as companies engaged in a similar business and to the
extent such companies in accordance with good business practice customarily insure properties of a similar character against loss by fire and from other causes or, in lieu thereof, in the case of itself or its Subsidiaries, the Company will maintain
or cause to be maintained a system or systems of self-insurance which will accord with the approved practices of companies owning or operating properties of a similar character and maintaining such systems, and of a size similar to that of the
Company and its direct and indirect Subsidiaries on a consolidated basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Maintenance of Properties</I>. The Company will, and will
cause each of its Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection
therewith may be properly conducted at all times, <I>provided</I> that this Section shall not prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in
the conduct of its business and the Company has concluded that such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment of Taxes and Claims</I>. The Company will, and will
cause each of its Subsidiaries to, file all income tax or similar tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental
charges, or levies imposed on them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that
</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
have or might become a Lien on properties or assets of the Company or any Subsidiary, <I>provided</I> that neither the Company nor any Subsidiary need file any such return or pay any such tax,
assessment, charge, levy or claim if (i)&nbsp;the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has
established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (ii)&nbsp;the <FONT STYLE="white-space:nowrap">non-filing</FONT> of any such return or the nonpayment of all such taxes, assessments,
charges, levies and claims would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.5.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Corporate Existence, Etc.; Ownership of Subsidiaries</I>.
(a)&nbsp;Subject to <B>Section</B><B></B><B>&nbsp;10.4(ii)</B> the Company will at all times preserve and keep in full force and effect its corporate existence. Subject to <B>Section</B><B></B><B>&nbsp;10.4</B>, the Company will at all times
preserve and keep in full force and effect the legal existence of each of its Subsidiaries (unless merged into the Company or a Wholly-Owned Subsidiary) and all rights and franchises of the Company and its Subsidiaries unless, in the good faith
judgment of the Company, the termination of or failure to preserve and keep in full force and effect such legal existence, right or franchise would not, individually or in the aggregate, have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, except pursuant to an action or order by
a Governmental Authority, one hundred percent of all of the equity interests (except directors&#146; qualifying shares) and voting interests of the Company shall at all times be and remain owned (directly or indirectly) by Unitil. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.6.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Books and Records</I>. The Company will, and will cause each
of its Subsidiaries to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company or such Subsidiary, as the case may
be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.7.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Notes to Rank Pari Passu</I>. The Company will
ensure that its payment obligations under this Agreement and the Notes will at all times rank at least <I>pari passu</I>, without preference or priority, with all other senior unsecured Funded Indebtedness of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.8.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Guarantors</I>. (a)&nbsp;The Company will cause any Person
that guarantees or otherwise becomes liable at any time, whether as a borrower or an additional or <FONT STYLE="white-space:nowrap">co-borrower</FONT> or otherwise, for or in respect of any Indebtedness under any Material Credit Facility to
concurrently therewith: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;enter into an agreement in form and substance
satisfactory to the Required Holders providing for the guaranty by such Person, on a joint and several basis with all other such Persons, of (x)&nbsp;the prompt payment in full when due of all amounts payable by the Company pursuant to the Notes
(whether for principal, interest, <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount or otherwise) and this Agreement, including all indemnities, fees and expenses payable by the Company thereunder and (y)&nbsp;the prompt, full and faithful
performance, observance and discharge by the Company of each and every covenant, agreement, undertaking and </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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provision required pursuant to the Notes or this Agreement to be performed, observed or discharged by it (a &#147;<I>Guaranty Agreement&#148;</I>); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;deliver the following to each holder of a Note: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;an executed counterpart of such Guaranty; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;a certificate signed by an authorized responsible officer of such Person
containing representations and warranties on behalf of such Person to the same effect, <I>mutatis mutandis</I>, as those contained in <B>Sections 5.1</B>, <B>5.2</B>, <B>5.6</B>, and <B>5.7 </B>of this Agreement (but with respect to such Person and
such Guaranty rather than the Company); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;all documents as may be reasonably
requested by the Required Holders to evidence the due organization, continuing existence and, where applicable, good standing of such Person and the due authorization by all requisite action on the part of such Person of the execution and delivery
of such Guaranty and the performance by such Person of its obligations thereunder; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(D)&nbsp;&nbsp;&nbsp;&nbsp;an opinion of counsel reasonably satisfactory to the Required Holders covering
such matters relating to such Person and such Guaranty as the Required Holders may reasonably request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition to the
foregoing, if the Bank Credit Agreement shall contain (or be amended to contain) covenants, reporting obligations or events of default related to such Bank Guarantor, then the Company shall deliver an amendment to this Agreement to add similar
covenants, reporting obligations and events of default related to such Bank Guarantor for the benefit of the holders of the Notes, and until such time as such amendment is delivered, this Agreement shall be deemed, without any action on the part of
the parties hereto, to be amended to include such additional covenants, reporting obligations and events of default as if set forth herein in full. If the Bank Credit Agreement shall cease to contain such covenants, reporting obligations or events
of default related to such Bank Guarantor, then the Company and the holders of the Notes shall deliver an amendment to this Agreement to remove such similar covenants, reporting obligations and events of default related to such Bank Guarantor, and
until such time as such amendment is delivered, this Agreement shall be deemed, without any action on the part of the parties hereto, to be amended to exclude such covenants, reporting obligations and events of default as if set forth herein in
full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;At the election of the Company and by written notice to each holder of Notes, any
Guarantor that has provided a Guaranty under subparagraph (a)&nbsp;of this <B>Section</B><B></B><B>&nbsp;9.8</B> may be discharged from all of its obligations and liabilities under its Guaranty and shall be automatically released from its
obligations thereunder without the need for the execution or delivery of any other document by the holders, <I>provided</I> that (i)&nbsp;if such Guarantor is a guarantor or is otherwise liable for or in respect of any Material Credit Facility, then
such Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Guarantor under its Guaranty) under such Material Credit Facility, (ii)&nbsp;at the time of, and after giving effect
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-23- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
to, such release and discharge, no Default or Event of Default shall be existing, (iii)&nbsp;no amount is then due and payable under such Guaranty, (iv)&nbsp;if in connection with such Guarantor
being released and discharged under any Material Credit Facility, any fee or other form of consideration is given to any holder of Indebtedness under such Material Credit Facility for such release, the holders of the Notes shall receive equivalent
consideration substantially concurrently therewith, and (v)&nbsp;each holder shall have received a certificate of a Responsible Officer certifying as to the matters set forth in clauses&nbsp;(i)&nbsp;through (iv). In the event of any such release,
for purposes of <B>Section</B><B></B><B>&nbsp;10.1</B>, all Indebtedness of such Subsidiary shall be deemed to have been incurred concurrently with such release. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N<SMALL>EGATIVE</SMALL> C<SMALL>OVENANTS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company covenants that so long as any of the Notes are outstanding: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;10.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitation on Funded Indebtedness.</I> (a)&nbsp;The Company
will not, and will not permit any Subsidiary to create, incur, assume or otherwise become liable for any Funded Indebtedness other than: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Funded Indebtedness evidenced by the Notes; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Funded Indebtedness of the Company or any Subsidiary outstanding as of the Closing
and reflected in <B>Schedule</B><B></B><B>&nbsp;10.1</B>; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;additional
Funded Indebtedness, so long as the aggregate outstanding principal amount of such Funded Indebtedness, after giving effect to the application of the proceeds thereof (subject to the proviso set forth hereafter) and when added to all other Funded
Indebtedness of the Company and its Subsidiaries (determined on a consolidated basis) then outstanding, does not exceed 65% of the Total Capitalization; <I>provided,</I> that in giving effect to the application of such proceeds, only applications
which are substantially contemporaneous with the incurrence of such additional Funded Indebtedness shall be given such effect, except that if the application of such proceeds involves the redemption of other securities of the Company, and such
redemption cannot be made substantially contemporaneously with the incurrence of such additional Funded Indebtedness, then such intended redemption shall nevertheless be given effect for purposes hereof if either (1)&nbsp;the Company shall have
given irrevocable written notice of redemption of such other securities to the holders thereof at or prior to the time of the incurrence of such additional Funded Indebtedness and such redemption is thereafter made in accordance with the terms of
such notice, or (2)&nbsp;if such notice was not permitted to be given at or prior to the time of the incurrence of such additional Funded Indebtedness and the redemption will occur within 180 days after such incurrence, then (A)&nbsp;the proceeds of
such Funded Indebtedness to be used for such redemption shall have been set aside in an escrow or trust account with a United States bank or other financial institution having capital and surplus of at least $35,000,000, together with written
instructions to the escrow agent or trustee to send notice of redemption of such securities provided by the Company to the holders thereof in accordance with the terms of such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-24- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
securities and thereafter to use such proceeds for such redemption in accordance with the terms of such notice, such escrow or trust account to also provide (x)&nbsp;that the funds set aside
therein are not to be released to or for the benefit of the Company except for the purpose of accomplishing the redemption contemplated thereby, or with the prior written consent of all holders of Notes then outstanding, and (y)&nbsp;that if the
funds set aside therein are invested in securities by such bank or financial institution, they shall be invested only in direct obligations of the United States of America maturing in not more than 180 days, and (B)&nbsp;unless otherwise agreed to
in writing by all of the holders of Notes then outstanding, the redemption to be funded from such escrow or trust account is actually made in accordance with the terms under which such escrow or trust account is established. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;In addition to the limitations contained in <B>Section</B><B></B><B>&nbsp;10.1(a)</B>, no
Subsidiary shall create, incur, assume or become liable for, or have outstanding any Funded Indebtedness if, after giving effect thereto and to any concurrent transaction, the aggregate amount of all Funded Indebtedness of all Subsidiaries would
exceed 20% of Total Shareholders&#146; Equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this
<B>Section</B><B></B><B>&nbsp;10.1</B>, any Person becoming a Subsidiary after the date hereof shall be deemed, at the time it becomes a Subsidiary, to have incurred all of its then outstanding Indebtedness, and any Person extending, renewing or
refunding any Indebtedness shall be deemed to have incurred such Indebtedness at the time of such extension, renewal or refunding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;10.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitation on Liens.</I> Except as hereinafter in this
Section expressly permitted, the Company will not at any time, nor will it permit any Subsidiary to, directly or indirectly, create, assume or suffer to exist, except in favor of the Company or any Subsidiary, any Lien upon any of its properties or
assets, real or personal, whether now owned or hereafter acquired, or of or upon any income or profits therefrom, without making effective provision, and the Company covenants that in any such case it will make or cause to be made effective
provision, whereby the Notes then outstanding shall be secured by such Lien equally and ratably with any and all other Indebtedness to be secured thereby pursuant to documentation reasonably acceptable to the Required Holders in substance and in
form, including, without limitation, an intercreditor agreement and opinions of counsel to the Company and/or any such Subsidiary, as the case may be, from counsel that is reasonably acceptable to the Required Holders, so long as any such other
Indebtedness shall be so secured. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Nothing in this Section shall be construed to prevent the Company or a Subsidiary from
creating, assuming or suffering to exist, and the Company and its Subsidiaries are hereby expressly permitted to create, assume or suffer to exist, without securing the Notes as hereinabove provided, Liens of the following character: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;any purchase money mortgage or other Lien existing on any property of the Company
or a Subsidiary at the time of acquisition, whether or not assumed, or created contemporaneously with the acquisition or construction of property, to secure or provide for the payment of the purchase or construction price of such property, and any
conditional sales agreement or other title retention agreement with respect to any property </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-25- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
hereafter acquired; <I>provided, however,</I> that (i)&nbsp;the aggregate principal amount of the Indebtedness secured by all such mortgages and other Liens on a particular parcel of property
shall not exceed 100%<I> </I>of the lesser of the total cost or fair market value at the time of the acquisition or construction of such property, including the improvements thereon (as determined in good faith by the Board of Directors of the
Company or the relevant Subsidiary) and (ii)&nbsp;all such Indebtedness shall have been incurred within the applicable limitations provided in <B>Section</B><B></B><B>&nbsp;10.1</B>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;refundings or extensions of any Lien permitted by this
<B>Section</B><B></B><B>&nbsp;10.2</B> for amounts not exceeding the principal amount of the Indebtedness so refunded or extended at the time of the refunding or extension thereof, and covering only the same property theretofore securing the same;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;deposits, Liens or pledges to enable the Company or a Subsidiary to exercise
any privilege or license, or to secure payment of worker&#146;s compensation, unemployment insurance, old age pensions or other social security, or to secure the performance of bids, tenders, contracts or leases to which the Company or a Subsidiary
is a party, or to secure public or statutory obligations of the Company or a Subsidiary, or to secure surety, stay or appeal bonds to which the Company or a Subsidiary is a party; or other similar deposits or pledges made in the ordinary course of
business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;mechanics&#146;, workmen&#146;s, repairmen&#146;s,
materialmen&#146;s or carrier&#146;s liens or other similar Liens arising in the ordinary course of business; or deposits or pledges to obtain the release of any such Liens; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Liens arising out of judgments or awards against the Company or a Subsidiary
(i)&nbsp;which judgments or awards are discharged by the Company within 60 days after entry thereof (or such shorter period of time in which a judgment creditor may execute upon any such judgment or award); (ii) with respect to which the Company or
a Subsidiary shall in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution pending such appeal or proceeding for review shall have been secured; or (iii)&nbsp;Liens incurred by the Company or a
Subsidiary for the purpose of obtaining a stay or discharge in the course of any legal proceeding to which the Company or a Subsidiary is a party; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;Liens for taxes (i)&nbsp;not yet subject to penalties for <FONT
STYLE="white-space:nowrap">non-payment</FONT> or (ii)&nbsp;being contested, <I>provided,</I> payment thereof is not required by <B>Section</B><B></B><B>&nbsp;9.4</B>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;minor survey exceptions, or minor encumbrances, easements or reservations of, or
rights of others for, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties, which encumbrances, easements, reservations, rights and
restrictions do not in the aggregate Materially detract from the value of said properties or Materially impair their use in the operation of the business of the Company or a Subsidiary; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-26- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;Liens incurred in connection with the lease of conversion burners and water heaters
to customers; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Liens on property acquired through the merger or consolidation
of another utility company with or into, or the purchase of all or substantially all of the assets of another utility company by, the Company or a Subsidiary, <I>provided</I> that such Lien does not extend to other property of the Company or a
Subsidiary; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;pledges, assignments and other security devices entered into in
connection with the financing or refinancing of customers&#146; conditional sales contracts; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Indebtedness incurred in connection with the purchase and sale of
gas and/or energy supply (including transportation or transmission charges) or Guaranties in respect of obligations under such contracts; <I>provided that</I>, such Liens attach solely to such gas or energy supply; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;contractual rights of the Company and its Subsidiaries in connection with funds
contributed and borrowed under the Cash Pooling and Loan Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;Liens
existing on the date hereof and not reflected on <B>Schedule</B><B></B><B>&nbsp;10.2</B> hereto and Liens created or incurred after the date of Closing, in addition to those otherwise permitted by this <B>Section</B><B></B><B>&nbsp;10.2</B>,
securing Indebtedness (other than Indebtedness in respect of the principal credit facilities of the Company and its Subsidiaries (including any Bank Credit Agreement) or any Indebtedness outstanding under or pursuant to any private placement
document pursuant to which the Company or any Subsidiary has issued senior notes, in each case, whether now existing or existing in the future) which does not exceed in the aggregate $10,000,000 at any one time outstanding; <I>provided</I> that all
such Indebtedness shall have been incurred within the applicable limitations provided in <B>Section</B><B></B><B>&nbsp;10.1</B>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;Liens existing on the date hereof and listed on
<B>Schedule</B><B></B><B>&nbsp;10.2</B> hereto; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(o)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing
Indebtedness issued to finance or refinance the Company&#146;s operation center buildings in New Hampshire and/or Maine or any property acquired in replacement thereof which do not at any time exceed an aggregate principal amount of $25,000,000.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If at any time the Company or a Subsidiary shall create or assume any Lien not permitted by this Section, to which the
covenant to secure the Notes in the first paragraph of this <B>Section</B><B></B><B>&nbsp;10.2</B> is applicable, the Company will promptly deliver to each holder of record of the Notes then outstanding: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;an Officers&#146; Certificate stating that the covenant of the Company contained in
the first paragraph of this <B>Section</B><B></B><B>&nbsp;10.2</B> has been complied with; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-27- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(y)&nbsp;&nbsp;&nbsp;&nbsp;an opinion of counsel addressed to such holders to the effect that such covenant has
been complied with, and that any instruments executed by the Company in the performance of such covenant comply with the requirements of such covenant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;10.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Transactions with Affiliates</I>. Except as described in the
Disclosure Documents prior to Closing, the Company will not and will not permit any Subsidiary to enter into directly or indirectly any transaction or group of related transactions (including without limitation the purchase, lease, sale or exchange
of properties of any kind or the rendering of any service) with any Affiliate (other than the Company or another Subsidiary or Unitil or another Subsidiary of Unitil), except in the ordinary course and pursuant to the reasonable requirements of the
Company&#146;s or such Subsidiary&#146;s business and upon fair and reasonable terms no less favorable to the Company or such Subsidiary than would be obtainable in a comparable <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction
with a Person not an Affiliate, except as may be necessary in order for the Company to comply with requirements of any applicable state or federal statute or regulation; <I>provided, however,</I> that if it is not possible to identify what terms
would apply to a comparable <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction with a Person not an Affiliate, such transaction shall be upon such terms as shall be fair and reasonable under the circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;10.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Merger or Consolidation; Sale or Transfer of Assets.</I> The
Company will not (a)&nbsp;consolidate with or be a party to a merger with any other corporation or (b)&nbsp;sell, lease or otherwise dispose of all or substantially all of the assets of the Company and its Subsidiaries (taken as a whole);
<I>provided, however,</I> that the Company may consolidate, merge or otherwise combine with any other corporation (including, without limitation, Granite), or sell, lease or otherwise dispose of all or substantially all of the assets of the Company
and its Subsidiaries (taken as a whole), if </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;the corporation which results from
such consolidation, merger or combination or the corporation to which the Company sells, leases or otherwise disposes of all or substantially all of its and its Subsidiaries&#146; (taken as a whole) assets (in either case, the <I>&#147;surviving
corporation&#148;</I>) is either the Company (in the case of a merger, consolidation or combination), or, if not, is organized under the laws of any State of the United States or the District of Columbia, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;in the event that the surviving corporation is not the Company, the obligations of
the Company under this Agreement and the Notes are expressly assumed in writing by the surviving corporation and the surviving corporation shall furnish the holders of the Notes an opinion of counsel satisfactory to such holders to the effect that
the instrument of assumption has been duly authorized, executed and delivered and constitutes the legal, valid and binding contract and agreement of the surviving corporation enforceable in accordance with its terms, except as enforcement of such
terms may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors&#146; rights generally and by general equitable principles, and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;at the time of such consolidation, merger or combination or sale, lease or other
disposition of all or substantially all of the Company&#146;s and its Subsidiaries&#146; assets, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-28- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and the Company or the surviving corporation, as the case may be, could incur at
least $1.00 of additional Funded Indebtedness pursuant to <B>Section</B><B></B><B>&nbsp;10.1</B>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;10.5.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Restrictions on Dividends.</I> (a)&nbsp;The Company will not
except (i)&nbsp;as hereinafter provided and (ii)&nbsp;for declaring or paying any dividend solely in shares of its own common stock: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;declare or pay any dividend; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;make any other distribution of cash, property or assets on any shares of any class
of its capital stock or apply any of its cash, property or assets (other than amounts equal to net proceeds received from the sale of common stock of the Company subsequent to the date of this Agreement) to the purchase or retirement of, or make any
other distribution, through reduction of capital or otherwise, in respect of any shares of its capital stock; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(which dividends,
distributions, purchases and retirements are hereinafter referred to as <I>&#147;distributions&#148;</I>) if, after giving effect to such distribution, the aggregate amount of (1)&nbsp;all such distributions declared, paid, made or applied
subsequent to January&nbsp;1, 2020, <I>plus</I> (2)&nbsp;all regular dividends declared on any class of Preferred Stock of the Company subsequent to January&nbsp;1, 2020 and all amounts charged to retained earnings after January&nbsp;1, 2020 in
connection with the purchase or retirement of any shares of Preferred Stock of the Company, would exceed an amount equal to the sum of (x)&nbsp;100% of the Company&#146;s Adjusted Net Income (Deficit) accumulated subsequent to January&nbsp;1, 2020,
<I>plus</I> (y)&nbsp;100% of the net proceeds from any common or preferred equity issuances by the Company subsequent to January&nbsp;1, 2020, <I>plus</I> (z)&nbsp;$168,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this <B>Section</B><B></B><B>&nbsp;10.5</B>, the amount of any distribution
declared, paid or distributed in property shall be deemed to be the fair market value (as determined in good faith by the Board of Directors of the Company) of such property at the time of the making of the distribution in question. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;10.6.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Line of Business</I>. The Company will not and will not
permit any Subsidiary to engage in any business if, as a result, the general nature of the business, taken on a consolidated basis, which would then be engaged in by the Company and its Subsidiaries would be substantially changed from the general
nature of the business engaged in by the Company and its Subsidiaries on the date of this Agreement <I>provided</I>, <I>however</I>, an expansion of the Company&#146;s or any Subsidiary&#146;s service territory shall be deemed not to be a change
from the general nature of the business engaged in by the Company and its Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;10.7.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Economics Sanctions Regulations</I>. The Company will not,
and will not permit any Controlled Entity to (a)&nbsp;become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b)&nbsp;directly or indirectly have any investment in or engage in any dealing
or transaction (including any investment, dealing or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-29- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (i)&nbsp;would cause any holder to be in violation of, or subject to sanctions under,
any law or regulation applicable to such holder, or (ii)&nbsp;is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E<SMALL>VENTS</SMALL> <SMALL>OF</SMALL> D<SMALL>EFAULT</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">An &#147;Event of Default&#148; shall exist if any of the following conditions or events shall occur and be continuing: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the Company defaults in the payment of any principal or Make-Whole Amount, if any,
on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;the Company defaults in the payment of any interest on any Note for more than five
Business Days after the same becomes due and payable; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;the Company defaults
in the performance of or compliance with any term contained in any of <B>Sections</B><B></B><B>&nbsp;7.1(d)</B> or<B> Sections</B><B></B><B>&nbsp;10.1</B>, <B>10.2</B>, <B>10.4</B>, or <B>10.5</B>; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;the Company defaults in the performance of or compliance with&nbsp;any term
contained herein (other than those referred to in <B>Sections</B><B></B><B>&nbsp;11(a)</B>, <B>(b)</B>, and <B>(c)</B>) or, if a Guaranty Agreement is in effect, any Guarantor defaults in the performance of or compliance with any Material term of
such Guaranty Agreement and, in each case, such default is not remedied within 30 days after the earlier of (i)&nbsp;a Responsible Officer obtaining actual knowledge of such default and (ii)&nbsp;the Company or any Guarantor, as applicable,
receiving written notice of such default from any holder of a Note (any such written notice to be identified as a &#147;notice of default&#148; and to refer specifically to this <B>Section</B><B></B><B>&nbsp;11(d)</B>); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;any representation or warranty made in writing by the Company or a Guarantor, if
any, or by any officer of the Company or such Guarantor in this Agreement or in the Guaranty Agreement, as applicable, or in any writing furnished in connection with the transactions contemplated hereby or thereby proves to have been false or
incorrect in any material respect on the date as of which made; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;(i) the
Company or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at
least $5,000,000 beyond any period of grace provided with respect thereto, or (ii)&nbsp;the Company or any Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding
principal amount of at least $5,000,000 or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared (or one or
more Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity or before </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-30- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
its regularly scheduled dates of payment, or (iii)&nbsp;as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of
Indebtedness to convert such Indebtedness into equity interests), (x)&nbsp;the Company or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity or before its regularly scheduled dates of payment in an
aggregate outstanding principal amount of at least $5,000,000, or (y)&nbsp;one or more Persons have the right to require the Company or any Subsidiary so to purchase or repay such Indebtedness; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;the Company or any Subsidiary (i)&nbsp;is generally not paying, or admits in
writing its inability to pay, its debts as they become due, (ii)&nbsp;files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation
or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii)&nbsp;makes an assignment for the benefit of its creditors, (iv)&nbsp;consents to the appointment of a custodian, receiver,
trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v)&nbsp;is adjudicated as insolvent or to be liquidated, or (vi)&nbsp;takes corporate action for the purpose of any of the
foregoing; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;a court or other Governmental Authority of competent
jurisdiction enters an order appointing, without consent by the Company or any of its Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or
constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, <FONT
STYLE="white-space:nowrap">winding-up</FONT> or liquidation of the Company or any of its Subsidiaries, or any such petition shall be filed against the Company or any of its Subsidiaries and such petition shall not be dismissed within 60&nbsp;days;
or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;a final judgment or judgments for the payment of money aggregating in
excess of $10,000,000 (in excess of insurance available therefor), including, without limitation, any such final order enforcing a binding arbitration decision are rendered against one or more of the Company and its Subsidiaries and which judgments
are not, within 60&nbsp;days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60&nbsp;days after the expiration of such stay; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;if a Guaranty Agreement is in effect, such Guaranty Agreement ceases to be a
legally valid, binding and enforceable obligation or contract of any Guarantor, or any Guarantor or any party by, through or on account of any such Guarantor, challenges the validity, binding nature or enforceability of a Guaranty Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EMEDIES</SMALL> <SMALL>ON</SMALL> D<SMALL>EFAULT</SMALL>,
E<SMALL>TC</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;12.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Acceleration</I>. (a)&nbsp;If an
Event of Default with respect to the Company described in <B>Section</B><B></B><B>&nbsp;11(g)</B> or <B>(h)</B> (other than an Event of Default described in <B>clause</B><B></B><B>&nbsp;(i)</B> of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-31- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
<B>Section</B><B></B><B>&nbsp;11(g)</B> or described in <B>clause</B><B></B><B>&nbsp;(vi)</B> of <B>Section</B><B></B><B>&nbsp;11(g) </B>by virtue of the fact that such clause encompasses
<B>clause</B><B></B><B>&nbsp;(i)</B> of <B>Section</B><B></B><B>&nbsp;11(g))</B> has occurred, all the Notes then outstanding shall automatically become immediately due and payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;If any other Event of Default has occurred and is continuing, any holder or holders of at least 66
2/3% in principal amount of the Notes at the time outstanding may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;If any Event of Default described in <B>Section</B><B></B><B>&nbsp;11(a)</B> or <B>(b)</B>&nbsp;has
occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be
immediately due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Upon any Notes becoming due and payable under this <B>Section</B><B></B><B>&nbsp;12.1</B>,
whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, <I>plus</I> (x)&nbsp;all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at
the Default Rate) and (y)&nbsp;the Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand,
protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein
specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the
deprivation of such right under such circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;12.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Remedies</I>. If any Default or Event of Default has
occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under <B>Section</B><B></B><B>&nbsp;12.1</B>, the holder of any Note at the time outstanding may proceed to protect and
enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note or Guaranty Agreement, or for an injunction against a
violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;12.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Rescission</I>. At any time after any Notes have been
declared due and payable pursuant to <B>Section</B><B></B><B>&nbsp;12.1(b)</B> or <B>(c)</B>, the holders of not less than <FONT STYLE="white-space:nowrap">66-2/3%</FONT> in principal amount of the Notes then outstanding, by written notice to the
Company, may rescind and annul any such declaration and its consequences if (a)&nbsp;the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other
than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b)&nbsp;all Events of
Default and Defaults, other than <FONT STYLE="white-space:nowrap">non-payment</FONT> of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to <B>Section</B><B></B><B>&nbsp;17</B>, and
(c)&nbsp;no judgment or </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this <B>Section</B><B></B><B>&nbsp;12.3</B> will extend to or affect
any subsequent Event of Default or Default or impair any right consequent thereon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;12.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>No Waivers or Election of Remedies, Expenses, Etc</I>. No
course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder&#146;s rights, powers or remedies. No right, power or remedy conferred
by this Agreement, any Guaranty Agreement or any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without
limiting the obligations of the Company under <B>Section</B><B></B><B>&nbsp;15</B>, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any
enforcement or collection under this <B>Section</B><B></B><B>&nbsp;12</B>, including, without limitation, reasonable attorneys&#146; fees, expenses and disbursements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;13. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EGISTRATION</SMALL>; E<SMALL>XCHANGE</SMALL>;
S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;13.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Registration of Notes</I>. The Company shall keep at its
principal executive office, or at such other office the address of which the Company may hereafter notify the holders of the Notes from time to time, a register for the registration and registration of transfers of Notes. The name and address of
each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a)&nbsp;the name and address of the
beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b)at any such beneficial owner&#146;s option, either such beneficial owner or its nominee may execute any amendment, waiver,
consent, or other instrument pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes
hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and
addresses of all registered holders of Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;13.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Transfer
and Exchange of Notes</I>. Upon surrender of any Note to the Company at the address and to the attention of the designated officer (all as specified in <B>Section</B><B></B><B>&nbsp;18(iii)</B>), for registration of transfer or exchange (and in the
case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder&#146;s attorney duly authorized in writing and accompanied by the relevant name,
address and other information for notices of each transferee of such Note or part thereof), within ten Business Days thereafter, the Company shall execute and deliver, at the Company&#146;s expense (except as provided below), one or more new Notes
(as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be
substantially in the form of the Note originally issued hereunder. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-33- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such
transfer of Notes. Notes shall not be transferred in denominations of less than $500,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination of less than
$500,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in <B>Section</B><B></B><B>&nbsp;6.2</B> and shall be bound by the terms of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;13.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Replacement of Notes</I>. Upon receipt by
the Company at the address and to the attention of the designated officer (all as specified in <B>Section</B><B></B><B>&nbsp;18(iii)</B>) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of
any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;in the case of loss, theft or destruction, of indemnity reasonably satisfactory to
it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another Institutional Investor that is a holder of a Note with a minimum net worth of at least $5,000,000 or a Qualified Institutional Buyer, such
Person&#146;s own unsecured agreement of indemnity shall be deemed to be satisfactory), or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of mutilation, upon surrender and cancellation thereof, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing
interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;14. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P<SMALL>AYMENTS</SMALL> <SMALL>ON</SMALL> N<SMALL>OTES</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;14.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Place of Payment</I>. Subject to
<B>Section</B><B></B><B>&nbsp;14.2</B>, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in Hampton, New Hampshire, at the principal office of the Company in such jurisdiction. The
Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or
trust company in such jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;14.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Home Office
Payment</I>. So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained in <B>Section</B><B></B><B>&nbsp;14.1</B> or in such Note to the contrary, the Company will pay all sums becoming due on
such Note for principal, Make-Whole Amount, if any, interest and all other amounts becoming due hereunder by the method and at the address specified for such purpose below such Purchaser&#146;s name in <B>Schedule</B><B></B><B>&nbsp;A</B>, or by
such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that
upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-34- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most
recently designated by the Company pursuant to <B>Section</B><B></B><B>&nbsp;14.1</B>. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of
principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to <B>Section</B><B></B><B>&nbsp;13.2</B>. The Company will afford the benefits of
this <B>Section</B><B></B><B>&nbsp;14.2</B> to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the
Purchasers have made in this <B>Section</B><B></B><B>&nbsp;14.2</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;14.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>FATCA Information. </I>By acceptance of any Note, the holder
of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a)&nbsp;in the case of any such holder that is a
United States Person, such holder&#146;s United States tax identification number or other Forms reasonably requested by the Company necessary to establish such holder&#146;s status as a United States Person under FATCA and as may otherwise be
necessary for the Company to comply with its obligations under FATCA and (b)&nbsp;in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by
section&nbsp;1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine that such holder has complied with such holder&#146;s obligations under
FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing in this <B>Section</B><B></B><B>&nbsp;14.3</B> shall require any holder to provide information that is confidential or proprietary to
such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as confidential. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;15. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E<SMALL>XPENSES</SMALL>, E<SMALL>TC</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;15.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Transaction Expenses.</I> Whether or not the transactions
contemplated hereby are consummated, the Company will pay all reasonable costs and expenses (including reasonable attorneys&#146; fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the
Purchasers and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Guaranty Agreement or the Notes (whether or not such amendment,
waiver or consent becomes effective), including, without limitation: (a)&nbsp;the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any Guaranty Agreement or
the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, any Guaranty Agreement or the Notes, or by reason of being a holder of any Note; (b)&nbsp;the costs and
expenses, including financial advisors&#146; fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any <FONT STYLE="white-space:nowrap">work-out</FONT> or restructuring of the
transactions contemplated hereby and by the Notes and any Guaranty Agreement; and (c)&nbsp;the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with
</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
the SVO <I>provided,</I> that such costs and expenses under this clause&nbsp;(c) shall not exceed $3,000. If required by the NAIC, the Company shall obtain and maintain at its own cost and
expense a Legal Entity Identifier (LEI). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company will pay, and will save each Purchaser and each other holder of a
Note harmless from, (i)&nbsp;all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes) and (ii)&nbsp;any
judgment, liability, claim, order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys&#146; fees and expenses) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the
proceeds of the Notes by the Company, due to (a)&nbsp;any failure of any representation or warranty of the Company in this Agreement to be true and correct in all material respects on the date as of which made and at the time of the Closing (except,
in each case, to the extent any representation or warranty expressly relates to a different date, in which case as of such different date) or (b)&nbsp;any failure by the Company to perform or comply in all material respects with any covenant or
agreement contained in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;15.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Certain
Taxes.</I> The Company agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or any Guaranty Agreement or the execution and delivery (but not
the transfer) or the enforcement of any of the Notes in the United States or any other jurisdiction where the Company or any Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any Guaranty
Agreement or of any of the Notes, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Company pursuant to this <B>Section</B><B></B><B>&nbsp;15.2</B>, and will save each holder of a Note to the
extent permitted by applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;15.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Withholding</I>. Except as otherwise required by
applicable law, the Company agrees that it will not withhold from any applicable payment to be made to a holder of a Note that is not a United States Person any tax so long as such holder shall have delivered to the Company (in such number of copies
as shall be requested) on or about the date on which such holder becomes a holder under this Agreement (and from time to time thereafter upon the reasonable request of the Company), executed copies of IRS
<FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN</FONT> or IRS <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN-E</FONT></FONT> (or any successor form), as applicable, as well as the applicable <I>&#147;U.S. Tax
Compliance Certificate&#148;</I> substantially in the form attached as <B>Exhibit</B><B></B><B>&nbsp;15.3</B>, in both cases correctly completed and executed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;15.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Survival.</I> The obligations of the Company under this
<B>Section</B><B></B><B>&nbsp;15.4</B> will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, any Guaranty Agreement or the Notes, and the termination of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-36- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">S<SMALL>ECTION</SMALL>&nbsp;16. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>URVIVAL</SMALL> <SMALL>OF</SMALL>
R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL>; E<SMALL>NTIRE</SMALL> A<SMALL>GREEMENT</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes,
the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of
such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company as of the
date of such statements under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and any Guaranty Agreement embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior
agreements and understandings relating to the subject matter hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;17.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A<SMALL>MENDMENT</SMALL> <SMALL>AND</SMALL> W<SMALL>AIVER</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;17.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Requirements.</I> This Agreement and the Notes may be
amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a)&nbsp;no amendment or waiver of
any of the provisions of <B>Sections 1, 2, 3, 4, 5, 6</B>, or<B> 21</B> hereof, or any defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing, and (b)&nbsp;no amendment or waiver
may, without the written consent of each holder of each Note at the time outstanding, (i)&nbsp;subject to <B>Section</B><B></B><B>&nbsp;12</B> relating to acceleration or rescission, change the amount or time of any prepayment or payment of
principal of, or reduce the rate or change the time of payment or method of computation of (x)&nbsp;interest on the Notes or (y)&nbsp;the <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, (ii)&nbsp;change the percentage of the principal
amount of the Notes the holders of which are required to consent to any amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to <B>Section</B><B></B><B>&nbsp;2</B> upon the satisfaction of the
conditions to Closing that appear in <B>Section</B><B></B><B>&nbsp;4</B>, or (iii)&nbsp;amend any of <B>Sections 8</B> <B>(</B>except as set forth in the second sentence of <B>Section</B><B></B><B>&nbsp;8.2)</B>, <B>11(a)</B>, <B>11(b)</B>,
<B>12</B>, <B>17</B>, or <B>20</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;17.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Solicitation of
Holders of Notes</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Solicitation. </I>The Company will provide each holder of a Note
(irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed
amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or any Guaranty Agreement. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this
<B>Section</B><B></B><B>&nbsp;17</B> or any Guaranty Agreement to each holder of a Note promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment. </I>The Company will not directly or indirectly pay or cause to be paid any
remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of a Note as consideration for or as an </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-37- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
inducement to the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof or of any Guaranty Agreement or any Note unless such remuneration is
concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of a Note even if such holder did not consent to such waiver or amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Consent in Contemplation of Transfer</I>. Any consent made pursuant to this
<B>Section</B><B></B><B>&nbsp;17</B> or any Guaranty Agreement by a holder of Notes that has transferred or has agreed to transfer its Notes to the Company, any Subsidiary or any Affiliate of the Company in connection with such consent shall be void
and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all
other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;17.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Binding Effect, etc.</I> Any amendment or waiver consented
to as provided in this <B>Section</B><B></B><B>&nbsp;17</B> or any Guaranty Agreement applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note
has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No
course of dealing between the Company and any holder of a Note and no delay in exercising any rights hereunder or under any Note or Guaranty Agreement shall operate as a waiver of any rights of any holder of such Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;17.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Notes Held by Company, Etc. </I>Solely for the purpose of
determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any Guaranty Agreement or the Notes,
or have directed the taking of any action provided herein or in any Guaranty Agreement or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly
or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;18.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N<SMALL>OTICES</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and communications provided for
hereunder shall be in writing and sent (a)&nbsp;by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b)&nbsp;by registered or certified mail with return
receipt requested (postage prepaid), or (c)&nbsp;by a recognized overnight delivery service (with charges prepaid). Any such notice must be sent: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;if to any Purchaser or its nominee, to such Purchaser or nominee at the address
specified for such communications in <B>Schedule</B><B></B><B>&nbsp;A</B>, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-38- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;if to any other holder of any Note, to such holder at such address as such other
holder shall have specified to the Company in writing, or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if to the Company,
to the Company at its address set forth at the beginning hereof to the attention of Treasurer, or at such other address as the Company shall have specified to the holder of each Note in writing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notices under this <B>Section</B><B></B><B>&nbsp;18</B> will be deemed given only when actually received. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;19. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EPRODUCTION</SMALL> <SMALL>OF</SMALL> D<SMALL>OCUMENTS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Agreement and all documents relating thereto (except the Notes themselves), including, without limitation,
(a)&nbsp;consents, waivers and modifications that may hereafter be executed, (b)&nbsp;documents received by any Purchaser at the Closing (except the Notes themselves), and&nbsp;(c) financial statements, certificates and other information previously
or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. The Company agrees and
stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not
such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This <B>Section</B><B></B><B>&nbsp;19</B> shall not
prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;20. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C<SMALL>ONFIDENTIAL</SMALL> I<SMALL>NFORMATION</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For the purposes of this <B>Section</B><B></B><B>&nbsp;20</B>, &#147;Confidential Information&#148; means information
delivered to any Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise
adequately identified when received by such Purchaser as being confidential information of the Company, such Subsidiary, Unitil or Unitil&#146;s Affiliates, provided that such term does not include information that (a)&nbsp;was publicly known or
otherwise known to such Purchaser prior to the time of such disclosure, (b)&nbsp;subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser&#146;s behalf, (c)&nbsp;otherwise becomes known
to such Purchaser other than through disclosure by the Company or any Subsidiary or (d)&nbsp;constitutes financial statements delivered to such Purchaser under <B>Section</B><B></B><B>&nbsp;7.1</B> that are otherwise publicly available. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Purchaser will maintain the confidentiality of and not disclose such Confidential Information in accordance with
procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i)&nbsp;its directors, officers,
employees, agents, attorneys, trustees and Affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes) who are otherwise </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-39- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
obligated to hold confidential and not disclose the Confidential Information substantially in accordance with this <B>Section</B><B></B><B>&nbsp;20</B>, (ii)&nbsp;its auditors, financial advisors
and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this <B>Section</B><B></B><B>&nbsp;20</B>, (iii)&nbsp;any other holder of any Note, (iv)&nbsp;any Institutional
Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this
<B>Section</B><B></B><B>&nbsp;20</B>), (v)&nbsp;any Person from which it offers to purchase any security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this
<B>Section</B><B></B><B>&nbsp;20</B>), (vi)&nbsp;any federal or state regulatory authority having jurisdiction over such Purchaser, (vii)&nbsp;the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency
that requires access to information about such Purchaser&#146;s investment portfolio, or (viii)&nbsp;any other Person to which such delivery or disclosure may be necessary or appropriate (w)&nbsp;to effect compliance with any law, rule, regulation
or order applicable to such Purchaser, (x)&nbsp;in response to any subpoena or other legal process, (y)&nbsp;in connection with any litigation to which such Purchaser is a party, or (z)&nbsp;if an Event of Default has occurred and is continuing, to
the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser&#146;s Notes, this Agreement or any Guaranty
Agreement after prior written notice provided to the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each holder of a Note, by its acceptance of a Note, will be
deemed to have agreed to be bound by and to be entitled to the benefits of this <B>Section</B><B></B><B>&nbsp;20</B> as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a
Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying
the provisions of this <B>Section</B><B></B><B>&nbsp;20</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In the event that as a condition to receiving access to
information relating to the Company or its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether
through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this <B>Section</B><B></B><B>&nbsp;20</B>, this <B>Section</B><B></B><B>&nbsp;20</B> shall not be amended thereby and, as between such
Purchaser or such holder and the Company, this <B>Section</B><B></B><B>&nbsp;20</B> shall supersede any such other confidentiality undertaking. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;21. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed
to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate&#146;s agreement to be bound by this Agreement and shall contain a confirmation by such
Affiliate of the accuracy with respect to it of the representations set forth in <B>Section</B><B></B><B>&nbsp;6</B>. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this
<B>Section</B><B></B><B>&nbsp;21</B>), shall be deemed to refer to such Affiliate in lieu of such original Purchaser. In the event that such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-40- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company
of notice of such transfer, any reference to such Affiliate as a &#147;Purchaser&#148; in this Agreement (other than in this <B>Section</B><B></B><B>&nbsp;21</B>), shall no longer be deemed to refer to such Affiliate, but shall refer to such
original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;22. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<SMALL>ISCELLANEOUS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;22.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Successors and Assigns.</I> All covenants and other
agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether so expressed or not, except that, other
than as provided in <B>Section</B><B></B><B>&nbsp;10.4</B>, the Company may not assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;22.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Accounting Terms.</I> All accounting terms used herein which
are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i)&nbsp;all computations made pursuant to this Agreement shall be made in accordance
with GAAP, and (ii)&nbsp;all financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including, without limitation, <B>Section</B><B></B><B>&nbsp;9</B>,
<B>Section</B><B></B><B>&nbsp;10</B>, and the definition of <I>&#147;</I><I>Indebtedness</I><I>&#148;</I>), any election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board
Accounting Standards Codification Topic <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.&nbsp;825-10-25</FONT></FONT> &#150; <I>Fair Value Option,</I> International Accounting Standard 39 &#150; <I>Financial Instruments:
Recognition and Measurement</I> or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;22.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Severability.</I> Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;22.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Construction, Etc.</I> Each covenant contained herein shall
be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with
any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words &#147;include,&#148; &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the phrase &#147;without limitation.&#148; The word
&#147;will&#148; shall be construed to have the same meaning and effect as the word &#147;shall.&#148; Unless the context requires otherwise (a)&nbsp;any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein) and, for purposes
of the Notes, shall also include any such notes issued in substitution therefor pursuant to <B>Section</B><B></B><B>&nbsp;13</B>, (b)&nbsp;subject to <B>Section</B><B></B><B>&nbsp;22.1</B>, any reference herein to any Person shall be construed to
include such Person&#146;s successors and assigns, (c)&nbsp;the words &#147;herein,&#148; &#147;hereof&#148; and &#147;hereunder,&#148; and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, (d)&nbsp;all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e)&nbsp;any reference to any law or regulation herein shall, unless otherwise
specified, refer to such law or regulation as amended, modified or supplemented from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For the avoidance of
doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;22.5.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparts.</I> This Agreement may be executed in any
number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties
hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>S<SMALL>ECTION</SMALL></I><SMALL><I></I><I></I></SMALL><I>&nbsp;22.6.</I>&nbsp;&nbsp;&nbsp;&nbsp;
<I>G<SMALL>OVERNING</SMALL> L<SMALL>AW</SMALL>.</I> T<SMALL>HIS</SMALL> A<SMALL>GREEMENT</SMALL> <SMALL>SHALL</SMALL> <SMALL>BE</SMALL> <SMALL>CONSTRUED</SMALL> <SMALL>AND</SMALL> <SMALL>ENFORCED</SMALL> <SMALL>IN</SMALL> <SMALL>ACCORDANCE</SMALL>
<SMALL>WITH</SMALL>, <SMALL>AND</SMALL> <SMALL>THE</SMALL> <SMALL>RIGHTS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>PARTIES</SMALL> <SMALL>SHALL</SMALL> <SMALL>BE</SMALL> <SMALL>GOVERNED</SMALL> <SMALL>BY</SMALL>, <SMALL>THE</SMALL>
<SMALL>LAW</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> S<SMALL>TATE</SMALL> <SMALL>OF</SMALL> N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL> <SMALL>EXCLUDING</SMALL> <SMALL>CHOICE</SMALL><FONT STYLE="white-space:nowrap">-</FONT><SMALL>OF</SMALL><FONT
STYLE="white-space:nowrap">-</FONT><SMALL>LAW</SMALL> <SMALL>PRINCIPLES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>LAW</SMALL> <SMALL>OF</SMALL> <SMALL>SUCH</SMALL> S<SMALL>TATE</SMALL> <SMALL>THAT</SMALL> <SMALL>WOULD</SMALL>
<SMALL>PERMIT</SMALL> <SMALL>THE</SMALL> <SMALL>APPLICATION</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>LAWS</SMALL> <SMALL>OF</SMALL> <SMALL>A</SMALL> <SMALL>JURISDICTION</SMALL> <SMALL>OTHER</SMALL> <SMALL>THAN</SMALL> <SMALL>SUCH</SMALL>
S<SMALL>TATE</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>S<SMALL>ECTION</SMALL></I><SMALL><I></I><I></I></SMALL><I>&nbsp;22.7.</I>&nbsp;&nbsp;&nbsp;&nbsp;
<I>J<SMALL>URISDICTION</SMALL> <SMALL>AND</SMALL> P<SMALL>ROCESS</SMALL>; W<SMALL>AIVER</SMALL> <SMALL>OF</SMALL> J<SMALL>URY</SMALL> T<SMALL>RIAL</SMALL>. </I>(<SMALL>A</SMALL>)&nbsp;T<SMALL>HE</SMALL> C<SMALL>OMPANY</SMALL>
<SMALL>IRREVOCABLY</SMALL> <SMALL>SUBMITS</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> <SMALL>NON</SMALL><FONT STYLE="white-space:nowrap">-</FONT><SMALL>EXCLUSIVE</SMALL> <SMALL>JURISDICTION</SMALL> <SMALL>OF</SMALL> <SMALL>ANY</SMALL>
N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL> S<SMALL>TATE</SMALL> <SMALL>OR</SMALL> <SMALL>FEDERAL</SMALL> <SMALL>COURT</SMALL> <SMALL>SITTING</SMALL> <SMALL>IN</SMALL> <SMALL>THE</SMALL> B<SMALL>OROUGH</SMALL> <SMALL>OF</SMALL> M<SMALL>ANHATTAN</SMALL>,
T<SMALL>HE</SMALL> C<SMALL>ITY</SMALL> <SMALL>OF</SMALL> N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL>, <SMALL>OVER</SMALL> <SMALL>ANY</SMALL> <SMALL>SUIT</SMALL>, <SMALL>ACTION</SMALL> <SMALL>OR</SMALL> <SMALL>PROCEEDING</SMALL> <SMALL>ARISING</SMALL>
<SMALL>OUT</SMALL> <SMALL>OF</SMALL> <SMALL>OR</SMALL> <SMALL>RELATING</SMALL> <SMALL>TO</SMALL> <SMALL>THIS</SMALL> A<SMALL>GREEMENT</SMALL> <SMALL>OR</SMALL> <SMALL>THE</SMALL> N<SMALL>OTES</SMALL>. T<SMALL>O</SMALL> <SMALL>THE</SMALL>
<SMALL>FULLEST</SMALL> <SMALL>EXTENT</SMALL> <SMALL>PERMITTED</SMALL> <SMALL>BY</SMALL> <SMALL>APPLICABLE</SMALL> <SMALL>LAW</SMALL>, <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>IRREVOCABLY</SMALL> <SMALL>WAIVES</SMALL> <SMALL>AND</SMALL>
<SMALL>AGREES</SMALL> <SMALL>NOT</SMALL> <SMALL>TO</SMALL> <SMALL>ASSERT</SMALL>, <SMALL>BY</SMALL> <SMALL>WAY</SMALL> <SMALL>OF</SMALL> <SMALL>MOTION</SMALL>, <SMALL>AS</SMALL> <SMALL>A</SMALL> <SMALL>DEFENSE</SMALL> <SMALL>OR</SMALL>
<SMALL>OTHERWISE</SMALL>, <SMALL>ANY</SMALL> <SMALL>CLAIM</SMALL> <SMALL>THAT</SMALL> <SMALL>IT</SMALL> <SMALL>IS</SMALL> <SMALL>NOT</SMALL> <SMALL>SUBJECT</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> <SMALL>JURISDICTION</SMALL> <SMALL>OF</SMALL>
<SMALL>ANY</SMALL> <SMALL>SUCH</SMALL> <SMALL>COURT</SMALL>, <SMALL>ANY</SMALL> <SMALL>OBJECTION</SMALL> <SMALL>THAT</SMALL> <SMALL>IT</SMALL> <SMALL>MAY</SMALL> <SMALL>NOW</SMALL> <SMALL>OR</SMALL> <SMALL>HEREAFTER</SMALL> <SMALL>HAVE</SMALL>
<SMALL>TO</SMALL> <SMALL>THE</SMALL> <SMALL>LAYING</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>VENUE</SMALL> <SMALL>OF</SMALL> <SMALL>ANY</SMALL> <SMALL>SUCH</SMALL> <SMALL>SUIT</SMALL>, <SMALL>ACTION</SMALL> <SMALL>OR</SMALL>
<SMALL>PROCEEDING</SMALL> <SMALL>BROUGHT</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>SUCH</SMALL> <SMALL>COURT</SMALL> <SMALL>AND</SMALL> <SMALL>ANY</SMALL> <SMALL>CLAIM</SMALL> <SMALL>THAT</SMALL> <SMALL>ANY</SMALL> <SMALL>SUCH</SMALL>
<SMALL>SUIT</SMALL>, <SMALL>ACTION</SMALL> <SMALL>OR</SMALL> <SMALL>PROCEEDING</SMALL> <SMALL>BROUGHT</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>SUCH</SMALL> <SMALL>COURT</SMALL> <SMALL>HAS</SMALL> <SMALL>BEEN</SMALL> <SMALL>BROUGHT</SMALL>
<SMALL>IN</SMALL> <SMALL>AN</SMALL> <SMALL>INCONVENIENT</SMALL> <SMALL>FORUM</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(<SMALL>B</SMALL>)&nbsp;&nbsp;&nbsp;&nbsp;T<SMALL>HE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>AGREES</SMALL>, <SMALL>TO</SMALL>
<SMALL>THE</SMALL> <SMALL>FULLEST</SMALL> <SMALL>EXTENT</SMALL> <SMALL>PERMITTED</SMALL> <SMALL>BY</SMALL> <SMALL>APPLICABLE</SMALL> <SMALL>LAW</SMALL>, <SMALL>THAT</SMALL> <SMALL>A</SMALL> <SMALL>FINAL</SMALL> <SMALL>JUDGMENT</SMALL>
<SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>SUIT</SMALL>, <SMALL>ACTION</SMALL> <SMALL>OR</SMALL> <SMALL>PROCEEDING</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>NATURE</SMALL> <SMALL>REFERRED</SMALL> <SMALL>TO</SMALL> <SMALL>IN</SMALL>
<B>S<SMALL>ECTION</SMALL></B><SMALL><B></B><B></B></SMALL><B>&nbsp;22.7(<SMALL>A</SMALL>)</B>&nbsp;<SMALL>BROUGHT</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>SUCH</SMALL> <SMALL>COURT</SMALL> <SMALL>SHALL</SMALL> <SMALL>BE</SMALL>
<SMALL>CONCLUSIVE</SMALL> <SMALL>AND</SMALL> <SMALL>BINDING</SMALL> <SMALL>UPON</SMALL> <SMALL>IT</SMALL> <SMALL>SUBJECT</SMALL> <SMALL>TO</SMALL> <SMALL>RIGHTS</SMALL> <SMALL>OF</SMALL> <SMALL>APPEAL</SMALL>, <SMALL>AS</SMALL> <SMALL>THE</SMALL>
<SMALL>CASE</SMALL> <SMALL>MAY</SMALL> <SMALL>BE</SMALL>, <SMALL>AND</SMALL> <SMALL>MAY</SMALL> <SMALL>BE</SMALL> <SMALL>ENFORCED</SMALL> <SMALL>IN</SMALL> <SMALL>THE</SMALL> <SMALL>COURTS</SMALL> <SMALL>OF</SMALL>
</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
<SMALL>THE</SMALL> U<SMALL>NITED</SMALL> S<SMALL>TATES</SMALL> <SMALL>OF</SMALL> A<SMALL>MERICA</SMALL> <SMALL>OR</SMALL> <SMALL>THE</SMALL> S<SMALL>TATE</SMALL> <SMALL>OF</SMALL>
N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL> (<SMALL>OR</SMALL> <SMALL>ANY</SMALL> <SMALL>OTHER</SMALL> <SMALL>COURTS</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> <SMALL>JURISDICTION</SMALL> <SMALL>OF</SMALL> <SMALL>WHICH</SMALL> <SMALL>IT</SMALL>
<SMALL>OR</SMALL> <SMALL>ANY</SMALL> <SMALL>OF</SMALL> <SMALL>ITS</SMALL> <SMALL>ASSETS</SMALL> <SMALL>IS</SMALL> <SMALL>OR</SMALL> <SMALL>MAY</SMALL> <SMALL>BE</SMALL> <SMALL>SUBJECT</SMALL>) <SMALL>BY</SMALL> <SMALL>A</SMALL> <SMALL>SUIT</SMALL>
<SMALL>UPON</SMALL> <SMALL>SUCH</SMALL> <SMALL>JUDGMENT</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(<SMALL>C</SMALL>)&nbsp;&nbsp;&nbsp;&nbsp;T<SMALL>HE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>CONSENTS</SMALL> <SMALL>TO</SMALL>
<SMALL>PROCESS</SMALL> <SMALL>BEING</SMALL> <SMALL>SERVED</SMALL> <SMALL>BY</SMALL> <SMALL>OR</SMALL> <SMALL>ON</SMALL> <SMALL>BEHALF</SMALL> <SMALL>OF</SMALL> <SMALL>ANY</SMALL> <SMALL>HOLDER</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL>
<SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>SUIT</SMALL>, <SMALL>ACTION</SMALL> <SMALL>OR</SMALL> <SMALL>PROCEEDING</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>NATURE</SMALL> <SMALL>REFERRED</SMALL> <SMALL>TO</SMALL> <SMALL>IN</SMALL>
<B>S<SMALL>ECTION</SMALL></B><SMALL><B></B><B></B></SMALL><B>&nbsp;22.7(<SMALL>A</SMALL>)</B> <SMALL>BY</SMALL> <SMALL>MAILING</SMALL> <SMALL>A</SMALL> <SMALL>COPY</SMALL> <SMALL>THEREOF</SMALL> <SMALL>BY</SMALL> <SMALL>REGISTERED</SMALL>,
<SMALL>CERTIFIED</SMALL>, <SMALL>PRIORITY</SMALL> <SMALL>OR</SMALL> <SMALL>EXPRESS</SMALL> <SMALL>MAIL</SMALL> (<SMALL>OR</SMALL> <SMALL>ANY</SMALL> <SMALL>SUBSTANTIALLY</SMALL> <SMALL>SIMILAR</SMALL> <SMALL>FORM</SMALL> <SMALL>OF</SMALL>
<SMALL>MAIL</SMALL>), <SMALL>POSTAGE</SMALL> <SMALL>PREPAID</SMALL>, <SMALL>RETURN</SMALL> <SMALL>RECEIPT</SMALL> <SMALL>OR</SMALL> <SMALL>DELIVERY</SMALL> <SMALL>CONFIRMATION</SMALL> <SMALL>REQUESTED</SMALL>, <SMALL>TO</SMALL> <SMALL>IT</SMALL>
<SMALL>AT</SMALL> <SMALL>ITS</SMALL> <SMALL>ADDRESS</SMALL> <SMALL>SPECIFIED</SMALL> <SMALL>IN</SMALL> <B>S<SMALL>ECTION</SMALL></B><SMALL><B></B><B></B></SMALL><B>&nbsp;18</B> <SMALL>OR</SMALL> <SMALL>AT</SMALL> <SMALL>SUCH</SMALL>
<SMALL>OTHER</SMALL> <SMALL>ADDRESS</SMALL> <SMALL>OF</SMALL> <SMALL>WHICH</SMALL> <SMALL>SUCH</SMALL> <SMALL>HOLDER</SMALL> <SMALL>SHALL</SMALL> <SMALL>THEN</SMALL> <SMALL>HAVE</SMALL> <SMALL>BEEN</SMALL> <SMALL>NOTIFIED</SMALL>
<SMALL>PURSUANT</SMALL> <SMALL>TO</SMALL> <SMALL>SAID</SMALL> S<SMALL>ECTION</SMALL>. T<SMALL>HE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>AGREES</SMALL> <SMALL>THAT</SMALL> <SMALL>SUCH</SMALL> <SMALL>SERVICE</SMALL> <SMALL>UPON</SMALL>
<SMALL>RECEIPT</SMALL> (<SMALL>I</SMALL>)&nbsp;<SMALL>SHALL</SMALL> <SMALL>BE</SMALL> <SMALL>DEEMED</SMALL> <SMALL>IN</SMALL> <SMALL>EVERY</SMALL> <SMALL>RESPECT</SMALL> <SMALL>EFFECTIVE</SMALL> <SMALL>SERVICE</SMALL> <SMALL>OF</SMALL>
<SMALL>PROCESS</SMALL> <SMALL>UPON</SMALL> <SMALL>IT</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>SUCH</SMALL> <SMALL>SUIT</SMALL>, <SMALL>ACTION</SMALL> <SMALL>OR</SMALL> <SMALL>PROCEEDING</SMALL> <SMALL>AND</SMALL>
(<SMALL>II</SMALL>)&nbsp;<SMALL>SHALL</SMALL>, <SMALL>TO</SMALL> <SMALL>THE</SMALL> <SMALL>FULLEST</SMALL> <SMALL>EXTENT</SMALL> <SMALL>PERMITTED</SMALL> <SMALL>BY</SMALL> <SMALL>APPLICABLE</SMALL> <SMALL>LAW</SMALL>, <SMALL>BE</SMALL>
<SMALL>TAKEN</SMALL> <SMALL>AND</SMALL> <SMALL>HELD</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> <SMALL>VALID</SMALL> <SMALL>PERSONAL</SMALL> <SMALL>SERVICE</SMALL> <SMALL>UPON</SMALL> <SMALL>AND</SMALL> <SMALL>PERSONAL</SMALL>
<SMALL>DELIVERY</SMALL> <SMALL>TO</SMALL> <SMALL>IT</SMALL>. N<SMALL>OTICES</SMALL> <SMALL>HEREUNDER</SMALL> <SMALL>SHALL</SMALL> <SMALL>BE</SMALL> <SMALL>CONCLUSIVELY</SMALL> <SMALL>PRESUMED</SMALL> <SMALL>RECEIVED</SMALL> <SMALL>AS</SMALL>
<SMALL>EVIDENCED</SMALL> <SMALL>BY</SMALL> <SMALL>A</SMALL> <SMALL>DELIVERY</SMALL> <SMALL>RECEIPT</SMALL> <SMALL>FURNISHED</SMALL> <SMALL>BY</SMALL> <SMALL>THE</SMALL> U<SMALL>NITED</SMALL> S<SMALL>TATES</SMALL> P<SMALL>OSTAL</SMALL>
S<SMALL>ERVICE</SMALL> <SMALL>OR</SMALL> <SMALL>ANY</SMALL> <SMALL>REPUTABLE</SMALL> <SMALL>COMMERCIAL</SMALL> <SMALL>DELIVERY</SMALL> <SMALL>SERVICE</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(<SMALL>D</SMALL>)&nbsp;&nbsp;&nbsp;&nbsp;N<SMALL>OTHING</SMALL> <SMALL>IN</SMALL> <SMALL>THIS</SMALL>
<B>S<SMALL>ECTION</SMALL></B><SMALL><B></B><B></B></SMALL><B>&nbsp;22.7</B> <SMALL>SHALL</SMALL> <SMALL>AFFECT</SMALL> <SMALL>THE</SMALL> <SMALL>RIGHT</SMALL> <SMALL>OF</SMALL> <SMALL>ANY</SMALL> <SMALL>HOLDER</SMALL> <SMALL>OF</SMALL>
<SMALL>A</SMALL> N<SMALL>OTE</SMALL> <SMALL>TO</SMALL> <SMALL>SERVE</SMALL> <SMALL>PROCESS</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>MANNER</SMALL> <SMALL>PERMITTED</SMALL> <SMALL>BY</SMALL> <SMALL>LAW</SMALL>, <SMALL>OR</SMALL>
<SMALL>LIMIT</SMALL> <SMALL>ANY</SMALL> <SMALL>RIGHT</SMALL> <SMALL>THAT</SMALL> <SMALL>THE</SMALL> <SMALL>HOLDERS</SMALL> <SMALL>OF</SMALL> <SMALL>ANY</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> N<SMALL>OTES</SMALL> <SMALL>MAY</SMALL>
<SMALL>HAVE</SMALL> <SMALL>TO</SMALL> <SMALL>BRING</SMALL> <SMALL>PROCEEDINGS</SMALL> <SMALL>AGAINST</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>IN</SMALL> <SMALL>THE</SMALL> <SMALL>COURTS</SMALL> <SMALL>OF</SMALL> <SMALL>ANY</SMALL>
<SMALL>APPROPRIATE</SMALL> <SMALL>JURISDICTION</SMALL> <SMALL>OR</SMALL> <SMALL>TO</SMALL> <SMALL>ENFORCE</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>LAWFUL</SMALL> <SMALL>MANNER</SMALL> <SMALL>A</SMALL> <SMALL>JUDGMENT</SMALL>
<SMALL>OBTAINED</SMALL> <SMALL>IN</SMALL> <SMALL>ONE</SMALL> <SMALL>JURISDICTION</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>OTHER</SMALL> <SMALL>JURISDICTION</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;T<SMALL>HE</SMALL> <SMALL>PARTIES</SMALL> <SMALL>HERETO</SMALL> <SMALL>HEREBY</SMALL>
<SMALL>WAIVE</SMALL> <SMALL>TRIAL</SMALL> <SMALL>BY</SMALL> <SMALL>JURY</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>ACTION</SMALL> <SMALL>BROUGHT</SMALL> <SMALL>ON</SMALL> <SMALL>OR</SMALL> <SMALL>WITH</SMALL> <SMALL>RESPECT</SMALL>
<SMALL>TO</SMALL> <SMALL>THIS</SMALL> A<SMALL>GREEMENT</SMALL>, <SMALL>THE</SMALL> N<SMALL>OTES</SMALL> <SMALL>OR</SMALL> <SMALL>ANY</SMALL> <SMALL>OTHER</SMALL> <SMALL>DOCUMENT</SMALL> <SMALL>EXECUTED</SMALL> <SMALL>IN</SMALL>
<SMALL>CONNECTION</SMALL> <SMALL>HEREWITH</SMALL> <SMALL>OR</SMALL> <SMALL>THEREWITH</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[S<SMALL>IGNATURE</SMALL>
P<SMALL>AGES</SMALL> F<SMALL>OLLOW</SMALL>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-43- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If you are in agreement with the foregoing, please sign the form of
agreement on a counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">N<SMALL>ORTHERN</SMALL> U<SMALL>TILITIES</SMALL>, I<SMALL>NC</SMALL>.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Todd R. Diggins</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Name: Todd R. Diggins</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Title: Treasurer</P></TD></TR>
</TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;M<SMALL>ETROPOLITAN</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:12pt; font-family:Times New Roman">by MetLife Investment Management, LLC, Its Investment Manager</P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;M<SMALL>ETROPOLITAN</SMALL> T<SMALL>OWER</SMALL> L<SMALL>IFE</SMALL>
I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:12pt; font-family:Times New Roman">by MetLife Investment Management, LLC, Its Investment Manager</P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;B<SMALL>RIGHTHOUSE</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.20em; text-indent:-1.20em; font-size:12pt; font-family:Times New Roman">by MetLife Investment Management, LLC, Its Investment Manager</P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;A<SMALL>MERICAN</SMALL> F<SMALL>IDELITY</SMALL> A<SMALL>SSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.20em; text-indent:-1.20em; font-size:12pt; font-family:Times New Roman">by MetLife Investment Management, LLC, Its Investment Manager</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ John Wills</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Name: John Wills</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Title: Authorized
Signatory</P></TD></TR>
</TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> N<SMALL>ATIONAL</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.50em; text-indent:-0.50em; font-size:12pt; font-family:Times New Roman">By: Macquarie
Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney in Fact</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Karl Spaeth</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Name: Karl Spaeth</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Title: Senior Vice
President</P></TD></TR>
</TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">A<SMALL>MERICAN</SMALL> R<SMALL>EPUBLIC</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">B<SMALL>LUE</SMALL>&nbsp;C<SMALL>ROSS</SMALL>&nbsp;<SMALL>AND</SMALL>&nbsp;B<SMALL>LUE</SMALL>&nbsp;S<SMALL>HIELD</SMALL>&nbsp;<SMALL>OF</SMALL>&nbsp;
F<SMALL>LORIDA</SMALL>,&nbsp;I<SMALL>NC</SMALL>.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">C<SMALL>ATHOLIC</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">C<SMALL>ATHOLIC</SMALL> U<SMALL>NITED</SMALL> F<SMALL>INANCIAL</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">M<SMALL>INNESOTA</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">R<SMALL>OYAL</SMALL> N<SMALL>EIGHBORS</SMALL> <SMALL>OF</SMALL> A<SMALL>MERICA</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">W<SMALL>ESTERN</SMALL> F<SMALL>RATERNAL</SMALL> L<SMALL>IFE</SMALL> A<SMALL>SSOCIATION</SMALL></P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">By: Securian Asset Management, Inc.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Robin J. Lenarz</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Name: Robin J. Lenarz</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Title: Vice
President</P></TD></TR>
</TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;T<SMALL>HRIVENT</SMALL> F<SMALL>INANCIAL</SMALL> <SMALL>FOR</SMALL>
L<SMALL>UTHERANS</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Christopher Patton</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Name: Christopher Patton</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Title: Managing Director</P></TD></TR>
</TABLE></DIV>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;P<SMALL>ACIFIC</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Matthew A. Levene</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Name: Matthew A. Levene</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Title: Assistant Vice President</P></TD></TR>
</TABLE></DIV>
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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Northern Utilities, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Accepted as of
the date first written above </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;U<SMALL>NITED</SMALL> <SMALL>OF</SMALL> O<SMALL>MAHA</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD></TR>
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<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Justin P. Kavan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Name: Justin P. Kavan</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Title: Senior Vice President</P></TD></TR>
</TABLE></DIV>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>I<SMALL>NFORMATION</SMALL> R<SMALL>ELATING</SMALL> <SMALL>TO</SMALL>
P<SMALL>URCHASERS</SMALL> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" ALIGN="center">


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<TD WIDTH="48%"></TD></TR>
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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></TD></TR>


<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B>METROPOLITAN LIFE INSURANCE COMPANY</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B></B>200 Park Avenue<B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B></B>New York, New York 10166<B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$4,000,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="right"><B><FONT STYLE="font-family:Times New Roman;background-color:#ffff00">(General
Acct@Chase)</FONT></B><B></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(Securities to be registered in
the name of <B>Metropolitan Life Insurance Company</B>) </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All scheduled payments of principal and interest by wire transfer of immediately available funds to:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Bank Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">JPMorgan Chase Bank</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top">ABA&nbsp;Routing&nbsp;#:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">021-000-021</FONT></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Account No.:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">002-2-410591</FONT></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Account Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Metropolitan Life Insurance Company</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Ref:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">PPN 665876 D@4 - NORTHERN UTILITIES INC - 3.780% Due
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">15-SEP-2040</FONT></FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">with sufficient information to identify the source and application of such funds,
including issuer, PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">For all
payments other than scheduled payments of principal and interest, the Company shall seek instructions </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">from the holder, and in the
absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All notices and communications: </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify"><B>Metropolitan Life Insurance Company</B> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify"><B>c/o MetLife Investment Management, LLC</B> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Investments, Private Placements </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">One MetLife Way </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Whippany, New Jersey 07981 </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">Attention: Shaun Oliver, Associate Director, Private Placements; Michael Brown - Associate - Privates,
Private Placements; Fred Sporer - VP Priv Placements-Corporates </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">Emails: <FONT COLOR="#0000ff"><U>PPUCompliance@metlife.com</U></FONT>; fsporer@metlife.com;
michael.t.brown@metlife.com; soliver@metlife.com<B>; </B><FONT COLOR="#0000ff"><U>OpsPvtPlacements@metlife.com</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">With a copy <B>OTHER than with respect to deliveries of financial statements </B>to:
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify"><B>Metropolitan Life Insurance Company</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>c/o MetLife Investment Management, LLC</B>, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">One MetLife Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Whippany, New Jersey 07981 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention: Chief Counsel-Investments Law (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Email: sec_invest_law@metlife.com </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Original notes delivered to: </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>c/o MetLife Investment Management, LLC</B>, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">One MetLife Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Whippany, New Jersey 07981 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention: Nicolette Lopez, Senior Counsel, Fixed Income&nbsp;&amp; Alternatives </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Taxpayer I.D. Number: <FONT STYLE="white-space:nowrap">13-5581829</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> A </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Tax Jurisdiction: United States/New York </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">UK Passport Treaty Number (if applicable): 13/M/61303/DTTP </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="96%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.48em; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><U>Audit Requests</U>: Soft
copy to <FONT COLOR="#ff0000"><B>AuditConfirms.PvtPlacements@metlife.com</B></FONT> or hard copy to: Metropolitan Life Insurance Company, Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive &#150; 5<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, Tampa, FL 33647</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" ALIGN="center">


<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="17%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL>&nbsp;<SMALL>TO</SMALL>&nbsp;<SMALL>BE</SMALL>&nbsp;P<SMALL>URCHASED</SMALL></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B>METROPOLITAN TOWER LIFE INSURANCE COMPANY</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B></B>200 Park Avenue<B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B></B>New York, New York 10166<B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$4,000,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="font-family:Times New Roman;background-color:#ffff00">(G.A.&#151;-portfolio
S07,S11,S12,T39,TBB,TBE,TTA,635,646)</FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(Securities to be registered in the name of
<B>Metropolitan Tower Life Insurance Company</B>) </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All scheduled payments of principal and interest by wire transfer of immediately available funds to:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Bank Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">JPMorgan Chase Bank</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top">ABA&nbsp;Routing&nbsp;#:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">021-000-021</FONT></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Account No.:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">323-8-90946</FONT></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Account Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Metropolitan Tower Life Insurance Company</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Ref:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">PPN 665876 D@4 - NORTHERN UTILITIES INC - 3.780% Due
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">15-SEP-2040</FONT></FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">with sufficient information to identify the source and application of such funds, including issuer,
PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">For all payments other than
scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left"><B>All notices and communications:</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Tower Life Insurance Company</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>c/o MetLife Investment Management, LLC</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Investments, Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">One MetLife Way </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Whippany,
New Jersey 07981 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Shaun Oliver, Associate Director, Private Placements; Michael Brown - Associate - Privates, Private
Placements; Fred Sporer - VP Priv Placements-Corporates </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Emails: <FONT
STYLE="font-family:Times New Roman; font-size:10.5pt" COLOR="#0000ff"><U>PPUCompliance@metlife.com</U></FONT><FONT STYLE="font-family:Times New Roman">; fsporer@metlife.com; michael.t.brown@metlife.com; soliver@metlife.com<B>; </B></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10.5pt" COLOR="#0000ff"><U>OpsPvtPlacements@metlife.com</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">With a copy <B>OTHER than with respect to deliveries of financial statements </B>to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Tower Life Insurance Company</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">c/o <B>MetLife Investment Management, LLC</B>, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">One MetLife Way </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Whippany,
New Jersey 07981 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Chief Counsel-Investments Law (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Email: sec_invest_law@metlife.com </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">Original notes delivered to: </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Tower Life Insurance Company</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">c/o <B>MetLife Investment Management, LLC</B>, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">One MetLife Way </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Whippany,
New Jersey 07981 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Nicolette Lopez, Senior Counsel, Fixed Income&nbsp;&amp; Alternatives </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">Taxpayer I.D. Number: <FONT STYLE="white-space:nowrap">13-3114906</FONT> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">Tax Jurisdiction: United States/Delaware </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">UK Passport Treaty Number (if applicable): 13/M/298329/DTTP </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" ALIGN="center">


<TR>

<TD WIDTH="96%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.19em; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><U>Audit Requests</U>: Soft
copy to <FONT COLOR="#ff0000"><B>AuditConfirms.PvtPlacements@metlife.com</B></FONT> or hard copy to: Metropolitan Life Insurance Company, Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive &#150; 5<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, Tampa, FL 33647</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" ALIGN="center">


<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="17%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL>&nbsp;<SMALL>TO</SMALL>&nbsp;<SMALL>BE</SMALL>&nbsp;P<SMALL>URCHASED</SMALL></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B>BRIGHTHOUSE LIFE INSURANCE COMPANY</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B></B>11225 North community House Road<B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B></B>Charlotte, NC 28277<B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$3,000,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="font-family:Times New Roman;background-color:#ffff00">(Portfolio <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">4PC---Sep</FONT></FONT> Acct @Chase)</FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">[Securities to be registered in
the name of <B>Brighthouse Life Insurance Company</B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">All scheduled payments of principal and interest by wire transfer of immediately available funds to:
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Bank Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">JPMorgan Chase Bank</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top">ABA Routing #:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">021-000-021</FONT></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Account No.:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">496559365</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Account Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Brighthouse Life Insurance Company Separate Account SA</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Ref:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">PPN 665876 D@4 - NORTHERN UTILITIES INC - 3.780% Due
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">15-SEP-2040</FONT></FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">with sufficient information to identify the source and application of such funds, including issuer,
PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">For all payments other than
scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All notices and communications: </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>Brighthouse Life Insurance Company</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">c/o MetLife Investment Management, LLC, Investments - Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">One MetLife Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Whippany, New Jersey 07981 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Shaun Oliver, Associate Director, Private Placements; Michael Brown - Associate - Privates, Private Placements; Fred Sporer - VP
Priv Placements-Corporates </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Emails:
<FONT STYLE="font-family:Times New Roman; font-size:10.5pt" COLOR="#0000ff"><U>PPUCompliance@metlife.com</U></FONT><FONT STYLE="font-family:Times New Roman"> and fsporer@metlife.com; michael.t.brown@metlife.com; soliver@metlife.com </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">With a copy <B>OTHER than with respect to deliveries of financial statements </B>to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>Brighthouse Life Insurance Company</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">c/o MetLife Investment Management, LLC, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">One MetLife Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Whippany, New Jersey 07981 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention: Chief Counsel-Investments Law (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Email: sec_invest_law@metlife.com </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Original notes delivered to: </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Bank NA </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;4 Chase Metrotech Center, 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;Brooklyn, NY 11245-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;Attention: Physical Receive Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;Ref: G 22904 </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>With COPIES OF THE NOTES emailed to nlopez3@metlife.com</B> </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Taxpayer I.D. Number: <FONT STYLE="white-space:nowrap">06-0566090</FONT> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 5 </P>

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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Tax Jurisdiction:United States </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Tax Classification: C Corporation </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">UK Passport Treaty Number (if applicable): 13/B/61653/DTTP </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 6 </P>

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<TD></TD></TR>
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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL>&nbsp;<SMALL>TO</SMALL>&nbsp;<SMALL>BE</SMALL>&nbsp;P<SMALL>URCHASED</SMALL></TD></TR>


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<TD HEIGHT="10" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B>American Fidelity Assurance Company</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B></B>9000 Cameron Parkway<B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B></B>Oklahoma City, OK 73114<B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>$2,000,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="font-family:Times New Roman;background-color:#ffff00">(portfolio AFC for USD)</FONT><FONT
STYLE="font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(Securities to be
registered in the name of American Fidelity Assurance Company) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All scheduled payments of principal and interest by wire transfer of immediately available funds to:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Bank Name: First Fidelity Bank</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top">ABA Number: 103002691</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Account No.: 2000528686</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Account Name: InvesTrust</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">FFC: American Fidelity Assurance Co</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt">Ref: PPN 665876 D@4 - NORTHERN UTILITIES INC - 3.780% Due
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">15-SEP-2040</FONT></FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">with sufficient information to identify the source and application of such funds, including issuer,
PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">For all payments other than
scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All notices and communications: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">American Fidelity Assurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">c/o MetLife Investment Management, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Investments, Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">One MetLife Way </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Whippany, NJ
07981 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Shaun Oliver, Associate Director, Private Placements; Michael Brown - Associate - Privates, Private Placements; Fred
Sporer - VP Priv Placements-Corporates </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Emails:
<FONT STYLE="font-family:Times New Roman; font-size:10.5pt" COLOR="#0000ff"><U>PPUCompliance@metlife.com</U></FONT><FONT STYLE="font-family:Times New Roman"> and fsporer@metlife.com; michael.t.brown@metlife.com; soliver@metlife.com </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">With a copy <B>OTHER than with respect to deliveries of financial statements </B>to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">InvesTrust </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Attn: Debbie
Sinard </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">5100 N. Classen, Suite 620 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Oklahoma City, OK 73118 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Original notes delivered to: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">InvesTrust </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Attn: Debbie
Sinard </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">5100 N. Classen, Suite 620 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Oklahoma City, OK 73118 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>With COPIES OF THE NOTES emailed to nlopez3@metlife.com</B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Taxpayer I.D. Number: <FONT STYLE="white-space:nowrap">73-0714500</FONT> </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">UK Passport Treaty Number (if applicable): 13/A/351507/DTTP </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 7 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>THE LINCOLN NATIONAL LIFE INSURANCE COMPANY</B></P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$8,000,000</B></P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>REGISTER
SECURITIES IN THE NAME OF: <U>THE LINCOLN NATIONAL LIFE INSURANCE COMPANY</U> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>(Note: a separate security will be needed for each breakdown
listed below) </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tax ID for The Lincoln National Life Insurance Company: <FONT STYLE="white-space:nowrap">35-0472300</FONT> </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px dashed #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECURITY:&nbsp;&nbsp;&nbsp;&nbsp;Unitil Opcos, 3.78% Senior Note due 9/15/2040 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><I>NOTE</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD VALIGN="top"><I><U>AMOUNT</U></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I><U>LINCOLN ACCOUNT NAME</U></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I><U>BANK CUSTODY ACCT #</U></I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">8,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Lincoln National Life Insurance Co (Seg 16)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">216625&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PRINCIPAL&nbsp;&amp; INTEREST
PAYMENTS:&nbsp;&nbsp;&nbsp;&nbsp; </P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Bank of New York Mellon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(via Fed Wire)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Wall Street, New York, NY 10286</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ABA #:
021000018</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BENEFICIARY/Account #: <U>GLA 111566</U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Acct Name:
The Bank of New York Mellon Private Placement Income Collection</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bank to Bank Information Ref: <U>insert Custody Account# listed above; </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PPN 665876 D@4 /Sec Desc/ P&amp;I Details</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Reference Registered
Holder: The Lincoln National Life Insurance Company</P></TD></TR>
</TABLE> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">INVESTMENT ADVISER ADDRESS</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; "><FONT STYLE="white-space:nowrap">--ALL</FONT> COMMUNICATIONS:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TREASURY OPERATIONS</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; ">--NOTICE OF PAYMENT:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BANK ADDRESS</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; ">--NOTICE OF PAYMENT ONLY:</P></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Macquarie Investment Management Advisers</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2005
Market Street, Mail Stop <FONT STYLE="white-space:nowrap">41-104</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Philadelphia, PA 19103</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Fixed Income Private Placements</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email:
privateplacements@macquarie.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lincoln Financial Group</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1300 South Clinton
St.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fort Wayne, IN 46802</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Inv Acctg&#150;Treasury
Operations</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email: securities_data_rese@lfg.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P. O. Box
392003</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pittsburgh, PA 15251-9003</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Private Placement
P&nbsp;&amp; I Dept</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ref: Registered Holder/Sec Desc/PPN#</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email: ppservicing@bnymellon.com</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">FORWARD SECURITIES TO:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Depository Trust Company</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(<I>via Express Delivery</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="justify">570 Washington Blvd &#150; 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</P></TD></TR>

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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Jersey City, New Jersey 07310</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="justify">ATTENTION: BNY MELLON/BRANCH DEPOSIT DEPARTMENT</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>(in cover letter reference note amt, acct name, and </I></B><B><I><U>bank custody account
#)</U></I></B></P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Copy of transmittal to:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><FONT COLOR="#0000ff"><U>shelise.case@lfg.com</U></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Copy of notes to:</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><FONT COLOR="#0000ff"><U>shelise.case@lfg.com</U></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 8 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B><U>MINNESOTA LIFE INSURANCE COMPANY</U></B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>(Bond)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-size:12pt"><B>$4,000,000</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Minnesota Life Insurance Company should be registered in the name of
&#147;Hare&nbsp;&amp; Co., LLC&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Minnesota Life Insurance Company (Bond) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.</FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">41-0417830</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 9 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B><U>AMERICAN REPUBLIC INSURANCE COMPANY</U></B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">(Pre-Need)</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-size:12pt"><B>$500,000</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for American Republic Insurance Company should be registered in the name of
&#147;Wells Fargo Bank N.A. FBO American Republic Insurance Company&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">American Republic Insurance Company <FONT STYLE="white-space:nowrap">(Pre-Need)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.</FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">42-0113630</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 10 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B><U>BLUE CROSS AND BLUE SHIELD OF FLORIDA, INC.</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$500,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Blue Cross and Blue Shield of Florida, Inc. should be registered in the name of
&#147;Hare&nbsp;&amp; Co., LLC&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Blue Cross and Blue Shield of Florida, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.</FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">59-2015694</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 11 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B><U>CATHOLIC LIFE INSURANCE</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$500,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Catholic Life Insurance should be registered in the name of
&#147;Waterthrush&nbsp;&amp; Co.&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Catholic Life Insurance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">74-0548665</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 12 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B><U>CATHOLIC UNITED FINANCIAL</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$500,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Catholic United Financial should be registered in the name of
&#147;Band&nbsp;&amp; Co&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Catholic United Financial </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.</FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">41-0182070</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 13 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B><U>ROYAL NEIGHBORS OF AMERICA</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$500,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Royal Neighbors of America should be registered in the name of
&#147;ELL&nbsp;&amp; Co.&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Royal Neighbors of America </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.</FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">36-1711198</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 14 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B><U>WESTERN FRATERNAL LIFE ASSOCIATION</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$500,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Western Fraternal Life Association should be registered in the name of
&#147;Hubb&nbsp;&amp; Co.&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Western Fraternal Life Association </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">42-0594470</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 15 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B><U>THRIVENT FINANCIAL FOR LUTHERANS</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$5,000,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman"><B>Payments to: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">ABA # 011000028 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">State Street Bank&nbsp;&amp; Trust Co. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">DDA # A/C &#150; <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6813-049-1</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Fund Number: NCE1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Fund Name: Thrivent Financial for Lutherans </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman"><B>All payments must include the following information: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Security Description </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Private Placement Number (PPN 665876 D@4) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Reference Purpose of Payment </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Interest and/or Principal Breakdown </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman"><B>Notices of payments and written confirmation of such wire transfers to: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Investment Division-Private Placements&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attn: Chris Patton </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Thrivent Financial for Lutherans&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">901 Marquette Avenue, Suite 2500&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Minneapolis, MN 55402&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Fax: (612) <FONT STYLE="white-space:nowrap">844-4027&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Email:
<FONT STYLE="font-family:Times New Roman; font-size:10.5pt" COLOR="#0000ff"><U>privateinvestments@thrivent.com</U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">With a copy to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attn: Jeremy Anderson or Harmon Bergenheier </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Thrivent Financial for Lutherans&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">901 Marquette Avenue, Suite 2500&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Minneapolis, MN 55402&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Email:
<FONT STYLE="font-family:Times New Roman; font-size:10.5pt" COLOR="#0000ff"><U>boxprivateplacement@thrivent.com</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman"><B>All other communications to: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Thrivent Financial for Lutherans </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attn: Investment Division-Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">901 Marquette Avenue, Suite 2500&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Minneapolis, MN 55402&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Fax: (612) <FONT STYLE="white-space:nowrap">844-4027</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Email:
<FONT STYLE="font-family:Times New Roman; font-size:10.5pt" COLOR="#0000ff"><U>privateinvestments@thrivent.com</U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman"><B>Issue Notes in name of: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Thrivent Financial for Lutherans </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman"><B>Taxpayer ID Number(s): </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">39-0123480</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman"><B>Private Placement Notes sent to: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">DTCC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Newport Office Center </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">570 Washington Blvd </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Jersey City, NJ 07310 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attn: 5th floor / NY Window / Robert Mendez </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Ref: State Street Account </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Fund Name: Thrivent Financial for Lutherans </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Fund Number: NCE1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">With a .pdf copy to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Lisa Corbin
<FONT STYLE="font-family:Times New Roman; font-size:10.5pt" COLOR="#0000ff"><U>boxprivateplacementlegal@thrivent.com</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 17 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>P<SMALL>ACIFIC</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$4,000,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><FONT COLOR="#0000ff"><B>Mac&nbsp;&amp; Co., as nominee for Pacific Life Insurance Company</B> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>See instructions on following page. </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 18 </P>

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<TD VALIGN="top"><FONT STYLE="font-size:10pt"><B>PACIFIC&nbsp;LIFE&nbsp;INSURANCE&nbsp;COMPANY</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt ; margin-bottom:0pt" ALIGN="justify">


<IMG SRC="g923021page180a.jpg" ALT="LOGO">
</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Delivery/Registration Instructions </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Account Information: </P><DIV ALIGN="right">
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Nominee Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Mac &amp; Co</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Tax ID#:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">95-1079000</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Please include all information to ensure proper delivery of certificates and P &amp; I. </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>For Physical Delivery of Certificates:</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Depository Trust Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attn: BNY Mellon/Branch Deposit Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">570 Washington Blvd &#150; 5th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Jersey City, NJ 07310 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Account&nbsp;Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">SA 80 &#150; INSURED LDI</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Account&nbsp;Number:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">7147618400</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For Payment of Principal &amp; Interest:</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bank: The Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ABA: 021000018 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Acct Number: GLA 111566 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Acct Name: The Bank of New York Mellon
&#150; P&amp;I Dept </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">** <I>Include CUS1P, security description and P&amp;I breakdown.</I> ** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>All notices of payments and written confirmations of such wire transfers to:</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Pacific Life Accounting Team
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Mellon Bank Center - Room 1130 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pittsburgh, PA
15258-0001 <B> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>And</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pacific Life Insurance
Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: IM &#150; Cash Team </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">700 Newport Center Drive
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Newport Beach, CA 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax: 949-718-5845 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-size:10pt"><B>All&nbsp;other&nbsp;communications&nbsp;shall&nbsp;be&nbsp;addressed&nbsp;to:</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Pacific Life Insurance Company</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">Attn: IM &#150; Credit Analysis</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt ; margin-bottom:0pt" ALIGN="justify">


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</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">700 Newport Center Drive</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Dominic Faso</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Newport Beach, CA 92660-6397</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">AVP &amp; Asst Treasurer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt">PrivatePlacementCompliance@PacificLife.com</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 19 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF<BR></SMALL>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B><U>UNITED OF OMAHA LIFE INSURANCE COMPANY</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$3,000,000</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Notes to be registered in the name of </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">UNITED OF OMAHA LIFE INSURANCE COMPANY </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Tax I.D. # is <FONT STYLE="white-space:nowrap">47-0322111</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All principal and interest payments on the Notes shall be made by wire transfer of immediately available
funds to: </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">ABA #021000021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Private Income Processing </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">For credit to: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">United of Omaha Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account # <FONT STYLE="white-space:nowrap">900-9000200</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">a/c: G07097 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Cusip/ PPN 665876 D@4 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Interest Amount: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Principal Amount: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Address for delivery of bonds: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">4 Chase Metrotech Center, 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Brooklyn, NY 11245-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention:&nbsp;&nbsp;&nbsp;&nbsp;Physical Receive Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account# G07097 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">**It is imperative that the custody account be included on the delivery letter. Without this information, the security will
be returned to the sender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address for all notices in respect of payment of Principal
and Interest, Corporate Actions, and Reorganization Notifications: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">4 Chase Metrotech Center, 16<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Brooklyn, NY 11245-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attn: Income Processing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">a/c: G07097 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">6. &nbsp;&nbsp;&nbsp;&nbsp;Address for all other communications (i.e.: Quarterly/Annual reports, Tax filings, Modifications, Waivers
regarding the indenture): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">4 - Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">United of Omaha Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">3300 Mutual of Omaha Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Omaha, NE 68175-1011 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Email Address for Electronic Document Transmission:
<FONT STYLE="font-family:Times New Roman; font-size:10.5pt" COLOR="#0000ff"><U>privateplacements@mutualofomaha.com</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>EFINED</SMALL> T<SMALL>ERMS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following
such term: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Adjusted Net Income (Deficit)&#148;</I> means the amount of net income (or if such net income is a
deficit, the amount of such deficit) of the Company and its Subsidiaries for the period in question (taken as a cumulative whole) transferred to the retained earnings account on the books and records of the Company on a consolidated basis, as
determined in accordance with GAAP, excluding any extraordinary <FONT STYLE="white-space:nowrap">non-cash</FONT> gains and losses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Affiliate&#148; </I>means, at any time, and with respect to any Person, any other Person that at such time directly
or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to the Company, shall include any Person beneficially owning or holding, directly or indirectly,
20% or more of any class of voting or equity interests of the Company or any Subsidiary of the Company or any Person of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 20% or more of any
class of voting or equity interests. As used in this definition, &#147;Control&#148; means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an &#147;Affiliate&#148; is a reference to an Affiliate of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Agreement&#148;</I><B> </B>means this Agreement, including all Schedules attached to this Agreement, as it may be
amended, restated, supplemented or otherwise modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Anti</I><I><FONT
STYLE="white-space:nowrap">-Corruption</FONT> Laws&#148;</I> means any law or regulation in a U.S. or any <FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign
Corrupt Practices Act and the U.K. Bribery Act 2010. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Anti</I><I><FONT STYLE="white-space:nowrap">-Money</FONT>
Laundering Laws&#148;</I> means any law or regulation in a U.S. or any <FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction regarding money laundering, drug trafficking, <FONT STYLE="white-space:nowrap">terrorist-related</FONT> activities
or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Bank Credit Agreement&#148;</I> means any existing or future bank credit facility or combination of bank credit
facilities of greater than $10,000,000 entered into by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Blocked Person&#148;</I> means (a)&nbsp;a
Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b)&nbsp;a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S.
Economic Sanctions Laws, or (c)&nbsp;a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or
regime described in clause&nbsp;(a) or (b). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> B
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Business Day&#148; </I>means (a)&nbsp;for the purposes of
<B>Section</B><B></B><B>&nbsp;8.6</B> only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed, and (b)&nbsp;for the purposes of any other provision of this Agreement,
any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New&nbsp;York or Manchester, New Hampshire are required or authorized to be closed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Capital Lease&#148; </I>means, at any time, a lease with respect to which the lessee is required concurrently to
recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Cash Pooling
and Loan Agreement&#148;</I> means the cash pooling and loan agreement, as amended and restated, dated December&nbsp;1, 2008, between Unitil and certain of its Subsidiaries, including the Company, as further amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Closing&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;3</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Code&#148; </I>means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Company&#148;</I> means Northern Utilities, Inc., a New Hampshire
corporation, or any successor that becomes such in the manner prescribed in <B>Section</B><B></B><B>&nbsp;10.4</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Confidential Information&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;20</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Controlled Entity&#148;</I> means (i)&nbsp;any of the Subsidiaries of the Company and any of their or the
Company&#146;s respective Controlled Affiliates and (ii)&nbsp;if the Company has a parent company, such parent company and its Controlled Affiliates. As used in this definition, <I>&#147;Control&#148;</I> means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Default&#148;</I> means an event or condition the occurrence or existence of which would, with the lapse of time or
the giving of notice or both, become an Event of Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Default Rate&#148;</I> means, with respect to the
Notes, that rate of interest per annum that is the greater of (i)&nbsp;2% above the rate of interest stated in clause (a)&nbsp;of the first paragraph of the Notes or (ii)&nbsp;2% over the rate of interest publicly announced by Bank of America, N.A.
in Charlotte, North Carolina as its &#147;base&#148; or &#147;prime&#148; rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Disclosure Documents&#148;</I>
is defined in <B>Section</B><B></B><B>&nbsp;5.3</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;EDGAR&#148;</I> means the SEC&#146;s Electronic Data
Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for such purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Electronic Delivery&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;7.1(a)(ii)</B>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Environmental Laws&#148;</I> means any and all federal, state,
local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or
the release of any materials into the environment, including but not limited to those related to Hazardous Materials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;ERISA&#148;</I> means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the
rules and regulations promulgated thereunder from time to time in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;ERISA Affiliate&#148; </I>means any
trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section&nbsp;414 of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Event of Default&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;11</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Exchange Act&#148;</I> means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder from time to time in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;FATCA&#148;</I> means (a)&nbsp;sections 1471 through 1474 of
the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations thereof,
(b)&nbsp;any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing
clause&nbsp;(a), and (c)&nbsp;any agreements entered into pursuant to section&nbsp;1471(b)(1) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;FERC&#148;</I> means the Federal Energy Regulatory Commission and any successor Governmental Authority thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Form 10</I><I><FONT STYLE="white-space:nowrap">-K&#148;</FONT></I> is defined in
<B>Section</B><B></B><B>&nbsp;7.1(b)(ii)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Form 10</I><I><FONT STYLE="white-space:nowrap">-Q&#148;</FONT></I>
is defined in <B>Section</B><B></B><B>&nbsp;7.1(a)(ii)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Funded Indebtedness&#148;</I> of any Person as of
any date as of which the amount thereof is to be determined, means (i)&nbsp;all Indebtedness of such Person required to be paid more than one year from the date as of which Funded Indebtedness is being determined pursuant to the terms of the
agreement or instrument under which such Indebtedness was incurred, but there shall be excluded sinking fund, serial maturity, periodic installment and amortization payments on account of Indebtedness which are required to be made within one year
from the date of such determination and (ii)&nbsp;all Guaranties of Funded Indebtedness of others described in clause&nbsp;(i) of this definition. <B></B>Notwithstanding the foregoing, Funded Indebtedness shall not include: (a)&nbsp;obligations
under contracts for the purchase of gas and energy supply, including transportation charges or Guaranties in respect of such obligations; (b)&nbsp;pension and benefit obligations, whether or not absolute or contingent or included, in accordance with
GAAP, in determining total liabilities on the balance sheet; (c)&nbsp;amounts owed to or by the Company or any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subsidiary under the Cash Pooling and Loan Agreement; and (d)&nbsp;all obligations under
operating leases. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;GAAP&#148;</I> means generally accepted accounting principles as in effect from time to time
in the United States of America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Governmental Authority&#148;</I> means </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the government of </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;the United States of America or any State or other political subdivision thereof,
or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;any other jurisdiction in which the Company or any Subsidiary conducts all
or any part of its business, or which asserts jurisdiction over any properties of the Company or any Subsidiary, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;any entity exercising executive, legislative, judicial, regulatory or administrative
functions of, or pertaining to, any such government. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Governmental Official&#148;</I><B> </B>means any
governmental official or employee, employee of any <FONT STYLE="white-space:nowrap">government-owned</FONT> or <FONT STYLE="white-space:nowrap">government-controlled</FONT> entity, political party, any official of a political party, candidate for
political office, official of any public international organization or anyone else acting in an official capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Granite&#148;</I> means Granite State Gas Transmission, Inc., a New Hampshire corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Guarantor&#148;</I> means each Person who is a party to the Guaranty Agreement and is otherwise required to comply
with the requirements of <B>Section</B><B></B><B>&nbsp;9.8</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Guaranty&#148;</I> means, with respect to any
Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other
Person in any manner, whether directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;to purchase such indebtedness or obligation or any property constituting security
therefor; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;to advance or supply funds (i)&nbsp;for the purchase or payment of
such indebtedness or obligation, or (ii)&nbsp;to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such
indebtedness or obligation; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B- 4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;to lease properties or to
purchase properties or services primarily for the purpose of assuring the owner of such indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;otherwise to assure the owner of such indebtedness or obligation against loss in
respect thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In any computation of the indebtedness or other liabilities of the obligor under any Guaranty, the indebtedness or other
obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Guaranty Agreement&#148;</I> means any Guaranty Agreement delivered pursuant to <B>Section</B><B></B><B>&nbsp;9.8
</B>the terms of which are substantially similar to the applicable guaranty or other obligation being provided under the Bank Credit Agreement or any other Material Credit Facility and otherwise in a form reasonably acceptable to the Required
Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Hazardous Materials&#148;</I> means any and all pollutants, toxic or hazardous wastes or other
substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release,
discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum
products, lead based paint, radon gas or similar restricted, prohibited or penalized substances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;holder&#148;</I> means, with respect to any Note the Person in whose name such Note is registered in the register
maintained by the Company pursuant to <B>Section</B><B></B><B>&nbsp;13.1</B>,<B> </B><I>provided, however,</I> that if such Person is a nominee, then for the purposes of <B>Sections 7</B>, <B>12</B>, <B>17.2</B>, and <B>18</B> and any related
definitions in this <B>Schedule B</B>, &#147;holder&#148; shall mean the beneficial owner of such Note whose name and address appears in such register. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Indebtedness&#148;</I> with respect to any Person means, at any time, without duplication, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;its liabilities for borrowed money; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;all liabilities which would appear on its balance sheet in accordance with GAAP in
respect of Synthetic Leases if such Synthetic Leases were accounted for as Capital Leases; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;obligations due in respect of Capital Leases which, taking together such
obligations for all Capital Leases of such Person, aggregate $5,000,000 or more in the twelve-month period following the date on which Indebtedness is being determined; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;its liabilities for the deferred purchase price of property acquired by such Person
(excluding accounts payable arising in the ordinary course of business and liabilities pertaining to the regulated purchase of electricity and natural gas supply in the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-5 </P>

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ordinary course of business, but, in any event, including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property); and
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;without duplication, any Guaranty of such Person with respect to liabilities
of a type described in any of clauses (a)&nbsp;through (d) above; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>provided</I>, <I>that</I> notwithstanding anything to the contrary
in the foregoing, Indebtedness of the Company shall not include (A)&nbsp;its obligations under contracts for the purchase by it of gas (including propane and liquefied natural gas) or electric energy or capacity, including transmission charges,
(B)&nbsp;lease obligations of the Company or any Subsidiary, and (C)&nbsp;pension and other obligations of the Company or any Subsidiary with respect to benefits provided to employees of the Company and its Subsidiaries, regardless of whether such
obligations are absolute or contingent or included, in accordance with GAAP, in determining total liabilities as shown on the liability side of a balance sheet of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;INHAM Exemption&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;6.2(e)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Institutional Investor&#148;</I> means (a)&nbsp;any Purchaser of a Note, (b)&nbsp;any holder of a Note holding
(together with one or more of its affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c)&nbsp;any bank, trust company, savings and loan association or other financial institution, any pension plan, any
investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d)&nbsp;any Related Fund of any holder of any Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Lien&#148; </I>means, with respect to any Person, any mortgage, lien, pledge, adverse claim, charge, security
interest or other encumbrance of title in or on, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect
to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Make-Whole Amount&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;8.6</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Material&#148;</I> means material in relation to the business, operations, affairs, financial condition, assets, or
properties of the Company and its Subsidiaries taken as a whole. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Material Adverse Effect&#148;</I> means a
material adverse effect on (a)&nbsp;the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, or (b)&nbsp;the ability of the Company to perform its obligations under this
Agreement and the Notes, or (c)&nbsp;the validity or enforceability of this Agreement or the Notes, or (d)&nbsp;the ability of any Guarantor to perform its obligations under any Guaranty Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Material Credit Facility&#148;</I>&nbsp;means, as to the Company and its Subsidiaries, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the Bank Credit Agreement,
including any renewals, extensions, amendments, supplements, restatements, replacements or refinancing thereof; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;any other agreement(s) (other than the Cash Pooling and Loan Agreement) creating or
evidencing indebtedness for borrowed money entered into on or after the date of Closing by the Company or any Subsidiary, or in respect of which the Company or any Subsidiary is an obligor or otherwise provides a guarantee or other credit support
(<I>&#147;Credit Facility&#148;</I>), in a principal amount outstanding or available for borrowing equal to or greater than $10,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing
of such facility based on the exchange rate of such other currency); and if no Credit Facility or Credit Facilities equal or exceed such amounts, then the largest Credit Facility shall be deemed to be a Material Credit Facility<I>.</I><I>&nbsp;</I>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Maturity Date&#148;</I> is defined in the first paragraph of each Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;MPUC&#148;</I> means the Maine Public Utilities Commission and any successor Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Multiemployer Plan&#148;</I> means any Plan that is a &#147;multiemployer plan&#148; (as such term is defined in
section 4001(a)(3) of ERISA). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;NAIC&#148; </I>means the National Association of Insurance Commissioners or any
successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Non</I><I><FONT STYLE="white-space:nowrap">-U.S.</FONT> Plan&#148;</I> means any plan, fund
or other similar program that (a)&nbsp;is established or maintained outside the United States of America by the Company or any Subsidiary primarily for the benefit of employees of the Company or one or more Subsidiaries residing outside the United
States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b)&nbsp;is not subject to ERISA
or the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Notes&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;1</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;NHPUC&#148;</I> means the New Hampshire Public Utilities Commission and any successor Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;OFAC&#148;</I> means the Office of Foreign Assets Control of the United States Department of the Treasury. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;OFAC Sanctions Program&#148;</I> means any economic or trade sanction that OFAC is responsible for administering and
enforcing. A list of OFAC Sanctions Programs may be found
at&nbsp;<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U><FONT STYLE="white-space:nowrap">http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx</FONT></U></FONT><FONT
STYLE="font-family:Times New Roman">. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Officer&#146;s Certificate&#148; </I>means a certificate of a
Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Person&#148; </I>means an individual, partnership, corporation,
limited liability company, association, trust, unincorporated organization, business entity or Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Plan&#148;</I> means an &#147;employee benefit plan&#148; (as defined in section 3(3) of ERISA) subject to
Title&nbsp;I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or
with respect to which the Company or any ERISA Affiliate may have any liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Preferred Stock&#148; </I>means
any class of capital stock of a Person that is preferred over any other class of capital stock (or similar equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;property&#148; </I>or <I>&#147;properties&#148;</I> means, unless otherwise specifically limited, real or
personal property of any kind, tangible or intangible, choate or inchoate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;PTE&#148;</I> is defined in
<B>Section</B><B></B><B>&nbsp;6.2(a)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Purchaser&#148; </I>is defined in the first paragraph of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Qualified Institutional Buyer&#148;</I> means any Person who is a &#147;qualified institutional
buyer&#148; within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;QPAM
Exemption&#148; </I>is defined in <B>Section</B><B></B><B>&nbsp;6.2(d)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Related Fund&#148;</I> means, with
respect to any holder of any Note, any fund or entity that (i)&nbsp;invests in Securities or bank loans, and (ii)&nbsp;is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such
investment advisor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Required Holders&#148;</I> means at any time on or after the Closing, the holders of at
least a majority in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Responsible Officer&#148; </I>means any Senior Financial Officer and any other officer of the Company or any
Guarantor, as applicable, with responsibility for the administration of the relevant portion of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;SEC&#148;</I> shall mean the Securities and Exchange Commission of the United States, or any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Securities&#148;</I> or <I>&#147;securities&#148;</I> shall have the meaning specified in section&nbsp;2(1) of the
Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Securities Act&#148; </I>means the Securities Act of 1933, as amended from time to time, and the
rules and regulations promulgated thereunder from time to time in effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Senior Financial Officer&#148;</I> means the chief financial
officer, principal accounting officer, treasurer or comptroller of the Company or of Unitil, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;State Sanctions List&#148;</I> means a list that is adopted by any state Governmental Authority within the United
States of America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Source&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;6.2</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Subsidiary&#148;</I> means, as to any Person, any other Person in which such first Person or one or more of its
Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons
performing similar functions) of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or
more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any
reference to a &#147;Subsidiary&#148; is a reference to a Subsidiary of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;SVO&#148;</I> means the
Securities Valuation Office of the NAIC or any successor to such Office. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Synthetic Lease&#148; </I>means, at any
time, any lease (including leases that may be terminated by the lessee at any time) of any property (a)&nbsp;that is accounted for as an operating lease under GAAP and (b)&nbsp;in respect of which the lessee retains or obtains ownership of the
property so leased for U.S. federal income tax purposes, other than any such lease under which such Person is the lessor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Total Capitalization&#148;</I> at any date means the sum of (x)&nbsp;Funded Indebtedness of the Company and its
Subsidiaries, and (y)&nbsp;Total Shareholders&#146; Equity as of such date. Such Total Capitalization shall be exclusive of Accumulated and Other Comprehensive Income (within the meaning of GAAP) derived from pension and benefit obligations;
<I>provided</I>, <I>however</I>, that, to the extent permitted by <B>Section</B><B></B><B>&nbsp;10.1(a)(iii)</B> hereof, any Funded Indebtedness to be redeemed from the proceeds of the incurrence of Funded Indebtedness as provided for in
<B>Section</B><B></B><B>&nbsp;10.1(a)(iii)</B> hereof, which have not yet been so redeemed, shall not be included in the determination of Total Capitalization. Such Total Capitalization shall be exclusive of accumulated Other Comprehensive Income
(within the meaning of GAAP). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Total Shareholders&#146; Equity&#148;</I> means, as of any date of determination,
the aggregate amount for total common stock equity, preference stock and Preferred Stock as presented in accordance with GAAP on a consolidated balance sheet of the Company as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Unitil&#148;</I> means Unitil Corporation, a New Hampshire corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;USA Patriot Act&#148;</I> means United States Public Law <FONT
STYLE="white-space:nowrap">107-56,</FONT> Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;U.S. Economic Sanctions Laws&#148;</I> means those laws,
executive orders, enabling legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy
Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;United States Person&#148;</I> has the meaning set forth in section&nbsp;7701(a)(30) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Wholly-Owned Subsidiary&#148;</I> means, at any time, any Subsidiary one hundred percent of all of the equity
interests (except directors&#146; qualifying shares) and voting interests of which are owned by any one or more of the Company and the Company&#146;s other Wholly-Owned Subsidiaries at such time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>ISCLOSURE</SMALL> M<SMALL>ATERIALS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Note Purchase Agreement, dated September&nbsp;15, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The financial statements listed in Schedule 5.5. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Regulatory approvals for the issuance of the Notes as described in Section&nbsp;4.12 of the Note Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2018.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31,
2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended
March&nbsp;31, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter
ended June&nbsp;30, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> that were filed
with the Securities and Exchange Commission on or after January&nbsp;1, 2020. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL>
5.3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>O<SMALL>RGANIZATION</SMALL> <SMALL>AND</SMALL> O<SMALL>WNERSHIP</SMALL> <SMALL>OF</SMALL>
S<SMALL>HARES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>AND</SMALL> S<SMALL>UBSIDIARIES</SMALL> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)
(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiaries</U>. None. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) (ii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Affiliates (other than Subsidiaries and
Directors and Officers)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Energy Systems, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Fitchburg Gas and Electric Light Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Power Corp. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Realty Corp. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Service Corp. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Resources, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Granite State Gas Transmission, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Fitchburg Energy Development Company </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) (iii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Directors and Officers</U>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>Directors</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Winfield S. Brown</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Mark H. Collin</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Lisa Crutchfield</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Suzanne Foster</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Edward F. Godfrey</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Michael B. Green</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Thomas P. Meissner, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Eben S. Moulton</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Justine Vogel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">David A. Whiteley</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>Officers</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>Title</B></P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Thomas P. Meissner, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">President</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Robert B. Hevert</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Senior Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Todd R. Black</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Senior Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Laurence M. Brock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Senior Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Daniel J. Hurstak</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Controller</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Todd R. Diggins</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Treasurer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Sandra L. Whitney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Secretary</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Justin Eisfeller</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Robert S. Furino</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Christopher J. Leblanc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Raymond J. Letourneau, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Vice President</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL>
5.4 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>INANCIAL</SMALL> S<SMALL>TATEMENTS</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Audited Financial Statements of Northern Utilities, Inc. as of December&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unaudited and Condensed Financial Statements of Northern Utilities, Inc. as of and for the Three Months Ended March&nbsp;31, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unaudited and Condensed Financial Statements of Northern Utilities, Inc. as of and for the Six Months Ended June&nbsp;30, 2020. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL>
5.5 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>E<SMALL>XISTING</SMALL> I<SMALL>NDEBTEDNESS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Existing Indebtedness (as of June&nbsp;30, 2020) </U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" ALIGN="center">


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<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt"><B>B<SMALL>ORROWER</SMALL>/O<SMALL>BLIGOR</SMALL></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>L<SMALL>ENDER</SMALL>/C<SMALL>REDITOR</SMALL></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>ESCRIPTION</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>AND</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>M<SMALL>ATURITY</SMALL></B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>B<SMALL>ALANCE</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(USD)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>ESCRIPTION</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>OF</SMALL> S<SMALL>ECURITY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>OR</SMALL> <SMALL>OTHER</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>C<SMALL>REDIT</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>UPPORT</SMALL></B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Northern Utilities, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Various institutional</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10.5pt; font-family:Times New Roman">investors.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">7.72% Senior Notes, Due December&nbsp;3, 2038</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$50,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Northern Utilities, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Various institutional</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10.5pt; font-family:Times New Roman">investors.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">4.42% Senior Notes, Due October&nbsp;15, 2044</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$50,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Northern Utilities, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">3.52% Senior Notes, Due November&nbsp;1, 2027</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$20,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Northern Utilities, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">4.32% Senior Notes, Due November&nbsp;1, 2047</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$30,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Northern Utilities, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">4.04% Senior Notes, Due September&nbsp;12, 2049</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$40,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Northern Utilities, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Unitil and certain of its subsidiaries</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Cash Pooling and Loan Agreement, as amended and restated to date</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$25,298,270</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company is a party to, or otherwise subject to provisions contained in, instruments evidencing the
Indebtedness of the Company set forth on this Schedule 5.15 and/or the Funded Indebtedness of the Company set forth on Schedule 10.1, and agreements and other documents relating thereto, that limit the amount of, or otherwise impose restrictions on
the incurring of, Funded Indebtedness of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL>
5.15 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>E<SMALL>XISTING</SMALL> F<SMALL>UNDED</SMALL> I<SMALL>NDEBTEDNESS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Existing Funded Indebtedness (as of June&nbsp;30, 2020) </U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" ALIGN="center">


<TR>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt"><B>B<SMALL>ORROWER</SMALL>/O<SMALL>BLIGOR</SMALL></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>L<SMALL>ENDER</SMALL>/C<SMALL>REDITOR</SMALL></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>ESCRIPTION</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>AND</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>M<SMALL>ATURITY</SMALL></B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>B<SMALL>ALANCE</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(USD)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>ESCRIPTION</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>OF</SMALL> S<SMALL>ECURITY</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>OR</SMALL> <SMALL>OTHER</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>C<SMALL>REDIT</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>UPPORT</SMALL></B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Northern Utilities, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Various institutional</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10.5pt; font-family:Times New Roman">investors.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">7.72% Senior Notes, Due December&nbsp;3, 2038</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$50,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Northern Utilities, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">Various institutional</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10.5pt; font-family:Times New Roman">investors.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">4.42% Senior Notes, Due October&nbsp;15, 2044</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$50,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Northern Utilities, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">3.52% Senior Notes, Due November&nbsp;1, 2027</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$20,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Northern Utilities, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">4.32% Senior Notes, Due November&nbsp;1, 2047</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$30,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Northern Utilities, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">4.04% Senior Notes, Due September&nbsp;12, 2049</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$40,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL>
10.1 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>E<SMALL>XISTING</SMALL> L<SMALL>IENS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">None. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL>
10.2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> S<SMALL>ERIES</SMALL> 2020 N<SMALL>OTE</SMALL>]
</B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE
SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS. </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>N<SMALL>ORTHERN</SMALL> U<SMALL>TILITIES</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>3.78% S<SMALL>ENIOR</SMALL> N<SMALL>OTE</SMALL>, S<SMALL>ERIES</SMALL> 2020, <SMALL>DUE</SMALL> S<SMALL>EPTEMBER</SMALL>&nbsp;15, 2040
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">No. [_____]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">____________, 2020</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">$[_______]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">PPN 665876 D@4</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">F<SMALL>OR</SMALL> V<SMALL>ALUE</SMALL> R<SMALL>ECEIVED</SMALL>, the undersigned, Northern
Utilities, Inc. (herein called the <I>&#147;Company&#148;</I>), a corporation organized and existing under the laws of the State of New Hampshire, hereby promises to pay to [____________], or registered assigns, the principal sum of
[_____________________] Dollars (or so much thereof as shall not have been prepaid) on September&nbsp;15, 2040 (the <I>&#147;Maturity Date&#148;</I>), with interest (computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year of
twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months) (a)&nbsp;on the unpaid balance hereof at the rate of 3.78% per annum from the date hereof, payable semiannually, on the fifteenth day of September and March in each year, commencing with
the March&nbsp;15 or September&nbsp;15 next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b)&nbsp;without duplication with clause (a)&nbsp;above, to the extent permitted by
law, on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, at a rate per annum from time to time
equal to the greater of (i) 5.78% or (ii)&nbsp;2% over the rate of interest publicly announced by Bank of America, N.A. from time to time in Charlotte, North Carolina as its &#147;base&#148; or &#147;prime&#148; rate, payable semiannually as
aforesaid (or, at the option of the registered holder hereof, on demand). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Payments of principal of, interest on and any
Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of the Company in Hampton, New Hampshire, or at such other place as the Company shall have </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL> 1
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Note is one of a series of Senior Notes (herein called the <I>&#147;Notes&#148;</I>) issued pursuant to, and subject to,
the Note Purchase Agreement, dated as of September&nbsp;15, 2020 (as from time to time amended, the <I>&#147;Note Purchase Agreement&#148;</I>), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof.
Each holder of this Note will be deemed, by its acceptance hereof, to have (i)&nbsp;agreed to the confidentiality provisions set forth in Section&nbsp;20 of the Note Purchase Agreement and (ii)&nbsp;made the representation set forth in
Section&nbsp;6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration
of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder&#146;s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the
name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the
Company will not be affected by any notice to the contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Note is subject to optional prepayment in whole or from
time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If an
Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[Remainder of page is intentionally blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Note shall be construed and enforced in accordance with, and the rights
of the Company and the holder of this Note shall be governed by, the law of the State of New York excluding <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">choice-of-law</FONT></FONT> principles of the law of such State that would
permit the application of the laws of a jurisdiction other than such State. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">N<SMALL>ORTHERN</SMALL> U<SMALL>TILITIES</SMALL>, I<SMALL>NC</SMALL>.</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> O<SMALL>PINION</SMALL> <SMALL>OF</SMALL>
S<SMALL>PECIAL</SMALL> C<SMALL>OUNSEL</SMALL> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>TO</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following or substantively similar opinions are to be provided by special counsel to the Company, subject to customary
assumptions, limitations and qualifications. All capitalized terms used herein without definition shall have the meanings ascribed thereto in the opinion letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The offer and sale of the Notes as contemplated by the Agreement are not required to be
registered under the Securities Act of 1933, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To our knowledge, the
execution and delivery by the Company of the Agreement and the performance by the Company of its obligations thereunder and the consummation of the transaction contemplated thereby, did not, and do not (i)&nbsp;violate any agreements or other
instruments listed on Schedule 5.15 of the Agreement to which the Company is a party or by which the Company is bound that constitute outstanding Indebtedness of the Company, (ii)&nbsp;violate any New York State or federal law, rule or regulation of
any governmental authority applicable to the Company, and (iii)&nbsp;require the Company to obtain any approval, consent or waiver of, or make any filing with, any New York State or federal governmental agency or body (other than (a)&nbsp;approvals,
consents or waivers already obtained or filings already made, (b)&nbsp;filing of financing statements under the Uniform Commercial Code and (c)&nbsp;approvals, consents, waivers, authorizations or orders under federal or state securities or blue sky
laws as to which we express no opinion). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agreement, assuming the necessary entity
power and authority, authorization, execution, authentication and delivery of and by the Company, is a valid and binding obligation of the Company and is enforceable under the laws of the State of New York against the Company in accordance with its
terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes, assuming the necessary entity power and authority, authorization,
execution, authentication and delivery of and by the Company in accordance with the Agreement, will be valid and binding obligations of the Company and will be enforceable against the Company under the laws of the State of New York in accordance
with their terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is not required to register as an &#147;investment
company&#148; under the Investment Company Act of 1940, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming the
proceeds of the sale of the Notes will be used by the Company for the purposes provided in Section&nbsp;5.14 of the Agreement, the sale of the Notes to the Purchasers, and the application of the proceeds of the sale of the Notes, will not violate
Regulations U and X of the Board of Governors of the Federal Reserve System. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To our
knowledge, there is no action, suit, governmental inquiry, investigation or other proceeding pending or overtly threatened (as that term is used in clause (a)&nbsp;of paragraph 5 of the Statement of Policy Regarding Lawyer&#146;s Responses to
Auditor&#146;s Requests for Information) against the Company in writing against the Company that relates to the consummation by the Company of the transactions contemplated by the Transaction Documents except those that (a)&nbsp;individually do not
in any manner draw into question the validity of the Agreement or the Notes </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL>
4.4(a) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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or (b)&nbsp;in the aggregate, if adversely determined, could not be reasonably expected to materially and adversely affect the Company&#146;s ability to perform its obligations under the
Agreement or the Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4.4(a)-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> O<SMALL>PINION</SMALL> <SMALL>OF</SMALL>
G<SMALL>ARY</SMALL> E<SMALL>PLER</SMALL>, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>C<SMALL>HIEF</SMALL> R<SMALL>EGULATORY</SMALL> C<SMALL>OUNSEL</SMALL> <SMALL>FOR</SMALL>
U<SMALL>NITIL</SMALL> S<SMALL>ERVICE</SMALL> C<SMALL>ORP</SMALL>. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following or substantively similar opinions are
to be provided by Gary Epler, Chief Regulatory Counsel for Unitil Service Corp., subject to customary assumptions, limitations and qualifications. All capitalized terms used herein without definition shall have the meanings ascribed thereto in the
Note Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is a corporation validly existing and in good
standing under the laws of the State of New Hampshire and has the requisite corporate power and authority to carry on its business as now being conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has the requisite corporate power and authority to execute and deliver the
Transaction Documents to which it is a party and to perform its obligations thereunder. The execution and delivery by the Company of the Transaction Documents to which it is a party and the performance by the Company of its obligations thereunder
have been duly authorized by all necessary corporate action on the part of the Company. The Transaction Documents have been duly and validly executed and delivered by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issuance and sale of the Notes and the execution and delivery by the Company of the Note
Purchase Agreement and the performance by the Company of its obligations thereunder will not (i)&nbsp;violate any existing terms of its Organizational Documents, (ii)&nbsp;violate or result in a breach of any of the agreements or other instruments
listed on Schedule&nbsp;5.15 of the Note Purchase Agreement to which the Company is a party or by which the Company is bound that constitute outstanding Indebtedness of the Company, or (iii)&nbsp;violate any Applicable Law applicable to the Company.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No consent, approval or authorization or other action by, or filing with, any
governmental authority is required to be obtained or made by or on behalf of the Company under any Applicable Law in connection with the execution and delivery by the Company of the Note Purchase Agreement, the consummation by the Company of the
Transactions or the performance by the Company of its obligations under the Note Purchase Agreement, except for (i)&nbsp;federal securities laws, as to which I express no opinion, (ii)&nbsp;state securities or blue sky laws, as to which I express no
opinion, and (iii)&nbsp;those already obtained or made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in the
Disclosure Documents, and without investigation, analysis, or review of court or other public records, to my knowledge, there is no litigation, proceeding or governmental investigation pending or threatened in writing against the Company that
relates to the consummation by the Company of the Transactions except litigation or investigations that (a)&nbsp;individually do not in any manner draw into question the validity of the Note Purchase Agreement or the Notes or (b)&nbsp;in the
aggregate, if adversely determined, could not be reasonably expected to materially and adversely affect the Company&#146;s ability to perform its obligations under the Note Purchase Agreement or the Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL>
4.4(b) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> O<SMALL>PINION</SMALL> <SMALL>OF</SMALL>
S<SMALL>PECIAL</SMALL> C<SMALL>OUNSEL</SMALL> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>TO</SMALL> <SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">To be provided to the Purchasers only. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL>
4.4(c) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT 15.3 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[FORM OF] U.S. TAX COMPLIANCE CERTIFICATE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Reference is hereby made to the Note Purchase Agreement dated as of September&nbsp;15, 2020 (as amended, supplemented or
otherwise modified from time to time, the <I>&#147;</I><I>Note Purchase Agreement</I><I>&#148;</I>), among Northern Utilities, Inc., a New Hampshire corporation (the <I>&#147;</I><I>Company</I><I>&#148;</I>) and the holders of Notes that are
signatories thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unless otherwise defined herein, capitalized terms defined in the Note Purchase Agreement and used
herein have the meanings given to them in the Note Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the provisions of Section&nbsp;15.3 of
the Note Purchase Agreement, the undersigned hereby certifies that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it is the sole record and beneficial owner of the Notes in respect of which it is providing this
certificate; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it is not a bank within the meaning of Section&nbsp;881(c)(3)(A) of the Code; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it is not a ten percent shareholder of the Company within the meaning of Section&nbsp;871(h)(3)(B) of the
Code; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it is not a controlled foreign corporation related to the Company as described in Section&nbsp;881(c)(3)(C)
of the Code. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned has furnished the Company with a certificate of its <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> Person status on IRS <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E.</FONT></FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">[&#149;]</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Date: ________ __, [&#149;] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL>
15.3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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<FILENAME>d923021dex42.htm
<DESCRIPTION>EX-4.2
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND NOT
WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS, OR THE
AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS. </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N<SMALL>ORTHERN</SMALL> U<SMALL>TILITIES</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3.78% S<SMALL>ENIOR</SMALL> N<SMALL>OTE</SMALL>, S<SMALL>ERIES</SMALL> 2020, <SMALL>DUE</SMALL> S<SMALL>EPTEMBER</SMALL>&nbsp;15, 2040
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">No. R-1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">September&nbsp;15, 2020</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">$4,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">PPN 665876 D@4</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">F<SMALL>OR</SMALL> V<SMALL>ALUE</SMALL> R<SMALL>ECEIVED</SMALL>, the undersigned, Northern Utilities, Inc.
(herein called the <I>&#147;Company&#148;</I>), a corporation organized and existing under the laws of the State of New Hampshire, hereby promises to pay to M<SMALL>ETROPOLITAN</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL>, or registered assigns, the principal sum of F<SMALL>OUR</SMALL> M<SMALL>ILLION</SMALL> D<SMALL>OLLARS</SMALL> (or so much thereof as shall not have been prepaid) on September&nbsp;15, 2040 (the <I>&#147;Maturity
Date&#148;</I>), with interest (computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months) (a)&nbsp;on the unpaid balance hereof at the rate of 3.78% per annum
from the date hereof, payable semiannually, on the 15th day of September and March in each year, commencing with the March&nbsp;15 or September&nbsp;15 next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have
become due and payable, and (b)&nbsp;without duplication with clause (a)&nbsp;above, to the extent permitted by law, on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue
payment of any <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, at a rate per annum from time to time equal to the greater of (i) 5.78% or (ii)&nbsp;2% over the rate of interest publicly announced by Bank of America, N.A. from time to time
in Charlotte, North Carolina as its &#147;base&#148; or &#147;prime&#148; rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States
of America at the principal office of the Company in Hampton, New Hampshire, or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is one of a series of Senior Notes (herein called the <I>&#147;Notes&#148;</I>) issued pursuant to, and subject to, the Note
Purchase Agreement, dated as of September&nbsp;15, 2020 (as from time to time amended, the <I>&#147;Note Purchase Agreement&#148;</I>), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each
holder of this Note will be deemed, by its acceptance hereof, to have (i)&nbsp;agreed to the confidentiality provisions set forth in Section&nbsp;20 of the Note Purchase Agreement and (ii)&nbsp;made the representation set forth in Section&nbsp;6.2
of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is a registered Note and, as provided in the Note Purchase Agreement, upon
surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder&#146;s attorney duly authorized in writing, a new Note for a like principal amount will
be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to the contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is subject to optional prepayment
in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an
Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Remainder of page is intentionally blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note shall be construed and enforced in accordance with, and the rights of the Company
and the holder of this Note shall be governed by, the law of the State of New York excluding <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">choice-of-law</FONT></FONT> principles of the law of such State that would permit the
application of the laws of a jurisdiction other than such State. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">N<SMALL>ORTHERN</SMALL> U<SMALL>TILITIES</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Todd R. Diggins</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Todd R. Diggins</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Notes (including Omitted Notes) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3.78% Senior Notes, Series 2020, due September&nbsp;15, 2040 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PPN 665876 D@4 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> R<SMALL>EGISTERED</SMALL>
P<SMALL>AYEE</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">I<SMALL>DENTIFYING</SMALL><br>N<SMALL>UMBER</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">P<SMALL>RINCIPAL</SMALL> <br>A<SMALL>MOUNT</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">M<SMALL>ETROPOLITAN</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">M<SMALL>ETROPOLITAN</SMALL> T<SMALL>OWER</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-2</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B<SMALL>RIGHTHOUSE</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-3</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">A<SMALL>MERICAN</SMALL> F<SMALL>IDELITY</SMALL> A<SMALL>SSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-4</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> N<SMALL>ATIONAL</SMALL> L<SMALL>IFE</SMALL>
I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-5</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">H<SMALL>ARE</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>., LLC as nominee for Minnesota Life Insurance
Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-6</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">W<SMALL>ELLS</SMALL> F<SMALL>ARGO</SMALL> B<SMALL>ANK</SMALL> N.A. FBO A<SMALL>MERICAN</SMALL>
R<SMALL>EPUBLIC</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-7</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">H<SMALL>ARE</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>., LLC as nominee for Blue Cross and Blue Shield
of Florida, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-8</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">W<SMALL>ATERTHRUSH</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>. as nominee for Catholic Life
Insurance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-9</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B<SMALL>AND</SMALL>&nbsp;&amp; C<SMALL>O</SMALL> as nominee for Catholic United Financial</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ELL&nbsp;&amp; C<SMALL>O</SMALL>. as nominee for Royal Neighbors of America</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-11</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">H<SMALL>UBB</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>. as nominee for Western Fraternal Life
Association</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-12</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">T<SMALL>HRIVENT</SMALL> F<SMALL>INANCIAL</SMALL> <SMALL>FOR</SMALL>
L<SMALL>UTHERANS</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-13</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">M<SMALL>AC</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>., <SMALL>AS</SMALL> <SMALL>NOMINEE</SMALL>
<SMALL>FOR</SMALL> P<SMALL>ACIFIC</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-14</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U<SMALL>NITED</SMALL> <SMALL>OF</SMALL> O<SMALL>MAHA</SMALL> L<SMALL>IFE</SMALL>
I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-15</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>4
<FILENAME>d923021dex43.htm
<DESCRIPTION>EX-4.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Execution Version </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">F<SMALL>ITCHBURG</SMALL> G<SMALL>AS</SMALL> <SMALL>AND</SMALL> E<SMALL>LECTRIC</SMALL> L<SMALL>IGHT</SMALL> C<SMALL>OMPANY</SMALL> </P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">$27,500,000 </P> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3.78% Senior Notes,
Series 2020A, due September&nbsp;15, 2040 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTE</SMALL> P<SMALL>URCHASE</SMALL> A<SMALL>GREEMENT</SMALL> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Dated as of September&nbsp;15, 2020 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>ABLE</SMALL> <SMALL>OF</SMALL> C<SMALL>ONTENTS</SMALL> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">S<SMALL>ECTION</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">H<SMALL>EADING</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2">P<SMALL>AGE</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">A<SMALL>UTHORIZATION</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">S<SMALL>ALE</SMALL> <SMALL>AND</SMALL> P<SMALL>URCHASE</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">C<SMALL>LOSING</SMALL> </TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">C<SMALL>ONDITIONS</SMALL> <SMALL>TO</SMALL> C<SMALL>LOSING</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Representations and Warranties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Performance; No Default</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Compliance Certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Opinions of Counsel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Purchase Permitted By Applicable Law, Etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Sale of Other Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Payment of Special Counsel Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Private Placement Number</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Changes in Corporate Structure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Funding Instructions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Proceedings and Documents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Regulatory Approvals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Organization; Power and Authority</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Authorization, Etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Disclosure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Organization and Ownership of Shares of the Company and Subsidiaries; Affiliates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Financial Statements; Material Liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Compliance with Laws, Other Instruments, Etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Governmental Authorizations, Etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Litigation; Observance of Agreements, Statutes and Orders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Title to Property; Leases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Licenses, Permits, Etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Compliance with ERISA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Private Offering by the Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Use of Proceeds; Margin Regulations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Existing Indebtedness; Future Liens</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Foreign Assets Control Regulations, Etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Status under Certain Statutes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-i- </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Environmental Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notes Rank Pari Passu</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Solvency and Consideration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;6.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Purchase for Investment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;6.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Source of Funds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;6.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Binding Effect</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;6.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Access to Information; Knowledge and Experience</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">I<SMALL>NFORMATION</SMALL> <SMALL>AS</SMALL> <SMALL>TO</SMALL> C<SMALL>OMPANY</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;7.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Financial and Business Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;7.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Officer&#146;s Certificate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;7.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Visitation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">P<SMALL>AYMENT</SMALL> <SMALL>AND</SMALL> P<SMALL>REPAYMENT</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> N<SMALL>OTES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Maturity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Optional Prepayments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Allocation of Partial Prepayments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Maturity; Surrender, Etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Purchase of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Make-Whole Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Payments Due on <FONT STYLE="white-space:nowrap">Non-Business</FONT> Days</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">A<SMALL>FFIRMATIVE</SMALL> C<SMALL>OVENANTS</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Compliance with Law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Insurance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Maintenance of Properties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Payment of Taxes and Claims</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Corporate Existence, Etc.; Ownership of Subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Books and Records</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notes to Rank Pari Passu</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Guarantors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">N<SMALL>EGATIVE</SMALL> C<SMALL>OVENANTS</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Limitation on Funded Indebtedness</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Limitation on Liens</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Transactions with Affiliates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Merger or Consolidation; Sale or Transfer of Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Restrictions on Dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Line of Business</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Economics Sanctions Regulations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">E<SMALL>VENTS</SMALL> <SMALL>OF</SMALL> D<SMALL>EFAULT</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-ii- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">R<SMALL>EMEDIES</SMALL> <SMALL>ON</SMALL> D<SMALL>EFAULT</SMALL>, E<SMALL>TC</SMALL>.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;12.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Acceleration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;12.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Other Remedies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;12.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Rescission</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;12.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">No Waivers or Election of Remedies, Expenses, Etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">R<SMALL>EGISTRATION</SMALL>; E<SMALL>XCHANGE</SMALL>; S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;13.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Registration of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;13.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Transfer and Exchange of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;13.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Replacement of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">P<SMALL>AYMENTS</SMALL> <SMALL>ON</SMALL> N<SMALL>OTES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;14.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Place of Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;14.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Home Office Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;14.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">FATCA Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">E<SMALL>XPENSES</SMALL>, E<SMALL>TC</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;15.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Transaction Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;15.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Certain Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;15.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Tax Withholding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;15.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Survival</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">S<SMALL>URVIVAL</SMALL> <SMALL>OF</SMALL> R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL>; E<SMALL>NTIRE</SMALL> A<SMALL>GREEMENT</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">A<SMALL>MENDMENT</SMALL> <SMALL>AND</SMALL> W<SMALL>AIVER</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;17.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Requirements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;17.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Solicitation of Holders of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;17.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Binding Effect, etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;17.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notes Held by Company, Etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">N<SMALL>OTICES</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">R<SMALL>EPRODUCTION</SMALL> <SMALL>OF</SMALL> D<SMALL>OCUMENTS</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">C<SMALL>ONFIDENTIAL</SMALL> I<SMALL>NFORMATION</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">M<SMALL>ISCELLANEOUS</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Successors and Assigns</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accounting Terms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Severability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
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<TD></TD>
<TD></TD></TR>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Construction, Etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Counterparts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;22.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">G<SMALL>OVERNING</SMALL> L<SMALL>AW</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;22.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">J<SMALL>URISDICTION</SMALL> <SMALL>AND</SMALL> P<SMALL>ROCESS</SMALL>; W<SMALL>AIVER</SMALL>
<SMALL>OF</SMALL> J<SMALL>URY</SMALL> T<SMALL>RIAL</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Signature</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:12pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:12pt">44</FONT></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> A</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Information Relating to Purchasers</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> B</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Defined Terms</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> 5.3</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> 5.4</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Organization and Ownership of Shares and Subsidiaries</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> 5.5</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL>&nbsp;5.15</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> 10.1</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>CHEDULE</SMALL> 10.2</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">E<SMALL>XHIBIT</SMALL>&nbsp;1</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Form of 3.78% Senior Note, Series 2020A, due September&nbsp;15, 2040</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">E<SMALL>XHIBIT</SMALL>&nbsp;4.4(a)</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Form of Opinion of Special Counsel for the Company</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">E<SMALL>XHIBIT</SMALL>&nbsp;4.4(b)</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Form of Opinion of Gary Epler, Chief Regulatory Counsel for Unitil Service Corp.</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">E<SMALL>XHIBIT</SMALL>&nbsp;4.4(c)</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Form of Opinion of Special Counsel for the Purchasers</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">E<SMALL>XHIBIT</SMALL> 15.3</P></TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Form of U.S. Tax Compliance Certificate</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ITCHBURG</SMALL> G<SMALL>AS</SMALL> <SMALL>AND</SMALL> E<SMALL>LECTRIC</SMALL>
L<SMALL>IGHT</SMALL> C<SMALL>OMPANY</SMALL> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 Liberty Lane West </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Hampton, New Hampshire 03842-1720 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">$27,500,000 3.78% Senior Notes, Series 2020A, due September&nbsp;15, 2040 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Dated as of September&nbsp;15, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">T<SMALL>O</SMALL> E<SMALL>ACH</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL> L<SMALL>ISTED</SMALL> <SMALL>IN</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>CHEDULE</SMALL>&nbsp;A H<SMALL>ERETO</SMALL>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Fitchburg Gas and Electric Light Company, a Massachusetts corporation (the <I>&#147;Company&#148;</I>), agrees with each of
the purchasers whose names appear at the end hereof (each, a <I>&#147;Purchaser&#148;</I> and, collectively, the <I>&#147;Purchasers&#148;</I>) as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A<SMALL>UTHORIZATION</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company will authorize the issue and sale of $27,500,000 aggregate principal amount of its 3.78% Senior Notes, Series
2020A, due September&nbsp;15, 2040 (each, as amended, restated or otherwise modified from time to time pursuant to <B>Section</B><B></B><B>&nbsp;17</B>, are collectively referred to as the <I>&#147;Notes&#148;</I>), such term to include any such
notes issued in substitution therefor pursuant to <B>Section</B><B></B><B>&nbsp;13</B>). The Notes shall be substantially in the form set out in <B>Exhibit</B><B></B><B>&nbsp;1</B>, with such changes therefrom, if any, as may be approved by each
Purchaser and the Company. Certain capitalized and other terms used in this Agreement are defined in <B>Schedule</B><B></B><B>&nbsp;B</B>; and references to a <I>&#147;Schedule&#148;</I> or an <I>&#147;Exhibit&#148;</I> are, unless otherwise
specified, to a Schedule or an Exhibit&nbsp;attached to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>ALE</SMALL> <SMALL>AND</SMALL> P<SMALL>URCHASE</SMALL> <SMALL>OF</SMALL>
N<SMALL>OTES</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subject to the terms and conditions of this Agreement, the Company will issue and sell to each
Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in <B>Section</B><B></B><B>&nbsp;3</B>, Notes in the principal amount specified opposite such Purchaser&#146;s name in <B>Schedule</B><B></B><B>&nbsp;A</B> at
the purchase price of 100% of the principal amount thereof. The Purchasers&#146; obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or <FONT
STYLE="white-space:nowrap">non-performance</FONT> of any obligation by any other Purchaser hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C<SMALL>LOSING</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 111
West Monroe Street, Chicago, Illinois 60603 at </P>
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10:00&nbsp;a.m., Central time, at a closing (the <I>&#147;Closing&#148;</I>) on September&nbsp;15, 2020 or on such other Business Day thereafter on or prior to September&nbsp;30, 2020 as may be
agreed upon by the Company and the Purchasers. At the Closing the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note (or such greater number of Notes in denominations of at least $500,000
as such Purchaser may request) dated the date of the Closing and registered in such Purchaser&#146;s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of
the purchase price therefor by wire transfer to account <FONT STYLE="white-space:nowrap">number:&nbsp;508-34594</FONT> at Bank of America, General Funds Account, ABA number:&nbsp;026 009 593, for the account of Fitchburg Gas and Electric Light
Company. If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this <B>Section</B><B></B><B>&nbsp;3</B>, or any of the conditions specified in <B>Section</B><B></B><B>&nbsp;4</B> shall not have been
fulfilled to such Purchaser&#146;s reasonable satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure by
the Company to tender such Notes or any of the conditions specified in <B>Section</B><B></B><B>&nbsp;4</B> not having been fulfilled to such Purchaser&#146;s reasonable satisfaction or such nonfulfillment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C<SMALL>ONDITIONS</SMALL> <SMALL>TO</SMALL> C<SMALL>LOSING</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Purchaser&#146;s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to
the fulfillment to such Purchaser&#146;s reasonable satisfaction, prior to or at the Closing, of the following conditions (except, in each case, to the extent any representation or warranty expressly relates to a different date, in which case as of
such different date): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Representations and
Warranties</I>. The representations and warranties of the Company in this Agreement shall be correct when made and at the time of the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Performance; No Default</I>. The Company shall have performed
and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing. Before and after giving effect to the issue and sale of the Notes (and the application of the
proceeds thereof as contemplated by <B>Section</B><B></B><B>&nbsp;5.14</B>), no Default or Event of Default shall have occurred and be continuing. Neither the Company nor any Subsidiary shall have entered into any transaction since the date of this
Agreement that would have been prohibited by <B>Section</B><B></B><B>&nbsp;10</B> had such Section&nbsp;applied since such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance Certificates</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Officer&#146;s Certificate</I>. The Company shall have delivered to such Purchaser an
Officer&#146;s Certificate, dated the date of the Closing, certifying that the conditions specified in <B>Sections</B><B></B><B>&nbsp;4.1, 4.2 </B>and<B> 4.9</B> have been fulfilled. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Secretary&#146;s Certificate</I>. The Company shall have delivered to such Purchaser a
certificate of its Secretary or Assistant Secretary, dated the date of Closing, certifying as to the </P>
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resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinions of Counsel</I>. Such Purchaser shall have received
opinions in form and substance reasonably satisfactory to such Purchaser, dated the date of the Closing (a)&nbsp;from Dentons US LLP, special counsel for the Company, covering the matters set forth in <B>Exhibit</B><B></B><B>&nbsp;4.4(a)</B> and
covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers), (b)&nbsp;from Gary Epler,
Chief Regulatory Counsel for Unitil Service Corp., covering the matters set forth in <B>Exhibit</B><B></B><B>&nbsp;4.4(b)</B> and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may
reasonably request (and the Company hereby instructs Gary Epler to deliver such opinion to the Purchasers) and (c)&nbsp;from Chapman and Cutler&nbsp;LLP, the Purchasers&#146; special counsel in connection with such transactions, substantially in the
form set forth in <B>Exhibit</B><B></B><B>&nbsp;4.4(c)</B> and covering such other matters incident to such transactions as such Purchaser may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.5.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Purchase Permitted By Applicable Law, Etc</I>. On the date of
the Closing such Purchaser&#146;s purchase of Notes shall (a)&nbsp;be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as Section&nbsp;1405(a)(8) of the New York
Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b)&nbsp;not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of
the Board of Governors of the Federal Reserve System) and (c)&nbsp;not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If
requested by such Purchaser, such Purchaser shall have received an Officer&#146;s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.6.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Sale of Other Notes</I>. Contemporaneously with the
Closing the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in <B>Schedule</B><B></B><B>&nbsp;A</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.7.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment of Special Counsel Fees</I>. Without limiting the
provisions of <B>Section</B><B></B><B>&nbsp;15.1</B>, the Company shall have paid on or before the Closing the reasonable fees, charges and disbursements of the Purchasers&#146; special counsel referred to in <B>Section</B><B></B><B>&nbsp;4.4</B> to
the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing, unless the Company and the Purchasers&#146; special counsel have agreed to make such payment due on a later date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.8.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Private Placement Number</I>. A Private Placement Number
issued by Standard&nbsp;&amp; Poor&#146;s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for the Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.9.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Changes in Corporate Structure</I>. The Company shall not
have changed its jurisdiction of incorporation or organization, as applicable, or been a party to any merger or </P>
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consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in <B>Schedule
5.5</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.10.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Funding Instructions</I>. At least three
Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in <B>Section</B><B></B><B>&nbsp;3</B>
including (i)&nbsp;the name and address of the transferee bank, (ii)&nbsp;such transferee bank&#146;s ABA number and (iii)&nbsp;the account name and number into which the purchase price for the Notes is to be deposited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.11.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Proceedings and Documents</I>. All corporate and other
proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be reasonably satisfactory to such Purchaser and its special counsel, and such Purchaser and its
special counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;4.12.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Approvals</I>. The issue and sale of the Notes
shall have been duly authorized by order of the MDPU and such other regulatory authorities as may have jurisdiction, such order(s) shall be in full force and effect at the time of the Closing and any appeal periods applicable thereto shall have
expired with no appeals filed during such periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL>
<SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company represents and warrants to each Purchaser that
the representations and warranties contained in this <B>Section</B><B></B><B>&nbsp;5</B> are true and correct as of the date of this Agreement and the Closing (except, in each case, to the extent any representation or warranty expressly relates to a
different date, in which case as of such different date): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Organization; Power and Authority. </I>The Company is a
corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is
required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power
and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, except, in each case, as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. The Company has the corporate power and authority to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Authorization, Etc</I>. This Agreement and the Notes have
been duly authorized by all necessary corporate action on the part of the Company, and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by (i)&nbsp;applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting the enforcement </P>
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of creditors&#146; rights generally and (ii)&nbsp;general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Disclosure</I>. The Company, through its agent, BofA
Securities Inc., has delivered to each Purchaser documents, certificates or other writings identified on <B>Schedule 5.3</B> and such financial statements listed in <B>Schedule 5.5</B>, relating to the transactions contemplated hereby. The
Disclosure Documents (defined below) fairly describe, in all material respects, the general nature of the business and principal properties of the Company and its Subsidiaries. This Agreement and the documents, certificates or other writings
delivered to the Purchasers by or on behalf of the Company in connection with the transactions contemplated hereby and identified in <B>Schedule 5.3</B>, and the financial statements listed in <B>Schedule 5.5</B> (this Agreement and such documents,
certificates or other writings identified in <B>Schedule 5.3</B> and such financial statements listed in <B>Schedule 5.5</B> delivered to each Purchaser being referred to, collectively, as the <I>&#147;Disclosure Documents&#148;</I>), taken as a
whole, do not, as of their respective dates, contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. Except
as disclosed in the Disclosure Documents, since June&nbsp;30, 2020, there has been no change in the financial condition, operations, business or properties of the Company and its Subsidiaries (taken as a whole) except changes that individually or in
the aggregate would not reasonably be expected to have a Material Adverse Effect. There is no fact known to the Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure
Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Organization and Ownership of Shares of the
Company and Subsidiaries; Affiliates</I>. (a)<B>&nbsp;Schedule</B><B></B><B>&nbsp;5.4</B> contains (except as noted therein) complete and correct lists (i)&nbsp;of the Company&#146;s Subsidiaries, showing, as to each Subsidiary, the correct name
thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary, (ii)&nbsp;of the Company&#146;s Affiliates, other
than Subsidiaries, and (iii)&nbsp;of the Company&#146;s directors and senior officers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;All of
the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in <B>Schedule</B><B></B><B>&nbsp;5.4</B> as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and
are owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in <B>Schedule</B><B></B><B>&nbsp;5.4</B>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Subsidiary identified in <B>Schedule</B><B></B><B>&nbsp;5.4</B> is a corporation or other
legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such
qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such
Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact except, in each case, as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;No Subsidiary is a party to, or otherwise subject
to any legal, regulatory, contractual or other restriction (other than this Agreement, the agreements listed on <B>Schedule</B><B></B><B>&nbsp;5.4</B> and customary limitations imposed by corporate or utility regulatory law or similar statutes)
restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such
Subsidiary in an amount substantially inconsistent with the past practice of such Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company is a <FONT STYLE="white-space:nowrap">Wholly-Owned</FONT> Subsidiary of Unitil. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.5.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial Statements; Material Liabilities</I>. The Company
has delivered to each Purchaser copies of the consolidated financial statements of the Company and its Subsidiaries listed on <B>Schedule</B><B></B><B>&nbsp;5.5</B>. All of said consolidated financial statements (including in each case the related
schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash
flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to
normal <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments). The Company and its Subsidiaries do not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents except
liabilities, as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.6.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with Laws, Other Instruments, Etc</I>. The
execution, delivery and performance by the Company of this Agreement and the Notes will not (i)&nbsp;contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company
or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or <FONT STYLE="white-space:nowrap">by-laws,</FONT> members agreement or any other Material agreement or instrument to
which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or affected, (ii)&nbsp;conflict with or result in a breach of any of the terms, conditions or provisions of any
order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or (iii)&nbsp;violate any provision of any statute or other rule or regulation of any Governmental Authority applicable
to the Company or any Subsidiary except, in each case, as would not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.7.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Governmental Authorizations, Etc</I>. The Company is subject
to regulation by the MDPU with respect to retail rates, adequacy of service, issuance of securities, accounting and other matters and to regulation by FERC under the Energy Policy Act of 2005 in regards to certain bookkeeping, accounting and
reporting requirements, and under the Federal Power Act, as amended by Public Utility Regulatory Policies Act (PURPA), the Energy Policy Act of 1992 and the Energy Policy Act of 2005 with respect to wholesale rates for transmission.&nbsp;The
issuance and sale of the Notes have been authorized by an order of the MDPU, which order has become final and the applicable waiting or appeal period (including any extension thereof) has expired with no appeals filed during such periods.&nbsp;No
consent, approval or authorization of, or registration, filing or declaration with any Governmental Authority is required in connection </P>
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with the execution, delivery or performance by the Company of this Agreement or the Notes other than the orders of the MDPU referenced above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.8.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Litigation; Observance of Agreements, Statutes and
Orders</I>. (a)&nbsp;Other than as described below and except as disclosed in the Disclosure Documents, there are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened against or affecting the
Company or any Subsidiary or any property of the Company or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Disclosure Documents, neither the Company
nor any Subsidiary is (i)&nbsp;in default under any term of any agreement or instrument to which it is a party or by which it is bound, (ii)&nbsp;in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental
Authority or (iii)&nbsp;in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including, without limitation Environmental Laws, the USA Patriot Act or any of the other laws and regulations that are referred
to in <B>Section</B><B></B><B>&nbsp;5.16</B>), in each case which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.9.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Taxes</I>. The Company and its Subsidiaries have filed all
income, franchise and other Material tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties,
assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i)&nbsp;the amount of which is not individually or in the aggregate
Material or (ii)&nbsp;the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves
in accordance with GAAP. The Company knows of no basis for any other tax or assessment that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the
Company and its Subsidiaries in respect of income taxes for all fiscal periods are recognized in accordance with GAAP, and, except as disclosed in the Disclosure Documents, the Company knows of no Material unpaid assessment for additional income
taxes for any fiscal period or any reasonable basis therefor. As of the date of this Agreement, the federal income tax liabilities of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute
of limitations having run) for all fiscal years up to and including the fiscal year ended December&nbsp;31, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.10.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Title to Property; Leases</I>. The Company and its
Subsidiaries have good and sufficient title to their respective properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in
<B>Section</B><B></B><B>&nbsp;5.5</B> or purported to have been acquired by the Company or any Subsidiary after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited
by this Agreement, except for those defects in title and Liens that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse </P>
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Effect. All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.11.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Licenses, Permits, Etc</I>. (a)&nbsp;The Company and its
Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known
conflict with the rights of others, except in each case for such lack or ownership or possession or for those conflicts that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;To the knowledge of the Company, there is no Material violation by any Person of any right of the
Company or any of its Subsidiaries with respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Company or any of its Subsidiaries that would reasonably be expected to have a
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.12.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with ERISA</I>.
(a)&nbsp;The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a
Material Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title&nbsp;I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in
Section&nbsp;3 of ERISA), and no event, transaction or condition has occurred or exists that would, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or
in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title&nbsp;I or IV of ERISA to Section&nbsp;430(k) of the Code or to any such penalty or excise tax provisions
under the Code or federal law or Section&nbsp;4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;None of the Plans that are subject to the minimum funding requirements of Section&nbsp;412 of the
Code or Section&nbsp;302 of ERISA, nor any trust established thereunder, have incurred any &#147;accumulated funding deficiency&#148; or &#147;liquidity shortfall&#148; (as those terms are defined in Section&nbsp;302 of ERISA or Section&nbsp;412 of
the Code), whether or not waived. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company and its ERISA Affiliates have not incurred
withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under Section&nbsp;4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The postretirement benefit obligations (determined as of the last day of the Company&#146;s most
recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic <FONT STYLE="white-space:nowrap">715-60,</FONT> without regard to liabilities attributable to continuation coverage mandated
by Section&nbsp;4980B of the Code) of the Company and its Subsidiaries have been determined in accordance with GAAP and are reflected in footnote&nbsp;8 of the Company&#146;s audited financial statements for its most recently ended fiscal year. </P>

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the issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of Section&nbsp;406 of ERISA or in connection with which a tax could be imposed pursuant to Section&nbsp;4975(c)(1)(A)&#150;(D) of the
Code. The representation by the Company to each Purchaser in the first sentence of this <B>Section</B><B></B><B>&nbsp;5.12(e)</B> is made in reliance upon and subject to the accuracy of such Purchaser&#146;s representation in
<B>Section</B><B></B><B>&nbsp;6.2</B> as to the sources of the funds used to pay the purchase price of the Notes to be purchased by such Purchaser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company and its Subsidiaries do not have any <FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
Plans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.13.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Private Offering by the Company</I>. Neither the
Company nor anyone acting on its behalf has offered the Notes or any similar securities for sale to, solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers
and not more than fifteen (15)&nbsp;other Institutional Investors, each of which has been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject
the issuance or sale of the Notes to the registration requirements of Section&nbsp;5 of the Securities Act. The representation and warranty by the Company to each Purchaser in the second sentence of this <B>Section</B><B></B><B>&nbsp;5.13</B> is
made in reliance upon and subject to the accuracy of the Purchasers&#146; representations in <B>Section</B><B></B><B>&nbsp;6.1</B> and <B>Section</B><B></B><B>&nbsp;6.4</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.14.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Use of Proceeds; Margin Regulations</I>. The Company will
apply the proceeds of the sale of the Notes to refinance existing debt and/or for general corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying
any margin stock within the meaning of Regulation&nbsp;U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company
in a violation of Regulation&nbsp;X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation&nbsp;T of said Board (12 CFR 220). The Company does not own or carry any margin stock. As used in this Section, the terms
<I>&#147;margin stock&#148;</I> and <I>&#147;purpose of buying or carrying&#148;</I> shall have the meanings assigned to them in said Regulation U. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.15.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Existing Indebtedness; Future Liens.</I> (a)&nbsp;Except as
described therein, <B>Schedule</B><B></B><B>&nbsp;5.15</B> sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of June&nbsp;30, 2020 (including a description of the obligors and obligees,
principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of
the Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary and no event or
condition exists with respect to any Indebtedness of the Company or any Subsidiary with an outstanding principal amount in excess of $1,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons
to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any Subsidiary has agreed
or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by <B>Section</B><B></B><B>&nbsp;10.2</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in <B>Schedule 5.15</B>, neither the Company nor any Subsidiary is a party to,
or otherwise subject to any provision contained in, any instrument evidencing Funded Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other
organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Funded Indebtedness of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.16.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Foreign Assets Control Regulations, Etc</I>.
(a)&nbsp;Neither the Company nor any Controlled Entity (i)&nbsp;is a Blocked Person, (ii)&nbsp;has been notified that its name appears or may in the future appear on a State Sanctions List or (iii)&nbsp;is a target of sanctions that have been
imposed by the United Nations or the European Union. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any Controlled
Entity (i)&nbsp;has violated, been found in violation of, or been charged or convicted under, any applicable U.S. Economic Sanctions Laws, <FONT STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws or
<FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws or (ii)&nbsp;to the Company&#146;s knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, <FONT
STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws or <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;No part of the proceeds from the sale of the Notes hereunder: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;constitutes or will constitute funds obtained on behalf of any Blocked Person or
will otherwise be used by the Company or any Controlled Entity, directly or indirectly, (A)&nbsp;in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B)&nbsp;for any purpose that would cause any Purchaser
to be in violation of any U.S. Economic Sanctions Laws or (C)&nbsp;otherwise in violation of any U.S. Economic Sanctions Laws; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;will be used, directly or indirectly, in violation of, or cause any Purchaser to
be in violation of, any applicable <FONT STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;will be used, directly or indirectly, for the purpose of making any improper
payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in
violation of, any applicable <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The
Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable
U.S. Economic Sanctions Laws, <FONT STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws and <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.17.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Status
under Certain Statutes</I>. Neither the Company nor any Subsidiary is subject to regulation under the Investment Company Act of 1940, as amended, or the ICC Termination Act of 1995 as amended.&nbsp;The Company is subject to regulation under the
Public Utility Holding Company Act of 2005, as amended, the Energy Policy Act of 2005, as amended, and the Federal Power Act, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.18.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Environmental Matters</I>. (a)&nbsp;Except as disclosed in
the Disclosure Documents, neither the Company nor any Subsidiary has knowledge of any claim or has received any notice of any claim, and no proceeding has been instituted raising any claim against the Company or any of its Subsidiaries or any of
their respective real properties now or formerly owned, leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected
to result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Disclosure Documents, all
buildings on all real properties now owned, leased or operated by the Company or any Subsidiary are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse
Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.19.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Notes Rank Pari Passu.</I> The obligations of
the Company under this Agreement and the Notes rank <I>pari passu</I> in right of payment with all other senior unsecured Funded Indebtedness (actual or contingent) of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;5.20.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Solvency and Consideration.</I> On the date of Closing,
after giving effect to the issue and sale of the Notes and the application of the proceeds as contemplated by <B>Section</B><B></B><B>&nbsp;5.14 </B>hereof, the Company is solvent, has capital not unreasonably small in relation to its business or
any contemplated or undertaken transaction and has assets having a value both at fair valuation and a present fair salable value greater than the amount required to pay its debts as they become due and greater than the amount that will be required
to pay its probable liability on its existing debts as they become due and matured. The Company does not intend to incur, nor does it believe, nor should it believe that it will incur, debts beyond its ability to pay such debts as they become due.
The Company will not be rendered insolvent by the execution, delivery and performance of its obligations under or in respect of the Notes or this Agreement. The Company does not intend to hinder, delay or defraud its creditors by or through the
execution, delivery or performance of its obligations under or in respect of the Notes or this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL>
<SMALL>OF</SMALL> <SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;6.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Purchase for Investment</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Purchaser severally represents and warrants that it (i)&nbsp;is an institutional
&#147;accredited investor&#148; as defined in Rule 501(a)(1), (2), (3), or (7)&nbsp;under the Securities Act, (ii)&nbsp;is not an &#147;underwriter&#148; as defined in Section&nbsp;2(a)(11) of the Securities Act, and (iii)&nbsp;is purchasing the
Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-11- </P>

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with a view to the distribution thereof, <I>provided</I> that the disposition of such Purchaser&#146;s or their property shall at all times be within such Purchaser&#146;s or their control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Purchaser understands that the Notes have not been registered under the Securities Act and
may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the
Company is not required to and does not intend to register the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Purchaser
understands that the Notes will bear a legend, prominently stamped or printed thereon, reading substantially as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE
SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;6.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Source of Funds</I>. Each Purchaser severally represents and
warrants that at least one of the following statements is an accurate representation as to each source of funds (a <I>&#147;Source&#148;</I>) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser
hereunder: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the Source is an &#147;insurance company general account&#148; (as
the term is defined in the United States Department of Labor&#146;s Prohibited Transaction Exemption (<I>&#147;PTE&#148;</I>) <FONT STYLE="white-space:nowrap">95-60)</FONT> in respect of which the reserves and liabilities (as defined by the annual
statement for life insurance companies approved by the NAIC (the <I>&#147;NAIC Annual Statement&#148;</I>)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and
liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE <FONT STYLE="white-space:nowrap">95-60)</FONT> or by the same employee
organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser&#146;s
state of domicile; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;the Source is a separate account that is maintained
solely in connection with such Purchaser&#146;s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or
beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-12- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;the Source is either (i)&nbsp;an
insurance company pooled separate account, within the meaning of PTE <FONT STYLE="white-space:nowrap">90-1</FONT> or (ii)&nbsp;a bank collective investment fund, within the meaning of the PTE <FONT STYLE="white-space:nowrap">91-38</FONT> and, except
as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such
pooled separate account or collective investment fund; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;the Source
constitutes assets of an &#147;investment fund&#148; (within the meaning of Part VI of PTE <FONT STYLE="white-space:nowrap">84-14</FONT> (the <I>&#147;QPAM Exemption&#148;</I>)) managed by a &#147;qualified professional asset manager&#148; or
&#147;QPAM&#148; (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan&#146;s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or
maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed
by such QPAM, the conditions of Part I(c) and (g)&nbsp;of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company
to be &#147;related&#148; within the meaning of Part VI(h) of the QPAM Exemption and (i)&nbsp;the identity of such QPAM and (ii)&nbsp;the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all
other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of
such investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;the Source constitutes assets of a &#147;plan(s)&#148; (within the meaning of Part
IV(h) of PTE <FONT STYLE="white-space:nowrap">96-23</FONT> (the <I>&#147;INHAM Exemption&#148;</I>)) managed by an <FONT STYLE="white-space:nowrap">&#147;in-house</FONT> asset manager&#148; or &#147;INHAM&#148; (within the meaning of Part IV(a) of
the INHAM Exemption), the conditions of Part I(a), (g) and (h)&nbsp;of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of &#147;control&#148; in Part IV(d)(3) of the
INHAM Exemption) owns a 10% or more interest in the Company and (i)&nbsp;the identity of such INHAM and (ii)&nbsp;the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant
to this clause (e); or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;the Source is a governmental plan; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;the Source is one or more employee benefit plans, or a separate account or trust
fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;the Source does not include assets of any employee benefit plan, other than a plan
exempt from the coverage of ERISA. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-13- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As used in this <B>Section</B><B></B><B>&nbsp;6.2</B>, the terms &#147;employee benefit
plan,&#148; &#147;governmental plan,&#148; and &#147;separate account&#148; shall have the respective meanings assigned to such terms in Section&nbsp;3 of ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;6.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Binding Effect.</I> Each Purchaser severally represents and
warrants that this Agreement has been duly executed and delivered by it and this Agreement constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;6.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Access to Information; Knowledge and Experience. </I>Each
Purchaser severally represents and warrants that it (i)&nbsp;has been furnished with or has had access to the information requested from the Company, (ii)&nbsp;has had an opportunity to discuss with management of the Company the business and
financial affairs of the Company and (iii)&nbsp;has such knowledge and experience in business and financial matters and with respect to investments in securities similar to the Notes that it is capable of evaluating the risks and merits of this
investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I<SMALL>NFORMATION</SMALL> <SMALL>AS</SMALL> <SMALL>TO</SMALL>
C<SMALL>OMPANY</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;7.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial and Business
Information</I>. From the date of the Closing and thereafter, so long as any of the Notes are outstanding, the Company shall deliver to each holder of Notes that is an Institutional Investor: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Statements &#151; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;within 90 days after the end of each quarterly fiscal period in each fiscal year
of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;an unaudited consolidated balance sheet of the Company and its Subsidiaries as at
the end of such quarter, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;unaudited consolidated statements of income,
changes in shareholders&#146; equity and cash flows of the Company and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;within 90 days after the end of each quarterly fiscal period in each fiscal year
of Unitil (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;an unaudited consolidated balance sheet of Unitil and its Subsidiaries as at the
end of such quarter, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;unaudited consolidated statements of income, changes
in shareholders&#146; equity and cash flows of Unitil and its Subsidiaries, for such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-14- </P>

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quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in
reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being
reported on and their results of operations and cash flows, subject to changes resulting from <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments, <I>provided</I> that delivery within the time period specified above of copies of
Unitil&#146;s Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> (the <I>&#147;Form</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;10-Q&#148;</FONT></I>) prepared in material compliance with the requirements therefor and
filed with the SEC shall be deemed to satisfy the requirements of <B>Section</B><B></B><B>&nbsp;7.1(a)(ii)</B>, <I>provided, further,</I> that the Company shall be deemed to have made such delivery of such
<FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> if Unitil shall have timely made such <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> available on EDGAR or on its home page on the worldwide web (at the date of this Agreement located at
http://www.unitil.com) (such availability being referred to as <I>&#147;Electronic Delivery&#148;</I>); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Annual Statements &#151; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;within 120 days after the end of each fiscal year of the Company, duplicate copies
of </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;a consolidated balance sheet of the Company and its Subsidiaries as at the
end of such year, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;consolidated statements of income, changes in
shareholders&#146; equity and cash flows of the Company and its Subsidiaries for such year; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;within 120 days after the end of each fiscal year of Unitil, duplicate copies of
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;a consolidated balance sheet of Unitil and its Subsidiaries as at the end of
such year, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;consolidated statements of income, changes in
shareholders&#146; equity and cash flows of Unitil and its Subsidiaries for such year, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">setting forth in each case above
in <B>Section</B><B></B><B>&nbsp;7.1(b)(i)</B> and <B>Section</B><B></B><B>&nbsp;7.1(b)(ii)</B> in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by a report
thereon of independent public accountants of recognized national standing, to the effect that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of
operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such
audit provides a reasonable basis for such report in the </P>
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circumstances, <I>provided</I> that the delivery within the time period specified above of Unitil&#146;s <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> (the <I>&#147;Form <FONT
STYLE="white-space:nowrap">10-K&#148;</FONT></I>) for such fiscal year (together with Unitil&#146;s annual report to shareholders, if any, prepared pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-3</FONT> under the Exchange Act) prepared
in material compliance with the requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of <B>Section</B><B></B><B>&nbsp;7.1(b)(ii)</B>, <I>provided, further,</I> that the Company shall be deemed to have made such
delivery of such <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> if Unitil shall have timely made Electronic Delivery thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>SEC and Other Reports</I> &#151; promptly upon their becoming available, one
copy of (i)&nbsp;each proxy statement, financial statement, or report sent by the Company, Unitil or any Subsidiary to its public securities holders generally, and (ii)&nbsp;each regular or periodic report, each registration statement (without
exhibits), and each prospectus and all amendments thereto filed by the Company, Unitil or any Subsidiary with the SEC; <I>provided</I> that copies of any such documents required to be delivered pursuant to this clause&nbsp;(c) may be delivered by
Electronic Delivery; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Notice of Default or Event of Default</I> &#151;
promptly, and in any event within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or
that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in <B>Section</B><B></B><B>&nbsp;11(e)</B>, a written notice specifying the nature and period of existence thereof and what action the
Company is taking or proposes to take with respect thereto; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Material
Adverse Events</I> &#151; promptly upon the occurrence thereof, notice of any event, circumstance or condition which would reasonably be expected to materially and adversely affect the ability of the Company to perform its obligations under this
Agreement and the Notes; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;<I>Requested Information</I> &#151; with
reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company, Unitil or any of their respective Subsidiaries (including, but without limitation, actual
copies of Unitil&#146;s <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> and <FONT STYLE="white-space:nowrap">Form&nbsp;10-K)</FONT> or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from
time to time may be reasonably requested by any such holder of a Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;7.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Officer&#146;s Certificate</I>. Each set of financial
statements delivered to a holder of a Note pursuant to <B>Section</B><B></B><B>&nbsp;7.1(a)</B> or <B>Section</B><B></B><B>&nbsp;7.1(b)</B> shall be accompanied by a certificate of a Senior Financial Officer setting forth: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Covenant Compliance</I> &#151; the information (including detailed calculations)
required in order to establish whether the Company was in compliance with the requirements of <B>Sections</B><B></B><B>&nbsp;10.1 </B>(to the extent Funded Indebtedness is incurred during the period covered by such certificate)<B> </B>and<B>
10.5</B>, during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or
</P>
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percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence). In the event that the Company or any
Subsidiary has made an election to measure any financial liability using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to <B>Section</B><B></B><B>&nbsp;22.2</B>) as to the period
covered by any such financial statement, such Senior Financial Officer&#146;s certificate as to such period shall include a reconciliation from GAAP with respect to such election; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Event of Default</I> &#151; a statement that such Senior Financial Officer has
reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the quarterly or annual period covered by the
statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or
event existed or exists (including, without limitation, any such event or condition resulting from the failure of the Company or any Subsidiary to comply with any Environmental Law), specifying the nature and period of existence thereof and what
action the Company shall have taken or proposes to take with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;7.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Visitation</I>. The Company shall permit the representatives
of each holder of a Note that is an Institutional Investor: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Default</I>
&#151; if no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company
and its Subsidiaries with the Company&#146;s officers, and (with the consent of the Company, which consent will not be unreasonably withheld) its independent public accountants, and (with the consent of the Company, which consent will not be
unreasonably withheld) to visit the other offices and properties of the Company and each Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Default</I> &#151; if a Default or Event of Default then exists, at the expense
of the Company to visit and inspect any of the offices or properties of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their
respective affairs, finances and accounts with their respective officers and (with the consent of the Company, which consent will not be unreasonably withheld) independent public accountants, all at such times and as often as may be requested. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each holder of the Notes agrees to keep confidential any Confidential Information received as a result of the rights granted in this
<B>Section</B><B></B><B>&nbsp;7</B> in the manner provided in <B>Section</B><B></B><B>&nbsp;20</B>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P<SMALL>AYMENT</SMALL>
<SMALL>AND</SMALL> P<SMALL>REPAYMENT</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> N<SMALL>OTES</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Maturity</I>. As provided therein, the entire unpaid
principal balance of each Note shall be due and payable on the Maturity Date thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Optional Prepayments</I>. Prior to May&nbsp;15, 2040, the
Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes (but if in part then in a minimum aggregate principal amount of $100,000), at 100% of the principal amount so prepaid,
together with interest accrued thereon to the date of such prepayment, <I>plus</I> the Make-Whole Amount determined for the prepayment date with respect to such principal amount. On and after May&nbsp;15, 2040, the Company may, at its option, upon
notice as provided below, prepay at any time all the Notes, at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, but without payment of the Make-Whole Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company will give each holder of Notes written notice of each optional prepayment under this
<B>Section</B><B></B><B>&nbsp;8.2</B> not less than 15 days and not more than 45&nbsp;days prior to the date fixed for such prepayment unless the Company and the Required Holders agree to another time period pursuant to
<B>Section</B><B></B><B>&nbsp;17</B>. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be
prepaid (determined in accordance with <B>Section</B><B></B><B>&nbsp;8.3</B>), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial
Officer as to the estimated Make-Whole Amount, if any, due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such
prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, if any, as of the specified prepayment date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Allocation of Partial Prepayments</I>. In the case of each
partial prepayment of the Notes pursuant to <B>Section</B><B></B><B>&nbsp;8.1 </B>or<B> Section</B><B></B><B>&nbsp;8.2</B>, the aggregate principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding
in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Maturity; Surrender, Etc</I>.<I> </I>In the case of each
optional prepayment of Notes pursuant to this <B>Section</B><B></B><B>&nbsp;8</B>, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day),
together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the
interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued
in lieu of any prepaid principal amount of any Note. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.5.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Purchase of
Notes</I>. The Company will not and will not permit any Affiliate Controlled by the Company to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a)&nbsp;upon the payment or prepayment of the
Notes in accordance with the terms of this Agreement and the Notes or (b)&nbsp;pursuant to a written offer to purchase a specified principal amount of Notes made by the Company or an Affiliate Controlled by the Company pro rata to the holders of all
Notes at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder of Notes with reasonably sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open
for at least 20&nbsp;Business Days. If the holders of more than 25% of the principal amount of the Notes then outstanding accept such offer, the Company shall promptly notify the remaining holders of such fact and the expiration date for the
acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder at least ten Business Days from its receipt of such notice to accept such offer. The Company will promptly cancel all
Notes acquired by it or any Affiliate Controlled by the Company pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.6.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Make-Whole Amount</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Make</I><I><FONT STYLE="white-space:nowrap">-Whole</FONT> Amount&#148;</I> means, with respect to any Note, an amount
equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, <I>provided</I> that the
<FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount may in no event be less than zero. For the purposes of determining the <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, the following terms have the following meanings: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Called Principal&#148;</I> means, with respect to any Note, the principal of such Note that is to be prepaid pursuant
to <B>Section</B><B></B><B>&nbsp;8.2</B> or has become or is declared to be immediately due and payable pursuant to <B>Section</B><B></B><B>&nbsp;12.1</B>, as the context requires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Discounted Value&#148;</I> means, with respect to the Called Principal of any Note, the amount obtained by
discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a
discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Reinvestment Yield&#148;</I> means, with respect to the Called Principal of any Note, 0.50% over the yield to
maturity implied by the yield(s) reported as of 10:00 a.m. (New&nbsp;York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as &#147;Page PX1&#148; (or such other
display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">on-the-run</FONT></FONT> U.S. Treasury securities
<B>(</B><I>&#147;Reported&#148;</I><B>)</B> having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining
Average Life, then such implied yield to maturity will be determined by (a)&nbsp;converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b)&nbsp;interpolating linearly between the
</P>
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yields Reported for the applicable most recently issued actively traded <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">on-the-run</FONT></FONT> U.S. Treasury securities with
the maturities (1)&nbsp;closest to and greater than such Remaining Average Life and (2)&nbsp;closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest
rate of the applicable Note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If such yields are not Reported or the yields Reported as of such time are not ascertainable
(including by way of interpolation), then <I>&#147;Reinvestment Yield&#148;</I> means, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest
day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S.
Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied
yield to maturity will be determined by interpolating linearly between (1)&nbsp;the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2)&nbsp;the U.S. Treasury constant maturity so
reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Remaining Average Life&#148;</I> means, with respect to any Called Principal, the number of years obtained by
dividing (i)&nbsp;such Called Principal into (ii)&nbsp;the sum of the products obtained by multiplying (a)&nbsp;the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b)&nbsp;the number of years,
computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year composed of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months and calculated to two decimal places, that will elapse between the Settlement Date with respect
to such Called Principal and the scheduled due date of such Remaining Scheduled Payment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Remaining Scheduled
Payments&#148;</I> means, with respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called
Principal were made prior to its scheduled due date, <I>provided</I> that if such Settlement Date is not a date on which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be
reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to <B>Section</B><B></B><B>&nbsp;8.2</B> or <B>Section</B><B></B><B>&nbsp;12.1</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Settlement Date&#148;</I> means, with respect to the Called Principal of any Note, the date on which such Called
Principal is to be prepaid pursuant to <B>Section</B><B></B><B>&nbsp;8.2</B> or has become or is declared to be immediately due and payable pursuant to <B>Section</B><B></B><B>&nbsp;12.1</B>, as the context requires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;8.7.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Payments Due on
Non</I><I><FONT STYLE="white-space:nowrap">-Business</FONT> Days.</I> Anything in this Agreement or the Notes to the contrary notwithstanding, (x)&nbsp;except as set forth in clause&nbsp;(y), any payment of interest on any Note that is due on a date
that is not a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (y)&nbsp;any payment of principal of or
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<FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount on any Note (including principal due on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on
the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A<SMALL>FFIRMATIVE</SMALL> C<SMALL>OVENANTS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;So long as any of the Notes are outstanding, the Company covenants that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance with Law</I>. Without limiting
<B>Section</B><B></B><B>&nbsp;10.7</B>, the Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA,
Environmental Laws, the USA Patriot Act and the other laws and regulations that are referred to in <B>Section</B><B></B><B>&nbsp;5.16</B>, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental
authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that <FONT STYLE="white-space:nowrap">non-compliance</FONT> with such laws,
ordinances or governmental rules or regulations or the failure to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Insurance.</I> The
Company will insure and keep insured, and will cause every Subsidiary to insure and keep insured, to a reasonable amount with reputable insurance companies, so much of their respective properties as companies engaged in a similar business and to the
extent such companies in accordance with good business practice customarily insure properties of a similar character against loss by fire and from other causes or, in lieu thereof, in the case of itself or its Subsidiaries, the Company will maintain
or cause to be maintained a system or systems of self-insurance which will accord with the approved practices of companies owning or operating properties of a similar character and maintaining such systems, and of a size similar to that of the
Company and its direct and indirect Subsidiaries on a consolidated basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Maintenance of Properties</I>. The Company will, and will
cause each of its Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection
therewith may be properly conducted at all times, <I>provided</I> that this Section&nbsp;shall not prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is
desirable in the conduct of its business and the Company has concluded that such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment of Taxes and Claims</I>. The Company will, and will
cause each of its Subsidiaries to, file all income tax or similar tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental
charges, or levies imposed on them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that
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have or might become a Lien on properties or assets of the Company or any Subsidiary, <I>provided</I> that neither the Company nor any Subsidiary need file any such return or pay any such tax,
assessment, charge, levy or claim if (i)&nbsp;the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has
established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (ii)&nbsp;the <FONT STYLE="white-space:nowrap">non-filing</FONT> of any such return or the nonpayment of all such taxes, assessments,
charges, levies and claims would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.5.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Corporate Existence, Etc.; Ownership of Subsidiaries</I>.
(a)&nbsp;Subject to <B>Section</B><B></B><B>&nbsp;10.4(ii)</B> the Company will at all times preserve and keep in full force and effect its corporate existence. Subject to <B>Section</B><B></B><B>&nbsp;10.4</B>, the Company will at all times
preserve and keep in full force and effect the legal existence of each of its Subsidiaries (unless merged into the Company or a Wholly-Owned Subsidiary) and all rights and franchises of the Company and its Subsidiaries unless, in the good faith
judgment of the Company, the termination of or failure to preserve and keep in full force and effect such legal existence, right or franchise would not, individually or in the aggregate, have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, except pursuant to an action or order by
a Governmental Authority, one hundred percent of all of the equity interests (except directors&#146; qualifying shares) and voting interests of the Company shall at all times be and remain owned (directly or indirectly) by Unitil. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.6.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Books and Records</I>. The Company will, and will cause each
of its Subsidiaries to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company or such Subsidiary, as the case may
be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.7.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Notes to Rank Pari Passu</I>. The Company will
ensure that its payment obligations under this Agreement and the Notes will at all times rank at least <I>pari passu</I>, without preference or priority, with all other senior unsecured Funded Indebtedness of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;9.8.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Guarantors</I>. (a)&nbsp;The Company will cause any Person
that guarantees or otherwise becomes liable at any time, whether as a borrower or an additional or <FONT STYLE="white-space:nowrap">co-borrower</FONT> or otherwise, for or in respect of any Indebtedness under any Material Credit Facility to
concurrently therewith: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;enter into an agreement in form and substance
satisfactory to the Required Holders providing for the guaranty by such Person, on a joint and several basis with all other such Persons, of (x)&nbsp;the prompt payment in full when due of all amounts payable by the Company pursuant to the Notes
(whether for principal, interest, <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount or otherwise) and this Agreement, including all indemnities, fees and expenses payable by the Company thereunder and (y)&nbsp;the prompt, full and faithful
performance, observance and discharge by the Company of each and every covenant, agreement, undertaking and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-22- </P>

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provision required pursuant to the Notes or this Agreement to be performed, observed or discharged by it (a &#147;<I>Guaranty Agreement&#148;</I>); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;deliver the following to each holder of a Note: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;an executed counterpart of such Guaranty; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;a certificate signed by an authorized responsible officer of such Person
containing representations and warranties on behalf of such Person to the same effect, <I>mutatis mutandis</I>, as those contained in <B>Sections</B><B></B><B>&nbsp;5.1</B>, <B>5.2</B>, <B>5.6</B>, and <B>5.7</B> of this Agreement (but with respect
to such Person and such Guaranty rather than the Company); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;all documents as
may be reasonably requested by the Required Holders to evidence the due organization, continuing existence and, where applicable, good standing of such Person and the due authorization by all requisite action on the part of such Person of the
execution and delivery of such Guaranty and the performance by such Person of its obligations thereunder; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(D)&nbsp;&nbsp;&nbsp;&nbsp;an opinion of counsel reasonably satisfactory to the Required Holders covering
such matters relating to such Person and such Guaranty as the Required Holders may reasonably request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition to the
foregoing, if the Bank Credit Agreement shall contain (or be amended to contain) covenants, reporting obligations or events of default related to such Bank Guarantor, then the Company shall deliver an amendment to this Agreement to add similar
covenants, reporting obligations and events of default related to such Bank Guarantor for the benefit of the holders of the Notes, and until such time as such amendment is delivered, this Agreement shall be deemed, without any action on the part of
the parties hereto, to be amended to include such additional covenants, reporting obligations and events of default as if set forth herein in full. If the Bank Credit Agreement shall cease to contain such covenants, reporting obligations or events
of default related to such Bank Guarantor, then the Company and the holders of the Notes shall deliver an amendment to this Agreement to remove such similar covenants, reporting obligations and events of default related to such Bank Guarantor, and
until such time as such amendment is delivered, this Agreement shall be deemed, without any action on the part of the parties hereto, to be amended to exclude such covenants, reporting obligations and events of default as if set forth herein in
full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;At the election of the Company and by written notice to each holder of Notes, any
Guarantor that has provided a Guaranty under subparagraph (a)&nbsp;of this <B>Section</B><B></B><B>&nbsp;9.8</B> may be discharged from all of its obligations and liabilities under its Guaranty and shall be automatically released from its
obligations thereunder without the need for the execution or delivery of any other document by the holders, <I>provided</I> that (i)&nbsp;if such Guarantor is a guarantor or is otherwise liable for or in respect of any Material Credit Facility, then
such Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Guarantor under its Guaranty) under such Material Credit Facility, (ii)&nbsp;at the time of, and after giving effect
</P>
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to, such release and discharge, no Default or Event of Default shall be existing, (iii)&nbsp;no amount is then due and payable under such Guaranty, (iv)&nbsp;if in connection with such Guarantor
being released and discharged under any Material Credit Facility, any fee or other form of consideration is given to any holder of Indebtedness under such Material Credit Facility for such release, the holders of the Notes shall receive equivalent
consideration substantially concurrently therewith, and (v)&nbsp;each holder shall have received a certificate of a Responsible Officer certifying as to the matters set forth in clauses&nbsp;(i)&nbsp;through (iv). In the event of any such release,
for purposes of <B>Section</B><B></B><B>&nbsp;10.1</B>, all Indebtedness of such Subsidiary shall be deemed to have been incurred concurrently with such release. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N<SMALL>EGATIVE</SMALL> C<SMALL>OVENANTS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;So long as any of the Notes are outstanding, the Company covenants that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;10.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitation on Funded Indebtedness.</I> (a)&nbsp;The Company
will not, and will not permit any Subsidiary to create, incur, assume or otherwise become liable for any Funded Indebtedness other than: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Funded Indebtedness evidenced by the Notes; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Funded Indebtedness of the Company or any Subsidiary outstanding as of the Closing
and reflected in <B>Schedule</B><B></B><B>&nbsp;10.1</B>; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;additional
Funded Indebtedness, so long as the aggregate outstanding principal amount of such Funded Indebtedness, after giving effect to the application of the proceeds thereof (subject to the proviso set forth hereafter) and when added to all other Funded
Indebtedness of the Company and its Subsidiaries (determined on a consolidated basis) then outstanding, does not exceed 65% of the Total Capitalization; <I>provided,</I> that in giving effect to the application of such proceeds, only applications
which are substantially contemporaneous with the incurrence of such additional Funded Indebtedness shall be given such effect, except that if the application of such proceeds involves the redemption of other securities of the Company, and such
redemption cannot be made substantially contemporaneously with the incurrence of such additional Funded Indebtedness, then such intended redemption shall nevertheless be given effect for purposes hereof if either (1)&nbsp;the Company shall have
given irrevocable written notice of redemption of such other securities to the holders thereof at or prior to the time of the incurrence of such additional Funded Indebtedness and such redemption is thereafter made in accordance with the terms of
such notice, or (2)&nbsp;if such notice was not permitted to be given at or prior to the time of the incurrence of such additional Funded Indebtedness and the redemption will occur within 180 days after such incurrence, then (A)&nbsp;the proceeds of
such Funded Indebtedness to be used for such redemption shall have been set aside in an escrow or trust account with a United States bank or other financial institution having capital and surplus of at least $35,000,000, together with written
instructions to the escrow agent or trustee to send notice of redemption of such securities provided by the Company to the holders thereof in accordance with the terms of such securities and thereafter to use such proceeds for such redemption in
accordance with the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-24- </P>

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terms of such notice, such escrow or trust account to also provide (x)&nbsp;that the funds set aside therein are not to be released to or for the benefit of the Company except for the purpose of
accomplishing the redemption contemplated thereby, or with the prior written consent of all holders of Notes then outstanding, and (y)&nbsp;that if the funds set aside therein are invested in securities by such bank or financial institution, they
shall be invested only in direct obligations of the United States of America maturing in not more than 180 days, and (B)&nbsp;unless otherwise agreed to in writing by all of the holders of Notes then outstanding, the redemption to be funded from
such escrow or trust account is actually made in accordance with the terms under which such escrow or trust account is established. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;In addition to the limitations contained in <B>Section</B><B></B><B>&nbsp;10.1(a)</B>, no
Subsidiary shall create, incur, assume or become liable for, or have outstanding any Funded Indebtedness if, after giving effect thereto and to any concurrent transaction, the aggregate amount of all Funded Indebtedness of all Subsidiaries would
exceed 20% of Total Shareholders&#146; Equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this
<B>Section</B><B></B><B>&nbsp;10.1</B>, any Person becoming a Subsidiary after the date hereof shall be deemed, at the time it becomes a Subsidiary, to have incurred all of its then outstanding Indebtedness, and any Person extending, renewing or
refunding any Indebtedness shall be deemed to have incurred such Indebtedness at the time of such extension, renewal or refunding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;10.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitation on Liens.</I> Except as hereinafter in this
Section&nbsp;expressly permitted, the Company will not at any time, nor will it permit any Subsidiary to, directly or indirectly, create, assume or suffer to exist, except in favor of the Company or any Subsidiary, any Lien upon any of its
properties or assets, real or personal, whether now owned or hereafter acquired, or of or upon any income or profits therefrom, without making effective provision, and the Company covenants that in any such case it will make or cause to be made
effective provision, whereby the Notes then outstanding shall be secured by such Lien equally and ratably with any and all other Indebtedness to be secured thereby pursuant to documentation reasonably acceptable to the Required Holders in substance
and in form, including, without limitation, an intercreditor agreement and opinions of counsel to the Company and/or any such Subsidiary, as the case may be, from counsel that is reasonably acceptable to the Required Holders, so long as any such
other Indebtedness shall be so secured. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Nothing in this Section&nbsp;shall be construed to prevent the Company or a
Subsidiary from creating, assuming or suffering to exist, and the Company and its Subsidiaries are hereby expressly permitted to create, assume or suffer to exist, without securing the Notes as hereinabove provided, Liens of the following character:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;any purchase money mortgage or other Lien existing on any property of the
Company or a Subsidiary at the time of acquisition, whether or not assumed, or created contemporaneously with the acquisition or construction of property, to secure or provide for the payment of the purchase or construction price of such property,
and any conditional sales agreement or other title retention agreement with respect to any property hereafter acquired; <I>provided, however,</I> that (i)&nbsp;the aggregate principal amount of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-25- </P>

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Indebtedness secured by all such mortgages and other Liens on a particular parcel of property shall not exceed 100%<I> </I>of the lesser of the total cost or fair market value at the time of the
acquisition or construction of such property, including the improvements thereon (as determined in good faith by the Board of Directors of the Company or the relevant Subsidiary) and (ii)&nbsp;all such Indebtedness shall have been incurred within
the applicable limitations provided in <B>Section</B><B></B><B>&nbsp;10.1</B>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;refundings or extensions of any Lien permitted by this
<B>Section</B><B></B><B>&nbsp;10.2</B> for amounts not exceeding the principal amount of the Indebtedness so refunded or extended at the time of the refunding or extension thereof, and covering only the same property theretofore securing the same;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;deposits, Liens or pledges to enable the Company or a Subsidiary to exercise
any privilege or license, or to secure payment of worker&#146;s compensation, unemployment insurance, old age pensions or other social security, or to secure the performance of bids, tenders, contracts or leases to which the Company or a Subsidiary
is a party, or to secure public or statutory obligations of the Company or a Subsidiary, or to secure surety, stay or appeal bonds to which the Company or a Subsidiary is a party; or other similar deposits or pledges made in the ordinary course of
business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;mechanics&#146;, workmen&#146;s, repairmen&#146;s,
materialmen&#146;s or carrier&#146;s liens or other similar Liens arising in the ordinary course of business; or deposits or pledges to obtain the release of any such Liens; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Liens arising out of judgments or awards against the Company or a Subsidiary
(i)&nbsp;which judgments or awards are discharged by the Company within 60 days after entry thereof (or such shorter period of time in which a judgment creditor may execute upon any such judgment or award); (ii) with respect to which the Company or
a Subsidiary shall in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution pending such appeal or proceeding for review shall have been secured; or (iii)&nbsp;Liens incurred by the Company or a
Subsidiary for the purpose of obtaining a stay or discharge in the course of any legal proceeding to which the Company or a Subsidiary is a party; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;Liens for taxes (i)&nbsp;not yet subject to penalties for <FONT
STYLE="white-space:nowrap">non-payment</FONT> or (ii)&nbsp;being contested, <I>provided,</I> payment thereof is not required by <B>Section</B><B></B><B>&nbsp;9.4</B>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;minor survey exceptions, or minor encumbrances, easements or reservations of, or
rights of others for, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties, which encumbrances, easements, reservations, rights and
restrictions do not in the aggregate Materially detract from the value of said properties or Materially impair their use in the operation of the business of the Company or a Subsidiary; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;Liens incurred in connection with the lease of conversion burners and water heaters
to customers; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Liens on property acquired
through the merger or consolidation of another utility company with or into, or the purchase of all or substantially all of the assets of another utility company by, the Company or a Subsidiary, <I>provided</I> that such Lien does not extend to
other property of the Company or a Subsidiary; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;pledges, assignments and other
security devices entered into in connection with the financing or refinancing of customers&#146; conditional sales contracts; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Indebtedness incurred in connection with the purchase and sale of
gas and/or energy supply (including transportation or transmission charges) or Guaranties in respect of obligations under such contracts; <I>provided that</I>, such Liens attach solely to such gas or energy supply; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;contractual rights of the Company and its Subsidiaries in connection with funds
contributed and borrowed under the Cash Pooling and Loan Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;Liens
existing on the date hereof and not reflected on <B>Schedule</B><B></B><B>&nbsp;10.2</B> hereto and Liens created or incurred after the date of Closing, in addition to those otherwise permitted by this <B>Section</B><B></B><B>&nbsp;10.2</B>,
securing Indebtedness (other than Indebtedness in respect of the principal credit facilities of the Company and its Subsidiaries (including any Bank Credit Agreement) or any Indebtedness outstanding under or pursuant to any private placement
document pursuant to which the Company or any Subsidiary has issued senior notes, in each case, whether now existing or existing in the future) which does not exceed in the aggregate $10,000,000 at any one time outstanding; <I>provided</I> that all
such Indebtedness shall have been incurred within the applicable limitations provided in <B>Section</B><B></B><B>&nbsp;10.1</B>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;Liens existing on the date hereof and listed on <B>Schedule 10.2</B> hereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(o)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Indebtedness issued to finance or refinance the Company&#146;s
operation center buildings in Massachusetts or any property acquired in replacement thereof which do not at any time exceed an aggregate principal amount of $25,000,000; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(p)&nbsp;&nbsp;&nbsp;&nbsp;Liens arising out of security interests in, and pledges by, the Company&#146;s and
its Subsidiaries&#146; rights and benefits under contracts entered into in connection with participation in the Hydro-Quebec Interconnection Support Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If at any time the Company or a Subsidiary shall create or assume any Lien not permitted by this Section, to which the
covenant to secure the Notes in the first paragraph of this <B>Section</B><B></B><B>&nbsp;10.2</B> is applicable, the Company will promptly deliver to each holder of record of the Notes then outstanding: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;an Officers&#146; Certificate stating that the covenant of the Company contained in
the first paragraph of this <B>Section</B><B></B><B>&nbsp;10.2</B> has been complied with; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(y)&nbsp;&nbsp;&nbsp;&nbsp;an opinion of counsel addressed
to such holders to the effect that such covenant has been complied with, and that any instruments executed by the Company in the performance of such covenant comply with the requirements of such covenant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;10.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Transactions with Affiliates</I>. Except as described in the
Disclosure Documents prior to Closing, the Company will not and will not permit any Subsidiary to enter into directly or indirectly any transaction or group of related transactions (including without limitation the purchase, lease, sale or exchange
of properties of any kind or the rendering of any service) with any Affiliate (other than the Company or another Subsidiary or Unitil or another Subsidiary of Unitil), except in the ordinary course and pursuant to the reasonable requirements of the
Company&#146;s or such Subsidiary&#146;s business and upon fair and reasonable terms no less favorable to the Company or such Subsidiary than would be obtainable in a comparable <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction
with a Person not an Affiliate, except as may be necessary in order for the Company to comply with requirements of any applicable state or federal statute or regulation; <I>provided, however,</I> that if it is not possible to identify what terms
would apply to a comparable <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction with a Person not an Affiliate, such transaction shall be upon such terms as shall be fair and reasonable under the circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;10.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Merger or Consolidation; Sale or Transfer of Assets.</I> The
Company will not (a)&nbsp;consolidate with or be a party to a merger with any other corporation or (b)&nbsp;sell, lease or otherwise dispose of all or substantially all of the assets of the Company and its Subsidiaries (taken as a whole);
<I>provided, however,</I> that the Company may consolidate, merge or otherwise combine with any other corporation, or sell, lease or otherwise dispose of all or substantially all of the assets of the Company and its Subsidiaries (taken as a whole),
if </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;the corporation which results from such consolidation, merger or
combination or the corporation to which the Company sells, leases or otherwise disposes of all or substantially all of its and its Subsidiaries&#146; (taken as a whole) assets (in either case, the <I>&#147;surviving corporation&#148;</I>) is either
the Company (in the case of a merger, consolidation or combination), or, if not, is organized under the laws of any State of the United States or the District of Columbia, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;in the event that the surviving corporation is not the Company, the obligations of
the Company under this Agreement and the Notes are expressly assumed in writing by the surviving corporation and the surviving corporation shall furnish the holders of the Notes an opinion of counsel satisfactory to such holders to the effect that
the instrument of assumption has been duly authorized, executed and delivered and constitutes the legal, valid and binding contract and agreement of the surviving corporation enforceable in accordance with its terms, except as enforcement of such
terms may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors&#146; rights generally and by general equitable principles, and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;at the time of such consolidation, merger or combination or sale, lease or other
disposition of all or substantially all of the Company&#146;s and its Subsidiaries&#146; assets, and immediately after giving effect thereto, no Default or Event of Default shall have </P>
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occurred and be continuing and the Company or the surviving corporation, as the case may be, could incur at least $1.00 of additional Funded Indebtedness pursuant to
<B>Section</B><B></B><B>&nbsp;10.1</B>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>provided</I>, <I>further</I>, that the Company and any of its Subsidiaries will be permitted
to sell its generating assets and power purchase entitlements without the consent of the Purchasers, pursuant to any industry restructuring plan filed with and approved by a state utility regulatory agency (each such plan a <I>&#147;Utility
Subsidiary Restructuring Plan&#148;</I>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;10.5.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Restrictions
on Dividends.</I> (a)&nbsp;The Company will not except (i)&nbsp;as hereinafter provided and (ii)&nbsp;for declaring or paying any dividend solely in shares of its own common stock: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;declare or pay any dividend; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;make any other distribution of cash, property or assets on any shares of any class
of its capital stock or apply any of its cash, property or assets (other than amounts equal to net proceeds received from the sale of common stock of the Company subsequent to the date of this Agreement) to the purchase or retirement of, or make any
other distribution, through reduction of capital or otherwise, in respect of any shares of its capital stock; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(which dividends,
distributions, purchases and retirements are hereinafter referred to as <I>&#147;distributions&#148;</I>) if, after giving effect to such distribution, the aggregate amount of (1)&nbsp;all such distributions declared, paid, made or applied
subsequent to January&nbsp;1, 2020, <I>plus</I> (2)&nbsp;all regular dividends declared on any class of Preferred Stock of the Company subsequent to January&nbsp;1, 2020 and all amounts charged to retained earnings after January&nbsp;1, 2020 in
connection with the purchase or retirement of any shares of Preferred Stock of the Company, would exceed an amount equal to the sum of (x)&nbsp;100% of the Company&#146;s Adjusted Net Income (Deficit) accumulated subsequent to January&nbsp;1, 2020,
<I>plus</I> (y)&nbsp;100% of the net proceeds from any common or preferred equity issuances by the Company subsequent to January&nbsp;1, 2020, <I>plus</I> (z)&nbsp;$52,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this <B>Section</B><B></B><B>&nbsp;10.5</B>, the amount of any distribution
declared, paid or distributed in property shall be deemed to be the fair market value (as determined in good faith by the Board of Directors of the Company) of such property at the time of the making of the distribution in question. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;10.6.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Line of Business</I>. The Company will not and will not
permit any Subsidiary to engage in any business if, as a result, the general nature of the business, taken on a consolidated basis, which would then be engaged in by the Company and its Subsidiaries would be substantially changed from the general
nature of the business engaged in by the Company and its Subsidiaries on the date of this Agreement <I>provided</I>, <I>however</I>, an expansion of the Company&#146;s or any Subsidiary&#146;s service territory shall be deemed not to be a change
from the general nature of the business engaged in by the Company and its Subsidiaries. </P>
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Sanctions Regulations</I>. The Company will not, and will not permit any Controlled Entity to (a)&nbsp;become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b)&nbsp;directly or indirectly
have any investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (i)&nbsp;would cause any holder to be in
violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (ii)&nbsp;is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E<SMALL>VENTS</SMALL> <SMALL>OF</SMALL> D<SMALL>EFAULT</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">An &#147;Event of Default&#148; shall exist if any of the following conditions or events shall occur and be continuing: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the Company defaults in the payment of any principal or Make-Whole Amount, if any,
on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;the Company defaults in the payment of any interest on any Note for more than five
Business Days after the same becomes due and payable; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;the Company defaults
in the performance of or compliance with any term contained in any of <B>Sections</B><B></B><B>&nbsp;7.1(d) or Sections</B><B></B><B>&nbsp;10.1</B>, <B>10.2</B>, <B>10.4</B>, or <B>10.5</B>; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;the Company defaults in the performance of or compliance with&nbsp;any term
contained herein (other than those referred to in <B>Sections</B><B></B><B>&nbsp;11(a)</B>, <B>(b)</B>, and <B>(c)</B>) or, if a Guaranty Agreement is in effect, any Guarantor defaults in the performance of or compliance with any Material term of
such Guaranty Agreement and, in each case, such default is not remedied within 30 days after the earlier of (i)&nbsp;a Responsible Officer obtaining actual knowledge of such default and (ii)&nbsp;the Company or any Guarantor, as applicable,
receiving written notice of such default from any holder of a Note (any such written notice to be identified as a &#147;notice of default&#148; and to refer specifically to this <B>Section</B><B></B><B>&nbsp;11(d)</B>); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;any representation or warranty made in writing by the Company or a Guarantor, if
any, or by any officer of the Company or such Guarantor in this Agreement or in the Guaranty Agreement, as applicable, or in any writing furnished in connection with the transactions contemplated hereby or thereby proves to have been false or
incorrect in any material respect on the date as of which made; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;(i) the
Company or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at
least $5,000,000 beyond any period of grace provided with respect thereto, or (ii)&nbsp;the Company or any Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding
principal </P>
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amount of at least $5,000,000 or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness
has become, or has been declared (or one or more Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii)&nbsp;as a consequence of the
occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity interests), (x)&nbsp;the Company or any Subsidiary has become obligated to
purchase or repay Indebtedness before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $5,000,000, or (y)&nbsp;one or more Persons have the right to require the Company
or any Subsidiary so to purchase or repay such Indebtedness; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;the Company or
any Subsidiary (i)&nbsp;is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii)&nbsp;files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or
arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii)&nbsp;makes an assignment for the benefit of its
creditors, (iv)&nbsp;consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v)&nbsp;is adjudicated as insolvent or to be
liquidated, or (vi)&nbsp;takes corporate action for the purpose of any of the foregoing; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;a court or other Governmental Authority of competent jurisdiction enters an order
appointing, without consent by the Company or any of its Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for
relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, <FONT
STYLE="white-space:nowrap">winding-up</FONT> or liquidation of the Company or any of its Subsidiaries, or any such petition shall be filed against the Company or any of its Subsidiaries and such petition shall not be dismissed within 60&nbsp;days;
or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;a final judgment or judgments for the payment of money aggregating in
excess of $10,000,000 (in excess of insurance available therefor), including, without limitation, any such final order enforcing a binding arbitration decision are rendered against one or more of the Company and its Subsidiaries and which judgments
are not, within 60&nbsp;days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60&nbsp;days after the expiration of such stay; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;if a Guaranty Agreement is in effect, such Guaranty Agreement ceases to be a
legally valid, binding and enforceable obligation or contract of any Guarantor, or any Guarantor or any party by, through or on account of any such Guarantor, challenges the validity, binding nature or enforceability of a Guaranty Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EMEDIES</SMALL>
<SMALL>ON</SMALL> D<SMALL>EFAULT</SMALL>, E<SMALL>TC</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;12.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Acceleration</I>. (a)&nbsp;If an Event of Default with
respect to the Company described in <B>Section</B><B></B><B>&nbsp;11(g)</B> or <B>(h)</B> (other than an Event of Default described in clause&nbsp;(i) of <B>Section</B><B></B><B>&nbsp;11(g)</B> or described in clause&nbsp;(vi) of
<B>Section</B><B></B><B>&nbsp;11(g) </B>by virtue of the fact that such clause encompasses clause&nbsp;(i) of <B>Section</B><B></B><B>&nbsp;11(g))</B> has occurred, all the Notes then outstanding shall automatically become immediately due and
payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;If any other Event of Default has occurred and is continuing, any holder or holders
of at least 66 2/3% in principal amount of the Notes at the time outstanding may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;If any Event of Default described in <B>Section</B><B></B><B>&nbsp;11(a)</B> or <B>(b)</B>&nbsp;has
occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be
immediately due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Upon any Notes becoming due and payable under this <B>Section</B><B></B><B>&nbsp;12.1</B>,
whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (x)&nbsp;all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the
Default Rate) and (y)&nbsp;the Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest
or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein
specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the
deprivation of such right under such circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;12.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Remedies</I>. If any Default or Event of Default has
occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under <B>Section</B><B></B><B>&nbsp;12.1</B>, the holder of any Note at the time outstanding may proceed to protect and
enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note or Guaranty Agreement, or for an injunction against a
violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;12.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Rescission</I>. At any time after any Notes have been
declared due and payable pursuant to <B>Section</B><B></B><B>&nbsp;12.1(b)</B> or <B>(c)</B>, the holders of not less than <FONT STYLE="white-space:nowrap">66-2/3%</FONT> in principal amount of the Notes then outstanding, by written notice to the
Company, may rescind and annul any such declaration and its consequences if (a)&nbsp;the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other
than by reason of such declaration, and all interest on such overdue </P>
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principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b)&nbsp;all Events of Default and
Defaults, other than <FONT STYLE="white-space:nowrap">non-payment</FONT> of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to <B>Section</B><B></B><B>&nbsp;17</B>, and (c)&nbsp;no
judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this <B>Section</B><B></B><B>&nbsp;12.3</B> will extend to or affect any subsequent Event of Default or Default
or impair any right consequent thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;12.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>No Waivers or
Election of Remedies, Expenses, Etc</I>. No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder&#146;s rights, powers or
remedies. No right, power or remedy conferred by this Agreement, any Guaranty Agreement or any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in
equity, by statute or otherwise. Without limiting the obligations of the Company under <B>Section</B><B></B><B>&nbsp;15</B>, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and
expenses of such holder incurred in any enforcement or collection under this <B>Section</B><B></B><B>&nbsp;12</B>, including, without limitation, reasonable attorneys&#146; fees, expenses and disbursements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EGISTRATION</SMALL>; E<SMALL>XCHANGE</SMALL>;
S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;13.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Registration of Notes</I>. The Company shall keep at its
principal executive office, or at such other office the address of which the Company may hereafter notify the holders of the Notes from time to time, a register for the registration and registration of transfers of Notes. The name and address of
each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a)&nbsp;the name and address of the
beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b)&nbsp;at any such beneficial owner&#146;s option, either such beneficial owner or its nominee may execute any amendment, waiver,
consent, or other instrument pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes
hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and
addresses of all registered holders of Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;13.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Transfer
and Exchange of Notes</I>. Upon surrender of any Note to the Company at the address and to the attention of the designated officer (all as specified in <B>Section</B><B></B><B>&nbsp;18(iii)</B>), for registration of transfer or exchange (and in the
case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder&#146;s attorney duly authorized in writing and accompanied by the relevant name,
address and other information for notices of each transferee of such Note or part thereof), within ten Business Days thereafter, the Company shall execute and deliver, at the Company&#146;s expense (except as provided below), one or more new Notes
(as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to </P>
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the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of the Note originally
issued hereunder. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may
require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $500,000, provided that if necessary to enable the
registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination of less than $500,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have
made the representation set forth in <B>Section</B><B></B><B>&nbsp;6.2</B> and shall be bound by the terms of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;13.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Replacement of Notes</I>. Upon receipt by the Company at the
address and to the attention of the designated officer (all as specified in <B>Section</B><B></B><B>&nbsp;18(iii)</B>) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which
evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;in the case of loss, theft or destruction, of indemnity reasonably satisfactory to
it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another Institutional Investor that is a holder of a Note with a minimum net worth of at least $5,000,000 or a Qualified Institutional Buyer, such
Person&#146;s own unsecured agreement of indemnity shall be deemed to be satisfactory), or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of mutilation, upon surrender and cancellation thereof, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing
interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P<SMALL>AYMENTS</SMALL> <SMALL>ON</SMALL> N<SMALL>OTES</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;14.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Place of Payment</I>. Subject to
<B>Section</B><B></B><B>&nbsp;14.2</B>, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in Hampton, New Hampshire, at the principal office of the Company in such jurisdiction. The
Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or
trust company in such jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;14.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Home Office
Payment</I>. So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained in <B>Section</B><B></B><B>&nbsp;14.1</B> or in such Note to the contrary, the Company will pay all sums becoming due on
such Note for principal, Make-Whole Amount, if any, interest and all other amounts becoming due hereunder by the method and at the address specified for such purpose below such Purchaser&#146;s name in <B>Schedule A</B>, or by
</P>
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such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note
or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation,
reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to <B>Section</B><B></B><B>&nbsp;14.1</B>. Prior to any sale or other
disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the
Company in exchange for a new Note or Notes pursuant to <B>Section</B><B></B><B>&nbsp;13.2</B>. The Company will afford the benefits of this <B>Section</B><B></B><B>&nbsp;14.2</B> to any Institutional Investor that is the direct or indirect
transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this <B>Section</B><B></B><B>&nbsp;14.2</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;14.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>FATCA Information. </I>By acceptance of any Note, the holder
of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a)&nbsp;in the case of any such holder that is a
United States Person, such holder&#146;s United States tax identification number or other Forms reasonably requested by the Company necessary to establish such holder&#146;s status as a United States Person under FATCA and as may otherwise be
necessary for the Company to comply with its obligations under FATCA and (b)&nbsp;in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by
Section&nbsp;1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine that such holder has complied with such holder&#146;s obligations under
FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing in this <B>Section</B><B></B><B>&nbsp;14.3</B> shall require any holder to provide information that is confidential or proprietary to
such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as confidential. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E<SMALL>XPENSES</SMALL>, E<SMALL>TC</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;15.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Transaction Expenses.</I> Whether or not the transactions
contemplated hereby are consummated, the Company will pay all reasonable costs and expenses (including reasonable attorneys&#146; fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the
Purchasers and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Guaranty Agreement or the Notes (whether or not such amendment,
waiver or consent becomes effective), including, without limitation: (a)&nbsp;the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any Guaranty Agreement or
the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, any Guaranty Agreement or the Notes, or by reason of being a holder of any Note; (b)&nbsp;the costs and
expenses, including financial advisors&#146; fees, incurred in </P>
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connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any <FONT STYLE="white-space:nowrap">work-out</FONT> or restructuring of the transactions
contemplated hereby and by the Notes and any Guaranty Agreement; and (c)&nbsp;the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO <I>provided,</I>
that such costs and expenses under this clause&nbsp;(c) shall not exceed $3,000. If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company will pay, and will save each Purchaser and each other holder of a Note harmless from, (i)&nbsp;all claims in respect of any fees,
costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes) and (ii)&nbsp;any judgment, liability, claim, order, decree, fine, penalty, cost, fee,
expense (including reasonable attorneys&#146; fees and expenses) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the Notes by the Company, due to (a)&nbsp;any failure of any
representation or warranty of the Company in this Agreement to be true and correct in all material respects on the date as of which made and at the time of the Closing (except, in each case, to the extent any representation or warranty expressly
relates to a different date, in which case as of such different date) or (b)&nbsp;any failure by the Company to perform or comply in all material respects with any covenant or agreement contained in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;15.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Certain Taxes.</I> The Company agrees to pay all stamp,
documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or any Guaranty Agreement or the execution and delivery (but not the transfer) or the enforcement of any of the
Notes in the United States or any other jurisdiction where the Company or any Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any Guaranty Agreement or of any of the Notes, and to pay any
value added tax due and payable in respect of reimbursement of costs and expenses by the Company pursuant to this <B>Section</B><B></B><B>&nbsp;15.2</B>, and will save each holder of a Note to the extent permitted by applicable law harmless against
any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;15.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Withholding</I>. Except as otherwise required by
applicable law, the Company agrees that it will not withhold from any applicable payment to be made to a holder of a Note that is not a United States Person any tax so long as such holder shall have delivered to the Company (in such number of copies
as shall be requested) on or about the date on which such holder becomes a holder under this Agreement (and from time to time thereafter upon the reasonable request of the Company), executed copies of IRS
<FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN</FONT> or IRS <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN-E</FONT></FONT> (or any successor form), as applicable, as well as the applicable <I>&#147;U.S. Tax
Compliance Certificate&#148;</I> substantially in the form attached as <B>Exhibit</B><B></B><B>&nbsp;15.3</B>, in both cases correctly completed and executed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;15.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Survival.</I> The obligations of the Company under this
<B>Section</B><B></B><B>&nbsp;15.4</B> will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any </P>
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provision of this Agreement, any Guaranty Agreement or the Notes, and the termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">S<SMALL>ECTION</SMALL>&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>URVIVAL</SMALL> <SMALL>OF</SMALL>
R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL>; E<SMALL>NTIRE</SMALL> A<SMALL>GREEMENT</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes,
the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of
such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company as of the
date of such statements under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and any Guaranty Agreement embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior
agreements and understandings relating to the subject matter hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A<SMALL>MENDMENT</SMALL> <SMALL>AND</SMALL> W<SMALL>AIVER</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;17.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Requirements.</I> This Agreement and the Notes may be
amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a)&nbsp;no amendment or waiver of
any of the provisions of <B>Sections</B><B></B><B>&nbsp;1, 2, 3, 4, 5, 6</B>, or<B> 21</B> hereof, or any defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing, and (b)&nbsp;no
amendment or waiver may, without the written consent of the holder of each Note at the time outstanding, (i)&nbsp;subject to <B>Section</B><B></B><B>&nbsp;12</B> relating to acceleration or rescission, change the amount or time of any prepayment or
payment of principal of, or reduce the rate or change the time of payment or method of computation of (x)&nbsp;interest on the Notes or (y)&nbsp;the <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, (ii)&nbsp;change the percentage of the
principal amount of the Notes the holders of which are required to consent to any amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to <B>Section</B><B></B><B>&nbsp;2</B> upon the satisfaction of
the conditions to Closing that appear in <B>Section</B><B></B><B>&nbsp;4</B>, or (iii)&nbsp;amend any of <B>Sections</B><B></B><B>&nbsp;8</B> <B>(</B>except as set forth in the second sentence of<B> Section</B><B></B><B>&nbsp;8.2)</B>, <B>11(a)</B>,
<B>11(b)</B>, <B>12</B>, <B>17</B>,<B> </B>or <B>20</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;17.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Solicitation of Holders of Notes</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Solicitation. </I>The Company will provide each holder of a Note (irrespective of the amount of
Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in
respect of any of the provisions hereof or of the Notes or any Guaranty Agreement. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this <B>Section</B><B></B><B>&nbsp;17</B> or
any Guaranty Agreement to each holder of a Note promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment. </I>The Company will not directly or
indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of a Note as consideration for or as an inducement to
the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof or of any Guaranty Agreement or any Note unless such remuneration is concurrently paid, or security is concurrently granted or other credit support
concurrently provided, on the same terms, ratably to each holder of a Note even if such holder did not consent to such waiver or amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Consent in Contemplation of Transfer</I>. Any consent made pursuant to this
<B>Section</B><B></B><B>&nbsp;17</B> or any Guaranty Agreement by a holder of Notes that has transferred or has agreed to transfer its Notes to the Company, any Subsidiary or any Affiliate of the Company in connection with such consent shall be void
and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all
other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;17.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Binding Effect, etc.</I> Any amendment or waiver consented
to as provided in this <B>Section</B><B></B><B>&nbsp;17</B> or any Guaranty Agreement applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note
has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No
course of dealing between the Company and any holder of a Note and no delay in exercising any rights hereunder or under any Note or Guaranty Agreement shall operate as a waiver of any rights of any holder of such Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;17.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Notes Held by Company, Etc. </I>Solely for the purpose of
determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any Guaranty Agreement or the Notes,
or have directed the taking of any action provided herein or in any Guaranty Agreement or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly
or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N<SMALL>OTICES</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and communications provided for hereunder shall be in writing and sent (a)&nbsp;by telecopy if the sender on the
same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b)&nbsp;by registered or certified mail with return receipt requested (postage prepaid), or (c)&nbsp;by a recognized overnight delivery
service (with charges prepaid). Any such notice must be sent: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;if to any Purchaser or its
nominee, to such Purchaser or nominee at the address specified for such communications in <B>Schedule A</B>, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;if to any other holder of any Note, to such holder at such address as such other
holder shall have specified to the Company in writing, or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if to the Company,
to the Company at its address set forth at the beginning hereof to the attention of Treasurer, or at such other address as the Company shall have specified to the holder of each Note in writing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notices under this <B>Section</B><B></B><B>&nbsp;18</B> will be deemed given only when actually received. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EPRODUCTION</SMALL> <SMALL>OF</SMALL> D<SMALL>OCUMENTS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Agreement and all documents relating thereto (except the Notes themselves), including, without limitation,
(a)&nbsp;consents, waivers and modifications that may hereafter be executed, (b)&nbsp;documents received by any Purchaser at the Closing (except the Notes themselves), and (c)&nbsp;financial statements, certificates and other information previously
or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. The Company agrees and
stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not
such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This <B>Section</B><B></B><B>&nbsp;19</B> shall not
prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C<SMALL>ONFIDENTIAL</SMALL> I<SMALL>NFORMATION</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For the purposes of this <B>Section</B><B></B><B>&nbsp;20</B>, &#147;Confidential Information&#148; means information
delivered to any Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise
adequately identified when received by such Purchaser as being confidential information of the Company, such Subsidiary, Unitil or Unitil&#146;s Affiliates, provided that such term does not include information that (a)&nbsp;was publicly known or
otherwise known to such Purchaser prior to the time of such disclosure, (b)&nbsp;subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser&#146;s behalf, (c)&nbsp;otherwise becomes known
to such Purchaser other than through disclosure by the Company or any Subsidiary or (d)&nbsp;constitutes financial statements delivered to such Purchaser under <B>Section</B><B></B><B>&nbsp;7.1</B> that are otherwise publicly available. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Purchaser will maintain the confidentiality of and not disclose such Confidential Information in accordance with
procedures adopted by such Purchaser in good faith to protect </P>
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confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i)&nbsp;its directors, officers,
employees, agents, attorneys, trustees and Affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes) who are otherwise obligated to hold confidential and not disclose the
Confidential Information substantially in accordance with this <B>Section</B><B></B><B>&nbsp;20</B>, (ii) its auditors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in
accordance with the terms of this <B>Section</B><B></B><B>&nbsp;20</B>, (iii) any other holder of any Note, (iv)&nbsp;any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such
Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this <B>Section</B><B></B><B>&nbsp;20</B>), (v)&nbsp;any Person from which it offers to purchase any security of the Company (if such
Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this <B>Section</B><B></B><B>&nbsp;20</B>), (vi)&nbsp;any federal or state regulatory authority having jurisdiction over such
Purchaser, (vii)&nbsp;the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser&#146;s investment portfolio, or (viii)&nbsp;any other Person to
which such delivery or disclosure may be necessary or appropriate (w)&nbsp;to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x)&nbsp;in response to any subpoena or other legal process, (y)&nbsp;in connection
with any litigation to which such Purchaser is a party or (z)&nbsp;if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the
enforcement or for the protection of the rights and remedies under such Purchaser&#146;s Notes, this Agreement or any Guaranty Agreement after prior written notice provided to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the
benefits of this <B>Section</B><B></B><B>&nbsp;20</B> as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder
under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this <B>Section</B><B></B><B>&nbsp;20</B>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In the event that as a condition to receiving access to information relating to the Company or its Subsidiaries in
connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual
workspace or otherwise) which is different from this <B>Section</B><B></B><B>&nbsp;20</B>, this <B>Section</B><B></B><B>&nbsp;20</B> shall not be amended thereby and, as between such Purchaser or such holder and the Company, this
<B>Section</B><B></B><B>&nbsp;20</B> shall supersede any such other confidentiality undertaking. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed
to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate&#146;s </P>
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agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in
<B>Section</B><B></B><B>&nbsp;6</B>. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this <B>Section</B><B></B><B>&nbsp;21</B>), shall be deemed to refer to such Affiliate in lieu of such original
Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of such
transfer, any reference to such Affiliate as a &#147;Purchaser&#148; in this Agreement (other than in this <B>Section</B><B></B><B>&nbsp;21</B>), shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and
such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<SMALL>ISCELLANEOUS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;22.1.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Successors and Assigns.</I> All covenants and other
agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether so expressed or not, except that, other
than as provided in <B>Section</B><B></B><B>&nbsp;10.4</B>, the Company may not assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;22.2.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Accounting Terms.</I> All accounting terms used herein which
are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i)&nbsp;all computations made pursuant to this Agreement shall be made in accordance
with GAAP, and (ii)&nbsp;all financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including, without limitation, <B>Section</B><B></B><B>&nbsp;9</B>,
<B>Section</B><B></B><B>&nbsp;10</B>, and the definition of &#147;Indebtedness&#148;), any election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards
Codification Topic <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.&nbsp;825-10-25</FONT></FONT> &#150; <I>Fair Value Option,</I> International Accounting Standard 39 &#150; <I>Financial Instruments: Recognition and
Measurement</I> or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;22.3.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Severability.</I> Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;22.4.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Construction, Etc.</I> Each covenant contained herein shall
be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with
any other covenant. Where any provision herein refers to action to be taken by any Person, or which </P>
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such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words &#147;include,&#148; &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the phrase &#147;without limitation.&#148; The word
&#147;will&#148; shall be construed to have the same meaning and effect as the word &#147;shall.&#148; Unless the context requires otherwise (a)&nbsp;any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein) and, for purposes
of the Notes, shall also include any such notes issued in substitution therefor pursuant to <B>Section</B><B></B><B>&nbsp;13</B>, (b)&nbsp;subject to <B>Section</B><B></B><B>&nbsp;22.1</B>, any reference herein to any Person shall be construed to
include such Person&#146;s successors and assigns, (c)&nbsp;the words &#147;herein,&#148; &#147;hereof&#148; and &#147;hereunder,&#148; and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, (d)&nbsp;all references herein to Sections&nbsp;and Schedules shall be construed to refer to Sections&nbsp;of, and Schedules to, this Agreement, and (e)&nbsp;any reference to any law or regulation herein shall, unless
otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For the
avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Section</I><I></I><I>&nbsp;22.5.</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparts.</I> This Agreement may be executed in any
number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties
hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>S<SMALL>ECTION</SMALL></I><SMALL><I></I><I></I></SMALL><I>&nbsp;22.6.</I>&nbsp;&nbsp;&nbsp;&nbsp;
<I>G<SMALL>OVERNING</SMALL> L<SMALL>AW</SMALL>.</I> T<SMALL>HIS</SMALL> A<SMALL>GREEMENT</SMALL> <SMALL>SHALL</SMALL> <SMALL>BE</SMALL> <SMALL>CONSTRUED</SMALL> <SMALL>AND</SMALL> <SMALL>ENFORCED</SMALL> <SMALL>IN</SMALL> <SMALL>ACCORDANCE</SMALL>
<SMALL>WITH</SMALL>, <SMALL>AND</SMALL> <SMALL>THE</SMALL> <SMALL>RIGHTS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>PARTIES</SMALL> <SMALL>SHALL</SMALL> <SMALL>BE</SMALL> <SMALL>GOVERNED</SMALL> <SMALL>BY</SMALL>, <SMALL>THE</SMALL>
<SMALL>LAW</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> S<SMALL>TATE</SMALL> <SMALL>OF</SMALL> N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL> <SMALL>EXCLUDING</SMALL> <SMALL>CHOICE</SMALL><FONT STYLE="white-space:nowrap">-</FONT><SMALL>OF</SMALL><FONT
STYLE="white-space:nowrap">-</FONT><SMALL>LAW</SMALL> <SMALL>PRINCIPLES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>LAW</SMALL> <SMALL>OF</SMALL> <SMALL>SUCH</SMALL> S<SMALL>TATE</SMALL> <SMALL>THAT</SMALL> <SMALL>WOULD</SMALL>
<SMALL>PERMIT</SMALL> <SMALL>THE</SMALL> <SMALL>APPLICATION</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>LAWS</SMALL> <SMALL>OF</SMALL> <SMALL>A</SMALL> <SMALL>JURISDICTION</SMALL> <SMALL>OTHER</SMALL> <SMALL>THAN</SMALL> <SMALL>SUCH</SMALL>
S<SMALL>TATE</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>S<SMALL>ECTION</SMALL></I><SMALL><I></I><I></I></SMALL><I>&nbsp;22.7.</I>&nbsp;&nbsp;&nbsp;&nbsp;
<I>J<SMALL>URISDICTION</SMALL> <SMALL>AND</SMALL> P<SMALL>ROCESS</SMALL>; W<SMALL>AIVER</SMALL> <SMALL>OF</SMALL> J<SMALL>URY</SMALL> T<SMALL>RIAL</SMALL>. </I>(<SMALL>A</SMALL>)&nbsp;T<SMALL>HE</SMALL> C<SMALL>OMPANY</SMALL>
<SMALL>IRREVOCABLY</SMALL> <SMALL>SUBMITS</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> <SMALL>NON</SMALL><FONT STYLE="white-space:nowrap">-</FONT><SMALL>EXCLUSIVE</SMALL> <SMALL>JURISDICTION</SMALL> <SMALL>OF</SMALL> <SMALL>ANY</SMALL>
N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL> S<SMALL>TATE</SMALL> <SMALL>OR</SMALL> <SMALL>FEDERAL</SMALL> <SMALL>COURT</SMALL> <SMALL>SITTING</SMALL> <SMALL>IN</SMALL> <SMALL>THE</SMALL> B<SMALL>OROUGH</SMALL> <SMALL>OF</SMALL> M<SMALL>ANHATTAN</SMALL>,
T<SMALL>HE</SMALL> C<SMALL>ITY</SMALL> <SMALL>OF</SMALL> N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL>, <SMALL>OVER</SMALL> <SMALL>ANY</SMALL> <SMALL>SUIT</SMALL>, <SMALL>ACTION</SMALL> <SMALL>OR</SMALL> <SMALL>PROCEEDING</SMALL> <SMALL>ARISING</SMALL>
<SMALL>OUT</SMALL> <SMALL>OF</SMALL> <SMALL>OR</SMALL> <SMALL>RELATING</SMALL> <SMALL>TO</SMALL> <SMALL>THIS</SMALL> A<SMALL>GREEMENT</SMALL> <SMALL>OR</SMALL> <SMALL>THE</SMALL> N<SMALL>OTES</SMALL>. T<SMALL>O</SMALL> <SMALL>THE</SMALL>
<SMALL>FULLEST</SMALL> <SMALL>EXTENT</SMALL> <SMALL>PERMITTED</SMALL> <SMALL>BY</SMALL> <SMALL>APPLICABLE</SMALL> <SMALL>LAW</SMALL>, <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>IRREVOCABLY</SMALL> <SMALL>WAIVES</SMALL> <SMALL>AND</SMALL>
<SMALL>AGREES</SMALL> <SMALL>NOT</SMALL> <SMALL>TO</SMALL> <SMALL>ASSERT</SMALL>, <SMALL>BY</SMALL> <SMALL>WAY</SMALL> <SMALL>OF</SMALL> <SMALL>MOTION</SMALL>, <SMALL>AS</SMALL> <SMALL>A</SMALL> <SMALL>DEFENSE</SMALL> <SMALL>OR</SMALL>
<SMALL>OTHERWISE</SMALL>, <SMALL>ANY</SMALL> <SMALL>CLAIM</SMALL> <SMALL>THAT</SMALL> <SMALL>IT</SMALL> <SMALL>IS</SMALL> <SMALL>NOT</SMALL> <SMALL>SUBJECT</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> <SMALL>JURISDICTION</SMALL> <SMALL>OF</SMALL>
<SMALL>ANY</SMALL> <SMALL>SUCH</SMALL> <SMALL>COURT</SMALL>, <SMALL>ANY</SMALL> <SMALL>OBJECTION</SMALL> <SMALL>THAT</SMALL> <SMALL>IT</SMALL> <SMALL>MAY</SMALL> <SMALL>NOW</SMALL> <SMALL>OR</SMALL> <SMALL>HEREAFTER</SMALL> <SMALL>HAVE</SMALL>
<SMALL>TO</SMALL> <SMALL>THE</SMALL> <SMALL>LAYING</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>VENUE</SMALL> <SMALL>OF</SMALL> <SMALL>ANY</SMALL> <SMALL>SUCH</SMALL> <SMALL>SUIT</SMALL>, <SMALL>ACTION</SMALL> <SMALL>OR</SMALL>
<SMALL>PROCEEDING</SMALL> <SMALL>BROUGHT</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>SUCH</SMALL> <SMALL>COURT</SMALL> <SMALL>AND</SMALL> <SMALL>ANY</SMALL> <SMALL>CLAIM</SMALL> <SMALL>THAT</SMALL> <SMALL>ANY</SMALL> <SMALL>SUCH</SMALL>
<SMALL>SUIT</SMALL>, <SMALL>ACTION</SMALL> <SMALL>OR</SMALL> <SMALL>PROCEEDING</SMALL> <SMALL>BROUGHT</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>SUCH</SMALL> <SMALL>COURT</SMALL> <SMALL>HAS</SMALL> <SMALL>BEEN</SMALL> <SMALL>BROUGHT</SMALL>
<SMALL>IN</SMALL> <SMALL>AN</SMALL> <SMALL>INCONVENIENT</SMALL> <SMALL>FORUM</SMALL>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(<SMALL>B</SMALL>)&nbsp;&nbsp;&nbsp;&nbsp;T<SMALL>HE</SMALL>
C<SMALL>OMPANY</SMALL> <SMALL>AGREES</SMALL>, <SMALL>TO</SMALL> <SMALL>THE</SMALL> <SMALL>FULLEST</SMALL> <SMALL>EXTENT</SMALL> <SMALL>PERMITTED</SMALL> <SMALL>BY</SMALL> <SMALL>APPLICABLE</SMALL> <SMALL>LAW</SMALL>, <SMALL>THAT</SMALL>
<SMALL>A</SMALL> <SMALL>FINAL</SMALL> <SMALL>JUDGMENT</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>SUIT</SMALL>, <SMALL>ACTION</SMALL> <SMALL>OR</SMALL> <SMALL>PROCEEDING</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>NATURE</SMALL>
<SMALL>REFERRED</SMALL> <SMALL>TO</SMALL> <SMALL>IN</SMALL> <B>S<SMALL>ECTION</SMALL></B><SMALL><B></B><B></B></SMALL><B>&nbsp;22.7(<SMALL>A</SMALL>)</B>&nbsp;<SMALL>BROUGHT</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>SUCH</SMALL>
<SMALL>COURT</SMALL> <SMALL>SHALL</SMALL> <SMALL>BE</SMALL> <SMALL>CONCLUSIVE</SMALL> <SMALL>AND</SMALL> <SMALL>BINDING</SMALL> <SMALL>UPON</SMALL> <SMALL>IT</SMALL> <SMALL>SUBJECT</SMALL> <SMALL>TO</SMALL> <SMALL>RIGHTS</SMALL> <SMALL>OF</SMALL>
<SMALL>APPEAL</SMALL>, <SMALL>AS</SMALL> <SMALL>THE</SMALL> <SMALL>CASE</SMALL> <SMALL>MAY</SMALL> <SMALL>BE</SMALL>, <SMALL>AND</SMALL> <SMALL>MAY</SMALL> <SMALL>BE</SMALL> <SMALL>ENFORCED</SMALL> <SMALL>IN</SMALL> <SMALL>THE</SMALL>
<SMALL>COURTS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> U<SMALL>NITED</SMALL> S<SMALL>TATES</SMALL> <SMALL>OF</SMALL> A<SMALL>MERICA</SMALL> <SMALL>OR</SMALL> <SMALL>THE</SMALL> S<SMALL>TATE</SMALL> <SMALL>OF</SMALL> N<SMALL>EW</SMALL>
Y<SMALL>ORK</SMALL> (<SMALL>OR</SMALL> <SMALL>ANY</SMALL> <SMALL>OTHER</SMALL> <SMALL>COURTS</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> <SMALL>JURISDICTION</SMALL> <SMALL>OF</SMALL> <SMALL>WHICH</SMALL> <SMALL>IT</SMALL> <SMALL>OR</SMALL>
<SMALL>ANY</SMALL> <SMALL>OF</SMALL> <SMALL>ITS</SMALL> <SMALL>ASSETS</SMALL> <SMALL>IS</SMALL> <SMALL>OR</SMALL> <SMALL>MAY</SMALL> <SMALL>BE</SMALL> <SMALL>SUBJECT</SMALL>) <SMALL>BY</SMALL> <SMALL>A</SMALL> <SMALL>SUIT</SMALL> <SMALL>UPON</SMALL>
<SMALL>SUCH</SMALL> <SMALL>JUDGMENT</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(<SMALL>C</SMALL>)&nbsp;&nbsp;&nbsp;&nbsp;T<SMALL>HE</SMALL>
C<SMALL>OMPANY</SMALL> <SMALL>CONSENTS</SMALL> <SMALL>TO</SMALL> <SMALL>PROCESS</SMALL> <SMALL>BEING</SMALL> <SMALL>SERVED</SMALL> <SMALL>BY</SMALL> <SMALL>OR</SMALL> <SMALL>ON</SMALL> <SMALL>BEHALF</SMALL> <SMALL>OF</SMALL> <SMALL>ANY</SMALL>
<SMALL>HOLDER</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>SUIT</SMALL>, <SMALL>ACTION</SMALL> <SMALL>OR</SMALL> <SMALL>PROCEEDING</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> <SMALL>NATURE</SMALL>
<SMALL>REFERRED</SMALL> <SMALL>TO</SMALL> <SMALL>IN</SMALL> <B>S<SMALL>ECTION</SMALL></B><SMALL><B></B><B></B></SMALL><B>&nbsp;22.7(<SMALL>A</SMALL>)</B> <SMALL>BY</SMALL> <SMALL>MAILING</SMALL> <SMALL>A</SMALL> <SMALL>COPY</SMALL>
<SMALL>THEREOF</SMALL> <SMALL>BY</SMALL> <SMALL>REGISTERED</SMALL>, <SMALL>CERTIFIED</SMALL>, <SMALL>PRIORITY</SMALL> <SMALL>OR</SMALL> <SMALL>EXPRESS</SMALL> <SMALL>MAIL</SMALL> (<SMALL>OR</SMALL> <SMALL>ANY</SMALL> <SMALL>SUBSTANTIALLY</SMALL>
<SMALL>SIMILAR</SMALL> <SMALL>FORM</SMALL> <SMALL>OF</SMALL> <SMALL>MAIL</SMALL>), <SMALL>POSTAGE</SMALL> <SMALL>PREPAID</SMALL>, <SMALL>RETURN</SMALL> <SMALL>RECEIPT</SMALL> <SMALL>OR</SMALL> <SMALL>DELIVERY</SMALL> <SMALL>CONFIRMATION</SMALL>
<SMALL>REQUESTED</SMALL>, <SMALL>TO</SMALL> <SMALL>IT</SMALL> <SMALL>AT</SMALL> <SMALL>ITS</SMALL> <SMALL>ADDRESS</SMALL> <SMALL>SPECIFIED</SMALL> <SMALL>IN</SMALL> <B>S<SMALL>ECTION</SMALL></B><SMALL><B></B><B></B></SMALL><B>&nbsp;18</B>
<SMALL>OR</SMALL> <SMALL>AT</SMALL> <SMALL>SUCH</SMALL> <SMALL>OTHER</SMALL> <SMALL>ADDRESS</SMALL> <SMALL>OF</SMALL> <SMALL>WHICH</SMALL> <SMALL>SUCH</SMALL> <SMALL>HOLDER</SMALL> <SMALL>SHALL</SMALL> <SMALL>THEN</SMALL> <SMALL>HAVE</SMALL>
<SMALL>BEEN</SMALL> <SMALL>NOTIFIED</SMALL> <SMALL>PURSUANT</SMALL> <SMALL>TO</SMALL> <SMALL>SAID</SMALL> S<SMALL>ECTION</SMALL>. T<SMALL>HE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>AGREES</SMALL> <SMALL>THAT</SMALL> <SMALL>SUCH</SMALL>
<SMALL>SERVICE</SMALL> <SMALL>UPON</SMALL> <SMALL>RECEIPT</SMALL> (<SMALL>I</SMALL>)&nbsp;<SMALL>SHALL</SMALL> <SMALL>BE</SMALL> <SMALL>DEEMED</SMALL> <SMALL>IN</SMALL> <SMALL>EVERY</SMALL> <SMALL>RESPECT</SMALL> <SMALL>EFFECTIVE</SMALL>
<SMALL>SERVICE</SMALL> <SMALL>OF</SMALL> <SMALL>PROCESS</SMALL> <SMALL>UPON</SMALL> <SMALL>IT</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>SUCH</SMALL> <SMALL>SUIT</SMALL>, <SMALL>ACTION</SMALL> <SMALL>OR</SMALL> <SMALL>PROCEEDING</SMALL>
<SMALL>AND</SMALL> (<SMALL>II</SMALL>)&nbsp;<SMALL>SHALL</SMALL>, <SMALL>TO</SMALL> <SMALL>THE</SMALL> <SMALL>FULLEST</SMALL> <SMALL>EXTENT</SMALL> <SMALL>PERMITTED</SMALL> <SMALL>BY</SMALL> <SMALL>APPLICABLE</SMALL> <SMALL>LAW</SMALL>,
<SMALL>BE</SMALL> <SMALL>TAKEN</SMALL> <SMALL>AND</SMALL> <SMALL>HELD</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> <SMALL>VALID</SMALL> <SMALL>PERSONAL</SMALL> <SMALL>SERVICE</SMALL> <SMALL>UPON</SMALL> <SMALL>AND</SMALL> <SMALL>PERSONAL</SMALL>
<SMALL>DELIVERY</SMALL> <SMALL>TO</SMALL> <SMALL>IT</SMALL>. N<SMALL>OTICES</SMALL> <SMALL>HEREUNDER</SMALL> <SMALL>SHALL</SMALL> <SMALL>BE</SMALL> <SMALL>CONCLUSIVELY</SMALL> <SMALL>PRESUMED</SMALL> <SMALL>RECEIVED</SMALL> <SMALL>AS</SMALL>
<SMALL>EVIDENCED</SMALL> <SMALL>BY</SMALL> <SMALL>A</SMALL> <SMALL>DELIVERY</SMALL> <SMALL>RECEIPT</SMALL> <SMALL>FURNISHED</SMALL> <SMALL>BY</SMALL> <SMALL>THE</SMALL> U<SMALL>NITED</SMALL> S<SMALL>TATES</SMALL> P<SMALL>OSTAL</SMALL>
S<SMALL>ERVICE</SMALL> <SMALL>OR</SMALL> <SMALL>ANY</SMALL> <SMALL>REPUTABLE</SMALL> <SMALL>COMMERCIAL</SMALL> <SMALL>DELIVERY</SMALL> <SMALL>SERVICE</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(<SMALL>D</SMALL>)&nbsp;&nbsp;&nbsp;&nbsp;N<SMALL>OTHING</SMALL> <SMALL>IN</SMALL> <SMALL>THIS</SMALL>
<B>S<SMALL>ECTION</SMALL></B><SMALL><B></B><B></B></SMALL><B>&nbsp;22.7</B> <SMALL>SHALL</SMALL> <SMALL>AFFECT</SMALL> <SMALL>THE</SMALL> <SMALL>RIGHT</SMALL> <SMALL>OF</SMALL> <SMALL>ANY</SMALL> <SMALL>HOLDER</SMALL> <SMALL>OF</SMALL>
<SMALL>A</SMALL> N<SMALL>OTE</SMALL> <SMALL>TO</SMALL> <SMALL>SERVE</SMALL> <SMALL>PROCESS</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>MANNER</SMALL> <SMALL>PERMITTED</SMALL> <SMALL>BY</SMALL> <SMALL>LAW</SMALL>, <SMALL>OR</SMALL>
<SMALL>LIMIT</SMALL> <SMALL>ANY</SMALL> <SMALL>RIGHT</SMALL> <SMALL>THAT</SMALL> <SMALL>THE</SMALL> <SMALL>HOLDERS</SMALL> <SMALL>OF</SMALL> <SMALL>ANY</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> N<SMALL>OTES</SMALL> <SMALL>MAY</SMALL>
<SMALL>HAVE</SMALL> <SMALL>TO</SMALL> <SMALL>BRING</SMALL> <SMALL>PROCEEDINGS</SMALL> <SMALL>AGAINST</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>IN</SMALL> <SMALL>THE</SMALL> <SMALL>COURTS</SMALL> <SMALL>OF</SMALL> <SMALL>ANY</SMALL>
<SMALL>APPROPRIATE</SMALL> <SMALL>JURISDICTION</SMALL> <SMALL>OR</SMALL> <SMALL>TO</SMALL> <SMALL>ENFORCE</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>LAWFUL</SMALL> <SMALL>MANNER</SMALL> <SMALL>A</SMALL> <SMALL>JUDGMENT</SMALL>
<SMALL>OBTAINED</SMALL> <SMALL>IN</SMALL> <SMALL>ONE</SMALL> <SMALL>JURISDICTION</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>OTHER</SMALL> <SMALL>JURISDICTION</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;T<SMALL>HE</SMALL> <SMALL>PARTIES</SMALL> <SMALL>HERETO</SMALL> <SMALL>HEREBY</SMALL>
<SMALL>WAIVE</SMALL> <SMALL>TRIAL</SMALL> <SMALL>BY</SMALL> <SMALL>JURY</SMALL> <SMALL>IN</SMALL> <SMALL>ANY</SMALL> <SMALL>ACTION</SMALL> <SMALL>BROUGHT</SMALL> <SMALL>ON</SMALL> <SMALL>OR</SMALL> <SMALL>WITH</SMALL> <SMALL>RESPECT</SMALL>
<SMALL>TO</SMALL> <SMALL>THIS</SMALL> A<SMALL>GREEMENT</SMALL>, <SMALL>THE</SMALL> N<SMALL>OTES</SMALL> <SMALL>OR</SMALL> <SMALL>ANY</SMALL> <SMALL>OTHER</SMALL> <SMALL>DOCUMENT</SMALL> <SMALL>EXECUTED</SMALL> <SMALL>IN</SMALL>
<SMALL>CONNECTION</SMALL> <SMALL>HEREWITH</SMALL> <SMALL>OR</SMALL> <SMALL>THEREWITH</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[S<SMALL>IGNATURE</SMALL>
P<SMALL>AGES</SMALL> F<SMALL>OLLOW</SMALL>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-43- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If you are in agreement with the foregoing, please sign the form of
agreement on a counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">F<SMALL>ITCHBURG</SMALL> G<SMALL>AS</SMALL> <SMALL>AND</SMALL> E<SMALL>LECTRIC</SMALL>
L<SMALL>IGHT</SMALL> C<SMALL>OMPANY</SMALL></P></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Todd R. Diggins</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: Todd R. Diggins</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: Treasurer</P></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Fitchburg Gas and Electric Light Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">M<SMALL>ETROPOLITAN</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">by&#8201;&#8201;MetLife Investment Management, LLC, Its Investment
Manager</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">M<SMALL>ETROPOLITAN</SMALL> T<SMALL>OWER</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">by&#8201;&#8201;MetLife Investment Management, LLC, Its Investment
Manager</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">B<SMALL>RIGHTHOUSE</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>OF</SMALL> NY</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">by&#8201;&#8201;MetLife Investment Management, LLC, Its Investment
Manager</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ John Wills</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: John Wills</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: Authorized Signatory</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Fitchburg Gas and Electric Light Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> N<SMALL>ATIONAL</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.50em; font-size:12pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney in Fact</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Karl Spaeth</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Karl Spaeth</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Senior Vice President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">L<SMALL>INCOLN</SMALL> L<SMALL>IFE</SMALL> &amp; A<SMALL>NNUITY</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>OF</SMALL> N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney in Fact</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Karl Spaeth</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Karl Spaeth</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Senior Vice President</TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Fitchburg Gas and Electric Light Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">A<SMALL>MERICAN</SMALL>&nbsp;R<SMALL>EPUBLIC</SMALL>&nbsp;I<SMALL>NSURANCE</SMALL>&nbsp;C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">B<SMALL>LUE</SMALL>&nbsp;C<SMALL>ROSS</SMALL>&nbsp;<SMALL>AND</SMALL>&nbsp;B<SMALL>LUE</SMALL>&nbsp;S<SMALL>HIELD</SMALL>&nbsp;<SMALL>OF</SMALL>&nbsp;F<SMALL>LORIDA</SMALL>,&nbsp;I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">C<SMALL>ATHOLIC</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">C<SMALL>ATHOLIC</SMALL> U<SMALL>NITED</SMALL> F<SMALL>INANCIAL</SMALL></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">M<SMALL>INNESOTA</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">R<SMALL>OYAL</SMALL> N<SMALL>EIGHBORS</SMALL> <SMALL>OF</SMALL> A<SMALL>MERICA</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Securian Asset Management, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Robin J. Lenarz</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Robin J. Lenarz</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Vice President</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

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<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Fitchburg Gas and Electric Light Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">T<SMALL>HRIVENT</SMALL> F<SMALL>INANCIAL</SMALL> <SMALL>FOR</SMALL> L<SMALL>UTHERANS</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Christopher Patton</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: Christopher Patton</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: Managing Director</P></TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

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<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Fitchburg Gas and Electric Light Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">P<SMALL>ACIFIC</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Matthew A. Levene</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: Matthew A. Levene</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: Assistant Vice President</P></TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

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<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Fitchburg Gas and Electric Light Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Note Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Accepted as of the date first written above </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">U<SMALL>NITED</SMALL> <SMALL>OF</SMALL> O<SMALL>MAHA</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Justin P. Kavan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Justin P. Kavan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Senior Vice President</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>I<SMALL>NFORMATION</SMALL> R<SMALL>ELATING</SMALL> <SMALL>TO</SMALL>
P<SMALL>URCHASERS</SMALL> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B>BRIGHTHOUSE LIFE INSURANCE COMPANY OF NY</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman">11225 North community House Road</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman">Charlotte, NC 28277</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$2,100,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="font-family:Times New Roman;background-color:#ffff00">(Portfolio 4PD)</FONT><FONT
STYLE="font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(Securities to be registered in the name of <B>Brighthouse Life Insurance Company of NY</B>) </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All scheduled payments of principal and interest by wire transfer of immediately available funds to:
</P></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Bank Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">ABA Routing
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">#:&nbsp;&nbsp;&nbsp;&nbsp;021-000-021</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880297333 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BH Life Separate Acct SA II </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:4%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Ref: PPN 338135 E#9 - FITCHBURG GAS AND ELECTRIC LIGHT C - 3.780% due <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">15-SEP-2040</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">with sufficient information to identify the source and application
of such funds, including issuer, PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the
holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All notices and communications: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>Brighthouse Life Insurance Company of NY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">c/o MetLife Investments Advisors, LLC, Investments &#150; Privates Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">One MetLife Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Whippany, New Jersey 07981 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Fred Sporer - VP Priv Placements-Corporates, Private Placements; Michael Brown - Associate - Privates, Private Placements; Shaun
Oliver - Associate Director, Private Placements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Emails: PPUCompliance@metlife.com; fsporer@metlife.com; michael.t.brown@metlife.com;
soliver@metlife.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">With a copy <B>OTHER than with respect to deliveries of financial statements </B>to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>Brighthouse Life Insurance Company of NY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">c/o MetLife Investment Management, LLC, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">One MetLife Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Whippany, New Jersey 07981 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention: Chief Counsel-Investments Law (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Email: sec_invest_law@metlife.com </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Original notes delivered to: </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">JP Morgan Chase Bank NA </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">4 Chase Metrotech Center, 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Brooklyn, NY&nbsp;&nbsp;&nbsp;&nbsp;11245-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention: Physical Receive Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Ref: Account G 22911 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>With COPIES OF THE NOTES emailed to nlopez3@metlife.com </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> A </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Taxpayer I.D. Number: <FONT STYLE="white-space:nowrap">13-3690700</FONT> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Tax Jurisdiction:United States </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Tax Classification: C Corporation </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">UK Passport Treaty Number (if applicable): 13/B/352131/DTTP </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 2 </P>

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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>METROPOLITAN LIFE INSURANCE COMPANY</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">200 Park Avenue</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York, New York 10166</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$1,950,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="font-family:Times New Roman;background-color:#ffff00">(General Acct@Chase)</FONT><FONT
STYLE="font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(Securities to be registered in the name of <B>Metropolitan Life Insurance Company</B>) </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All scheduled payments of principal and interest by wire transfer of immediately available funds to:
</P></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Bank Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan
Chase Bank </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">ABA Routing
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">#:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;021-000-021</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;002-2-410591</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Ref: PPN 338135 E#9 - FITCHBURG GAS AND ELECTRIC LIGHT C - 3.780% due <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">15-SEP-2040</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">with sufficient information to identify the source and application
of such funds, including issuer, PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the
holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All notices and communications: </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>Metropolitan Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>c/o MetLife Investment Management, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Investments, Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">One MetLife Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Whippany, New Jersey 07981 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Fred Sporer - VP Priv Placements-Corporates, Private Placements; Michael Brown - Associate - Privates, Private Placements; Shaun
Oliver - Associate Director, Private Placements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Emails: PPUCompliance@metlife.com; fsporer@metlife.com; michael.t.brown@metlife.com;
soliver@metlife.com; OpsPvtPlacements@metlife.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">With a copy <B>OTHER than with respect to deliveries of financial
statements </B>to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>Metropolitan Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>c/o MetLife Investment Management, LLC</B>, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">One MetLife Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Whippany, New Jersey 07981 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention: Chief Counsel-Investments Law (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Email: sec_invest_law@metlife.com </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Original notes delivered to: </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>c/o MetLife Investment Management, LLC</B>, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">One MetLife Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Whippany, New Jersey 07981 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention: Nicolette Lopez - Senior Counsel, Fixed Income&nbsp;&amp; Alternatives </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Taxpayer I.D. Number: <FONT STYLE="white-space:nowrap">13-5581829</FONT> </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Tax Jurisdiction: United States/New York </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">UK Passport Treaty Number (if applicable): 13/M/61303/DTTP </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 3 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; margin-right:1%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><U>Audit Requests</U>: Soft copy to <B><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000">AuditConfirms.PvtPlacements@metlife.com</FONT></B> or hard copy to: Metropolitan Life Insurance Company, Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive
&#150; 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, Tampa, FL 33647 </P></div>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 4 </P>

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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL>&nbsp;<SMALL>TO</SMALL>&nbsp;<SMALL>BE</SMALL>&nbsp;P<SMALL>URCHASED</SMALL></P></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>METROPOLITAN TOWER LIFE INSURANCE COMPANY</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">200 Park Avenue</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York, New York 10166</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$1,950,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="font-family:Times New Roman;background-color:#ffff00">(G.A.---portfolio
S07,S11,S12,T39,TBB,TBE,TTA,635,646)</FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(Securities to be registered in the name
of <B>Metropolitan Tower Life Insurance Company</B>) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;All scheduled payments of principal and interest by
wire transfer of immediately available funds to: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Bank
Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">ABA Routing <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">#:&nbsp;&nbsp;&nbsp;&nbsp;021-000-021</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323-8-90946</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Tower Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Ref: PPN 338135 E#9 - FITCHBURG GAS AND ELECTRIC LIGHT C - 3.780% due <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">15-SEP-2040</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">with sufficient information to identify the source and application
of such funds, including issuer, PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the
holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;All notices and communications: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Tower Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>c/o MetLife Investment Management, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Investments, Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">One MetLife Way </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Whippany,
New Jersey 07981 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Fred Sporer - VP Priv Placements-Corporates, Private Placements; Michael Brown - Associate - Privates,
Private Placements; Shaun Oliver - Associate Director, Private Placements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Emails: PPUCompliance@metlife.com; fsporer@metlife.com;
michael.t.brown@metlife.com; soliver@metlife.com; OpsPvtPlacements@metlife.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">With a copy <B>OTHER than with respect
to deliveries of financial statements </B>to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Tower Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">c/o <B>MetLife Investment Management, LLC</B>, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">One MetLife Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Whippany, New Jersey 07981 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention: Chief Counsel-Investments Law (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Email: sec_invest_law@metlife.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;Original notes delivered to: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Tower Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">c/o <B>MetLife Investment Management, LLC</B>, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">One MetLife Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Whippany, New Jersey 07981 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention: Nicolette Lopez - Senior Counsel, Fixed Income&nbsp;&amp; Alternatives </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">(4) Taxpayer I.D. Number: <FONT STYLE="white-space:nowrap">13-3114906</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">(5) Tax Jurisdiction: United States/Delaware </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">(6) UK Passport
Treaty Number (if applicable): 13/M/298329/DTTP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 5 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" ALIGN="center">


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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><U>Audit Requests</U>: Soft
copy to <B><FONT COLOR="#ff0000">AuditConfirms.PvtPlacements@metlife.com</FONT></B> or hard copy to: Metropolitan Life Insurance Company, Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive &#150; 5<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, Tampa, FL 33647</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 6 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL>&nbsp;<SMALL>TO</SMALL>&nbsp;<SMALL>BE</SMALL>&nbsp;P<SMALL>URCHASED</SMALL></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>THE LINCOLN NATIONAL LIFE INSURANCE COMPANY</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$2,000,000</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$3,000,000</B></P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>REGISTER SECURITIES IN THE NAME OF: <U>THE LINCOLN NATIONAL LIFE INSURANCE COMPANY</U> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>(Note: a separate security will be needed for each breakdown listed below) </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tax ID for The Lincoln National Life Insurance Company: <FONT STYLE="white-space:nowrap">35-0472300</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">-------------------------------------------------------------------------------------------------------------------------------------------
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECURITY:&nbsp;&nbsp;&nbsp;&nbsp;Unitil Opcos, 3.78% Senior Note due 9/15/2040 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="59%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><I>NOTE</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; "><B></B><I>AMOUNT</I><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B><I><U>LINCOLN ACCOUNT NAME</U></I><B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B></B><I>BANK&nbsp;CUSTODY&nbsp;ACCT #</I><B></B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Lincoln National Life Insurance Co (Seg 96)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">469363</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">3,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Lincoln National Life Insurance Co (Seg 11)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">215715</TD></TR>
</TABLE> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">PRINCIPAL&nbsp;&amp; INTEREST PAYMENTS:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Bank of New York Mellon</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(via Fed Wire)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">One Wall Street, New York, NY 10286</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ABA #: 021000018</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BENEFICIARY/Account #: <U>GLA 111566</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Acct Name: The Bank of New York Mellon Private Placement Income Collection</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Bank to Bank Information Ref: <U>insert Custody Account# listed above;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPN 338135 E#9 /Sec Desc/ P&amp;I Details</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Reference Registered Holder: The Lincoln National Life Insurance Company</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">INVESTMENT ADVISER ADDRESS</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U><FONT
STYLE="white-space:nowrap">--ALL</FONT> COMMUNICATIONS:</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TREASURY OPERATIONS</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>--NOTICE OF
PAYMENT:</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BANK ADDRESS</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>--NOTICE OF PAYMENT
ONLY:</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Macquarie Investment Management Advisers</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2005
Market Street, Mail Stop <FONT STYLE="white-space:nowrap">41-104</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Philadelphia, PA 19103</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Fixed Income Private Placements</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email:
privateplacements@macquarie.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lincoln Financial Group</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1300 South Clinton
St.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fort Wayne, IN 46802</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Inv Acctg&#150;Treasury
Operations</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email: securities_data_rese@lfg.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P. O. Box
392003</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pittsburgh, PA 15251-9003</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Private Placement
P&nbsp;&amp; I Dept</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ref: Registered Holder/Sec Desc/PPN#</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email: ppservicing@bnymellon.com</P></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">FORWARD SECURITIES TO:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Depository Trust Company</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(<I>via Express Delivery</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">570 Washington Blvd &#150; 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Jersey City, New Jersey 07310</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ATTENTION: BNY MELLON/BRANCH DEPOSIT DEPARTMENT</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>(in cover letter reference note amt, acct name, and </I></B><B><I><U>bank custody account
#)</U></I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Copy of transmittal to:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT COLOR="#0000ff"><U>shelise.case@lfg.com</U></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Copy of notes to:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT COLOR="#0000ff"><U>shelise.case@lfg.com</U></FONT></P></TD></TR>
</TABLE> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 7 </P>

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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>


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<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>LINCOLN LIFE&nbsp;&amp; ANNUITY COMPANY OF NEW YORK</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$1,000,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>REGISTER SECURITIES IN THE NAME OF: <U>LINCOLN LIFE</U><U></U><U>&nbsp;&amp; ANNUITY COMPANY OF NEW YORK</U> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>(Note: a separate security will be needed for each breakdown listed below) </I></B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECURITY:&nbsp;&nbsp;&nbsp;&nbsp;Unitil Opcos, 3.78% Senior Note due 9/15/2040 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>NOTE</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I><U>AMOUNT</U></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I><U>LINCOLN ACCOUNT NAME</U></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I><U>CUSTODY ACCOUNT #</U></I></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">1,000,000</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Lincoln Life&nbsp;&amp; Annuity Company of New York &#150; Seg JPLA2790</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">186236</TD></TR>
</TABLE> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TAX ID for LINCOLN
LIFE&nbsp;&amp; ANNUITY COMPANY OF NEW YORK: <FONT STYLE="white-space:nowrap">22-0832760</FONT> </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">PRINCIPAL&nbsp;&amp; INTEREST PAYMENTS: The Bank of New York Mellon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(via Fed Wire)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">One Wall Street, New York, NY 10286</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ABA #: 021000018</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BENEFICIARY/Account #: <U>GLA 111566</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Acct Name: The Bank of New York Mellon Private Placement Income Collection</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Bank to Bank Information Ref: <U>insert Custody Account# listed above;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPN 338135 E#9 /Sec Desc/ P&amp;I Details</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Reference Registered Holder: The Lincoln National Life Insurance Company</TD></TR>
</TABLE> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">INVESTMENT ADVISER
ADDRESS </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">FOR ALL COMMUNICATIONS:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Macquarie Investment Management Advisers</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">2005 Market Street, Mail Stop <FONT STYLE="white-space:nowrap">41-104</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Philadelphia, PA 19103</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Attention: Fixed Income Private Placements</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Email: privateplacements@macquarie.com</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">INVESTMENT ACCOUNTING ADDRESS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">FOR NOTICE OF PAYMENT:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Lincoln Financial Group</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">1300 South Clinton Street</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Fort Wayne, IN 46802</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Attention: Inv Accounting &#150; Treasury Operations</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Email: securities_data_rese@lfg.com</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BANK ADDRESS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">FOR NOTICE OF PAYMENT:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Bank of New York Mellon</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">P. O. Box 392003</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Pittsburgh, PA 15251-9003</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Attention: Private Placement P&nbsp;&amp; I Dept</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Reference: Registered Holder/Sec Desc/PPN#</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Group Email: ppservicing@bnymellon.com</P></TD></TR>
</TABLE> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">FORWARD SECURITIES TO:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Depository Trust Company</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(via Express Delivery)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">570 Washington Blvd &#150; 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Jersey City, NJ 07310</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Attention: BNY Mellon/Branch Deposit Department</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>(in cover letter reference note amt, acct name, and </I></B><B></B><B><I><U>bank
custody account #)</U></I></B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Copy of transmittal to:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U>Shelise.Case@LFG.com</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Copy of note to:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT COLOR="#0000ff"><U>Shelise.Case@LFG.com</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 8 </P>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>MINNESOTA LIFE INSURANCE COMPANY</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>(Bond)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$2,500,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Minnesota Life Insurance Company should be registered in the name of
&#147;Hare&nbsp;&amp; Co., LLC&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Minnesota Life Insurance Company (Bond) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.</FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">41-0417830</FONT><FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 9 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="73%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>AMERICAN REPUBLIC INSURANCE COMPAN</U>Y</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">(Pre-Need)</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$500,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for American Republic Insurance Company should be registered in the name of
&#147;Wells Fargo Bank N.A. FBO American Republic Insurance Company&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">American Republic Insurance Company <FONT STYLE="white-space:nowrap">(Pre-Need)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.</FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">42-0113630</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 10 </P>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>BLUE CROSS AND BLUE SHIELD OF FLORIDA, INC.</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>$500,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Blue Cross and Blue Shield of Florida, Inc. should be registered in the name of
&#147;Hare&nbsp;&amp; Co., LLC&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Blue Cross and Blue Shield of Florida, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">59-2015694</FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 11 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>CATHOLIC LIFE INSURANCE</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>$500,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Catholic Life Insurance should be registered in the name of
&#147;Waterthrush&nbsp;&amp; Co.&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Catholic Life Insurance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.</FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">74-0548665</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 12 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="73%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>CATHOLIC UNITED FINANCIAL</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>$500,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Catholic United Financial should be registered in the name of
&#147;Band&nbsp;&amp; Co&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Catholic United Financial </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">41-0182070</FONT><FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 13 </P>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></B></P></TD></TR>


<TR STYLE="font-size:1pt">
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<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>ROYAL NEIGHBORS OF AMERICA</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>$500,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Royal Neighbors of America should be registered in the name of
&#147;ELL&nbsp;&amp; Co.&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Royal Neighbors of America </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.</FONT></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">36-1711198</FONT><FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 14 </P>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>THRIVENT FINANCIAL FOR LUTHERANS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>$4,000,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Payments to: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">ABA # 011000028 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">State Street Bank&nbsp;&amp; Trust Co. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">DDA # A/C &#150; <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6813-049-1</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Fund Number: NCE1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Fund Name: Thrivent Financial for Lutherans </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>All payments must include the following information: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Security Description </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PPN 338135 E#9 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Reference Purpose of Payment </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Interest and/or Principal Breakdown </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Notices of payments and written confirmation of such wire transfers to: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Investment Division-Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Chris Patton </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Thrivent Financial for Lutherans </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">901 Marquette Avenue, Suite 2500 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Minneapolis, MN 55402 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Fax: (612) <FONT STYLE="white-space:nowrap">844-4027</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Email:<U> <FONT STYLE="font-family:Times New Roman" COLOR="#0000ff">privateinvestments@thrivent.com</FONT></U><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">With a copy to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Jeremy Anderson or Harmon Bergenheier </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Thrivent Financial for Lutherans </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">901 Marquette Avenue, Suite 2500 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Minneapolis, MN 55402 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Email:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>boxprivateplacement@thrivent.com</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>All other communications to:<U></U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Thrivent Financial for Lutherans </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Investment Division-Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">901 Marquette Avenue, Suite 2500 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Minneapolis, MN 55402 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Fax: (612) <FONT STYLE="white-space:nowrap">844-4027</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Email: <FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateinvestments@thrivent.com</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Issue Notes in name of: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Thrivent Financial for Lutherans </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Taxpayer ID Number(s): </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">39-0123480</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Private Placement Notes sent to: </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">DTCC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Newport Office Center </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">570 Washington Blvd </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Jersey City, NJ 07310 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: 5th floor / NY Window / Robert Mendez </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ref: State Street Account </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Fund Name: Thrivent Financial for Lutherans </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Fund Number: NCE1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">With a .pdf copy to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Lisa Corbin
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>boxprivateplacementlegal@thrivent.com</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 16 </P>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>P<SMALL>ACIFIC</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$4,000,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><B>Mac&nbsp;&amp; Co., as nominee for Pacific Life Insurance Company </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>See instructions on following page. </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 17 </P>

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<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;PACIFIC LIFE INSURANCE COMPANY</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt ; margin-bottom:0pt" ALIGN="justify">


<IMG SRC="g923021page180a.jpg" ALT="LOGO">
</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><U><B>Delivery/Registration Instructions</B></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Account Information: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;Nominee Name:&nbsp;&nbsp;&nbsp;&nbsp;Mac &amp; Co </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;Tax
ID#:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95-1079000 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><U><B>Please include all information to ensure proper delivery of certificates and P &amp; I.</B></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>For Physical Delivery of Certificates:</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The Depository Trust Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Attn: BNY Mellon/Branch Deposit Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">570 Washington Blvd &#150; 5th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Jersey City, NJ 07310 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:19%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Account Name: PACIFIC LIFE INS CO - GENERAL ACCOUNT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:19%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Account Number: 5966218400 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>For Payment of Principal &amp; Interest:</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Bank: The Bank of New York Mellon </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">ABA: 021000018 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Acct Number: GLA 111566 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Acct Name: The Bank of New York Mellon &#150; P&amp;I Dept </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">** <I>Include CUSIP, security description and P&amp;I breakdown.</I> ** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>All notices of payments and written confirmations of such wire transfers to:</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The Bank of New York Mellon </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Attn: Pacific Life Accounting Team </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">One Mellon Bank Center &#150; Room 1130 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Pittsburgh, PA 15258-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>And</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Pacific Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Attn: IM &#150; Cash Team </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">700 Newport Center Drive </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Newport Beach, CA 92660 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Fax: 949-718-5845 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>All other communications shall be addressed to:</B> </P>
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<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pacific Life Insurance Company</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: IM &#150; Credit Analysis</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">700 Newport Center Drive</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Newport
Beach, CA 92660-6397</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PrivatePlacementCompliance@PacificLife.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="justify">


<IMG SRC="g923021pagr180b.jpg" ALT="LOGO">
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Dominic Faso</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">AVP &amp; Asst Treasurer</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 18 </P>

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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="center"><BR>N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B><U>UNITED OF OMAHA LIFE INSURANCE COMPANY</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>$2,500,000</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Notes to be registered in the name of </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">UNITED OF OMAHA LIFE INSURANCE COMPANY </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Tax I.D. # is <FONT STYLE="white-space:nowrap">47-0322111.</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All principal and interest payments on the Notes shall be made by wire transfer of immediately available
funds to: </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">ABA #021000021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Private Income Processing </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">For credit to: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">United of Omaha Funds Withheld Account </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account # <FONT STYLE="white-space:nowrap">900-9000200</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">a/c: G20071 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Cusip/ PPN 338135 E#9 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Interest Amount: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Principal Amount: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Address for delivery of bonds: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">4 Chase Metrotech Center, 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Brooklyn, NY 11245-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention: Physical Receive Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account # G20071 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">**It is imperative that the custody account be included on the delivery letter. Without </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">this information, the security will be returned to the sender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address for all notices in respect of payment of Principal and Interest, Corporate Actions, and
Reorganization Notifications: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">4 Chase Metrotech Center, 16<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Brooklyn, NY 11245-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attn: Income Processing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">a/c: G20071 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address for all other communications (i.e.: Quarterly/Annual reports, Tax filings, Modifications,
Waivers regarding the indenture): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">4 - Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">United of Omaha Life Insurance Company (Funds Withheld Account) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">3300 Mutual of Omaha Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Omaha, NE 68175-1011 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Email Address for Electronic Document Transmission:
<FONT STYLE="font-family:Times New Roman; font-size:10.5pt" COLOR="#0000ff"><U>privateplacements@mutualofomaha.com</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A- 19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>EFINED</SMALL> T<SMALL>ERMS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As used herein, the following terms have the respective meanings set forth below or set forth in the Section&nbsp;hereof
following such term: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Adjusted Net Income (Deficit)&#148;</I> means the amount of net income (or if such net
income is a deficit, the amount of such deficit) of the Company and its Subsidiaries for the period in question (taken as a cumulative whole) transferred to the retained earnings account on the books and records of the Company on a consolidated
basis, as determined in accordance with GAAP, excluding any extraordinary <FONT STYLE="white-space:nowrap">non-cash</FONT> gains and losses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Affiliate&#148; </I>means, at any time, and with respect to any Person, any other Person that at such time directly
or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to the Company, shall include any Person beneficially owning or holding, directly or indirectly,
20% or more of any class of voting or equity interests of the Company or any Subsidiary of the Company or any Person of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 20% or more of any
class of voting or equity interests. As used in this definition, &#147;Control&#148; means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an &#147;Affiliate&#148; is a reference to an Affiliate of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Agreement&#148;</I><B> </B>means this Agreement, including all Schedules attached to this Agreement, as it may be
amended, restated, supplemented or otherwise modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Anti</I><I><FONT
STYLE="white-space:nowrap">-Corruption</FONT> Laws&#148;</I> means any law or regulation in a U.S. or any <FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign
Corrupt Practices Act and the U.K. Bribery Act 2010. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Anti</I><I><FONT STYLE="white-space:nowrap">-Money</FONT>
Laundering Laws&#148;</I> means any law or regulation in a U.S. or any <FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction regarding money laundering, drug trafficking, <FONT STYLE="white-space:nowrap">terrorist-related</FONT> activities
or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Bank Credit Agreement&#148;</I> means any existing or future bank credit facility or combination of bank credit
facilities of greater than $10,000,000 entered into by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Blocked Person&#148;</I> means (a)&nbsp;a
Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b)&nbsp;a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S.
Economic Sanctions Laws or (c)&nbsp;a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime
described in clause&nbsp;(a) or (b). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> B
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Business Day&#148; </I>means (a)&nbsp;for the purposes of
<B>Section</B><B></B><B>&nbsp;8.6</B> only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed, and (b)&nbsp;for the purposes of any other provision of this Agreement,
any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New&nbsp;York or Manchester, New Hampshire are required or authorized to be closed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Capital Lease&#148; </I>means, at any time, a lease with respect to which the lessee is required concurrently to
recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Cash Pooling
and Loan Agreement&#148;</I> means the cash pooling and loan agreement, as amended and restated, dated December&nbsp;1, 2008, between Unitil and certain of its Subsidiaries, including the Company, as further amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Closing&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;3</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Code&#148; </I>means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Company&#148;</I> means Fitchburg Gas and Electric Light Company, a
Massachusetts corporation, or any successor that becomes such in the manner prescribed in <B>Section</B><B></B><B>&nbsp;10.4</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Confidential Information&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;20</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Controlled Entity&#148;</I> means (i)&nbsp;any of the Subsidiaries of the Company and any of their or the
Company&#146;s respective Controlled Affiliates and (ii)&nbsp;if the Company has a parent company, such parent company and its Controlled Affiliates. As used in this definition, <I>&#147;Control&#148;</I> means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Default&#148;</I> means an event or condition the occurrence or existence of which would, with the lapse of time or
the giving of notice or both, become an Event of Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Default Rate&#148;</I> means, with respect to the
Notes, that rate of interest per annum that is the greater of (i)&nbsp;2% above the rate of interest stated in clause (a)&nbsp;of the first paragraph of the Notes or (ii)&nbsp;2% over the rate of interest publicly announced by Bank of America, N.A.
in Charlotte, North Carolina as its &#147;base&#148; or &#147;prime&#148; rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Disclosure Documents&#148;</I>
is defined in <B>Section</B><B></B><B>&nbsp;5.3</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;EDGAR&#148;</I> means the SEC&#146;s Electronic Data
Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for such purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Electronic Delivery&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;7.1(a)(ii)</B>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Environmental Laws&#148;</I> means any and all federal, state,
local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or
the release of any materials into the environment, including but not limited to those related to Hazardous Materials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;ERISA&#148;</I> means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the
rules and regulations promulgated thereunder from time to time in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;ERISA Affiliate&#148; </I>means any
trade or business (whether or not incorporated) that is treated as a single employer together with the Company under Section&nbsp;414 of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Event of Default&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;11</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Exchange Act&#148;</I> means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder from time to time in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;FATCA&#148;</I> means (a)&nbsp;Sections&nbsp;1471 through
1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations
thereof, (b)&nbsp;any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the
foregoing clause&nbsp;(a), and (c)&nbsp;any agreements entered into pursuant to Section&nbsp;1471(b)(1) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;FERC&#148;</I> means the Federal Energy Regulatory Commission and any successor Governmental Authority thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Form 10</I><I><FONT STYLE="white-space:nowrap">-K&#148;</FONT></I> is defined in
<B>Section</B><B></B><B>&nbsp;7.1(b)(ii)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Form 10</I><I><FONT STYLE="white-space:nowrap">-Q&#148;</FONT></I>
is defined in <B>Section</B><B></B><B>&nbsp;7.1(a)(ii)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Funded Indebtedness&#148;</I> of any Person as of
any date as of which the amount thereof is to be determined, means (i)&nbsp;all Indebtedness of such Person required to be paid more than one year from the date as of which Funded Indebtedness is being determined pursuant to the terms of the
agreement or instrument under which such Indebtedness was incurred, but there shall be excluded sinking fund, serial maturity, periodic installment and amortization payments on account of Indebtedness which are required to be made within one year
from the date of such determination and (ii)&nbsp;all Guaranties of Funded Indebtedness of others described in clause&nbsp;(i) of this definition. <B></B>Notwithstanding the foregoing, Funded Indebtedness shall not include: (a)&nbsp;obligations
under contracts for the purchase of gas and energy supply, including transportation charges or Guaranties in respect of such obligations; (b)&nbsp;pension and benefit obligations, whether or not absolute or contingent or included, in accordance with
GAAP, in determining total liabilities on the balance sheet; (c)&nbsp;amounts owed to or by the Company or any Subsidiary under the Cash Pooling and Loan Agreement; (d)&nbsp;all obligations under operating
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">leases; and (e)&nbsp;obligations relating to the sale of generating assets and power
purchase entitlements as provided for in any Utility Subsidiary Restructuring Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;GAAP&#148;</I> means
generally accepted accounting principles as in effect from time to time in the United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Governmental Authority&#148;</I> means </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the government of </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;the United States of America or any State or other political subdivision thereof,
or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;any other jurisdiction in which the Company or any Subsidiary conducts
all or any part of its business, or which asserts jurisdiction over any properties of the Company or any Subsidiary, or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;any entity exercising executive, legislative, judicial, regulatory or
administrative functions of, or pertaining to, any such government. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Governmental Official&#148;</I><B> </B>means
any governmental official or employee, employee of any <FONT STYLE="white-space:nowrap">government-owned</FONT> or <FONT STYLE="white-space:nowrap">government-controlled</FONT> entity, political party, any official of a political party, candidate
for political office, official of any public international organization or anyone else acting in an official capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Guarantor&#148;</I> means each Person who is a party to the Guaranty Agreement and is otherwise required to comply
with the requirements of <B>Section</B><B></B><B>&nbsp;9.8</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Guaranty&#148;</I> means, with respect to any
Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other
Person in any manner, whether directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;to purchase such indebtedness or obligation or any property constituting security
therefor; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;to advance or supply funds (i)&nbsp;for the purchase or payment of
such indebtedness or obligation, or (ii)&nbsp;to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such
indebtedness or obligation; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;to lease properties or to purchase properties or
services primarily for the purpose of assuring the owner of such indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;otherwise to assure the owner of
such indebtedness or obligation against loss in respect thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In any computation of the indebtedness or other liabilities of the
obligor under any Guaranty, the indebtedness or other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Guaranty Agreement&#148;</I> means any Guaranty Agreement delivered pursuant to <B>Section</B><B></B><B>&nbsp;9.8
</B>the terms of which are substantially similar to the applicable guaranty or other obligation being provided under the Bank Credit Agreement and otherwise in a form reasonably acceptable to the Required Holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Hazardous Materials&#148;</I> means any and all pollutants, toxic or hazardous wastes or other substances that might
pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage
or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint,
radon gas or similar restricted, prohibited or penalized substances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;holder&#148;</I> means, with respect to any
Note the Person in whose name such Note is registered in the register maintained by the Company pursuant to <B>Section</B><B></B><B>&nbsp;13.1</B>,<B> </B><I>provided, however,</I> that if such Person is a nominee, then for the purposes of
<B>Sections</B><B></B><B>&nbsp;7</B>, <B>12</B>, <B>17.2</B>, and <B>18</B> and any related definitions in this <B>Schedule B</B>, &#147;holder&#148; shall mean the beneficial owner of such Note whose name and address appears in such register. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<I>Hydro-Quebec Interconnection Support Agreements</I>&#148; means the agreements pursuant to which Unitil and
approximately sixty other members of the New England Power Pool have agreed to support the high voltage direct current transmission lines and associated conversions and supporting alternating current transmission facilities to allow for the import
and export of power between New England and Quebec. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Indebtedness&#148;</I> with respect to any Person means, at
any time, without duplication, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;its liabilities for borrowed money; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;all liabilities which would appear on its balance sheet in accordance with GAAP in
respect of Synthetic Leases if such Synthetic Leases were accounted for as Capital Leases; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;obligations due in respect of Capital Leases which, taking together such
obligations for all Capital Leases of such Person, aggregate $5,000,000 or more in the twelve month period following the date on which Indebtedness is being determined; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;its liabilities for the deferred
purchase price of property acquired by such Person (excluding accounts payable arising in the ordinary course of business and liabilities pertaining to the regulated purchase of electricity and natural gas supply in the ordinary course of business,
but, in any event, including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;without duplication, any Guaranty of such Person with respect to liabilities of a
type described in any of clauses (a)&nbsp;through (d) above; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>provided</I>, that notwithstanding anything to the contrary in the
foregoing, Indebtedness of the Company shall not include (A)&nbsp;its obligations under contracts for the purchase by it of gas (including propane and liquefied natural gas) or electric energy or capacity, including transmission charges,
(B)&nbsp;lease obligations of the Company or any Subsidiary, (C)&nbsp;pension and other obligations of the Company or any Subsidiary with respect to benefits provided to employees of the Company and its Subsidiaries, regardless of whether such
obligations are absolute or contingent or included, in accordance with GAAP, in determining total liabilities as shown on the liability side of a balance sheet of the Company, and (D)&nbsp;obligations relating to the sale of generating assets and
power purchase entitlements as provided for in the Company&#146;s restructuring plan filed with the MDPU (formerly known as the Massachusetts Department of Telecommunications and Energy) on December&nbsp;31, 1997. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;INHAM Exemption&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;6.2(e)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Institutional Investor&#148;</I> means (a)&nbsp;any Purchaser of a Note, (b)&nbsp;any holder of a Note holding
(together with one or more of its affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c)&nbsp;any bank, trust company, savings and loan association or other financial institution, any pension plan, any
investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d)&nbsp;any Related Fund of any holder of any Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Lien&#148; </I>means, with respect to any Person, any mortgage, lien, pledge, adverse claim, charge, security
interest or other encumbrance of title in or on, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect
to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Make-Whole Amount&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;8.6</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Material&#148;</I> means material in relation to the business, operations, affairs, financial condition, assets, or
properties of the Company and its Subsidiaries taken as a whole. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Material Adverse Effect&#148;</I> means a
material adverse effect on (a)&nbsp;the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, or (b)&nbsp;the ability of the Company to perform its obligations under this
Agreement and the Notes, or (c)&nbsp;the validity or enforceability of this </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Agreement or the Notes, or (d)&nbsp;the ability of any Guarantor to perform its obligations
under any Guaranty Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Material Credit Facility&#148;</I>&nbsp;means, as to the Company and its
Subsidiaries, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the Bank Credit Agreement, including any renewals, extensions,
amendments, supplements, restatements, replacements or refinancing thereof; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;any other agreement(s) (other than the Cash Pooling and Loan Agreement) creating or
evidencing indebtedness for borrowed money entered into on or after the date of Closing by the Company or any Subsidiary, or in respect of which the Company or any Subsidiary is an obligor or otherwise provides a guarantee or other credit support
(<I>&#147;Credit Facility&#148;</I>), in a principal amount outstanding or available for borrowing equal to or greater than $10,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing
of such facility based on the exchange rate of such other currency); and if no Credit Facility or Credit Facilities equal or exceed such amounts, then the largest Credit Facility shall be deemed to be a Material Credit Facility<I>.</I><I>&nbsp;</I>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Maturity Date&#148;</I> is defined in the first paragraph of each Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;MDPU&#148;</I> means the Massachusetts Department of Public Utilities and any successor Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Multiemployer Plan&#148;</I> means any Plan that is a &#147;multiemployer plan&#148; (as such term is defined in
Section&nbsp;4001(a)(3) of ERISA). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;NAIC&#148; </I>means the National Association of Insurance Commissioners or
any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Non</I><I><FONT STYLE="white-space:nowrap">-U.S.</FONT> Plan&#148;</I> means any plan,
fund or other similar program that (a)&nbsp;is established or maintained outside the United States of America by the Company or any Subsidiary primarily for the benefit of employees of the Company or one or more Subsidiaries residing outside the
United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b)&nbsp;is not subject to
ERISA or the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Notes&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;1</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;OFAC&#148;</I> means the Office of Foreign Assets Control of the United States Department of the Treasury. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;OFAC Sanctions Program&#148;</I> means any economic or trade sanction that OFAC is responsible for administering and
enforcing. A list of OFAC Sanctions Programs may be found at <FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx</U></FONT><FONT
STYLE="font-family:Times New Roman">. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Officer&#146;s Certificate&#148; </I>means a certificate of a
Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Person&#148; </I>means an individual, partnership, corporation, limited liability company, association, trust,
unincorporated organization, business entity or Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Plan&#148;</I> means an &#147;employee
benefit plan&#148; (as defined in Section&nbsp;3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been
made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Preferred Stock&#148; </I>means any class of capital stock of a Person that is preferred over any other class of
capital stock (or similar equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;property&#148; </I>or <I>&#147;properties&#148;</I> means, unless otherwise specifically limited, real or personal
property of any kind, tangible or intangible, choate or inchoate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;PTE&#148;</I> is defined in
<B>Section</B><B></B><B>&nbsp;6.2(a)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Purchaser&#148; </I>is defined in the first paragraph of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Qualified Institutional Buyer&#148;</I> means any Person who is a &#147;qualified institutional
buyer&#148; within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;QPAM
Exemption&#148; </I>is defined in <B>Section</B><B></B><B>&nbsp;6.2(d)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Related Fund&#148;</I> means, with
respect to any holder of any Note, any fund or entity that (i)&nbsp;invests in Securities or bank loans, and (ii)&nbsp;is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such
investment advisor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Required Holders&#148;</I> means at any time on or after the Closing, the holders of at
least a majority in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Responsible Officer&#148; </I>means any Senior Financial Officer and any other officer of the Company or any
Guarantor, as applicable, with responsibility for the administration of the relevant portion of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;SEC&#148;</I> shall mean the Securities and Exchange Commission of the United States, or any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Securities&#148;</I> or <I>&#147;securities&#148;</I> shall have the meaning specified in Section&nbsp;2(1) of the
Securities Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Securities Act&#148; </I>means the Securities Act of 1933, as
amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Senior Financial Officer&#148;</I> means the chief financial officer, principal accounting officer, treasurer or
comptroller of the Company or of Unitil, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;series&#148;</I> means any series of Notes issued
pursuant to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;State Sanctions List&#148;</I> means a list that is adopted by any state
Governmental Authority within the United States of America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Source&#148;</I> is defined in <B>Section</B><B></B><B>&nbsp;6.2</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Subsidiary&#148;</I> means, as to any Person, any other Person in which such first Person or one or more of its
Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons
performing similar functions) of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or
more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any
reference to a &#147;Subsidiary&#148; is a reference to a Subsidiary of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;SVO&#148;</I> means the
Securities Valuation Office of the NAIC or any successor to such Office. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Synthetic Lease&#148; </I>means, at any
time, any lease (including leases that may be terminated by the lessee at any time) of any property (a)&nbsp;that is accounted for as an operating lease under GAAP and (b)&nbsp;in respect of which the lessee retains or obtains ownership of the
property so leased for U.S. federal income tax purposes, other than any such lease under which such Person is the lessor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Total Capitalization&#148;</I> at any date means the sum of (x)&nbsp;Funded Indebtedness of the Company and its
Subsidiaries, and (y)&nbsp;Total Shareholders&#146; Equity as of such date. Such Total Capitalization shall be exclusive of Accumulated and Other Comprehensive Income (within the meaning of GAAP) derived from pension and benefit obligations;
<I>provided</I>, <I>however</I>, that, to the extent permitted by <B>Section</B><B></B><B>&nbsp;10.1(a)(iii)</B> hereof, any Funded Indebtedness to be redeemed from the proceeds of the incurrence of Funded Indebtedness as provided for in
<B>Section</B><B></B><B>&nbsp;10.1(a)(iii)</B> hereof, which have not yet been so redeemed, shall not be included in the determination of Total Capitalization. Such Total Capitalization shall be exclusive of accumulated Other Comprehensive Income
(within the meaning of GAAP). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Total Shareholders&#146; Equity&#148;</I> means, as of any date of
determination, the aggregate amount for total common stock equity, preference stock and Preferred Stock as presented in accordance with GAAP on a consolidated balance sheet of the Company as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Unitil&#148;</I> means Unitil Corporation, a New Hampshire corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;USA Patriot Act&#148;</I> means United States Public Law <FONT STYLE="white-space:nowrap">107-56,</FONT> Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;U.S. Economic Sanctions Laws&#148;</I> means those laws, executive orders, enabling legislation or regulations
administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act,
the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;United
States Person&#148;</I> has the meaning set forth in Section&nbsp;7701(a)(30) of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;Wholly-Owned
Subsidiary&#148;</I> means, at any time, any Subsidiary one hundred percent of all of the equity interests (except directors&#146; qualifying shares) and voting interests of which are owned by any one or more of the Company and the Company&#146;s
other Wholly-Owned Subsidiaries at such time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>ISCLOSURE</SMALL> M<SMALL>ATERIALS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Note Purchase Agreement, dated September&nbsp;15, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The financial statements listed in Schedule 5.5. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Regulatory approvals for the issuance of the Notes as described in Section&nbsp;4.12 of the Note Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2018.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31,
2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended
March&nbsp;31, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter
ended June&nbsp;30, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> that were filed
with the Securities and Exchange Commission on or after January&nbsp;1, 2020. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL>
5.3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>O<SMALL>RGANIZATION</SMALL> <SMALL>AND</SMALL> O<SMALL>WNERSHIP</SMALL> <SMALL>OF</SMALL>
S<SMALL>HARES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>AND</SMALL> S<SMALL>UBSIDIARIES</SMALL> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiaries</U>. None. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Affiliates (other than Subsidiaries
and Directors and Officers)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Energy Systems, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Northern Utilities, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Power Corp. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Realty Corp. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Service Corp. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Resources, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Granite State Gas Transmission, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Fitchburg Energy Development Company </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) (iii)&nbsp;&nbsp;&nbsp;&nbsp;<U>Directors and Officers</U>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;Directors</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Winfield S. Brown</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Mark H. Collin</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Lisa Crutchfield</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Suzanne Foster</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Edward F. Godfrey</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Michael B. Green</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Thomas P. Meissner, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Eben S. Moulton</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Justine Vogel</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;David A. Whiteley</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;Officers</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Title</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Thomas P. Meissner, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Robert B. Hevert</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Senior Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Todd R. Black</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Senior Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Laurence M. Brock</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Senior Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Daniel J. Hurstak</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Controller</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Todd R. Diggins</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Treasurer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Sandra L. Whitney</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Secretary</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Justin Eisfeller</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Robert S. Furino</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Christopher J. Leblanc</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;Raymond J. Letourneau, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Vice President</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL>
5.4 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>INANCIAL</SMALL> S<SMALL>TATEMENTS</SMALL> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Audited Financial Statements of Fitchburg Gas and Electric Light Co. as of December&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unaudited and Condensed Financial Statements of Fitchburg Gas and Electric Light Co. as of and for the Three Months Ended March&nbsp;31, 2020.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unaudited and Condensed Financial Statements of Fitchburg Gas and Electric Light Co. as of and for the Six Months Ended June&nbsp;30,
2020. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL>
5.5 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>E<SMALL>XISTING</SMALL> I<SMALL>NDEBTEDNESS</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Existing Indebtedness (as of June&nbsp;30, 2020) </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt"><B>B<SMALL>ORROWER</SMALL>/O<SMALL>BLIGOR</SMALL></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>L<SMALL>ENDER</SMALL>/<BR>C<SMALL>REDITOR</SMALL></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>ESCRIPTION</SMALL><BR><SMALL>AND</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>M<SMALL>ATURITY</SMALL></B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>B<SMALL>ALANCE</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(USD)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>D<SMALL>ESCRIPTION</SMALL><BR><SMALL>OF</SMALL>
S<SMALL>ECURITY</SMALL><BR><SMALL>OR</SMALL> <SMALL>OTHER</SMALL><BR>C<SMALL>REDIT</SMALL><BR>S<SMALL>UPPORT</SMALL></B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various&nbsp;institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">6.75%&nbsp;Notes,&nbsp;Due November&nbsp;30, 2023</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$3,800,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">7.37% Notes, Due January&nbsp;15, 2029</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$10,800,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">7.98% Notes, Due June&nbsp;1, 2031</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$14,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">6.79% Notes, Due October&nbsp;15, 2025</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$10,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">5.90% Notes, Due December&nbsp;15, 2030</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$15,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">3.52% Notes, Due November&nbsp;1, 2027</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$10,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">4.32% Notes, Due November&nbsp;1, 2047</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$15,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Unitil and certain of its subsidiaries.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Cash Pooling and Loan Agreement, as amended and restated to date.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$39,361,181</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company is a party to, or otherwise subject to provisions contained in, instruments evidencing the
Indebtedness of the Company set forth on this Schedule 5.15 and/or the Funded Indebtedness of the Company set forth on Schedule 10.1, and agreements and other documents relating thereto, that limit the amount of, or otherwise impose restrictions on
the incurring of, Funded Indebtedness of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL>
5.15 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>E<SMALL>XISTING</SMALL> F<SMALL>UNDED</SMALL> I<SMALL>NDEBTEDNESS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Existing Funded Indebtedness (as of June&nbsp;30, 2020) </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="32%"></TD>

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<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt"><B>B<SMALL>ORROWER</SMALL>/O<SMALL>BLIGOR</SMALL></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>L<SMALL>ENDER</SMALL>/<BR>C<SMALL>REDITOR</SMALL></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>D<SMALL>ESCRIPTION</SMALL><BR><SMALL>AND</SMALL> M<SMALL>ATURITY</SMALL></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>B<SMALL>ALANCE</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(USD)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>D<SMALL>ESCRIPTION</SMALL><BR><SMALL>OF</SMALL>
S<SMALL>ECURITY</SMALL><BR><SMALL>OR</SMALL> <SMALL>OTHER</SMALL><BR>C<SMALL>REDIT</SMALL><BR>S<SMALL>UPPORT</SMALL></B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various&nbsp;institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">6.75%&nbsp;Notes,&nbsp;Due November&nbsp;30, 2023</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$1,900,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">7.37% Notes, Due January&nbsp;15, 2029</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$9,600,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">7.98% Notes, Due June&nbsp;1, 2031</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$14,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">6.79% Notes, Due October&nbsp;15, 2025</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$10,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">5.90% Notes, Due December&nbsp;15, 2030</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$15,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">3.52% Notes, Due November&nbsp;1, 2027</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$10,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Fitchburg Gas and Electric Light Company</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">4.32% Notes, Due November&nbsp;1, 2047</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$15,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">None.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL>
10.1 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>E<SMALL>XISTING</SMALL> L<SMALL>IENS</SMALL> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">N<SMALL>ONE</SMALL>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL>
10.2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> S<SMALL>ERIES</SMALL> 2020A N<SMALL>OTE</SMALL>]
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE
SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS. </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ITCHBURG</SMALL> G<SMALL>AS</SMALL> <SMALL>AND</SMALL> E<SMALL>LECTRIC</SMALL> L<SMALL>IGHT</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>3.78% S<SMALL>ENIOR</SMALL> N<SMALL>OTE</SMALL>, S<SMALL>ERIES</SMALL> 2020A, <SMALL>DUE</SMALL> S<SMALL>EPTEMBER</SMALL>&nbsp;15, 2040
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">No. [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">September&nbsp;15, 2020</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">$[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">PPN [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">F<SMALL>OR</SMALL> V<SMALL>ALUE</SMALL> R<SMALL>ECEIVED</SMALL>, the undersigned, Fitchburg
Gas and Electric Light Company (herein called the <I>&#147;Company&#148;</I>), a corporation organized and existing under the laws of the State of Massachusetts, hereby promises to pay to
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>], or registered assigns, the principal sum of
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]
Dollars (or so much thereof as shall not have been prepaid) on September&nbsp;15, 2040 (the <I>&#147;Maturity Date&#148;</I>), with interest (computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT
STYLE="white-space:nowrap">30-day</FONT> months) (a)&nbsp;on the unpaid balance hereof at the rate of 3.78% per annum from the date hereof, payable semiannually, on the 15th day of March and September in each year, commencing with the March&nbsp;15
or September&nbsp;15 next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b)&nbsp;without duplication with clause (a)&nbsp;above, to the extent permitted by law, on any overdue
payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, at a rate per annum from time to time equal to the greater of
(i) 5.78% or (ii)&nbsp;2% over the rate of interest publicly announced by Bank of America, N.A. from time to time in Charlotte, North Carolina as its &#147;base&#148; or &#147;prime&#148; rate, payable semiannually as aforesaid (or, at the option of
the registered holder hereof, on demand). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Payments of principal of, interest on and any Make-Whole Amount with respect to
this Note are to be made in lawful money of the United States of America at the principal office of the Company in Hampton, New Hampshire, or at such other place as the Company shall have designated by written notice to the holder of this Note as
provided in the Note Purchase Agreement referred to below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL>&nbsp;1 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Note is one of a series of Senior Notes (herein called the
<I>&#147;Notes&#148;</I>) issued pursuant to, and subject to, the Note Purchase Agreement, dated as of September&nbsp;15, 2020 (as from time to time amended, the <I>&#147;Note Purchase Agreement&#148;</I>), between the Company and the respective
Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i)&nbsp;agreed to the confidentiality provisions set forth in Section&nbsp;20 of the Note Purchase
Agreement and (ii)&nbsp;made the representation set forth in Section&nbsp;6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note
Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of
this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder&#146;s attorney duly authorized in writing, a new Note for a like principal amount will be issued
to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all
other purposes, and the Company will not be affected by any notice to the contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Note is subject to optional
prepayment in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and
payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall
be governed by, the law of the State of New York excluding <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">choice-of-law</FONT></FONT> principles of the law of such State that would permit the application of the laws of a
jurisdiction other than such State. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">F<SMALL>ITCHBURG</SMALL> G<SMALL>AS</SMALL> <SMALL>AND</SMALL> E<SMALL>LECTRIC</SMALL>
L<SMALL>IGHT</SMALL> C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1-2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> O<SMALL>PINION</SMALL> <SMALL>OF</SMALL>
S<SMALL>PECIAL</SMALL> C<SMALL>OUNSEL</SMALL> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>TO</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following or substantially similar opinions are to be provided by special counsel to the Company, subject to customary assumptions,
limitations and qualifications. All capitalized terms used herein without definition shall have the meanings ascribed thereto in opinion letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The offer and sale of the Notes as contemplated by the Agreement are not required to be
registered under the Securities Act of 1933, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To our knowledge, the
execution and delivery by the Company of the Agreement and the performance by the Company of its obligations thereunder and the consummation of the transaction contemplated thereby, did not, and do not (i)&nbsp;violate any agreements or other
instruments listed on Schedule 5.15 of the Agreement to which the Company is a party or by which the Company is bound that constitute outstanding Indebtedness of the Company, (ii)&nbsp;violate any New York State or federal law, rule or regulation of
any governmental authority applicable to the Company, and (iii)&nbsp;require the Company to obtain any approval, consent or waiver of, or make any filing with, any New York State or federal governmental agency or body (other than (a)&nbsp;approvals,
consents or waivers already obtained or filings already made, (b)&nbsp;filing of financing statements under the Uniform Commercial Code and (c)&nbsp;approvals, consents, waivers, authorizations or orders under federal or state securities or blue sky
laws as to which we express no opinion). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agreement, assuming the necessary entity
power and authority, authorization, execution, authentication and delivery of and by the Company, is a valid and binding obligation of the Company and is enforceable under the laws of the State of New York against the Company in accordance with its
terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes, assuming the necessary entity power and authority, authorization,
execution, authentication and delivery of and by the Company in accordance with the Agreement, will be valid and binding obligations of the Company and will be enforceable against the Company under the laws of the State of New York in accordance
with their terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is not required to register as an &#147;investment
company&#148; under the Investment Company Act of 1940, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming the
proceeds of the sale of the Notes will be used by the Company for the purposes provided in Section&nbsp;5.14 of the Agreement, the sale of the Notes to the Purchasers, and the application of the proceeds of the sale of the Notes, will not violate
Regulations U and X of the Board of Governors of the Federal Reserve System. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To our
knowledge, there is no action, suit, governmental inquiry, investigation or other proceeding pending or overtly threatened (as that term is used in clause (a)&nbsp;of paragraph 5 of the Statement of Policy Regarding Lawyer&#146;s Responses to
Auditor&#146;s Requests for Information) against the Company in writing against the Company that relates to the consummation by the Company of the transactions contemplated by the Transaction Documents except those that (a)&nbsp;individually do not
in any manner draw into question the validity of the Agreement or the Notes or (b)&nbsp;in the aggregate, if adversely determined, could not be reasonably expected to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL>&nbsp;4.4(a) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
materially and adversely affect the Company&#146;s ability to perform its obligations under the Agreement or the Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1-2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> O<SMALL>PINION</SMALL> <SMALL>OF</SMALL>
G<SMALL>ARY</SMALL> E<SMALL>PLER</SMALL>, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>C<SMALL>HIEF</SMALL> R<SMALL>EGULATORY</SMALL> C<SMALL>OUNSEL</SMALL> <SMALL>FOR</SMALL>
U<SMALL>NITIL</SMALL> S<SMALL>ERVICE</SMALL> C<SMALL>ORP</SMALL>. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following or substantially similar opinions are to be provided
by Gary Epler, Chief Regulatory Counsel for Unitil Service Corp., subject to customary assumptions, limitations and qualifications. All capitalized terms used herein without definition shall have the meanings ascribed thereto in the Note Purchase
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is a corporation legally existing and not delinquent in the
filing of its annual reports under the laws of the Commonwealth of Massachusetts and has the requisite corporate power and authority to carry on its business as now being conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has the requisite corporate power and authority to execute and deliver the
Transaction Documents to which it is a party and to perform its obligations thereunder. The execution and delivery by the Company of the Transaction Documents to which it is a party and the performance by the Company of its obligations thereunder
have been duly authorized by all necessary corporate action on the part of the Company. The Transaction Documents have been duly and validly executed and delivered by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issuance and sale of the Notes and the execution and delivery by the Company of the Note
Purchase Agreement and the performance by the Company of its obligations thereunder will not (i)&nbsp;violate any existing terms of its Organizational Documents, (ii)&nbsp;violate or result in a breach of any of the agreements or other instruments
listed on Schedule 5.15 of the Note Purchase Agreement to which the Company is a party or by which the Company is bound that constitute outstanding Indebtedness of the Company, or (iii)&nbsp;violate any Applicable Law applicable to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No consent, approval or authorization or other action by, or filing with, any governmental
authority is required to be obtained or made by or on behalf of the Company under any Applicable Law in connection with the execution and delivery by the Company of the Note Purchase Agreement, the consummation by the Company of the Transactions or
the performance by the Company of its obligations under the Note Purchase Agreement, except for (i)&nbsp;federal securities laws, as to which I express no opinion, (ii)&nbsp;state securities or blue sky laws, as to which I express no opinion, and
(iii)&nbsp;those already obtained or made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in the Disclosure
Documents, and without investigation, analysis, or review of court or other public records, to my knowledge, there is no litigation, proceeding or governmental investigation pending or threatened in writing against the Company that relates to the
consummation by the Company of the Transactions except litigation or investigations that (a)&nbsp;individually do not in any manner draw into question the validity of the Note Purchase Agreement or the Notes or (b)&nbsp;in the aggregate, if
adversely determined, could not be reasonably expected to materially and adversely affect the Company&#146;s ability to perform its obligations under the Note Purchase Agreement or the Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL>&nbsp;4.4(b) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> O<SMALL>PINION</SMALL> <SMALL>OF</SMALL>
S<SMALL>PECIAL</SMALL> C<SMALL>OUNSEL</SMALL> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>TO</SMALL> <SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">To be provided to the Purchasers only. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL>&nbsp;4.4(c) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT 15.3 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[FORM OF] U.S. TAX COMPLIANCE CERTIFICATE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Reference is hereby made to the Note Purchase Agreement dated as of September&nbsp;15, 2020 (as amended, supplemented or
otherwise modified from time to time, the <I>&#147;</I><I>Note Purchase Agreement</I><I>&#148;</I>), among Fitchburg Gas and Electric Light Company, a Massachusetts corporation (the <I>&#147;</I><I>Company</I><I>&#148;</I>) and the holders of Notes
that are signatories thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unless otherwise defined herein, capitalized terms defined in the Note Purchase Agreement
and used herein have the meanings given to them in the Note Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the provisions of
Section&nbsp;15.3 of the Note Purchase Agreement, the undersigned hereby certifies that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it is the sole record and beneficial owner of the Notes in respect of which it is providing this
certificate; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it is not a bank within the meaning of Section&nbsp;881(c)(3)(A) of the Code; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it is not a ten percent shareholder of the Company within the meaning of Section&nbsp;871(h)(3)(B) of the
Code; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it is not a controlled foreign corporation related to the Company as described in Section&nbsp;881(c)(3)(C)
of the Code. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned has furnished the Company with a certificate of its <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> Person status on IRS <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E.</FONT></FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">[&#149;]</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, [&#149;] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL>
15.3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Note Purchase Agreement) </P>

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<TYPE>EX-4.4
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<FILENAME>d923021dex44.htm
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND NOT
WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS, OR THE
AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS. </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ITCHBURG</SMALL> G<SMALL>AS</SMALL> <SMALL>AND</SMALL> E<SMALL>LECTRIC</SMALL> L<SMALL>IGHT</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3.78% S<SMALL>ENIOR</SMALL> N<SMALL>OTE</SMALL>, S<SMALL>ERIES</SMALL> 2020A, <SMALL>DUE</SMALL> S<SMALL>EPTEMBER</SMALL>&nbsp;15, 2040
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">No. R-1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">September&nbsp;15, 2020</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">$2,100,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">PPN 338135 E#9</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">F<SMALL>OR</SMALL> V<SMALL>ALUE</SMALL> R<SMALL>ECEIVED</SMALL>, the undersigned, Fitchburg Gas and Electric
Light Company (herein called the <I>&#147;Company&#148;</I>), a corporation organized and existing under the laws of the State of Massachusetts, hereby promises to pay to B<SMALL>RIGHTHOUSE</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL> <SMALL>OF</SMALL> NY, or registered assigns, the principal sum of T<SMALL>WO</SMALL> M<SMALL>ILLION</SMALL> O<SMALL>NE</SMALL> H<SMALL>UNDRED</SMALL> T<SMALL>HOUSAND</SMALL> D<SMALL>OLLARS</SMALL> (or so much thereof as shall
not have been prepaid) on September&nbsp;15, 2040 (the <I>&#147;Maturity Date&#148;</I>), with interest (computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months)
(a)&nbsp;on the unpaid balance hereof at the rate of 3.78% per annum from the date hereof, payable semiannually, on the 15th day of March and September in each year, commencing with the March&nbsp;15 or September&nbsp;15 next succeeding the date
hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b)&nbsp;without duplication with clause (a)&nbsp;above, to the extent permitted by law, on any overdue payment of interest and, during the
continuance of an Event of Default, on such unpaid balance and on any overdue payment of any <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, at a rate per annum from time to time equal to the greater of (i) 5.78% or (ii)&nbsp;2% over the
rate of interest publicly announced by Bank of America, N.A. from time to time in Charlotte, North Carolina as its &#147;base&#148; or &#147;prime&#148; rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on
demand). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the
United States of America at the principal office of the Company in Hampton, New Hampshire, or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred
to below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is one of a series of Senior Notes (herein called the <I>&#147;Notes&#148;</I>) issued pursuant to, and subject to,
the Note Purchase Agreement, dated as of September&nbsp;15, 2020 (as from time to time amended, the <I>&#147;Note Purchase Agreement&#148;</I>), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof.
Each holder of this Note will be deemed, by its acceptance hereof, to have (i)&nbsp;agreed to the confidentiality provisions set forth in Section&nbsp;20 of the Note Purchase Agreement and (ii)&nbsp;made the representation set forth in
Section&nbsp;6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is a registered Note and, as provided in the Note Purchase Agreement, upon
surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder&#146;s attorney duly authorized in writing, a new Note for a like principal amount will
be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to the contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is subject to optional prepayment
in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an
Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note shall be construed and enforced in accordance with, and the rights of the Company
and the holder of this Note shall be governed by, the law of the State of New York excluding <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">choice-of-law</FONT></FONT> principles of the law of such State that would permit the
application of the laws of a jurisdiction other than such State. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">F<SMALL>ITCHBURG</SMALL> G<SMALL>AS</SMALL> <SMALL>AND</SMALL> E<SMALL>LECTRIC</SMALL> L<SMALL>IGHT</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Todd R. Diggins</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Todd R. Diggins</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Notes (including Omitted Notes) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$27,500,000 3.78% S<SMALL>ENIOR</SMALL> N<SMALL>OTES</SMALL>, S<SMALL>ERIES</SMALL> 2020A, <SMALL>DUE</SMALL> S<SMALL>EPTEMBER</SMALL>&nbsp;15,
2040 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PPN 338135 E#9 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> R<SMALL>EGISTERED</SMALL>
P<SMALL>AYEE</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">I<SMALL>DENTIFYING</SMALL><br>N<SMALL>UMBER</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">P<SMALL>RINCIPAL</SMALL> <br>A<SMALL>MOUNT</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B<SMALL>RIGHTHOUSE</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL>
<SMALL>OF</SMALL> NY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,100,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">M<SMALL>ETROPOLITAN</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-2</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,950,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">M<SMALL>ETROPOLITAN</SMALL> T<SMALL>OWER</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-3</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,950,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> N<SMALL>ATIONAL</SMALL> L<SMALL>IFE</SMALL>
I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-4</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> N<SMALL>ATIONAL</SMALL> L<SMALL>IFE</SMALL>
I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-5</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">L<SMALL>INCOLN</SMALL> L<SMALL>IFE</SMALL>&nbsp;&amp; A<SMALL>NNUITY</SMALL>
C<SMALL>OMPANY</SMALL> <SMALL>OF</SMALL> N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-6</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">H<SMALL>ARE</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>., LLC as nominee for Minnesota Life Insurance
Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-7</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">W<SMALL>ELLS</SMALL> F<SMALL>ARGO</SMALL> B<SMALL>ANK</SMALL> N.A. FBO A<SMALL>MERICAN</SMALL>
R<SMALL>EPUBLIC</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-8</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">H<SMALL>ARE</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>., LLC as nominee for Blue Cross and Blue Shield
of Florida, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-9</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">W<SMALL>ATERTHRUSH</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>. as nominee for Catholic Life
Insurance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B<SMALL>AND</SMALL>&nbsp;&amp; C<SMALL>O</SMALL> as nominee for Catholic United Financial</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-11</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ELL&nbsp;&amp; C<SMALL>O</SMALL>. as nominee for Royal Neighbors of America</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-12</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">T<SMALL>HRIVENT</SMALL> F<SMALL>INANCIAL</SMALL> <SMALL>FOR</SMALL>
L<SMALL>UTHERANS</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-13</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">M<SMALL>AC</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>., as nominee for Pacific Life Insurance
Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-14</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U<SMALL>NITED</SMALL> <SMALL>OF</SMALL> O<SMALL>MAHA</SMALL> L<SMALL>IFE</SMALL>
I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-15</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>6
<FILENAME>d923021dex45.htm
<DESCRIPTION>EX-4.5
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.5</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Execution Version </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:60pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">U<SMALL>NITIL</SMALL>
E<SMALL>NERGY</SMALL> S<SMALL>YSTEMS</SMALL>, I<SMALL>NC</SMALL>. </P> <P STYLE="margin-top:60pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">$27,500,000 A<SMALL>GGREGATE</SMALL> P<SMALL>RINCIPAL</SMALL>
A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> F<SMALL>IRST</SMALL> M<SMALL>ORTGAGE</SMALL> B<SMALL>ONDS</SMALL>, S<SMALL>ERIES</SMALL>&nbsp;R, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>DUE</SMALL> S<SMALL>EPTEMBER</SMALL>&nbsp;15, 2040 </P>
<P STYLE="margin-top:60pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B<SMALL>OND</SMALL> P<SMALL>URCHASE</SMALL> A<SMALL>GREEMENT</SMALL> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">D<SMALL>ATED</SMALL> <SMALL>AS</SMALL> <SMALL>OF</SMALL> S<SMALL>EPTEMBER</SMALL>&nbsp;15, 2020 </P>
<P STYLE="font-size:96pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>ABLE</SMALL> <SMALL>OF</SMALL> C<SMALL>ONTENTS</SMALL> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">Section</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Heading</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Page</TD>
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<TR STYLE="font-size:1pt">
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<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">A<SMALL>UTHORIZATION</SMALL> <SMALL>OF</SMALL> S<SMALL>ERIES</SMALL>&nbsp;R
B<SMALL>ONDS</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ALE</SMALL> <SMALL>AND</SMALL> P<SMALL>URCHASE</SMALL> <SMALL>OF</SMALL>
S<SMALL>ERIES</SMALL>&nbsp;R B<SMALL>ONDS</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">C<SMALL>LOSING</SMALL> </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">C<SMALL>ONDITIONS</SMALL> <SMALL>TO</SMALL> C<SMALL>LOSING</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Representations and Warranties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Performance; No Default</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Compliance Certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Opinions of Counsel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Purchase Permitted By Applicable Law, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Sale of Other Series&nbsp;R Bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Payment of Special Counsel Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Private Placement Number</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Changes in Corporate Structure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Funding Instructions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Regulatory Approvals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Compliance with the Indenture</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">UCC Financing Statements and the Supplemental Indenture</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;4.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Proceedings and Documents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL>
<SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Organization; Power and Authority</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Authorization, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Disclosure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Organization and Ownership of Shares of the Company and Subsidiaries; Affiliates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Financial Statements; Material Liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Compliance with Laws, Other Instruments, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Governmental Authorizations, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Litigation; Observance of Agreements, Statutes and Orders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Title to Property; Leases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Licenses, Permits, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Compliance with ERISA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Private Offering by the Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Use of Proceeds; Margin Regulations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Existing Indebtedness; Future Liens; Restrictions on Funded Indebtedness</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-i- </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Foreign Assets Control Regulations, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Status under Certain Statutes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Environmental Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Series&nbsp;R Bonds Rank Pari Passu</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Solvency and Consideration.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Lien of Indenture</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Filings under Indenture</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;5.23.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Status of Certain Material Agreements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL>
<SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;6.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Purchase for Investment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;6.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Source of Funds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;6.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Binding Effect</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;6.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Access to Information; Knowledge and Experience</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">I<SMALL>NFORMATION</SMALL> <SMALL>AS</SMALL> <SMALL>TO</SMALL> C<SMALL>OMPANY</SMALL>.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;7.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Financial and Business Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;7.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Officer&#146;s Certificate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;7.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Visitation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">P<SMALL>AYMENT</SMALL> <SMALL>AND</SMALL> P<SMALL>REPAYMENT</SMALL> <SMALL>OF</SMALL>
<SMALL>THE</SMALL> S<SMALL>ERIES</SMALL>&nbsp;R B<SMALL>ONDS</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Payments on the Series&nbsp;R Bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Payments from and after the Collateral Release Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.2.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Optional Prepayments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.2.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Allocation of Partial Prepayments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.2.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Maturity; Surrender, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.2.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Purchase of Series&nbsp;R Bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;8.2.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Payments Due on <FONT STYLE="white-space:nowrap">Non-Business</FONT> Days</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">A<SMALL>FFIRMATIVE</SMALL> C<SMALL>OVENANTS</SMALL>.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Affirmative Covenants Prior to the Collateral Release Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.1.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Release of the Collateral from the Lien of the Indenture</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Affirmative Covenants from and after the Collateral Release Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.2.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Compliance with Law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.2.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Insurance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.2.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Maintenance of Properties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.2.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Payment of Taxes and Claims</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.2.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Corporate Existence, Etc.; Ownership of Subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.2.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Books and Records</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.2.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Series&nbsp;R Bonds to Rank Pari Passu</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;9.2.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Guarantors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">N<SMALL>EGATIVE</SMALL> C<SMALL>OVENANTS</SMALL>.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Limitation on Funded Indebtedness</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-ii- </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Limitation on Liens</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Transactions with Affiliates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Merger or Consolidation; Sale or Transfer of Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Restrictions on Dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Line of Business</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;10.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Economics Sanctions Regulations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">E<SMALL>VENTS</SMALL> <SMALL>OF</SMALL> D<SMALL>EFAULT</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;11.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Events of Default Prior to the Collateral Release Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;11.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Events of Default from and after the Collateral Release Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">R<SMALL>EMEDIES</SMALL> <SMALL>ON</SMALL> D<SMALL>EFAULT</SMALL>, E<SMALL>TC</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;12.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Acceleration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;12.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Other Remedies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;12.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Rescission</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;12.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">No Waivers or Election of Remedies, Expenses, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">R<SMALL>EGISTRATION</SMALL>; E<SMALL>XCHANGE</SMALL>; S<SMALL>UBSTITUTION</SMALL>
<SMALL>OF</SMALL> S<SMALL>ERIES</SMALL>&nbsp;R B<SMALL>ONDS</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;13.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Registration of Series&nbsp;R Bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;13.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Transfer and Exchange of Series&nbsp;R Bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;13.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Replacement of Series&nbsp;R Bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">P<SMALL>AYMENTS</SMALL> <SMALL>ON</SMALL> S<SMALL>ERIES</SMALL>&nbsp;R
B<SMALL>ONDS</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;14.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Place of Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;14.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Home Office Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;14.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">FATCA Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">E<SMALL>XPENSES</SMALL>, E<SMALL>TC</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;15.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Transaction Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;15.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Certain Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;15.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Tax Withholding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;15.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Survival</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>URVIVAL</SMALL> <SMALL>OF</SMALL> R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL>
W<SMALL>ARRANTIES</SMALL>; E<SMALL>NTIRE</SMALL> A<SMALL>GREEMENT</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">A<SMALL>MENDMENT</SMALL> <SMALL>AND</SMALL> W<SMALL>AIVER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;17.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Requirements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;17.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Solicitation of Holders of Series&nbsp;R Bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;17.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Binding Effect, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;17.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Series&nbsp;R Bonds Held by Company, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">N<SMALL>OTICES</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-iii- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">R<SMALL>EPRODUCTION</SMALL> <SMALL>OF</SMALL> D<SMALL>OCUMENTS</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">C<SMALL>ONFIDENTIAL</SMALL> I<SMALL>NFORMATION</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">M<SMALL>ISCELLANEOUS</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.1.</P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Severability</P></TD>
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<TD VALIGN="bottom" ALIGN="right">44</TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Construction, Etc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom" ALIGN="right">44</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.5.</P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Counterparts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.6.</P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Governing Law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Section&nbsp;22.7.</P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman">Jurisdiction and Process; Waiver of Jury Trial</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">46</TD>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Form of Sixteenth Supplemental Indenture</P></TD></TR>
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P.C.</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>U<SMALL>NITIL</SMALL> E<SMALL>NERGY</SMALL> S<SMALL>YSTEMS</SMALL>, I<SMALL>NC</SMALL>.
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>6 L<SMALL>IBERTY</SMALL> L<SMALL>ANE</SMALL> W<SMALL>EST</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>H<SMALL>AMPTON</SMALL>, N<SMALL>EW</SMALL> H<SMALL>AMPSHIRE</SMALL> 03842-1720 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>ATED</SMALL> <SMALL>AS</SMALL> <SMALL>OF</SMALL> S<SMALL>EPTEMBER</SMALL>&nbsp;15, 2020 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">To the Purchasers named in Schedule A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">attached hereto </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Energy Systems, Inc. (the &#147;Company&#148;), a New Hampshire corporation, agrees with the Purchasers named on
Schedule A of this Agreement (the &#147;Purchasers&#148;) as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A<SMALL>UTHORIZATION</SMALL> <SMALL>OF</SMALL> S<SMALL>ERIES</SMALL>&nbsp;R B<SMALL>ONDS</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company has
authorized the issue and sale of $27,500,000 aggregate principal amount of its First Mortgage Bonds, Series&nbsp;R, due September&nbsp;15, 2040 (each of the First Mortgage Bonds, Series&nbsp;R, as amended, restated or otherwise modified from time to
time pursuant to Section&nbsp;17, are collective referred to as the &#147;Series&nbsp;R Bonds&#148;, such term to include any such bonds issued in substitution therefor pursuant to Section&nbsp;13), such Series&nbsp;R Bonds to be substantially in
the form attached as Exhibit B hereto. Reference is made to the form of Sixteenth Supplemental Indenture, attached hereto as Exhibit A, to the Indenture of Mortgage and Deed of Trust dated as of July&nbsp;15, 1958 (the &#147;Original
Indenture&#148;) from the Company to Old Colony Trust Company, which has been succeeded by U.S. Bank National Association, a national banking association, having an office and place of business in Boston, Massachusetts (the &#147;Trustee&#148;). The
Sixteenth Supplemental Indenture, in the form attached hereto as Exhibit A (with such changes to such form as the Purchasers and the Company may agree to prior to the Closing), is herein referred to as the &#147;Sixteenth Supplemental
Indenture&#148;. The Original Indenture, as supplemented by eleven Supplemental Indentures thereto, as amended and restated by the Twelfth Supplemental Indenture, and as further supplemented by the Thirteenth Supplemental Indenture, the Fourteenth
Supplemental Indenture, the Fifteenth Supplemental Indenture, and as may be further supplemented from time to time, is referred to as the &#147;Indenture&#148;. Certain capitalized and other terms used herein are defined in Schedule&nbsp;B hereto.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subject to the occurrence of the Collateral Release Date in accordance with Section&nbsp;9.1.1, the Series&nbsp;R Bonds
will be issued hereunder and secured by the Indenture and the Sixteenth Supplemental Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S<SMALL>ALE</SMALL> <SMALL>AND</SMALL> P<SMALL>URCHASE</SMALL>
<SMALL>OF</SMALL> S<SMALL>ERIES</SMALL>&nbsp;R B<SMALL>ONDS</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subject to the terms and conditions of this
Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section&nbsp;3, Series&nbsp;R Bonds in the principal amount specified opposite such Purchaser&#146;s name
in Schedule&nbsp;A at the purchase price of 100% of the principal amount thereof. The Purchasers&#146; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">obligations hereunder are several and not joint obligations and no Purchaser shall have any
liability to any Person for the performance or <FONT STYLE="white-space:nowrap">non-performance</FONT> of any obligation by any other Purchaser hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C<SMALL>LOSING</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The sale and purchase of the Series&nbsp;R Bonds to be purchased by each Purchaser shall occur at the offices of Chapman and
Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603 at 10:00&nbsp;a.m., Central time, at a closing (the &#147;Closing&#148;) on September&nbsp;15, 2020 or on such other Business Day thereafter on or prior to September&nbsp;30, 2020 as may be
agreed upon by the Company and the Purchasers. At the Closing the Company will deliver to each Purchaser the Series&nbsp;R Bonds to be purchased by such Purchaser in the form of a single Series&nbsp;R Bond (or such greater number of Series&nbsp;R
Bonds in denominations of at least $500,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser&#146;s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of
immediately available funds in the amount of the purchase price therefor by wire transfer to account number&nbsp;000050596629 at Bank of America, 100 N.&nbsp;Tyron St., Charlotte, NC, ABA Routing Number&nbsp;026009593, Account Name: Unitil Energy
Systems, Inc. If at the Closing the Company shall fail to tender such Series&nbsp;R Bonds to any Purchaser as provided above in this Section&nbsp;3, or any of the conditions specified in Section&nbsp;4 shall not have been fulfilled to such
Purchaser&#146;s reasonable satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such
nonfulfillment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C<SMALL>ONDITIONS</SMALL> <SMALL>TO</SMALL>
C<SMALL>LOSING</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Purchaser&#146;s obligation to purchase and pay for the Series&nbsp;R Bonds to be sold to
such Purchaser at the Closing is subject to the fulfillment to such Purchaser&#146;s reasonable satisfaction, prior to or at the Closing, of the following conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.1.&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties. The representations and warranties of the Company in
this Agreement shall be correct when made and at the time of the Closing (except to the extent any representation or warranty expressly relates to a different date, in which case such representation or warranty shall be correct as of such different
date). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.2.&nbsp;&nbsp;&nbsp;&nbsp;Performance; No Default. The Company shall have performed and complied
with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing. After giving effect to the issue and sale of the Series&nbsp;R Bonds (and the application of the proceeds
thereof as contemplated by Section&nbsp;5.14), no Default or Event of Default shall have occurred and be continuing. Neither the Company nor any Subsidiary shall have entered into any transaction since the date of this Agreement that would have been
prohibited by Section&nbsp;10 had such Section&nbsp;applied since such date. </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.3.&nbsp;&nbsp;&nbsp;&nbsp;Compliance Certificates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Officer&#146;s Certificate. The Company shall have delivered to such Purchaser an Officer&#146;s
Certificate, dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Secretary&#146;s Certificate. The Company shall have delivered to such Purchaser a certificate of
its Secretary or Assistant Secretary, dated the date of Closing, certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Series&nbsp;R Bonds and this Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.4.&nbsp;&nbsp;&nbsp;&nbsp;Opinions of Counsel. Such Purchaser shall have received opinions in form and
substance reasonably satisfactory to such Purchaser, dated the date of the Closing (a)&nbsp;from Dentons US LLP, special counsel for the Company, covering the matters set forth in Exhibit&nbsp;4.4(a) and covering such other matters incident to the
transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers), (b) from Gary Epler, Chief Regulatory Counsel for Unitil Service
Corp., and/or from Ransmeier&nbsp;&amp; Spellman P.C., special real estate counsel for the Company, covering the matters set forth in Exhibit 4.4(b) and covering such other matters incident to the transactions contemplated hereby as such Purchaser
or its counsel may reasonably request (and the Company hereby instructs Gary Epler to deliver such opinion to the Purchasers) and (c)&nbsp;from Chapman and Cutler LLP, the Purchasers&#146; special counsel in connection with such transactions,
substantially in the form set forth in Exhibit 4.4(c) and covering such other matters incident to such transactions as such Purchaser may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.5.&nbsp;&nbsp;&nbsp;&nbsp;Purchase Permitted By Applicable Law, Etc. On the date of the Closing such
Purchaser&#146;s purchase of Series&nbsp;R Bonds shall (a)&nbsp;be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as Section&nbsp;1405(a)(8) of the New York
Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b)&nbsp;not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of
the Board of Governors of the Federal Reserve System) and (c)&nbsp;not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If
requested by such Purchaser, such Purchaser shall have received an Officer&#146;s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.6.&nbsp;&nbsp;&nbsp;&nbsp;Sale of Other Series&nbsp;R Bonds. Contemporaneously with the Closing the
Company shall sell to each other Purchaser and each other Purchaser shall purchase the Series&nbsp;R Bonds to be purchased by it at the Closing as specified in Schedule&nbsp;A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.7.&nbsp;&nbsp;&nbsp;&nbsp;Payment of Special Counsel Fees. Without limiting the provisions of
Section&nbsp;15.1, the Company shall have paid on or before the Closing the reasonable fees, charges and disbursements of the Purchasers&#146; special counsel referred to in Section&nbsp;4.4 to the extent reflected in a statement of such counsel
rendered to the Company at least one Business Day prior </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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to the Closing, unless the Company and the Purchaser&#146;s special counsel have agreed to make such payment due on a later date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.8.&nbsp;&nbsp;&nbsp;&nbsp;Private Placement Number. A Private Placement Number issued by Standard&nbsp;&amp;
Poor&#146;s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for the Series&nbsp;R Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.9.&nbsp;&nbsp;&nbsp;&nbsp;Changes in Corporate Structure. The Company shall not have changed its jurisdiction
of incorporation or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial
statements referred to in Schedule 5.5. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.10.&nbsp;&nbsp;&nbsp;&nbsp;Funding Instructions. At least three
Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in Section&nbsp;3 including (i)&nbsp;the name
and address of the transferee bank, (ii)&nbsp;such transferee bank&#146;s ABA number and (iii)&nbsp;the account name and number into which the purchase price for the Series&nbsp;R Bonds is to be deposited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.11.&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Approvals. The issue and sale of the Series&nbsp;R Bonds shall have been
duly authorized by order of the New Hampshire Public Utilities Commission (the &#147;NHPUC&#148;), such order shall be in full force and effect at the time of the Closing and all appeal periods applicable to such order shall have expired. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.12.&nbsp;&nbsp;&nbsp;&nbsp;Compliance with the Indenture. The Company shall have performed and complied with
all agreements and conditions contained in the Indenture which are required to be performed or complied with by the Company for the issuance of the Series&nbsp;R Bonds including but not limited to compliance with the Earnings Available for Interest
Charges test required under Section&nbsp;4.04 of the Indenture for the issuance of the subject Series&nbsp;R Bonds (the &#147;EAIC Test&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.13.&nbsp;&nbsp;&nbsp;&nbsp;Execution and Delivery of the Sixteenth Supplemental Indenture; Filing and Recording
of UCC Financing Statements and the Sixteenth Supplemental Indenture. The Sixteenth Supplemental Indenture shall have been duly executed and delivered by the Company and the Trustee. All UCC Financing Statements, the Indenture, the Sixteenth
Supplemental Indenture or other instruments with respect thereto as may be necessary shall have been duly filed or recorded as described in Schedule&nbsp;4.13 (collectively, the &#147;Collateral Filings&#148;) to establish and perfect the security
interests and Liens of the Trustee upon the Collateral created by the Indenture (including the Sixteenth Supplemental Indenture) which can be perfected by filing the Indenture, the Sixteenth Supplemental Indenture or a UCC Financing Statement under
the UCC), and the Company shall have delivered satisfactory evidence of such filings and recordings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.14.&nbsp;&nbsp;&nbsp;&nbsp;Proceedings and Documents. All corporate and other proceedings in connection with
the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such
counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EPRESENTATIONS</SMALL>
<SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company
represents and warrants to each Purchaser that the representations and warranties contained in this Section&nbsp;5 are true and correct as of the date of this Agreement and the Closing (except, in each case, to the extent any representation or
warranty expressly relates to a different date, in which case such representation or warranty is true and correct as of such different date): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.1.&nbsp;&nbsp;&nbsp;&nbsp;Organization; Power and Authority. The Company is a corporation duly organized,
validly existing and in good standing under the laws of its jurisdiction of incorporation and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those
jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power and authority to own or hold
under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, except, in each case, as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. The Company has the corporate power and authority to execute and deliver this Agreement, the Indenture, and the Series&nbsp;R Bonds and to perform the provisions hereof and thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.2.&nbsp;&nbsp;&nbsp;&nbsp;Authorization, Etc. This Agreement and the Series&nbsp;R Bonds have been duly
authorized by all necessary corporate action on the part of the Company, and this Agreement constitutes, and upon execution and delivery thereof each Series&nbsp;R Bond will constitute, a legal, valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i)&nbsp;applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting the enforcement
of creditors&#146; rights generally and (ii)&nbsp;general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.3.&nbsp;&nbsp;&nbsp;&nbsp;Disclosure. The Company, through its agent, BofA Securities, Inc., has delivered to
each Purchaser documents, certificates or other writings identified in Schedule 5.3 and such financial statements listed in Schedule 5.5, relating to the transactions contemplated hereby. The Disclosure Documents (defined below) fairly describe, in
all material respects, the general nature of the business and principal properties of the Company and its Subsidiaries. This Agreement and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company in
connection with the transactions contemplated hereby and identified in Schedule&nbsp;5.3, and the financial statements listed in Schedule&nbsp;5.5 (this Agreement and such documents, certificates or other writings identified in Schedule 5.3 and such
financial statements listed in Schedule 5.5 delivered to each Purchaser being referred to, collectively, as the &#147;Disclosure Documents&#148;), taken as a whole, do not, as of their respective dates, contain any untrue statement of a material
fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since June&nbsp;30, 2020, there has been no
change in the financial condition, operations, business or properties of the Company and its Subsidiaries (taken as a whole) except changes that individually or in the aggregate would not reasonably be expected to have a Material
</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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Adverse Effect. There is no fact known to the Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.4.&nbsp;&nbsp;&nbsp;&nbsp;Organization and Ownership of Shares of the Company and Subsidiaries; Affiliates.
(a)&nbsp;Schedule&nbsp;5.4 contains (except as noted therein) complete and correct lists (i)&nbsp;of the Company&#146;s Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its organization, and the percentage
of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary, (ii)&nbsp;of the Company&#146;s Affiliates, other than Subsidiaries, and (iii)&nbsp;of the Company&#146;s directors
and senior officers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;All of the outstanding shares of capital stock or similar equity
interests of each Subsidiary shown in Schedule&nbsp;5.4 as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary free and clear of any Lien
(except for Permitted Encumbrances or as otherwise disclosed in Schedule&nbsp;5.4). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Each
Subsidiary identified in Schedule&nbsp;5.4 is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal
entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and
proposes to transact except, in each case, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;No Subsidiary is a party to, or otherwise subject to any legal, regulatory, contractual or other
restriction (other than this Agreement, the agreements listed on Schedule&nbsp;5.4 and customary limitations imposed by corporate or utility regulatory law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of
profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary in an amount substantially inconsistent with the past
practice of such Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Unitil owns all of the common stock of the Company and certain
Persons other than Unitil own preferred stock of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.5.&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements; Material Liabilities. The Company has delivered to each Purchaser copies of the consolidated financial statements of the Company and its Subsidiaries listed on Schedule&nbsp;5.5. All of said consolidated financial statements (including
in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their
operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim
financial </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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statements, to normal <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments). The Company and its Subsidiaries do not have any Material liabilities that are not disclosed on such financial
statements or otherwise disclosed in the Disclosure Documents except liabilities, as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.6.&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance
by the Company of this Agreement, the Sixteenth Supplemental Indenture, and the Series&nbsp;R Bonds will not (i)&nbsp;contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien (other than the Lien of
the Indenture) in respect of any property of the Company or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or <FONT STYLE="white-space:nowrap">by-laws,</FONT> members
agreement or any other Material agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or affected, (ii)&nbsp;conflict with or result in a
breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or (iii)&nbsp;violate any provision of any statute or other
rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary except, in each case, as would not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.7.&nbsp;&nbsp;&nbsp;&nbsp;Governmental Authorizations, Etc. The Company is subject to regulation by the NHPUC
with respect to retail rates, adequacy of service, issuance of securities, and other accounting and operational matters; and to regulation by the Federal Energy Regulatory Commission (&#147;FERC&#148;) under the Energy Policy Act of 2005 with
regards to certain bookkeeping, accounting and reporting requirements. The issuance and sale of the Series&nbsp;R Bonds has been authorized by order of the NHPUC, which has become final and all applicable appeal periods with respect to the NHPUC
order have expired. Except as described above, no other order, consent, approval or authorization of, or any declaration or filing with, any other Governmental Authority is required as a condition precedent to the execution and delivery of the
Series&nbsp;R Bonds by the Company and the consummation by the Company of the transactions contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.8.&nbsp;&nbsp;&nbsp;&nbsp;Litigation; Observance of Agreements, Statutes and Orders. (a)&nbsp;Except as
disclosed in the Disclosure Documents, there are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company or any Subsidiary or any property of the Company or any
Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Disclosure Documents, neither the Company nor any Subsidiary is
(i)&nbsp;in default under any term of any agreement or instrument to which it is a party or by which it is bound, (ii)&nbsp;in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or (iii)&nbsp;in
violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including, without limitation Environmental Laws, the USA Patriot Act or any of the other laws and regulations that are referred to in Section&nbsp;5.16),
in each case which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. </P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.9.&nbsp;&nbsp;&nbsp;&nbsp;Taxes. The Company and its
Subsidiaries have filed all income, franchise, and other tax returns that are Material and required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments
levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes, filings, and assessments (i)&nbsp;the amount of
which is not individually or in the aggregate Material or (ii)&nbsp;the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the
case may be, has established adequate reserves in accordance with GAAP. The Company knows of no basis for any other tax or assessment that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The
charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of income taxes for all fiscal periods are recognized in accordance with GAAP, and, except as disclosed in the Disclosure Documents, the Company knows of no
Material unpaid assessment for additional income taxes for any fiscal period or any reasonable basis therefor. As of the date of this Agreement, the federal income tax liabilities of the Company and its Subsidiaries have been finally determined
(whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December&nbsp;31, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.10.&nbsp;&nbsp;&nbsp;&nbsp;Title to Property; Leases. (a)&nbsp;The Company has good and marketable title to
their respective real properties that individually or in the aggregate are material and a good and valid ownership interest in all the other assets reflected in the most recent audited balance sheet referred to in Section&nbsp;5.5 or subsequently
acquired, in each case that individually or in the aggregate are material, other than real property and other assets subsequently sold or otherwise disposed of in the ordinary course of business, subject in each case to no Liens except (i)&nbsp;the
Lien created by the Indenture and (ii)&nbsp;other Liens permitted by the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;The
properties specifically to be included as mortgaged as set forth in the granting clauses of the Indenture (including the granting clauses included in the Sixteenth Supplemental Indenture), other than properties released from the lien thereof
pursuant to the terms thereof, are owned by the Company, located in New Hampshire and constitute substantially all of the property of the Company except certain property which is not &#147;Public Utility Property&#148; (as defined in
Section&nbsp;10.04A of the Indenture), which property has heretofore been duly released from the lien of the Indenture pursuant to Section&nbsp;10.04A thereof (the &#147;Excepted Property&#148;). All of the real estate and other property which is
reflected in the balance sheet of the Company as of June&nbsp;30, 2020 referred to in Section&nbsp;5.5, and all of the Material rights of way, Material easements, grants, permits, privileges, franchises and other rights necessary to the operation of
said property, are subject to the Indenture as a first lien thereon (subject only to Liens permitted by the Indenture) except properties expressly excluded from said lien of the Indenture by the provisions thereof (including the Excepted Property).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.11.&nbsp;&nbsp;&nbsp;&nbsp;Licenses, Permits, Etc. (a)&nbsp;The Company and its Subsidiaries own or
possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the
rights of others, except in each case for such lack of </P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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ownership or possession or for those conflicts that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;To the knowledge of the Company, there is no Material violation by any Person of any right of the
Company or any of its Subsidiaries with respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Company or any of its Subsidiaries that would reasonably be expected to have a
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.12.&nbsp;&nbsp;&nbsp;&nbsp;Compliance with ERISA. (a)&nbsp;The Company and each
ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect. Neither
the Company nor any ERISA Affiliate has incurred any liability pursuant to Title&nbsp;I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in Section&nbsp;3 of ERISA), and no event,
transaction or condition has occurred or exists that would, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of
the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title&nbsp;I or IV of ERISA to Section&nbsp;430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or
Section&nbsp;4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;None of the Plans that are subject to the minimum funding requirements of Section&nbsp;412 of the
Code or Section&nbsp;302 of ERISA, nor any trust established thereunder, have incurred any &#147;accumulated funding deficiency&#148; or &#147;liquidity shortfall&#148; (as those terms are defined in Section&nbsp;302 of ERISA or Section&nbsp;412 of
the Code), whether or not waived. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company and its ERISA Affiliates have not incurred
withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under Section&nbsp;4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The postretirement benefit obligations (determined as of the last day of the Company&#146;s most
recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic <FONT STYLE="white-space:nowrap">715-60,</FONT> without regard to liabilities attributable to continuation coverage mandated
by Section&nbsp;4980B of the Code) of the Company and its Subsidiaries have been determined in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;The execution and delivery of this Agreement and the issuance and sale of the Series&nbsp;R Bonds
hereunder will not involve any transaction that is subject to the prohibitions of Section&nbsp;406 of ERISA or in connection with which a tax could be imposed pursuant to Section&nbsp;4975(c)(1)(A)&#150;(D) of the Code. The representation by the
Company to each Purchaser in the first sentence of this Section&nbsp;5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser&#146;s representation in Section&nbsp;6.2 as to the sources of the funds used to pay the purchase
price of the Series&nbsp;R Bonds to be purchased by such Purchaser. </P>
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<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company and its Subsidiaries do not have any <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Plans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.13.&nbsp;&nbsp;&nbsp;&nbsp;Private Offering by the
Company. Neither the Company nor anyone acting on its behalf has offered the Series&nbsp;R Bonds or any similar securities for sale to, solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with,
any Person other than the Purchasers and not more than fifteen (15)&nbsp;other Institutional Investors, each of which has been offered the Series&nbsp;R Bonds at a private sale for investment. Neither the Company nor anyone acting on its behalf has
taken, or will take, any action that would subject the issuance or sale of the Series&nbsp;R Bonds to the registration requirements of Section&nbsp;5 of the Securities Act. The representation and warranty by the Company to each Purchaser in the
second sentence of this Section&nbsp;5.13 is made in reliance upon and subject to the accuracy of the Purchasers&#146; representations in Section&nbsp;6.1 and Section&nbsp;6.4. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.14.&nbsp;&nbsp;&nbsp;&nbsp;Use of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale
of the Series&nbsp;R Bonds to refinance existing short-term debt and/or for general corporate purposes of the Company and its Subsidiaries. No part of the proceeds from the sale of the Series&nbsp;R Bonds hereunder will be used, directly or
indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation&nbsp;U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities
under such circumstances as to involve the Company in a violation of Regulation&nbsp;X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation&nbsp;T of said Board (12 CFR 220). The Company does not own or carry
any margin stock. As used in this Section, the terms &#147;margin stock&#148; and &#147;purpose of buying or carrying&#148; shall have the meanings assigned to them in said Regulation U. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.15.&nbsp;&nbsp;&nbsp;&nbsp;Existing Indebtedness; Future Liens; Restrictions on Funded Indebtedness.
(a)&nbsp;Except as described therein, Schedule&nbsp;5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of June&nbsp;30, 2020 (including a description of the obligors and obligees,
principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of
the Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary and no event or
condition exists with respect to any Indebtedness of the Company or any Subsidiary with an outstanding principal amount in excess of $1,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons
to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any Subsidiary has agreed or consented to cause or permit in the future
(upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien other than Liens permitted by the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in Schedule 5.15, neither the Company nor any Subsidiary is a party to, or
otherwise subject to any provision contained in, any instrument evidencing Funded Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other </P>
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agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Funded Indebtedness of
the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.16.&nbsp;&nbsp;&nbsp;&nbsp;Foreign Assets Control Regulations, Etc. (a)&nbsp;Neither the
Company nor any Controlled Entity (i)&nbsp;is a Blocked Person, (ii)&nbsp;has been notified that its name appears or may in the future appear on a State Sanctions List or (iii)&nbsp;is a target of sanctions that have been imposed by the United
Nations or the European Union. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any Controlled Entity (i)&nbsp;has
violated, been found in violation of, or been charged or convicted under, any applicable U.S. Economic Sanctions Laws, <FONT STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws or <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws
or (ii)&nbsp;to the Company&#146;s knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, <FONT STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws or <FONT
STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;No part of the proceeds from the sale
of the Series&nbsp;R Bonds hereunder: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;constitutes or will constitute funds
obtained on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity, directly or indirectly, (A)&nbsp;in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B)&nbsp;for
any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C)&nbsp;otherwise in violation of any U.S. Economic Sanctions Laws; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;will be used, directly or indirectly, in violation of, or cause any Purchaser to
be in violation of, any applicable <FONT STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;will be used, directly or indirectly, for the purpose of making any improper
payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in
violation of, any applicable <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The
Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable
U.S. Economic Sanctions Laws, <FONT STYLE="white-space:nowrap">Anti-Money</FONT> Laundering Laws and <FONT STYLE="white-space:nowrap">Anti-Corruption</FONT> Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.17.&nbsp;&nbsp;&nbsp;&nbsp;Status under Certain Statutes. Neither the Company nor any Subsidiary is subject to
regulation under the Investment Company Act of 1940, as amended, or the ICC Termination Act of 1995, as amended. The Company and/or one or more of its Subsidiaries is subject to regulation by NHPUC with respect to retail rates, adequacy of service,
issuance of securities, accounting and other matters, under the Federal Power Act, as amended, the Public Utility Holding Company Act of 2005, as amended, and/or the Energy Policy Act of 2005, as amended. </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.18.&nbsp;&nbsp;&nbsp;&nbsp;Environmental Matters.
(a)&nbsp;Except as disclosed in the Disclosure Documents, neither the Company nor any Subsidiary has knowledge of any claim or has received any notice of any claim, and no proceeding has been instituted raising any claim against the Company or any
of its Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as
would not reasonably be expected to result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed
in the Disclosure Documents, all buildings on all real properties now owned, leased or operated by the Company or any Subsidiary are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected to
result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.19.&nbsp;&nbsp;&nbsp;&nbsp;Series&nbsp;R Bonds Rank Pari Passu. Prior
to the Collateral Release Date, the obligations of the Company under the Series&nbsp;R Bonds will be secured pari passu under the Indenture with all other outstanding Indebtedness issued thereunder. After the Collateral Release Date, the obligations
of the Company under this Agreement and the Series&nbsp;R Bonds shall rank pari passu in right of payment with all other senior unsecured Funded Indebtedness (actual or contingent) of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.20.&nbsp;&nbsp;&nbsp;&nbsp;Solvency and Consideration. On the date of Closing, after giving effect to the issue
and sale of the Series&nbsp;R Bonds and the application of the proceeds as contemplated by Section&nbsp;5.14 hereof, the Company is solvent, has capital not unreasonably small in relation to its business or any contemplated or undertaken transaction
and has assets having a value both at fair valuation and a present fair salable value greater than the amount required to pay its debts as they become due and greater than the amount that will be required to pay its probable liability on its
existing debts as they become due and matured. The Company does not intend to incur, nor does it believe, nor should it believe that it will incur, debts beyond its ability to pay such debts as they become due. The Company will not be rendered
insolvent by the execution, delivery and performance of its obligations under or in respect of the Series&nbsp;R Bonds or this Agreement. The Company does not intend to hinder, delay or defraud its creditors by or through the execution, delivery or
performance of its obligations under or in respect of the Series&nbsp;R Bonds or this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.21.&nbsp;&nbsp;&nbsp;&nbsp;Lien of Indenture. The Indenture (including the Sixteenth Supplemental Indenture)
constitutes a direct and valid Lien upon all of the properties and assets of the Company specifically or generally described or referred to in the Indenture as being subject to the Lien thereof, subject only to the exceptions referred to in the
Indenture and Permitted Encumbrances, and will create a similar Lien upon all properties and assets acquired by the Company after the date hereof which are required to be subjected to the Lien of the Indenture, when acquired by the Company, subject
only to the exceptions referred to in the Indenture and Permitted Encumbrances, and subject, further, as to real property, to the recordation of a supplement to the Indenture describing such after-acquired property and, as to personal property, the
filing of a financing statement if necessary with respect to the after-acquired collateral; the descriptions of all such properties and assets contained in the granting clauses of the Indenture are correct and adequate for the purposes of the
Indenture; and the Indenture (including the Sixteenth Supplemental </P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Indenture) has been duly recorded as a mortgage of real estate, and any required filings with respect to personal property and fixtures subject to the Lien of the Indenture have been duly made in
each place in which such recording or filing is required to protect, preserve and perfect the Lien of the Indenture; and all taxes and recording and filing fees required to be paid with respect to the execution, recording or filing of the Indenture
(including the Sixteenth Supplemental Indenture), the filing of financing statements related thereto and similar documents and the issuance of the Bonds have been paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.22.&nbsp;&nbsp;&nbsp;&nbsp;Filings under Indenture. No action, including any filing, registration, notice or
approval, is necessary except in such places as described in Schedule 4.13 to establish or protect for the benefit of the Trustee and the holders of the Series&nbsp;R Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.23.&nbsp;&nbsp;&nbsp;&nbsp;Status of Certain Material Agreements. No amendment, modification, supplement or
other change has been made to the Indenture since the date of the Sixteenth Supplemental Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;6.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase for Investment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Purchaser severally represents and warrants that it (i)&nbsp;is an institutional
&#147;accredited investor&#148; as defined in Rule 501(a)(1), (2), (3), or (7)&nbsp;under the Securities Act, (ii)&nbsp;is not an &#147;underwriter&#148; as defined in Section&nbsp;2(a)(11) of the Securities Act, and (iii)&nbsp;is purchasing the
Series&nbsp;R Bonds for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such
Purchaser&#146;s or their property shall at all times be within such Purchaser&#146;s or their control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Purchaser understands that the Series&nbsp;R Bonds have not been registered under the
Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by
law, and that the Company is not required to and does not intend to register the Series&nbsp;R Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Purchaser understands that the Series&nbsp;R Bonds will bear a legend, prominently stamped or
printed thereon, reading substantially as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR
APPLICABLE STATE SECURITIES LAWS. THIS BOND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS.
</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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Upon the request of any holder of any Series&nbsp;R Bond, the Company shall, and shall direct the Trustee to, remove the legend from such Series&nbsp;R Bond or issue to such holder a new
Series&nbsp;R Bond therefor free of any transfer legend, if: (A)(i) such holder is not an &#147;affiliate&#148; (as defined in Rule&nbsp;144 of the Securities Act) of the Company at the time thereof and has not been an affiliate during the preceding
three months and (ii)&nbsp;a period of one year has elapsed since the later of the date the Series&nbsp;R Bond was acquired from the Company or from an affiliate of the Company (calculated as set forth in Rule 144 of the Securities Act); or
(B)&nbsp;the Company shall have received a written opinion of counsel to such holder (which may be internal counsel to such holder) that, in the opinion of such counsel, such legend is not, or is no longer, necessary or required. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;6.2.&nbsp;&nbsp;&nbsp;&nbsp;Source of Funds. Each Purchaser severally represents and warrants that at least one
of the following statements is an accurate representation as to each source of funds (a &#147;Source&#148;) to be used by such Purchaser to pay the purchase price of the Series&nbsp;R Bonds to be purchased by such Purchaser hereunder: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the Source is an &#147;insurance company general account&#148; (as the term is
defined in the United States Department of Labor&#146;s Prohibited Transaction Exemption (&#147;PTE&#148;) <FONT STYLE="white-space:nowrap">95-60)</FONT> in respect of which the reserves and liabilities (as defined by the annual statement for life
insurance companies approved by the NAIC (the &#147;NAIC Annual Statement&#148;)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account
contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE <FONT STYLE="white-space:nowrap">95-60)</FONT> or by the same employee organization in the general account
do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser&#146;s state of domicile; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;the Source is a separate account that is maintained solely in connection with such
Purchaser&#146;s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan
(including any annuitant)) are not affected in any manner by the investment performance of the separate account; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;the Source is either (i)&nbsp;an insurance company pooled separate account, within
the meaning of PTE <FONT STYLE="white-space:nowrap">90-1</FONT> or (ii)&nbsp;a bank collective investment fund, within the meaning of the PTE <FONT STYLE="white-space:nowrap">91-38</FONT> and, except as disclosed by such Purchaser to the Company in
writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment
fund; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;the Source constitutes assets of an &#147;investment fund&#148;
(within the meaning of Part VI of PTE <FONT STYLE="white-space:nowrap">84-14</FONT> (the &#147;QPAM Exemption&#148;)) managed by a &#147;qualified professional asset manager&#148; or &#147;QPAM&#148; (within the meaning of Part VI of the QPAM
Exemption), no employee benefit plan&#146;s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-14- </P>

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maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM,
represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g)&nbsp;of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership
interest in the Company that would cause the QPAM and the Company to be &#147;related&#148; within the meaning of Part VI(h) of the QPAM Exemption and (i)&nbsp;the identity of such QPAM and (ii)&nbsp;the names of any employee benefit plans whose
assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the
same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;the Source constitutes assets of a &#147;plan(s)&#148; (within the meaning of Part
IV(h) of PTE <FONT STYLE="white-space:nowrap">96-23</FONT> (the &#147;INHAM Exemption&#148;)) managed by an <FONT STYLE="white-space:nowrap">&#147;in-house</FONT> asset manager&#148; or &#147;INHAM&#148; (within the meaning of Part IV(a) of the
INHAM Exemption), the conditions of Part I(a), (g) and (h)&nbsp;of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of &#147;control&#148; in Part IV(d)(3) of the INHAM
Exemption) owns a 10% or more interest in the Company and (i)&nbsp;the identity of such INHAM and (ii)&nbsp;the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this
clause&nbsp;(e); or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;the Source is a governmental plan; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;the Source is one or more employee benefit plans, or a separate account or trust
fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;the Source does not include assets of any employee benefit plan, other than a plan
exempt from the coverage of ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As used in this Section&nbsp;6.2, the terms &#147;employee benefit plan,&#148; &#147;governmental
plan,&#148; and &#147;separate account&#148; shall have the respective meanings assigned to such terms in Section&nbsp;3 of ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;6.3.&nbsp;&nbsp;&nbsp;&nbsp;Binding Effect. Each Purchaser severally represents and warrants that this Agreement
has been duly executed and delivered by it and this Agreement constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;6.4.&nbsp;&nbsp;&nbsp;&nbsp;Access to Information; Knowledge and Experience. Each Purchaser severally represents
and warrants that it (i)&nbsp;has been furnished with or has had access to the information requested from the Company, (ii)&nbsp;has had an opportunity to discuss with management of the Company the business and financial affairs of the Company and
(iii)&nbsp;has such knowledge and experience in business and financial matters and with respect to investments in securities similar to the Series&nbsp;R Bonds that it is capable of evaluating the risks and merits of this investment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-15- </P>

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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I<SMALL>NFORMATION</SMALL>
<SMALL>AS</SMALL> <SMALL>TO</SMALL> C<SMALL>OMPANY</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.1.&nbsp;&nbsp;&nbsp;&nbsp;Financial and
Business Information. So long as any of the Series&nbsp;R Bonds are outstanding, the Company shall deliver to each holder of Series&nbsp;R Bonds that is an Institutional Investor: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Statements &#151; (i) within 90 days after the end of each quarterly
fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;an unaudited consolidated balance sheet of the Company and its Subsidiaries as at
the end of such quarter, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;unaudited consolidated statements of income,
changes in shareholders&#146; equity and cash flows of the Company and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;within 90 days after the end of each quarterly fiscal period in each fiscal year of Unitil (other
than the last quarterly fiscal period of each such fiscal year), duplicate copies of, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;an
unaudited consolidated balance sheet of Unitil and its Subsidiaries as at the end of such quarter, and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;unaudited consolidated statements of income, changes in shareholders&#146; equity
and cash flows of Unitil and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in
reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being
reported on and their results of operations and cash flows, subject to changes resulting from <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments, provided that delivery within the time period specified above of copies of Unitil&#146;s
Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> (the <FONT STYLE="white-space:nowrap">&#147;Form&nbsp;10-Q&#148;)</FONT> prepared in material compliance with the requirements therefor and filed with the SEC shall be deemed
to satisfy the requirements of Section&nbsp;7.1(a)(ii), provided, further, that the Company shall be deemed to have made such delivery of such <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> if Unitil shall have timely made such <FONT
STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> available on EDGAR or on its home page on the worldwide web (at the date of this Agreement located at http://www.unitil.com) (such availability being referred to as &#147;Electronic Delivery&#148;);
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Annual Statements &#151; (i) within 120 days after the end of each fiscal year
of the Company, duplicate copies of: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-16- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;a consolidated balance sheet of
the Company and its Subsidiaries as at the end of such year, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;consolidated
statements of income, changes in shareholders&#146; equity and cash flows of the Company and its Subsidiaries for such year; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;within 120 days after the end of each fiscal year of Unitil, duplicate copies of
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;a consolidated balance sheet of Unitil and its Subsidiaries as at the end of
such year, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;consolidated statements of income, changes in
shareholders&#146; equity and cash flows of Unitil and its Subsidiaries for such year, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">setting forth in each case in
comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by a report thereon from Deloitte&nbsp;&amp; Touche LLP or other independent public accountants of recognized
national standing, to the effect that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity
with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such report in the
circumstances, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">provided that the delivery within the time period specified above of Unitil&#146;s <FONT
STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> (the &#147;Form <FONT STYLE="white-space:nowrap">10-K&#148;)</FONT> for such fiscal year (together with Unitil&#146;s annual report to shareholders, if any, prepared pursuant to <FONT
STYLE="white-space:nowrap">Rule&nbsp;14a-3</FONT> under the Exchange Act) prepared in material compliance with the requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of Section&nbsp;7.1(b)(ii), provided,
further, that the Company shall be deemed to have made such delivery of such <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> if Unitil shall have timely made Electronic Delivery thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;SEC and Other Reports &#151; promptly upon their becoming available, one copy of
(i)&nbsp;each proxy statement, financial statement, or report sent by the Company, Unitil or any Subsidiary to its public securities holders generally, and (ii)&nbsp;each regular or periodic report, each registration statement (without exhibits),
and each prospectus and all amendments thereto filed by the Company, Unitil or any Subsidiary with the SEC; provided that copies of any such documents required to be delivered pursuant to this clause&nbsp;(c) may be delivered by Electronic Delivery;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;Notice of Default or Event of Default &#151; promptly, and in any event within
five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice
or taken any action with respect to a claimed default of the type referred to in Section&nbsp;11.2(e), a written notice </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-17- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Material Adverse Events &#151; promptly upon the occurrence thereof, notice of any
event, circumstance or condition which would reasonably be expected to materially and adversely affect the ability of the Company to perform its obligations under this Agreement and the Series&nbsp;R Bonds; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;Requested Information &#151; with reasonable promptness, such other data and
information relating to the business, operations, affairs, financial condition, assets or properties of the Company, Unitil or any of their respective Subsidiaries (including, but without limitation, actual copies of Unitil&#146;s <FONT
STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> and <FONT STYLE="white-space:nowrap">Form&nbsp;10-K)</FONT> or relating to the ability of the Company to perform its obligations hereunder and under the Series&nbsp;R Bonds as from time to time may be
reasonably requested by any such holder of Series&nbsp;R Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.2.&nbsp;&nbsp;&nbsp;&nbsp;Officer&#146;s
Certificate. Each set of financial statements delivered to a holder of Series&nbsp;R Bonds pursuant to Section&nbsp;7.1(a) or Section&nbsp;7.1(b) shall be accompanied by a certificate of a Senior Financial Officer (which in the case of Electronic
Delivery of any such financial statements, the Form <FONT STYLE="white-space:nowrap">10-Q</FONT> or the Form <FONT STYLE="white-space:nowrap">10-K,</FONT> as applicable, shall be by separate delivery of such certificate to each holder of
Series&nbsp;R Bonds within the time periods specified in Section&nbsp;7.1(a) or Section&nbsp;7.1(b), as applicable) setting forth: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Covenant Compliance &#151; from and after the Collateral Release Date, the
information (including detailed calculations) required in order to establish whether the Company was in compliance with the requirements of Sections&nbsp;10.1 (to the extent Funded Indebtedness is incurred during the period covered by such
certificate) and 10.5, during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as
the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence). In the event that the Company or any Subsidiary has made an election to measure any financial liability using
fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section&nbsp;22.2) as to the period covered by any such financial statement, such Senior Financial Officer&#146;s certificate as
to such period shall include a reconciliation from GAAP with respect to such election; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Event of Default &#151; a statement that such Senior Financial Officer has reviewed
the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the quarterly or annual period covered by the
statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or
event existed or exists (including, without limitation, any such event or condition resulting from the failure of the Company or any Subsidiary to comply with any Environmental Law), specifying the nature and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-18- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.3.&nbsp;&nbsp;&nbsp;&nbsp;Visitation. The Company shall permit the representatives of each holder of
Series&nbsp;R Bonds that is an Institutional Investor: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;No Default &#151; if no
Default or Event of Default then exists, at the expense of such Purchaser or holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company
and its Subsidiaries with the Company&#146;s officers, and (with the consent of the Company, which consent will not be unreasonably withheld) its independent public accountants, and (with the consent of the Company, which consent will not be
unreasonably withheld) to visit the other offices and properties of the Company and each Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Default &#151; if a Default or Event of Default then exists, at the expense of the
Company to visit and inspect any of the offices or properties of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their
respective affairs, finances and accounts with their respective officers and (with the consent of the Company, which consent will not be unreasonably withheld) independent public accountants, all at such times and as often as may be requested. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each holder of the Series&nbsp;R Bonds agrees to keep confidential any Confidential Information received as a result of the rights granted in
this Section&nbsp;7 in the manner provided in Section&nbsp;20. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;8. Payment and Prepayment of the Series&nbsp;R Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;8.1.&nbsp;&nbsp;&nbsp;&nbsp; Payments on the Series&nbsp;R Bonds. (a)&nbsp;The Company covenants that it will duly and punctually
pay the principal, premium, if any, and interest on the Series&nbsp;R Bonds until none of the Series&nbsp;R Bonds shall be outstanding in accordance with the terms of this Agreement, the Series&nbsp;R Bonds and, prior to the Collateral Release Date,
the Indenture. Any Series&nbsp;R Bond paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Series&nbsp;R Bond shall be issued in lieu of any prepaid principal amount of any Series&nbsp;R Bond in
accordance with the terms of this Agreement, the Series&nbsp;R Bonds and, prior to the Collateral Release Date, the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;As provided therein, the entire unpaid principal balance of each Series&nbsp;R Bond shall be due
and payable on the Maturity Date thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;8.2.&nbsp;&nbsp;&nbsp;&nbsp;Payments from and after the Collateral
Release Date. From and after the Collateral Release Date so long as any of the Series&nbsp;R Bonds are outstanding, the following provisions shall apply to prepayments of the Series&nbsp;R Bonds, in addition to the provisions set forth in
Section&nbsp;8.1. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-19- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;8.2.1.&nbsp;&nbsp;&nbsp;&nbsp;Optional Prepayments. Before the
date that is four months prior to the Maturity Date, the Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Series&nbsp;R Bonds (but if in part then in a minimum aggregate
principal amount of $100,000), at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, plus the Make-Whole Amount determined for the prepayment date with respect to such principal amount. On
and after the date that is four months prior to the Maturity Date, the Company may, at its option, upon notice as provided below, prepay at any time all the Series&nbsp;R Bonds at 100% of the principal amount so prepaid, together with interest
accrued thereon to the date of such prepayment, but without payment of the Make-Whole Amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company will give each
holder of Series&nbsp;R Bonds written notice of each optional prepayment under this Section&nbsp;8.2.1 not less than 15 days and not more than 45&nbsp;days prior to the date fixed for such prepayment unless the Company and the Required Holders agree
to another time period pursuant to Section&nbsp;17. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Series&nbsp;R Bonds to be prepaid on such date, the principal amount of each
Series&nbsp;R Bond held by such holder to be prepaid (determined in accordance with Section&nbsp;8.2.2), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a
certificate of a Senior Financial Officer as to the estimated Make-Whole Amount, if any, due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such
computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Series&nbsp;R Bonds a certificate of a Senior Financial Officer specifying the calculation of such
<FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, if any, as of the specified prepayment date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;8.2.2.&nbsp;&nbsp;&nbsp;&nbsp;Allocation of Partial Prepayments. In the case of each partial prepayment of the
Series&nbsp;R Bonds pursuant to Section&nbsp;8.2.1, the aggregate principal amount of the Series&nbsp;R Bonds to be prepaid shall be allocated among all of the Series&nbsp;R Bonds at the time outstanding in proportion, as nearly as practicable, to
the respective unpaid principal amounts thereof not theretofore called for prepayment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;8.2.3.&nbsp;&nbsp;&nbsp;&nbsp;Maturity; Surrender, Etc. In the case of each prepayment of Series&nbsp;R Bonds at
the Company&#146;s option pursuant to this Section&nbsp;8.2.1, the principal amount to be prepaid of each Series&nbsp;R Bond shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with
interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and
Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;8.2.4.&nbsp;&nbsp;&nbsp;&nbsp;Purchase of Series&nbsp;R Bonds. The Company will not and will not permit any
Controlled Entity to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Series&nbsp;R Bonds except (a)&nbsp;upon the payment or prepayment of the Series&nbsp;R Bonds in accordance with the terms of this
Agreement and the Series&nbsp;R Bonds or (b)&nbsp;pursuant to an offer to purchase any outstanding Series&nbsp;R Bonds made by the Company or a Controlled Entity pro rata to the holders of all Series&nbsp;R Bonds at the time outstanding upon the
same terms and conditions; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-20- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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provided that any such offer pursuant to this clause (b)&nbsp;shall provide each holder with reasonably sufficient information to enable it to make an informed decision and shall remain open for
at least ten Business Days. The Company will promptly cancel all Series&nbsp;R Bonds acquired by it or any Controlled Entity pursuant to any payment, prepayment, or purchase of Series&nbsp;R Bonds pursuant to any provision of this Agreement and no
Series&nbsp;R Bonds may be issued in substitution or exchange for any such Series&nbsp;R Bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;8.2.5.&nbsp;&nbsp;&nbsp;&nbsp;Payments Due on <FONT STYLE="white-space:nowrap">Non-Business</FONT> Days. Anything
in this Agreement or the Series&nbsp;R Bonds to the contrary notwithstanding, (x)&nbsp;except as set forth in clause&nbsp;(y), any payment of interest on any Series&nbsp;R Bond that is due on a date that is not a Business Day shall be made on the
next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (y)&nbsp;any payment of principal of or
<FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount on any Series&nbsp;R Bond (including principal due on the Maturity Date of such Series&nbsp;R Bond) that is due on a date that is not a Business Day shall be made on the next succeeding
Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A<SMALL>FFIRMATIVE</SMALL> C<SMALL>OVENANTS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.1.&nbsp;&nbsp;&nbsp;&nbsp;Affirmative Covenants Prior to the Collateral Release Date. Prior to the Collateral
Release Date so long as any of the Series&nbsp;R Bonds are outstanding, the Company covenants that (a)&nbsp;if any Purchaser surrenders any Series&nbsp;R Bond to the Company or the Trustee pursuant to this Agreement or the Indenture, the Company
will pay the cost of transmitting between such Purchaser&#146;s home office and the Company or the Trustee, insured to such Purchaser&#146;s satisfaction, the surrendered Series&nbsp;R Bond or Series&nbsp;R Bonds and any Series&nbsp;R Bond or
Series&nbsp;R Bonds issued in full or partial substitution or replacement for the surrendered Series&nbsp;R Bond or Series&nbsp;R Bonds, (b)&nbsp;the Company will pay all taxes in connection with the issuance and sale of the Series&nbsp;R Bonds to
each Purchaser and in connection with any modification of the Series&nbsp;R Bonds (other than income and similar taxes) and will save such Purchaser harmless without limitation as to time against any and all liabilities with respect to all such
taxes, and (c)&nbsp;will comply with all other terms, covenants, and agreements as set forth in the Indenture and the Series&nbsp;R Bonds. The obligations of the Company under this Section&nbsp;9 shall survive the payment or redemption of the
Series&nbsp;R Bonds and the termination of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.1.1.&nbsp;&nbsp;&nbsp;&nbsp;Release of the
Collateral from the Lien of the Indenture. (a)&nbsp;The Company may, at its option, deliver to each holder of a Series&nbsp;R Bond a written notice of the Company&#146;s election to release the Lien of the Indenture, and such holder shall execute
and deliver, following such holder&#146;s receipt of such written notice, a consent to the Trustee directing the Trustee to take all necessary action to discharge and release all of the Collateral securing the Series&nbsp;R Bonds from the Lien of
the Indenture upon the satisfaction of the following conditions precedent (the&nbsp;&#147;Collateral Release Conditions&#148;): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall have given notice to the holders of the Series&nbsp;R Bonds and
the Trustee at least 30 days prior to the release of the Collateral securing the Series&nbsp;R Bonds from the Lien of the Indenture, specifying the proposed date for such release of the Collateral (the &#147;Collateral Release Date&#148;); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-21- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;all Collateral securing all Bonds
(other than the Series&nbsp;R Bonds) that are outstanding immediately prior to the release of the Collateral securing the Series&nbsp;R Bonds from the Lien of the Indenture shall have been released on or prior to, or shall be released simultaneously
with, the release of the Collateral securing the Series&nbsp;R Bonds from the Lien of the Indenture pursuant to this Section&nbsp;9.1.1; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;at the time and after giving effect to the release of all the Collateral securing
the Series&nbsp;R Bonds from the Lien of the Indenture, no Default or Event of Default shall have occurred and be continuing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;at the time and after giving effect to the release of all the Collateral, the
Company could incur $1.00 of additional Funded Indebtedness under Section&nbsp;10.1(a)(iii); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;on or prior to the Collateral Release Date, each holder of a Series&nbsp;R Bond
shall have received (x)&nbsp;a certificate, that is reasonably acceptable in scope, form and substance to the Required Holders, dated the Collateral Release Date and executed on behalf of the Company by a respective Senior Financial Officer thereof,
confirming the satisfaction of the Collateral Release Conditions set forth in the clauses above and (y)&nbsp;such other evidence as the Required Holders may reasonably request, by notice to the Company at least fifteen days prior to the Collateral
Release Date, confirming the satisfaction of the Collateral Release Condition set forth in clause (iii)&nbsp;above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the provisions of Section&nbsp;15.1, the Company shall reimburse the holders of
the Bonds and the Trustee for all costs and expenses, including attorneys&#146; fees and disbursements, incurred by it in connection with any action contemplated by this Section&nbsp;9.1.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.2.&nbsp;&nbsp;&nbsp;&nbsp;Affirmative Covenants from and after the Collateral Release Date. From and after the
Collateral Release Date so long as any of the Series&nbsp;R Bonds are outstanding, the Company covenants that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.2.1.&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Law. Without limiting Section&nbsp;10.7, the Company will, and will
cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, Environmental Laws, the USA Patriot Act and the other laws and
regulations that are referred to in Sections&nbsp;5.16, 5.17, and 5.18 and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective
properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that <FONT STYLE="white-space:nowrap">non-compliance</FONT> with such laws, ordinances or governmental rules or regulations or the failure to
obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.2.2.&nbsp;&nbsp;&nbsp;&nbsp;Insurance. The Company will insure and keep insured, and will cause each of its
Subsidiaries to insure and keep insured, to a reasonable amount with reputable insurance companies, so much of their respective properties as companies engaged in a similar business and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-22- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
to the extent such companies in accordance with good business practice customarily insure properties of a similar character against loss by fire and from other causes or, in lieu thereof, in the
case of itself or its Subsidiaries, the Company will maintain or cause to be maintained a system or systems of self-insurance which will accord with the approved practices of companies owning or operating properties of a similar character and
maintaining such systems, and of a size similar to that of the Company and its direct and indirect Subsidiaries on a consolidated basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.2.3.&nbsp;&nbsp;&nbsp;&nbsp;Maintenance of Properties. The Company will, and will cause each of the
Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be
properly conducted at all times, provided that this Section&nbsp;shall not prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its
business and the Company has concluded that such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.2.4.&nbsp;&nbsp;&nbsp;&nbsp;Payment of Taxes and Claims . The Company will, and will cause each of its
Subsidiaries to, file all income tax or similar tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies
imposed on them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a
Lien on properties or assets of the Company or any Subsidiary, provided that neither the Company nor any Subsidiary need file any such return or pay any such tax, assessment, charge, levy or claim if (i)&nbsp;the amount, applicability or validity
thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or
such Subsidiary or (ii)&nbsp;the <FONT STYLE="white-space:nowrap">non-filing</FONT> of any such return or the nonpayment of all such taxes, assessments, charges, levies and claims would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.2.5.&nbsp;&nbsp;&nbsp;&nbsp;Corporate Existence, Etc.; Ownership of
Subsidiaries. (a)&nbsp;Subject to Section&nbsp;10.4(ii) the Company will at all times preserve and keep in full force and effect its corporate existence. Subject to Section&nbsp;10.4, the Company will at all times preserve and keep in full force and
effect the legal existence of each of its Subsidiaries (unless merged into the Company or a Wholly-Owned Subsidiary) and all rights and franchises of the Company and its Subsidiaries unless, in the good faith judgment of the Company, the termination
of or failure to preserve and keep in full force and effect such legal existence, right or franchise would not, individually or in the aggregate, have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, except pursuant to an action or order
by a Governmental Authority, one hundred percent of all of the common stock (except directors&#146; qualifying shares) and voting interests relating to the common stock of the Company shall at all times be and remain owned (directly or indirectly)
by Unitil. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-23- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.2.6.&nbsp;&nbsp;&nbsp;&nbsp;Books and Records. The Company
will, and will cause each of its Subsidiaries to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company or such
Subsidiary, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.2.7.&nbsp;&nbsp;&nbsp;&nbsp;Series&nbsp;R Bonds to Rank Pari Passu. The
Company will ensure that its payment obligations under this Agreement and the Series&nbsp;R Bonds will at all times rank at least <I>pari passu</I>, without preference or priority, with all other senior unsecured Funded Indebtedness of the Company.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.2.8.&nbsp;&nbsp;&nbsp;&nbsp;Guarantors. (a)&nbsp;The Company will cause any Person that guarantees or
otherwise becomes liable at any time, whether as a borrower or an additional or <FONT STYLE="white-space:nowrap">co-borrower</FONT> or otherwise, for or in respect of any Indebtedness under any Material Credit Facility to concurrently therewith:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;enter into an agreement in form and substance satisfactory to the Required
Holders providing for the guaranty by such Person, on a joint and several basis with all other such Persons, of (x)&nbsp;the prompt payment in full when due of all amounts payable by the Company pursuant to the Series&nbsp;R Bonds (whether for
principal, interest, <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount or otherwise) and this Agreement, including all indemnities, fees and expenses payable by the Company thereunder and (y)&nbsp;the prompt, full and faithful performance,
observance and discharge by the Company of each and every covenant, agreement, undertaking and provision required pursuant to the Series&nbsp;R Bonds or this Agreement to be performed, observed or discharged by it (a &#147;Guaranty Agreement&#148;);
and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;deliver the following to each holder of a Series&nbsp;R Bond: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;an executed counterpart of such Guaranty; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;a certificate signed by an authorized responsible officer of such Person
containing representations and warranties on behalf of such Person to the same effect, mutatis mutandis, as those contained in Sections 5.1, 5.2, 5.6, and 5.7 of this Agreement (but with respect to such Person and such Guaranty rather than the
Company); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;all documents as may be reasonably requested by the Required
Holders to evidence the due organization, continuing existence and, where applicable, good standing of such Person and the due authorization by all requisite action on the part of such Person of the execution and delivery of such Guaranty and the
performance by such Person of its obligations thereunder; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(D)&nbsp;&nbsp;&nbsp;&nbsp;an opinion of
counsel reasonably satisfactory to the Required Holders covering such matters relating to such Person and such Guaranty as the Required Holders may reasonably request. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-24- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition to the foregoing, if the Bank Credit Agreement shall contain (or
be amended to contain) covenants, reporting obligations or events of default related to such Bank Guarantor, then the Company shall deliver an amendment to this Agreement to add similar covenants, reporting obligations and events of default related
to such Bank Guarantor for the benefit of the holders of the Series&nbsp;R Bonds, and until such time as such amendment is delivered, this Agreement shall be deemed, without any action on the part of the parties hereto, to be amended to include such
additional covenants, reporting obligations and events of default as if set forth herein in full. If the Bank Credit Agreement shall cease to contain such covenants, reporting obligations or events of default related to such Bank Guarantor, then the
Company and the holders of the Series&nbsp;R Bonds shall deliver an amendment to this Agreement to remove such similar covenants, reporting obligations and events of default related to such Bank Guarantor, and until such time as such amendment is
delivered, this Agreement shall be deemed, without any action on the part of the parties hereto, to be amended to exclude such covenants, reporting obligations and events of default as if set forth herein in full. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;At the election of the Company and by written notice to each holder of
Series&nbsp;R Bonds, any Guarantor that has provided a Guaranty under subparagraph (a)&nbsp;of this Section&nbsp;9.2.8 may be discharged from all of its obligations and liabilities under its Guaranty and shall be automatically released from its
obligations thereunder without the need for the execution or delivery of any other document by the holders, provided that (i)&nbsp;if such Guarantor is a guarantor or is otherwise liable for or in respect of any Material Credit Facility, then such
Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Guarantor under its Guaranty) under such Material Credit Facility, (ii)&nbsp;at the time of, and after giving effect to, such
release and discharge, no Default or Event of Default shall be existing, (iii)&nbsp;no amount is then due and payable under such Guaranty, (iv)&nbsp;if in connection with such Guarantor being released and discharged under any Material Credit
Facility, any fee or other form of consideration is given to any holder of Indebtedness under such Material Credit Facility for such release, the holders of the Series&nbsp;R Bonds shall receive equivalent consideration substantially concurrently
therewith, and (v)&nbsp;each holder shall have received a certificate of a Responsible Officer certifying as to the matters set forth in clauses&nbsp;(i)&nbsp;through (iv). In the event of any such release, for purposes of Section&nbsp;10.1, all
Indebtedness of such Subsidiary shall be deemed to have been incurred concurrently with such release. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N<SMALL>EGATIVE</SMALL> C<SMALL>OVENANTS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">From and after the Collateral Release Date so long as any of the Series&nbsp;R Bonds are outstanding, the Company covenants
that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.1.&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Funded Indebtedness. (a)&nbsp;The Company will not, and
will not permit any Subsidiary to, create, incur, assume or otherwise become liable for any Funded Indebtedness other than: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Funded Indebtedness evidenced by the Series&nbsp;R Bonds; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-25- </P>

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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Funded Indebtedness of the
Company or any Subsidiary outstanding as of the Closing and reflected in Schedule&nbsp;5.15 hereto; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;additional Funded Indebtedness, so long as the aggregate outstanding principal
amount of such Funded Indebtedness, after giving effect to the application of the proceeds thereof (subject to the proviso set forth hereafter) and when added to all other Funded Indebtedness of the Company and its Subsidiaries (determined on a
consolidated basis) then outstanding, does not exceed 65% of the Total Capitalization; provided, that in giving effect to the application of such proceeds, only applications which are substantially contemporaneous with the incurrence of such
additional Funded Indebtedness shall be given such effect, except that if the application of such proceeds involves the redemption of other securities of the Company, and such redemption cannot be made substantially contemporaneously with the
incurrence of such additional Funded Indebtedness, then such intended redemption shall nevertheless be given effect for purposes hereof if either (1)&nbsp;the Company shall have given irrevocable written notice of redemption of such other securities
to the holders thereof at or prior to the time of the incurrence of such additional Funded Indebtedness and such redemption is thereafter made in accordance with the terms of such notice, or (2)&nbsp;if such notice was not permitted to be given at
or prior to the time of the incurrence of such additional Funded Indebtedness and the redemption will occur within 180 days after such incurrence, then (A)&nbsp;the proceeds of such Funded Indebtedness to be used for such redemption shall have been
set aside in an escrow or trust account with a United States bank or other financial institution having capital and surplus of at least $35,000,000, together with written instructions to the escrow agent or trustee to send notice of redemption of
such securities provided by the Company to the holders thereof in accordance with the terms of such securities and thereafter to use such proceeds for such redemption in accordance with the terms of such notice, such escrow or trust account to also
provide (x)&nbsp;that the funds set aside therein are not to be released to or for the benefit of the Company except for the purpose of accomplishing the redemption contemplated thereby, or with the prior written consent of all holders of
Series&nbsp;R Bonds then outstanding, and (y)&nbsp;that if the funds set aside therein are invested in securities by such bank or financial institution, they shall be invested only in direct obligations of the United States of America maturing in
not more than 180 days, and (B)&nbsp;unless otherwise agreed to in writing by all of the holders of Series&nbsp;R Bonds then outstanding, the redemption to be funded from such escrow or trust account is actually made in accordance with the terms
under which such escrow or trust account is established. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;In addition to the limitations
contained in Section&nbsp;10.1(a), no Subsidiary shall create, incur, assume or become liable for, or have outstanding any Funded Indebtedness if, after giving effect thereto and to any concurrent transaction, the aggregate amount of all Funded
Indebtedness of all Subsidiaries would exceed 20% of Total Shareholders&#146; Equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;For the
purposes of this Section&nbsp;10.1, any Person becoming a Subsidiary after the date hereof shall be deemed, at the time it becomes a Subsidiary, to have incurred all of its then outstanding Indebtedness, and any Person extending, renewing or
refunding any Indebtedness shall be deemed to have incurred such Indebtedness at the time of such extension, renewal or refunding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-26- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.2.&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Liens. Except as
hereinafter in this Section&nbsp;expressly permitted, the Company will not at any time, nor will it permit any Subsidiary to, directly or indirectly, create, assume or suffer to exist, except in favor of the Company or any Subsidiary, any Lien upon
any of its properties or assets, real or personal, whether now owned or hereafter acquired, or of or upon any income or profits therefrom, without making effective provision, and the Company covenants that in any such case it will make or cause to
be made effective provision, whereby the Series&nbsp;R Bonds then outstanding shall be secured by such Lien equally and ratably with any and all other Indebtedness to be secured thereby pursuant to documentation reasonably acceptable to the Required
Holders in substance and in form, including, without limitation, an intercreditor agreement and opinions of counsel to the Company and/or any such Subsidiary, as the case may be, from counsel that is reasonably acceptable to the Required Holders, so
long as any such other Indebtedness shall be so secured. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Nothing in this Section&nbsp;shall be construed to prevent the
Company or a Subsidiary from creating, assuming or suffering to exist, and the Company and its Subsidiaries are hereby expressly permitted to create, assume or suffer to exist, without securing the Series&nbsp;R Bonds as hereinabove provided, Liens
of the following character: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;any purchase money mortgage or other Lien existing
on any property of the Company or a Subsidiary at the time of acquisition, whether or not assumed, or created contemporaneously with the acquisition or construction of property, to secure or provide for the payment of the purchase or construction
price of such property, and any conditional sales agreement or other title retention agreement with respect to any property hereafter acquired; provided, however, that (i)&nbsp;the aggregate principal amount of the Indebtedness secured by all such
mortgages and other Liens on a particular parcel of property shall not exceed 100% of the lesser of the total cost or fair market value at the time of the acquisition or construction of such property, including the improvements thereon (as
determined in good faith by the Board of Directors of the Company or the relevant Subsidiary) and (ii)&nbsp;all such Indebtedness shall have been incurred within the applicable limitations provided in Section&nbsp;10.1; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;refundings or extensions of any Lien permitted by this Section&nbsp;10.2 for
amounts not exceeding the principal amount of the Indebtedness so refunded or extended at the time of the refunding or extension thereof, and covering only the same property theretofore securing the same; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;deposits, Liens or pledges to enable the Company or a Subsidiary to exercise any
privilege or license, or to secure payment of worker&#146;s compensation, unemployment insurance, old age pensions or other social security, or to secure the performance of bids, tenders, contracts or leases to which the Company or a Subsidiary is a
party, or to secure public or statutory obligations of the Company or a Subsidiary, or to secure surety, stay or appeal bonds to which the Company or a Subsidiary is a party; or other similar deposits or pledges made in the ordinary course of
business; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-27- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;mechanics&#146;, workmen&#146;s,
repairmen&#146;s, materialmen&#146;s or carrier&#146;s liens or other similar Liens arising in the ordinary course of business; or deposits or pledges to obtain the release of any such Liens; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;(A) Liens arising out of judgments or awards against the Company or a Subsidiary
(i)&nbsp;which judgments or awards are discharged by the Company within 60 days after entry thereof (or such shorter period of time in which a judgment creditor may execute upon any such judgment or award) or (ii)&nbsp;with respect to which the
Company or a Subsidiary shall in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution pending such appeal or proceeding for review shall have been secured; or (B)&nbsp;Liens incurred by the
Company or a Subsidiary for the purpose of obtaining a stay or discharge in the course of any legal proceeding to which the Company or a Subsidiary is a party; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;Liens for taxes (i)&nbsp;not yet subject to penalties for <FONT
STYLE="white-space:nowrap">non-payment</FONT> or (ii)&nbsp;being contested, provided, payment thereof is not required by Section&nbsp;9.2.4; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;minor survey exceptions, or minor encumbrances, easements or reservations of, or
rights of others for, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties, which encumbrances, easements, reservations, rights and
restrictions do not in the aggregate Materially detract from the value of said properties or Materially impair their use in the operation of the business of the Company or a Subsidiary; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;Liens incurred in connection with the lease of conversion burners and water heaters
to customers; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Liens on property acquired through the merger or consolidation
of another utility company with or into, or the purchase of all or substantially all of the assets of another utility company by, the Company or a Subsidiary, provided that such Lien does not extend to other property of the Company or a Subsidiary;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;pledges, assignments and other security devices entered into in connection
with the financing or refinancing of customers&#146; conditional sales contracts; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Indebtedness incurred in connection with the purchase and sale of
electricity and/or energy supply (including transportation or transmission charges) or Guaranties in respect of obligations under such contracts; provided that, such Liens attach solely to such electricity or energy supply; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;contractual rights of the Company and its Subsidiaries in connection with funds
contributed and borrowed under the Cash Pooling and Loan Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;in
addition to those Liens otherwise permitted by this Section&nbsp;10.2, Liens created or incurred prior to, on or after the Collateral Release Date securing Indebtedness which does not exceed in the aggregate $10,000,000 at any one time outstanding;
provided </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-28- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
that all such Indebtedness shall have been incurred within the applicable limitations provided in Section&nbsp;10.1; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Indebtedness issued to finance or refinance the Company&#146;s
buildings in New Hampshire or any property acquired in replacement thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If at any time the Company or a Subsidiary
shall create or assume any Lien not permitted by this Section, to which the covenant to secure the Series&nbsp;R Bonds in the first paragraph of this Section&nbsp;10.2 is applicable, the Company will promptly deliver to each holder of record of the
Series&nbsp;R Bonds then outstanding: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(x)&nbsp;&nbsp;&nbsp;&nbsp;an Officers&#146; Certificate stating
that the covenant of the Company contained in the first paragraph of this Section&nbsp;10.2 has been complied with; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(y)&nbsp;&nbsp;&nbsp;&nbsp;an opinion of counsel addressed to such holders to the effect that such covenant
has been complied with, and that any instruments executed by the Company in the performance of such covenant comply with the requirements of such covenant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.3.&nbsp;&nbsp;&nbsp;&nbsp;Transactions with Affiliates. Except as described in the Disclosure Documents prior
to Closing, the Company will not and will not permit any Subsidiary to enter into directly or indirectly any transaction or group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind
or the rendering of any service) with any Affiliate (other than the Company or another Subsidiary or Unitil or another Subsidiary of Unitil), except in the ordinary course and pursuant to the reasonable requirements of the Company&#146;s or such
Subsidiary&#146;s business and upon fair and reasonable terms no less favorable to the Company or such Subsidiary than would be obtainable in a comparable <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction with a Person not an
Affiliate, except as may be necessary in order for the Company to comply with requirements of any applicable state or federal statute or regulation; provided, however, that if it is not possible to identify what terms would apply to a comparable
arm&#146;s&#150;length transaction with a Person not an Affiliate, such transaction shall be upon such terms as shall be fair and reasonable under the circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.4.&nbsp;&nbsp;&nbsp;&nbsp;Merger or Consolidation; Sale or Transfer of Assets. The Company will not
(a)&nbsp;consolidate with or be a party to a merger with any other corporation or (b)&nbsp;sell, lease or otherwise dispose of all or substantially all of the assets of the Company and its Subsidiaries (taken as a whole); provided, however, that the
Company may consolidate, merge or otherwise combine with any other corporation or sell, lease or otherwise dispose of all or substantially all of the assets of the Company and its Subsidiaries (taken as a whole), if </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;the corporation which results from such consolidation, merger or combination or the
corporation to which the Company sells, leases or otherwise disposes of all or substantially all of its and its Subsidiaries&#146; (taken as a whole) assets (in either case, the &#147;surviving corporation&#148;) is either the Company (in the case
of a merger, consolidation or combination), or, if not, is organized under the laws of any State of the United States or the District of Columbia, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-29- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;in the event that the surviving
corporation is not the Company, the obligations of the Company under this Agreement and the Series&nbsp;R Bonds are expressly assumed in writing by the surviving corporation and the surviving corporation shall furnish the holders of the
Series&nbsp;R Bonds an opinion of counsel satisfactory to such holders to the effect that the instrument of assumption has been duly authorized, executed and delivered and constitutes the legal, valid and binding contract and agreement of the
surviving corporation enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors&#146; rights generally
and by general equitable principles, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;at the time of such consolidation,
merger or combination or sale, lease or other disposition of all or substantially all of the Company&#146;s and its Subsidiaries&#146; assets, and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be
continuing and the Company or the surviving corporation, as the case may be, could incur at least $1.00 of additional Funded Indebtedness pursuant to Section&nbsp;10.1(a)(iii); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.5.&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Dividends. The Company covenants that it will not declare or pay
dividends (other than in its own common stock) or make any other distribution on shares of its common stock or apply any of its property or assets (other than amounts equal to any proceeds received from the sale of common stock of the Company) to
the purchase or retirement of, or make any other distribution through reduction of capital or otherwise, in respect of, any shares of its common stock (which dividends, distributions, purchases and retirements are hereinafter referred to as
&#147;distributions&#148;) if, after giving effect to such distribution, the aggregate of all such distributions declared, paid, made or applied subsequent to December&nbsp;31, 2019, plus the amount of all dividends declared on any class of
preferred stock of the Company subsequent to December&nbsp;31, 2019, and any amounts charged to net income after December&nbsp;31, 2019 in connection with the purchase or retirement of any shares of preferred stock of the Company would exceed an
amount equal to net income of the Company available for dividends after December&nbsp;31, 2019, plus the net proceeds from any common or preferred equity issuances by the Company subsequent to December&nbsp;31, 2019, plus the sum of $70,000,000.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.6.&nbsp;&nbsp;&nbsp;&nbsp;Line of Business. The Company will not and will not permit any Subsidiary to
engage in any business if, as a result, the general nature of the business, taken on a consolidated basis, which would then be engaged in by the Company and its Subsidiaries would be substantially changed from the general nature of the business
engaged in by the Company and its Subsidiaries on the date of this Agreement provided, however, an expansion of the Company&#146;s or any Subsidiary&#146;s service territory shall be deemed not to be a change from the general nature of the business
engaged in by the Company and its Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.7.&nbsp;&nbsp;&nbsp;&nbsp;Economics Sanctions
Regulations. The Company will not, and will not permit any Controlled Entity to (a)&nbsp;become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b)&nbsp;directly or indirectly have any
investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Series&nbsp;R Bonds) with any Person if such investment, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-30- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
dealing or transaction (i)&nbsp;would cause any holder to be in violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (ii)&nbsp;is prohibited by or
subject to sanctions under any U.S. Economic Sanctions Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E<SMALL>VENTS</SMALL> <SMALL>OF</SMALL> D<SMALL>EFAULT</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;11.1.&nbsp;&nbsp;&nbsp;&nbsp;Events of Default Prior to the Collateral Release Date. Prior to the Collateral
Release Date, the term &#147;Event of Default&#148; shall have the meaning as defined in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;11.2.&nbsp;&nbsp;&nbsp;&nbsp;Events of Default from and after the Collateral Release Date From and after the
Collateral Release Date an &#147;Event of Default&#148; hereunder shall exist if any of the following conditions or events shall occur and be continuing: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the Company defaults in the payment of any principal or Make-Whole Amount, if any,
on any Series&nbsp;R Bond when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;the Company defaults in the payment of any interest on any Series&nbsp;R Bond for
more than five Business Days after the same becomes due and payable; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;the
Company defaults in the performance of or compliance with any term contained in any of Section&nbsp;7.1(e) or Section&nbsp;10.1, Section&nbsp;10.2, or Section&nbsp;10.4; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;the Company defaults in the performance of or compliance with&nbsp;any term
contained herein (other than those referred to in Sections&nbsp;11.2(a), (b) and (c)) or, if a Guaranty Agreement is in effect, any Guarantor defaults in the performance of or compliance with any Material term of such Guaranty Agreement and, in each
case, such default is not remedied within 30 days after the earlier of (i)&nbsp;a Responsible Officer obtaining actual knowledge of such default and (ii)&nbsp;the Company or any Guarantor, as applicable, receiving written notice of such default from
any holder of a Series&nbsp;R Bond (any such written notice to be identified as a &#147;notice of default&#148; and to refer specifically to this Section&nbsp;11.2(d)); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;any representation or warranty made in writing by the Company or a Guarantor, if
any, or by any officer of the Company or such Guarantor in this Agreement or in the Guaranty Agreement, as applicable, or in any writing furnished in connection with the transactions contemplated hereby or thereby proves to have been false or
incorrect in any material respect on the date as of which made; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;(i) the
Company or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at
least $5,000,000 beyond any period of grace provided with respect thereto, or (ii)&nbsp;the Company or any Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding
principal amount of at least </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-31- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
$5,000,000 or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has
been declared (or one or more Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii)&nbsp;as a consequence of the occurrence or continuation
of any event or condition (other than (A)&nbsp;the passage of time, (B)&nbsp;the right of the holder of Indebtedness to convert such Indebtedness into equity interests, or (C)&nbsp;the Company&#146;s exercise of its right to purchase or prepay
Indebtedness, including an optional prepayment made in accordance with Section&nbsp;8.2.1), (x)&nbsp;the Company or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity or before its regularly scheduled
dates of payment in an aggregate outstanding principal amount of at least $5,000,000, or (y)&nbsp;one or more Persons have the right to require the Company or any Subsidiary so to purchase or repay such Indebtedness; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;the Company or any Subsidiary (i)&nbsp;is generally not paying, or admits in
writing its inability to pay, its debts as they become due, (ii)&nbsp;files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation
or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii)&nbsp;makes an assignment for the benefit of its creditors, (iv)&nbsp;consents to the appointment of a custodian, receiver,
trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v)&nbsp;is adjudicated as insolvent or to be liquidated, or (vi)&nbsp;takes corporate action for the purpose of any of the
foregoing; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;a court or other Governmental Authority of competent
jurisdiction enters an order appointing, without consent by the Company or any of its Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or
constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, <FONT
STYLE="white-space:nowrap">winding-up</FONT> or liquidation of the Company or any of its Subsidiaries, or any such petition shall be filed against the Company or any of its Subsidiaries and such petition shall not be dismissed within 60&nbsp;days;
or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;a final judgment or judgments for the payment of money aggregating in
excess of $10,000,000 (in excess of insurance available therefor), including, without limitation, any such final order enforcing a binding arbitration decision are rendered against one or more of the Company and its Subsidiaries and which judgments
are not, within 60&nbsp;days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60&nbsp;days after the expiration of such stay; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;if a Guaranty Agreement is in effect, such Guaranty Agreement ceases to be a
legally valid, binding and enforceable obligation or contract of any Guarantor, or any Guarantor or any party by, through or on account of any such Guarantor, challenges the validity, binding nature or enforceability of a Guaranty Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-32- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EMEDIES</SMALL>
<SMALL>ON</SMALL> D<SMALL>EFAULT</SMALL>, E<SMALL>TC</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Prior to the Collateral Release Date, remedies upon the
occurrence of a &#147;Default&#148; or &#147;Event of Default&#148; (as defined in the Indenture) shall be governed by the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">From and after the Collateral Release Date, the following remedies shall be applicable upon the occurrence of an Event of
Default: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;12.1.&nbsp;&nbsp;&nbsp;&nbsp;Acceleration. (a)&nbsp;If an Event of Default with respect to the
Company described in Section&nbsp;11.2(g) or (h) (other than an Event of Default described in clause&nbsp;(i) of Section&nbsp;11.2(g) or described in clause&nbsp;(vi) of Section&nbsp;11.2(g) by virtue of the fact that such clause encompasses
clause&nbsp;(i) of Section&nbsp;11.2(g)) has occurred, all the Series&nbsp;R Bonds then outstanding shall automatically become immediately due and payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;If any other Event of Default has occurred and is continuing, any holder or holders of at least <FONT
STYLE="white-space:nowrap">66-2/3%</FONT> in principal amount of the Series&nbsp;R Bonds at the time outstanding may at any time at its or their option, by notice or notices to the Company, declare all the Series&nbsp;R Bonds then outstanding to be
immediately due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;If any Event of Default described in Section&nbsp;11.2(a) or
(b)&nbsp;has occurred and is continuing, any holder or holders of Series&nbsp;R Bonds at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the
Series&nbsp;R Bonds held by it or them to be immediately due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Upon any Series&nbsp;R Bonds becoming due and
payable under this Section&nbsp;12.1, whether automatically or by declaration, such Series&nbsp;R Bonds will forthwith mature and the entire unpaid principal amount of such Series&nbsp;R Bonds, plus (x)&nbsp;all accrued and unpaid interest thereon
(including, but not limited to, interest accrued thereon at the Default Rate) and (y)&nbsp;the Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and
payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Series&nbsp;R Bond has the right to maintain its
investment in the Series&nbsp;R Bonds free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Series&nbsp;R Bonds are prepaid or
are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;12.2.&nbsp;&nbsp;&nbsp;&nbsp;Other Remedies. If any Default or Event of Default has occurred and is continuing,
and irrespective of whether any Series&nbsp;R Bonds have become or have been declared immediately due and payable under Section&nbsp;12.1, the holder of any Series&nbsp;R Bond at the time outstanding may proceed to protect and enforce the rights of
such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Series&nbsp;R Bond or Guaranty Agreement, or for an injunction against a violation of
any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-33- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;12.3.&nbsp;&nbsp;&nbsp;&nbsp;Rescission. At any time after any
Series&nbsp;R Bonds have been declared due and payable pursuant to Section&nbsp;12.1(b) or (c), the holders of not less than <FONT STYLE="white-space:nowrap">66-2/3%</FONT> in principal amount of the Series&nbsp;R Bonds then outstanding, by written
notice to the Company, may rescind and annul any such declaration and its consequences if (a)&nbsp;the Company has paid all overdue interest on the Series&nbsp;R Bonds, all principal of and Make-Whole Amount, if any, on any Series&nbsp;R Bonds that
are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the
Series&nbsp;R Bonds, at the Default Rate, (b)&nbsp;all Events of Default and Defaults, other than <FONT STYLE="white-space:nowrap">non-payment</FONT> of amounts that have become due solely by reason of such declaration, have been cured or have been
waived pursuant to Section&nbsp;17, and (c)&nbsp;no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Series&nbsp;R Bonds. No rescission and annulment under this Section&nbsp;12.3 will extend to or
affect any subsequent Event of Default or Default or impair any right consequent thereon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;12.4.&nbsp;&nbsp;&nbsp;&nbsp;No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay
on the part of any holder of any Series&nbsp;R Bond in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder&#146;s rights, powers or remedies. No right, power or remedy conferred by this
Agreement, any Guaranty Agreement or any Series&nbsp;R Bond upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.
Without limiting the obligations of the Company under Section&nbsp;15, the Company will pay to the holder of each Series&nbsp;R Bond on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any
enforcement or collection under this Section&nbsp;12, including, without limitation, reasonable attorneys&#146; fees, expenses and disbursements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EGISTRATION</SMALL>; E<SMALL>XCHANGE</SMALL>;
S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> S<SMALL>ERIES</SMALL>&nbsp;R B<SMALL>ONDS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;13.1.&nbsp;&nbsp;&nbsp;&nbsp;Registration of Series&nbsp;R Bonds. (a)&nbsp;Prior to the Collateral Release Date
as long as any Series&nbsp;R Bonds remain outstanding, the Trustee shall keep at its principal executive office, or at such other office the address of which the Trustee may hereafter notify the holders of the Series&nbsp;R Bonds from time to time,
a register for the registration and registration of transfers of Series&nbsp;R Bonds (in accordance with the terms of the Indenture). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;From and after the Collateral Release Date as long as any Series&nbsp;R Bonds remain outstanding,
the Company shall keep at its principal executive office, or at such other office the address of which the Company may hereafter notify the holders of the Series&nbsp;R Bonds from time to time, a register for the registration and registration of
transfers of Series&nbsp;R Bonds. The name and address of each holder of one or more Series&nbsp;R Bonds, each transfer thereof and the name and address of each transferee of one or more Series&nbsp;R Bonds shall be registered in such register. If
any holder of one or more Series&nbsp;R Bonds is a nominee, then (i)&nbsp;the name and address of the beneficial owner of such Series&nbsp;R Bond or Series&nbsp;R Bonds shall also be registered in such register as an owner and holder thereof and
(ii)&nbsp;at any such beneficial owner&#146;s option, either such beneficial owner or its nominee may execute any amendment, waiver, consent or other instrument pursuant to this Agreement. Prior to due presentment for registration of transfer, the
Person in whose name any Series&nbsp;R Bond shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-34- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
contrary. The Company shall give to any holder of a Series&nbsp;R Bond that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of
all registered holders of Series&nbsp;R Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;13.2.&nbsp;&nbsp;&nbsp;&nbsp;Transfer and Exchange of
Series&nbsp;R Bonds. (a)&nbsp;Prior to the Collateral Release Date as long as any Series&nbsp;R Bonds remain outstanding, upon surrender of any Series&nbsp;R Bond to the Trustee the terms of the Indenture shall govern any transfer, exchange, or
replacement of any Series&nbsp;R Bond. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;From and after the Collateral Release Date as long as
any Series&nbsp;R Bonds remain outstanding, upon surrender of any Series&nbsp;R Bond to the Company at the address and to the attention of the designated officer (all as specified in Section&nbsp;18(iii)), for registration of transfer or exchange
(and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Series&nbsp;R Bond or such holder&#146;s attorney duly authorized in writing and accompanied
by the relevant name, address and other information for notices of each transferee of such Series&nbsp;R Bond or part thereof), within ten Business Days thereafter, the Company shall execute and deliver, at the Company&#146;s expense (except as
provided below), one or more new Series&nbsp;R Bonds (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Series&nbsp;R Bond. Each such new Series&nbsp;R
Bond shall be payable to such Person as such holder may request and shall be substantially in the form of the Series&nbsp;R Bond originally issued hereunder. Each such new Series&nbsp;R Bond shall be dated and bear interest from the date to which
interest shall have been paid on the surrendered Series&nbsp;R Bond or dated the date of the surrendered Series&nbsp;R Bond if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or
governmental charge imposed in respect of any such transfer of Series&nbsp;R Bonds. Series&nbsp;R Bonds shall not be transferred in denominations of less than $500,000, provided that if necessary to enable the registration of transfer by a holder of
its entire holding of Series&nbsp;R Bonds, one Series&nbsp;R Bond may be in a denomination of less than $500,000. Any transferee, by its acceptance of a Series&nbsp;R Bond registered in its name (or the name of its nominee), shall be deemed to have
made the representation set forth in Section&nbsp;6.2 and shall be bound by the terms of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;13.3.&nbsp;&nbsp;&nbsp;&nbsp;Replacement of Series&nbsp;R Bonds. From and after the Collateral Release Date as
long as any Series&nbsp;R Bonds remain outstanding, upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section&nbsp;18(iii)) of evidence reasonably satisfactory to it of the ownership of
and the loss, theft, destruction or mutilation of any Series&nbsp;R Bond (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation),
and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;in the case of loss, theft or destruction, of indemnity reasonably
satisfactory to it (provided that if the holder of such Series&nbsp;R Bond is, or is a nominee for, an original Purchaser or another Institutional Investor that is a holder of a Series&nbsp;R Bond with a minimum net worth of at least $5,000,000 or a
Qualified Institutional Buyer, such Person&#146;s own unsecured agreement of indemnity shall be deemed to be satisfactory), or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of mutilation, upon surrender and cancellation thereof, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-35- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">within ten Business Days thereafter, the Company at its own expense shall execute and
deliver, in lieu thereof, a new Series&nbsp;R Bond, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Series&nbsp;R Bond or dated the date of such lost, stolen, destroyed or
mutilated Series&nbsp;R Bond if no interest shall have been paid thereon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P<SMALL>AYMENTS</SMALL> <SMALL>ON</SMALL> S<SMALL>ERIES</SMALL>&nbsp;R
B<SMALL>ONDS</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;14.1.&nbsp;&nbsp;&nbsp;&nbsp;Place of Payment. Subject to Section&nbsp;14.2, payments
of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Series&nbsp;R Bonds shall be made in Hampton, New Hampshire, at the principal office of the Company in such jurisdiction. The Company may at any time, by notice to
each holder of a Series&nbsp;R Bond, change the place of payment of the Series&nbsp;R Bonds so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company
in such jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;14.2.&nbsp;&nbsp;&nbsp;&nbsp;Home Office Payment. (a)&nbsp;The terms of this
Section&nbsp;14.2(a) only apply prior to the Collateral Release Date so long as any Series&nbsp;R Bonds remain outstanding. Pursuant to the provisions of Section&nbsp;1.01 of the Sixteenth Supplemental Indenture and notwithstanding anything in the
Indenture or the Series&nbsp;R Bonds to the contrary, the Company will pay or cause to be paid all sums becoming due on any Series&nbsp;R Bond owned by a holder or such holder&#146;s nominee in the manner specified in Schedule&nbsp;A hereto or as
such holder may otherwise designate by written notice to the Company with a copy to the Trustee and all such payments shall be made without presentation or surrender of such Series&nbsp;R Bond to the Trustee; provided, that such holder agrees that
it will not sell, transfer or otherwise dispose of any such Series&nbsp;R Bond unless, prior to the delivery thereof, either (i)&nbsp;such holder shall have made a clear and accurate notation of the amount of the principal redeemed on the
Series&nbsp;R Bond to be transferred, or (ii)&nbsp;such Series&nbsp;R Bond shall have been presented to the Trustee for appropriate notation thereon of the portion of the principal redeemed on the Series&nbsp;R Bond or (iii)&nbsp;the Series&nbsp;R
Bond shall have been surrendered in exchange for a new Series&nbsp;R Bond for the unredeemed balance of the principal amount thereof. By acceptance of any Series&nbsp;R Bond, each holder of a Series&nbsp;R Bond agrees that prior to receiving any
final payment of the entire remaining unpaid principal amount of any Series&nbsp;R Bond pursuant to this Section&nbsp;14.2(a), such holder shall be required to deliver such Series&nbsp;R Bond to the Trustee. Such holder&#146;s rights under this
Section&nbsp;14.2(a) and Section&nbsp;1.01 of the Sixteenth Supplemental Indenture may be exercised by any subsequent Institutional Holder who shall enter into an agreement in writing with the Company containing the terms set forth in this
Section&nbsp;14.2(a) and deliver a copy thereof to the Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;The terms of this Section&nbsp;14.2(b)
only apply from and after the Collateral Release Date, so long as any Purchaser or its nominee shall be the holder of any Series&nbsp;R Bond. Notwithstanding anything contained in Section&nbsp;14.1 or in such Series&nbsp;R Bond to the contrary, the
Company will pay all sums becoming due on such Series&nbsp;R Bond for principal, Make-Whole Amount, if any, interest and all other amounts becoming due hereunder by the method and at the address specified for such purpose below such Purchaser&#146;s
name in Schedule A, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Series&nbsp;R Bond or the making
of any notation thereon, except that upon written request of the Company made concurrently </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-36- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
with or reasonably promptly after payment or prepayment in full of any Series&nbsp;R Bond, such Purchaser shall surrender such Series&nbsp;R Bond for cancellation, reasonably promptly after any
such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section&nbsp;14.1. Prior to any sale or other disposition of any Series&nbsp;R Bond held by a Purchaser or
its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Series&nbsp;R Bond to the Company in exchange for a new
Series&nbsp;R Bond or Series&nbsp;R Bonds pursuant to Section&nbsp;13.2. The Company will afford the benefits of this Section&nbsp;14.2(b) to any Institutional Investor that is the direct or indirect transferee of any Series&nbsp;R Bond purchased by
a Purchaser under this Agreement and that has made the same agreement relating to such Series&nbsp;R Bond as the Purchasers have made in this Section&nbsp;14.2(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;14.3.&nbsp;&nbsp;&nbsp;&nbsp;FATCA Information. By acceptance of any Series&nbsp;R Bond, the holder of such
Series&nbsp;R Bond agrees that such holder will with reasonable promptness duly complete and deliver to the Company and, prior to the Collateral Release Date, the Trustee, or to such other Person as may be reasonably requested by the Company, from
time to time (a)&nbsp;in the case of any such holder that is a United States Person, such holder&#146;s United States tax identification number or other Forms reasonably requested by the Company necessary to establish such holder&#146;s status as a
United States Person under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b)&nbsp;in the case of any such holder that is not a United States Person, such documentation prescribed by applicable
law (including as prescribed by Section&nbsp;1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine that such holder has complied with such
holder&#146;s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing in this Section&nbsp;14.3 shall require any holder to provide information that is confidential or
proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as confidential. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E<SMALL>XPENSES</SMALL>, E<SMALL>TC</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;15.1.&nbsp;&nbsp;&nbsp;&nbsp;Transaction Expenses. Whether or not the transactions contemplated hereby are
consummated, the Company will pay all reasonable costs and expenses (including reasonable attorneys&#146; fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each
other holder of a Series&nbsp;R Bond in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Guaranty Agreement or the Series&nbsp;R Bonds (whether or not such
amendment, waiver or consent becomes effective), including, without limitation: (a)&nbsp;the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any Guaranty
Agreement or the Series&nbsp;R Bonds or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, any Guaranty Agreement or the Series&nbsp;R Bonds, or by reason of being a holder
of any Series&nbsp;R Bond; (b)&nbsp;the costs and expenses, including financial advisors&#146; fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any
<FONT STYLE="white-space:nowrap">work-out</FONT> or restructuring of the transactions contemplated hereby and by the Series&nbsp;R Bonds and any Guaranty Agreement; and (c)&nbsp;the costs and expenses incurred in connection with the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-37- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
initial filing of this Agreement and all related documents and financial information with the SVO provided, that such costs and expenses under this clause&nbsp;(c) shall not exceed $3,000. If
required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company will pay, and will save each Purchaser and each other holder of a Series&nbsp;R Bond harmless from, (i)&nbsp;all
claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Series&nbsp;R Bonds) and (ii)&nbsp;any judgment, liability,
claim, order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys&#146; fees and expenses) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the
Series&nbsp;R Bonds by the Company, due to (a)&nbsp;any failure of any representation or warranty of the Company in this Agreement to be true and correct in all material respects on the date as of which made and at the time of the Closing (except,
in each case, to the extent any representation or warranty expressly relates to a different date, in which case as of such different date) or (b)&nbsp;any failure by the Company to perform or comply in all material respects with any covenant or
agreement contained in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;15.2.&nbsp;&nbsp;&nbsp;&nbsp;Certain Taxes. The Company agrees to pay
all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or any Guaranty Agreement or the execution and delivery (but not the transfer) or the enforcement of
any of the Series&nbsp;R Bonds in the United States or any other jurisdiction where the Company or any Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any Guaranty Agreement or of any of
the Series&nbsp;R Bonds, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Company pursuant to this Section&nbsp;15.2, and will save each holder of a Series&nbsp;R Bond to the extent permitted by
applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;15.3.&nbsp;&nbsp;&nbsp;&nbsp;Tax Withholding. Except as otherwise required by applicable law, the Company agrees
that it will not withhold from any applicable payment to be made to a holder of a Bond that is not a United States Person any tax so long as such holder shall have delivered to the Company (in such number of copies as shall be requested) on or about
the date on which such holder becomes a holder under this Agreement (and from time to time thereafter upon the reasonable request of the Company), executed copies of IRS <FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN</FONT> or IRS <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN-E</FONT></FONT> (or any successor form), as applicable, as well as the applicable &#147;U.S. Tax Compliance Certificate&#148; substantially in the form attached as
Exhibit&nbsp;15.3, in both cases correctly completed and executed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;15.4.&nbsp;&nbsp;&nbsp;&nbsp;Survival.
The obligations of the Company under this Section&nbsp;15 will survive the payment or transfer of any Series&nbsp;R Bond, the enforcement, amendment or waiver of any provision of this Agreement, any Guaranty Agreement or the Series&nbsp;R Bonds, and
the termination of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-38- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">S<SMALL>ECTION</SMALL>&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>URVIVAL</SMALL> <SMALL>OF</SMALL>
R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL>; E<SMALL>NTIRE</SMALL> A<SMALL>GREEMENT</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the
Series&nbsp;R Bonds, the purchase or transfer by any Purchaser of any Series&nbsp;R Bond or portion thereof or interest therein and the payment of any Series&nbsp;R Bond and may be relied upon by any subsequent holder of a Series&nbsp;R Bond,
regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Series&nbsp;R Bond. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this
Agreement shall be deemed representations and warranties of the Company as of the date of such statements under this Agreement. Subject to the preceding sentence, this Agreement, the Series&nbsp;R Bonds and any Guaranty Agreement embody the entire
agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A<SMALL>MENDMENT</SMALL> <SMALL>AND</SMALL> W<SMALL>AIVER</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;17.1.&nbsp;&nbsp;&nbsp;&nbsp;Requirements. (a)&nbsp;This Agreement may be amended, and the observance of any term
hereof may be waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it
is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp; no amendment or waiver may, without the written consent of the holder of each Series&nbsp;R Bond
at the time outstanding, (A)&nbsp;change the Make-Whole Amount, (B)&nbsp;change the percentage of the principal amount of the Series&nbsp;R Bonds the holders of which are required to consent to any amendment or waiver of this Agreement, or
(C)&nbsp;amend any of Sections&nbsp;8, 11.2(a), 11.2(b), 12, 17 or 20. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) Prior to the
Collateral Release Date the Series&nbsp;R Bonds may be amended in accordance with the terms of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;On and after the Collateral Release Date, the Series&nbsp;R Bonds may be amended, and the
observance of any term hereof may be waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that no amendment or waiver may, without the written consent of the holder of each
Series&nbsp;R Bond at the time outstanding, (A)&nbsp;subject to Section&nbsp;12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or
method of computation of interest on the Series&nbsp;R Bonds or (B)&nbsp;change the percentage of the principal amount of the Series&nbsp;R Bonds the holders of which are required to consent to any amendment or waiver of the Series&nbsp;R Bonds.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;17.2.&nbsp;&nbsp;&nbsp;&nbsp;Solicitation of Holders of Series&nbsp;R Bonds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-39- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Solicitation. The Company will provide each holder
of the Series&nbsp;R Bonds (irrespective of the amount of Series&nbsp;R Bonds then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered
decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Series&nbsp;R Bonds or any Guaranty Agreement. The Company will deliver executed or true and correct copies of each amendment,
waiver or consent effected pursuant to the provisions of this Section&nbsp;17 or any Guaranty Agreement to each holder of outstanding Series&nbsp;R Bonds promptly following the date on which it is executed and delivered by, or receives the consent
or approval of, the requisite holders of Series&nbsp;R Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Payment. The Company will not
directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of Series&nbsp;R Bonds as consideration
for or as an inducement to the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof or of any Guaranty Agreement or any Series&nbsp;R Bond unless such remuneration is concurrently paid, or security is
concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of Series&nbsp;R Bonds then outstanding even if such holder did not consent to such waiver or amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Consent in Contemplation of Transfer. Any consent made pursuant to this Section&nbsp;17 or any
Guaranty Agreement by a holder of Series&nbsp;R Bonds that has transferred or has agreed to transfer its Series&nbsp;R Bonds to the Company or any Controlled Entity in connection with such consent shall be void and of no force or effect except
solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Series&nbsp;R Bonds
that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;17.3.&nbsp;&nbsp;&nbsp;&nbsp;Binding Effect, Etc. Any amendment or waiver consented to as provided in this
Section&nbsp;17 or any Guaranty Agreement applies equally to all holders of Series&nbsp;R Bonds and is binding upon them and upon each future holder of any Series&nbsp;R Bond and upon the Company without regard to whether such Series&nbsp;R Bond has
been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course
of dealing between the Company and the holder of any Series&nbsp;R Bond nor any delay in exercising any rights hereunder or under any Series&nbsp;R Bond or any Guaranty Agreement shall operate as a waiver of any rights of any holder of such
Series&nbsp;R Bond. As used herein, the term &#147;this Agreement&#148; and references thereto shall mean this Agreement as it may from time to time be amended or supplemented. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;17.4.&nbsp;&nbsp;&nbsp;&nbsp;Series&nbsp;R Bonds Held by Company, Etc. Solely for the purpose of determining
whether the holders of the requisite percentage of the aggregate principal amount of Series&nbsp;R Bonds then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any Guaranty Agreement or the
Series&nbsp;R Bonds, or have directed the taking of any action provided herein or in any Guaranty Agreement or the Series&nbsp;R Bonds to be taken upon the direction of the holders of a specified percentage of the aggregate principal
</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
amount of Series&nbsp;R Bonds then outstanding, Series&nbsp;R Bonds directly or indirectly owned by the Company or any Controlled Entity shall be deemed not to be outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N<SMALL>OTICES</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and communications provided for hereunder shall be in writing and sent (a)&nbsp;by telecopy if the sender on the
same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b)&nbsp;by registered or certified mail with return receipt requested (postage prepaid), or (c)&nbsp;by a recognized overnight delivery
service (with charges prepaid). Any such notice must be sent: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;if to any
Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in Schedule A, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;if to any other holder of any Series&nbsp;R Bond, to such holder at such address
as such other holder shall have specified to the Company in writing, or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;if
to the Company, to the Company at its address set forth at the beginning hereof to the attention of Treasurer, or at such other address as the Company shall have specified to the holder of each Series&nbsp;R Bond in writing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notices under this Section&nbsp;18 will be deemed given only when actually received. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R<SMALL>EPRODUCTION</SMALL> <SMALL>OF</SMALL> D<SMALL>OCUMENTS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Agreement and all documents relating thereto (except the Series R Bonds themselves), including, without limitation,
(a)&nbsp;consents, waivers and modifications that may hereafter be executed, (b)&nbsp;documents received by any Purchaser at the Closing (except the Series&nbsp;R Bonds themselves), and (c)&nbsp;financial statements, certificates and other
information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced.
The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence
and whether or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section&nbsp;19 shall not
prohibit the Company or any other holder of Series&nbsp;R Bonds from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C<SMALL>ONFIDENTIAL</SMALL> I<SMALL>NFORMATION</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For the purposes of this Section&nbsp;20, &#147;Confidential Information&#148; means information delivered to any Purchaser by
or on behalf of the Company or any Subsidiary in connection with </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-41- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by
such Purchaser as being confidential information of the Company, such Subsidiary, Unitil or Unitil&#146;s Affiliates, provided that such term does not include information that (a)&nbsp;was publicly known or otherwise known to such Purchaser prior to
the time of such disclosure, (b)&nbsp;subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser&#146;s behalf, (c)&nbsp;otherwise becomes known to such Purchaser other than through
disclosure by the Company or any Subsidiary or (d)&nbsp;constitutes financial statements delivered to such Purchaser under Section&nbsp;7.1 that are otherwise publicly available </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Purchaser will maintain the confidentiality of and not disclose such Confidential Information in accordance with
procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i)&nbsp;its directors, officers,
employees, agents, attorneys, trustees and Affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Series&nbsp;R Bonds) who are otherwise obligated to hold confidential and not disclose
the Confidential Information substantially in accordance with this Section&nbsp;20, (ii) its auditors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with
the terms of this Section&nbsp;20, (iii) any other holder of any Series&nbsp;R Bond, (iv)&nbsp;any Institutional Investor to which it sells or offers to sell such Series&nbsp;R Bond or any part thereof or any participation therein (if such Person
has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section&nbsp;20), (v)&nbsp;any Person from which it offers to purchase any security of the Company (if such Person has agreed in
writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section&nbsp;20), (vi)&nbsp;any federal or state regulatory authority having jurisdiction over such Purchaser, (vii)&nbsp;the NAIC or the SVO or, in
each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser&#146;s investment portfolio, or (viii)&nbsp;any other Person to which such delivery or disclosure may be
necessary or appropriate (w)&nbsp;to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x)&nbsp;in response to any subpoena or other legal process, (y)&nbsp;in connection with any litigation to which such
Purchaser is a party or (z)&nbsp;if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the
rights and remedies under such Purchaser&#146;s Series&nbsp;R Bonds, this Agreement or any Guaranty Agreement after prior written notice provided to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each holder of a Series&nbsp;R Bond, by its acceptance of a Series&nbsp;R Bond, will be deemed to have agreed to be bound by
and to be entitled to the benefits of this Section&nbsp;20 as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Series&nbsp;R Bond of information required to be
delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this
Section&nbsp;20. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In the event that as a condition to receiving access to information relating to the Company or its
Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-42- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
this Agreement, any Purchaser or holder of a Series&nbsp;R Bond is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual
workspace or otherwise) which is different from this Section&nbsp;20, this Section&nbsp;20 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section&nbsp;20 shall supersede any such other
confidentiality undertaking. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL>
P<SMALL>URCHASER</SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of
the Series&nbsp;R Bonds that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate&#146;s agreement to be bound by this Agreement
and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in Section&nbsp;6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this
Section&nbsp;21), shall be deemed to refer to such Affiliate in lieu of such original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of
the Series&nbsp;R Bonds then held by such Affiliate, upon receipt by the Company of notice of such transfer, any reference to such Affiliate as a &#147;Purchaser&#148; in this Agreement (other than in this Section&nbsp;21), shall no longer be deemed
to refer to such Affiliate, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Series&nbsp;R Bonds under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<SMALL>ISCELLANEOUS</SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;22.1.&nbsp;&nbsp;&nbsp;&nbsp;Successors and Assigns. All covenants and other agreements contained in this
Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Series&nbsp;R Bond) whether so expressed or not, except that, other than as
provided in Section&nbsp;10.4, the Company may not assign or otherwise transfer any of its rights or obligations hereunder or under the Series&nbsp;R Bonds without the prior written consent of each holder. Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;22.2.&nbsp;&nbsp;&nbsp;&nbsp;Accounting Terms. All accounting terms used herein which are not expressly defined
in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i)&nbsp;all computations made pursuant to this Agreement shall be made in accordance with GAAP, and
(ii)&nbsp;all financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including, without limitation, Section&nbsp;9, Section&nbsp;10, and the definition of
&#147;Indebtedness&#148;), any election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">No.&nbsp;825-10-25</FONT></FONT> &#150; Fair Value Option, International Accounting Standard 39 &#150; Financial Instruments: Recognition and Measurement or any similar accounting standard) shall be disregarded and such
determination shall be made as if such election had not been made. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-43- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;22.3.&nbsp;&nbsp;&nbsp;&nbsp;Severability. Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;22.4.&nbsp;&nbsp;&nbsp;&nbsp;Construction, Etc. Each covenant contained herein shall be construed (absent express
provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any
provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words &#147;include,&#148; &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the phrase &#147;without limitation.&#148; The word
&#147;will&#148; shall be construed to have the same meaning and effect as the word &#147;shall.&#148; Unless the context requires otherwise (a)&nbsp;any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein) and, for purposes
of the Series&nbsp;R Bonds, shall also include any such Series&nbsp;R Bonds issued in substitution therefor pursuant to Section&nbsp;13, (b)&nbsp;subject to Section&nbsp;22.1, any reference herein to any Person shall be construed to include such
Person&#146;s successors and assigns, (c)&nbsp;the words &#147;herein,&#148; &#147;hereof&#148; and &#147;hereunder,&#148; and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d)&nbsp;all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e)&nbsp;any reference to any law or regulation herein shall, unless otherwise specified, refer to
such law or regulation as amended, modified or supplemented from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For the avoidance of doubt, all Schedules and Exhibits
attached to this Agreement shall be deemed to be a part hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;22.5.&nbsp;&nbsp;&nbsp;&nbsp;Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but
together signed by all, of the parties hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;22.6.&nbsp;&nbsp;&nbsp;&nbsp;Governing Law. This Agreement
shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">choice-of-law</FONT></FONT>
principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;22.7.&nbsp;&nbsp;&nbsp;&nbsp;Jurisdiction and Process; Waiver of Jury Trial. (a)&nbsp;The Company irrevocably
submits to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of any New York State or federal court sitting in the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-44- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Series&nbsp;R Bonds. To the fullest extent permitted by
applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the
laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company consents to process being served by or on behalf of any holder of Series&nbsp;R Bonds
in any suit, action or proceeding of the nature referred to in Section&nbsp;22.7(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its
address specified in Section&nbsp;18 or at such other address of which such holder shall then have been notified pursuant to said Section. The Company agrees that such service upon receipt (i)&nbsp;shall be deemed in every respect effective service
of process upon it in any such suit, action or proceeding and (ii)&nbsp;shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be
conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Section&nbsp;22.7 shall affect the right of any holder of a Series&nbsp;R Bond to
serve process in any manner permitted by law, or limit any right that the holders of any of the Series&nbsp;R Bonds may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a
judgment obtained in one jurisdiction in any other jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto hereby
waive trial by jury in any action brought on or with respect to this Agreement, the Series&nbsp;R Bonds or any other document executed in connection herewith or therewith. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[S<SMALL>IGNATURE</SMALL> P<SMALL>AGES</SMALL> F<SMALL>OLLOW</SMALL>] </B></P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If a Purchaser is in agreement with the foregoing, please sign the
accompanying counterparts of this Agreement and return one of the same to the Company, whereupon this Agreement shall become a binding agreement between such Purchaser and the Company. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">U<SMALL>NITIL</SMALL> E<SMALL>NERGY</SMALL> S<SMALL>YSTEMS</SMALL>, I<SMALL>NC</SMALL>.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Todd R. Diggins&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: Todd R. Diggins</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: Treasurer</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-46- </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">M<SMALL>ETROPOLITAN</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">by MetLife Investment Management, LLC, Its Investment Manager</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">M<SMALL>ETROPOLITAN</SMALL> T<SMALL>OWER</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">by MetLife Investment Management, LLC, Its Investment Manager</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>YMETRA</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">by MetLife Investment Management, LLC, Its Investment Manager</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ John Wills</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: John Wills</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: Authorized Signatory</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-47- </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> N<SMALL>ATIONAL</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">By: Macquarie Investment Management Advisers, a series of Macquarie Investment
Management Business Trust, Attorney in Fact</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Karl Spaeth</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: Karl Spaeth</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: Senior Vice President</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">L<SMALL>INCOLN</SMALL> L<SMALL>IFE</SMALL>&nbsp;&amp; A<SMALL>NNUITY</SMALL> C<SMALL>OMPANY</SMALL>
<SMALL>OF</SMALL> N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">By: Macquarie Investment Management Advisers, a series of Macquarie Investment
Management Business Trust, Attorney in Fact</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Karl Spaeth</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: Karl Spaeth</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: Senior Vice President</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-48- </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">

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<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">A<SMALL>MERICAN</SMALL> R<SMALL>EPUBLIC</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">B<SMALL>LUE</SMALL>&nbsp;C<SMALL>ROSS</SMALL>&nbsp;<SMALL>AND</SMALL>&nbsp;B<SMALL>LUE</SMALL>&nbsp;S<SMALL>HIELD</SMALL>&nbsp;
<SMALL>OF</SMALL>&nbsp;F<SMALL>LORIDA</SMALL>,&nbsp;I<SMALL>NC</SMALL>.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">C<SMALL>ATHOLIC</SMALL> U<SMALL>NITED</SMALL> F<SMALL>INANCIAL</SMALL></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">M<SMALL>INNESOTA</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">S<SMALL>ECURIAN</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By: Securian Asset Management, Inc.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Robin J. Lenarz</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: Robin J. Lenarz</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: Vice President</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-49- </P>

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<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">T<SMALL>HE</SMALL> S<SMALL>TATE</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By: American United Life Insurance Company</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Its: Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ David M. Weisenburger</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: David M. Weisenburger</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: VP, Fixed Income Securities</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-50- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accepted as of the date first written above. </P>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">P<SMALL>ACIFIC</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Matthew A. Levene</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: Matthew A. Levene</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: Assistant Vice President</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-51- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Accepted as of the date first written above </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">U<SMALL>NITED</SMALL> <SMALL>OF</SMALL> O<SMALL>MAHA</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Justin P. Kavan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: Justin P. Kavan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: Senior Vice President</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-52- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Bond Purchase Agreement</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>A<SMALL>CKNOWLEDGEMENT</SMALL> <SMALL>AND</SMALL> A<SMALL>GREEMENT</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned hereby acknowledges receipt of an executed copy of the foregoing Bond Purchase Agreement and agrees to the
provisions of Section&nbsp;14.2(a) thereof. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">U.S. Bank National Association, as Trustee</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Karen R. Beard&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: Karen R. Beard</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: Vice President</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-53- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>I<SMALL>NFORMATION</SMALL> R<SMALL>ELATING</SMALL> <SMALL>TO</SMALL>
P<SMALL>URCHASERS</SMALL> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>Symetra Life Insurance Company</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">777 108th Avenue NE, Suite 1200</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Bellevue, WA 98004-5135</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$2,400,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B><FONT STYLE="font-family:Times New Roman;background-color:#ffff00">(portfolio RRD,
USD)</FONT></B><B></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(Securities to be registered in the name of <B>CUDD
and CO</B>) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All scheduled payments of principal and interest by wire transfer of immediately available funds to:
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">U.S. (USD) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Bank Name: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ABA:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;021-000-021</FONT></FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account No.:<B>
</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9009000200 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">FFC:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P79303, Symetra GUL 181 &#150; Met Private </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Ref:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;PPN 913260 C*4 - UNITIL ENERGY SYSTEMS INC - 3.580% due <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">15-SEP-2040</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate,
maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions
to the contrary, will make such payments to the account and in the manner set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">All notices and communications: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman"><B>Symetra Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman"><B>c/o MetLife Investment Management, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">Investments, Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">One MetLife Way </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">Whippany,
New Jersey 07981 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Fred Sporer - VP Priv Placements-Corporates, Private Placements; Michael Brown - Associate - Privates,
Private Placements; Shaun Oliver - Associate Director, Private Placements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Emails: PPUCompliance@metlife.com; fsporer@metlife.com;
michael.t.brown@metlife.com; soliver@metlife.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">With a copy <B>OTHER than with respect to deliveries of financial statements </B>to:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman"><B>Symetra Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman"><B>c/o MetLife Investment Management, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">One MetLife Way </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">Whippany, NJ
07981 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Chief Counsel-Investments Law (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">Email: sec_invest_law@metlife.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> A
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Bond Purchase Agreement) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Symetra Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attn: Nate Zaientz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">308 Farmington Ave, 3rd floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Farmington, CT 06032 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Resolution Re Ltd. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Wessex House </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">2nd Floor, 45
Reid Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Hamilton HM12, Bermuda </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Email: RLIM-Investments@resolutionlife.com </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Original notes delivered to: </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>JPMORGAN CHASE BANK NA </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attn: CHERYL BROWN </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">4 CHASE METROTECH CENTER </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">3RD FLOOR &#150; PHYSICAL RECEIVE DEPT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">BROOKLYN, NY 11245-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Reference Account: P79303 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>With COPIES OF THE NOTES emailed to emailed to nlopez3@metlife.com </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Taxpayer I.D. Number: <FONT STYLE="white-space:nowrap">91-0742147</FONT> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Tax Jurisdiction: United States </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">UK Passport Treaty Number (if applicable):&nbsp;&nbsp;&nbsp;&nbsp;13/S/307814/DTTP </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-2 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>METROPOLITAN LIFE INSURANCE COMPANY</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">200 Park Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">New York, New
York 10166</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$2,300,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B><FONT STYLE="font-family:Times New Roman;background-color:#ffff00">(General
Acct@Chase)</FONT></B><B></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman">(Securities to be registered in the name of <B>Metropolitan Life Insurance
Company</B>) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">All scheduled payments of principal and interest by wire transfer of immediately available funds to:
</P></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; text-indent:3%; font-size:10.5pt; font-family:Times New Roman">Bank Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; text-indent:3%; font-size:10.5pt; font-family:Times New Roman">ABA Routing <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">#:&nbsp;021-000-021</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; text-indent:3%; font-size:10.5pt; font-family:Times New Roman">Account
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;002-2-410591</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; text-indent:3%; font-size:10.5pt; font-family:Times New Roman">Account Name:&nbsp;&nbsp;Metropolitan Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; text-indent:3%; font-size:10.5pt; font-family:Times New Roman">Ref:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPN
913260 C*4 - UNITIL ENERGY SYSTEMS INC - 3.580% due <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">15-SEP-2040</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate,
maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions
to the contrary, will make such payments to the account and in the manner set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">All notices and communications: </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>c/o MetLife Investment Management, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Investments, Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">One MetLife Way </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Whippany,
New Jersey 07981 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Fred Sporer - VP Priv Placements-Corporates, Private Placements; Michael Brown - Associate - Privates,
Private Placements; Shaun Oliver - Associate Director, Private Placements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Emails: PPUCompliance@metlife.com; fsporer@metlife.com;
michael.t.brown@metlife.com; soliver@metlife.com; OpsPvtPlacements@metlife.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">With a copy <B>OTHER than with respect to deliveries of
financial statements </B>to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>c/o MetLife Investment Management, LLC</B>, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">One MetLife Way </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">Whippany,
New Jersey 07981 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Chief Counsel-Investments Law (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">Email: sec_invest_law@metlife.com </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">Original notes delivered to: </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>c/o MetLife Investment Management, LLC</B>, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">One MetLife Way </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Whippany,
New Jersey 07981 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Nicolette Lopez - Senior Counsel, Fixed Income&nbsp;&amp; Alternatives </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">Taxpayer I.D. Number: <FONT STYLE="white-space:nowrap">13-5581829</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">Tax Jurisdiction: United States/New York </P></TD></TR></TABLE>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">UK Passport Treaty Number (if applicable): 13/M/61303/DTTP </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-3 </P>

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<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.48em; margin-right:0.48em; font-size:10.5pt; font-family:Times New Roman"><U>Audit Requests</U>:
Soft copy to <FONT COLOR="#ff0000"><B>AuditConfirms.PvtPlacements@metlife.com</B></FONT> or hard copy to: Metropolitan Life Insurance Company, Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive &#150; 5<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, Tampa, FL 33647</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-4 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B>METROPOLITAN TOWER LIFE INSURANCE COMPANY</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">200 Park Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">New York, New
York 10166</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$2,300,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="font-family:Times New Roman;background-color:#ffff00">(G.A.---portfolio
S07,S11,S12,T39,TBB,TBE,TTA,635,646)</FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(Securities to be registered in the name of
<B>Metropolitan Tower Life Insurance Company</B>) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All scheduled payments of principal and interest by wire transfer of immediately available funds to:
</P></TD></TR></TABLE> <P STYLE="margin-top:2pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Bank Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">ABA Routing <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">#:&nbsp;021-000-021</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323-8-90946</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account Name:&nbsp;&nbsp;Metropolitan Tower Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Ref:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPN
913260 C*4 - UNITIL ENERGY SYSTEMS INC - 3.580% due <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">15-SEP-2040</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate,
maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions
to the contrary, will make such payments to the account and in the manner set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All notices and communications: </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Tower Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>c/o MetLife Investment Management, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Investments, Private Placements </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">One MetLife Way </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Whippany,
New Jersey 07981 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Attention: Fred Sporer - VP Priv Placements-Corporates, Private Placements; Michael Brown - Associate - Privates,
Private Placements; Shaun Oliver - Associate Director, Private Placements </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman">Emails: PPUCompliance @metlife.com; fsporer@metlife.com;
michael.t.brown@metlife.com; soliver@metlife.com; OpsPvtPlacements@metlife.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">With a copy <B>OTHER than with respect
to deliveries of financial statements </B>to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Tower Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">c/o <B>MetLife Investment Management, LLC</B>, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">One MetLife Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Whippany, New Jersey 07981 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention: Chief Counsel-Investments Law (PRIV) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Email: sec_invest_law@metlife.com </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Original notes delivered to: </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman"><B>Metropolitan Tower Life Insurance Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">c/o <B>MetLife Investment Management, LLC</B>, Investments Law </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">One MetLife Way </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Whippany, New Jersey 07981 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention: Nicolette Lopez - Senior Counsel, Fixed Income&nbsp;&amp; Alternatives </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Taxpayer I.D. Number: <FONT STYLE="white-space:nowrap">13-3114906</FONT> </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Tax Jurisdiction: United States/Delaware </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">UK Passport Treaty Number (if applicable): 13/M/298329/DTTP </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-5 </P>

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<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.48em; margin-right:0.48em; font-size:10.5pt; font-family:Times New Roman"><U>Audit Requests</U>:
Soft copy to <FONT COLOR="#ff0000"><B>AuditConfirms.PvtPlacements@metlife.com</B></FONT> or hard copy to: Metropolitan Life Insurance Company, Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive &#150; 5<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, Tampa, FL 33647</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-6 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>THE LINCOLN NATIONAL LIFE INSURANCE COMPANY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$3,000,000</B></TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>REGISTER SECURITIES IN THE NAME OF: <U>THE LINCOLN NATIONAL LIFE INSURANCE COMPANY</U> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>(Note: a separate security will be needed for each breakdown listed below) </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tax ID for The Lincoln National Life Insurance Company: <FONT STYLE="white-space:nowrap">35-0472300</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">-------------------------------------------------------------------------------------------------------------------------------------------
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECURITY:&nbsp;&nbsp;Unitil Opcos, 3.58% First Mortgage Bond due 9/15/2040 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>NOTE</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U></U></B><I><U>AMOUNT</U></I><B><U></U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B><U></U></B><I><U>LINCOLN ACCOUNT NAME</U></I><B><U></U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B><U></U></B><I><U>BANK CUSTODY ACCT #</U></I><B><U></U></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3,000,000</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Lincoln National Life Insurance Co (Seg 11)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">215715</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">PRINCIPAL&nbsp;&amp; INTEREST PAYMENTS:</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Bank of New York Mellon</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(via Fed Wire)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">One Wall Street, New York, NY 10286</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ABA #: 021000018</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BENEFICIARY/Account #: <U>GLA 111566</U></P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Acct Name: The Bank of New York Mellon Private Placement Income Collection</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Bank to Bank Information Ref: <U>insert Custody Account# listed above;</U></P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPN 913260 C*4 /Sec Desc/ P&amp;I Details</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Reference Registered Holder: The Lincoln National Life Insurance Company</P></TD></TR>
</TABLE> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">INVESTMENT ADVISER ADDRESS</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:Times New Roman"><U>--ALL
COMMUNICATIONS</U>:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">TREASURY OPERATIONS</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:Times New Roman"><U>--NOTICE OF
PAYMENT</U>:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">BANK ADDRESS</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:Times New Roman"><U>--NOTICE OF PAYMENT
ONLY</U>:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">Macquarie Investment Management Advisers</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">2005
Market Street, Mail Stop <FONT STYLE="white-space:nowrap">41-104</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">Philadelphia, PA 19103</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">Attn: Fixed Income Private Placements</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:Times New Roman">Email:
privateplacements@macquarie.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">Lincoln Financial Group</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">1300 South Clinton
St.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">Fort Wayne, IN 46802</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">Attn: Inv Acctg&#150;Treasury
Operations</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:Times New Roman">Email: securities_data_rese@lfg.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">The Bank of New York Mellon</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">P. O. Box
392003</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">Pittsburgh, PA 15251-9003</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">Attn: Private Placement
P&nbsp;&amp; I Dept</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">Ref: Registered Holder/Sec Desc/PPN#</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9.5pt; font-family:Times New Roman">Email: ppservicing@bnymellon.com</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="65%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">FORWARD SECURITIES TO:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Depository Trust Company</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(<I>via Express Delivery</I>)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">570 Washington Blvd &#150; 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Jersey City, New Jersey 07310</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ATTENTION: BNY MELLON/BRANCH DEPOSIT DEPARTMENT</P></TD></TR>
</TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>(in cover letter reference note amt, acct name, and </I></B><B><I><U>bank custody account #)</U></I></B>
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Copy of transmittal to:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U>shelise.case@lfg.com</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Copy of notes to:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U>shelise.case@lfg.com</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>LINCOLN LIFE&nbsp;&amp; ANNUITY COMPANY OF NEW YORK</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$3,000,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>REGISTER SECURITIES IN THE NAME OF: <U>LINCOLN LIFE</U><U></U><U>&nbsp;&amp; ANNUITY COMPANY OF NEW YORK</U> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>(Note: a separate security will be needed for each breakdown listed below) </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECURITY:&nbsp;&nbsp;&nbsp;&nbsp;Unitil Opcos, 3.58% First Mortgage Bond due 9/15/2040 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="63%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>NOTE</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U></U></B><I><U>AMOUNT</U></I><B><U></U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B><U></U></B><I><U>LINCOLN ACCOUNT NAME</U></I><B><U></U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B><U></U></B><I><U>CUSTODY ACCOUNT #</U></I><B><U></U></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3,000,000</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lincoln Life&nbsp;&amp; Annuity Company of New York &#150; Seg JPLA2790</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">186236</TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TAX ID for LINCOLN LIFE&nbsp;&amp; ANNUITY COMPANY OF NEW YORK: <FONT STYLE="white-space:nowrap">22-0832760</FONT> </P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="77%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">PRINCIPAL&nbsp;&amp; INTEREST PAYMENTS: The Bank of New York Mellon</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(via Fed Wire)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">One Wall Street, New York, NY 10286</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ABA #: 021000018</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BENEFICIARY/Account #: GLA 111566</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Acct Name: The Bank of New York Mellon Private Placement Income Collection</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Bank to Bank Information Ref: <U>insert Custody Account# listed above;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPN 913260 C*4 /Sec Desc/ P&amp;I Details</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Reference Registered Holder: Lincoln Life&nbsp;&amp; Annuity Company of New
York</P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="41%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="58%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">INVESTMENT ADVISER ADDRESS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FOR ALL COMMUNICATIONS:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Macquarie Investment Management Advisers</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2005 Market Street, Mail Stop <FONT STYLE="white-space:nowrap">41-104</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Philadelphia, PA 19103</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attention: Fixed Income Private Placements</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Email: privateplacements@macquarie.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">INVESTMENT ACCOUNTING ADDRESS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FOR NOTICE OF PAYMENT:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Lincoln Financial Group</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1300 South Clinton Street</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fort Wayne, IN 46802</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attention: Inv Accounting &#150; Treasury Operations</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Email: securities_data_rese@lfg.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">BANK ADDRESS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FOR NOTICE OF PAYMENT:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Bank of New York Mellon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">P. O. Box 392003</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Pittsburgh, PA 15251-9003</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attention: Private Placement P&nbsp;&amp; I Dept</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Reference: Registered Holder/Sec Desc/PPN#</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Group Email: ppservicing@bnymellon.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FORWARD SECURITIES TO:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Depository Trust Company</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(via Express Delivery)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">570 Washington Blvd &#150; 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jersey City, NJ 07310</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attention: BNY Mellon/Branch Deposit Department</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>(in cover letter reference note amt, acct name, and </I></B><B><I><U>bank custody account #)</U></I></B>
</P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Copy of transmittal to:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U>Shelise.Case@LFG.com</U></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U>Shelise.Case@LFG.com</U></FONT></P></TD></TR>
</TABLE> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-8 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt"><B><U>SECURIAN LIFE INSURANCE COMPANY</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$2,000,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Securian Life Insurance Company should be registered in the name of
&#147;Hare&nbsp;&amp; Co., LLC&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Securian Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.</FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">41-1412669</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-9 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B><U>MINNESOTA LIFE INSURANCE COMPANY</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B>(Bond)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-size:10.5pt"><B>$1,500,000</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Minnesota Life Insurance Company should be registered in the name of
&#147;Hare&nbsp;&amp; Co., LLC&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Minnesota Life Insurance Company (Bond) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">41-0417830</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-10 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify"><B><U>AMERICAN REPUBLIC INSURANCE COMPANY</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><FONT STYLE="white-space:nowrap">(Pre-Need)</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-size:10.5pt"><B>$500,000</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for American Republic Insurance Company should be registered in the name of
&#147;Wells Fargo Bank N.A. FBO American Republic Insurance Company&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">American Republic Insurance Company <FONT STYLE="white-space:nowrap">(Pre-Need)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">42-0113630</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-11 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt"><B><U>BLUE CROSS AND BLUE SHIELD OF FLORIDA, INC.</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$500,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Blue Cross and Blue Shield of Florida, Inc. should be registered in the name of
&#147;Hare&nbsp;&amp; Co., LLC&#148;. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be sent electronically via Email to:
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Blue Cross and Blue Shield of Florida, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">59-2015694</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-12 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10.5pt"><B><U>CATHOLIC UNITED FINANCIAL</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$500,000</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>$500,000.00 (3.58% First Mortgage Bond, Series R due 2040) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Notes being purchased for Catholic United Financial should be registered in the name of &#147;Band&nbsp;&amp; Co&#148;. The Notes should
be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All notices and statements should be
sent electronically via Email to: <FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>privateplacements@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">. If Email is unavailable or if the Email is returned
for any reason (including receipt of a message that the Email is undeliverable), such notice and statements should be sent to the following address: </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Catholic United Financial </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Securian Asset Management, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">400 Robert Street North </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">St. Paul, MN 55101 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Attn: Client Administrator </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>SecurianAMPrivatesMailbox@securianam.com</U></FONT><FONT STYLE="font-family:Times New Roman">.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tax ID # <FONT STYLE="white-space:nowrap">41-0182070</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-13 </P>

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<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><B>The State Life Insurance Company</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$2,000,000</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Purchaser:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The State Life Insurance Company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Unitil Energy System</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Issuing:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Note(s) due 2040</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Closing:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September&nbsp;15, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Issue:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">3.58%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Note 1 $2,000,000.00</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"><B>Note:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>For clarification, the purchaser of these notes is &#147;The State Life Insurance Company&#148;. The bank information shown below is for a special bank account (The State Life Insurance Company Finance Reinsurance) owned by the
State Life Insurance Company. As a result, there could be more than one purchase for The State Life Insurance Company in any one private placement transaction with different wiring instructions.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3">The original note(s) should be sent to:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Depository Trust Company</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn: BNY Mellon/Branch Deposit Dept.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Acct # 211624 State Life, c/o AUL</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">570 Washington Blvd. &#150; 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jersey City, NJ 07310</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3">Please send all <B>POST-CLOSING</B> documentation to:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">American United Life Insurance Company</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn: Mike Bullock, Securities Department</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">One American Square, Suite 1017</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Post Office Box 368</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Indianapolis, IN 46206</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">mike.bullock@oneamerica.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"><B>Payment</B>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Unitil Energy Systems shall make payment of principal and interest on the note(s) in immediately available funds by wire transfer to the following bank account:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Bank of New York Mellon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ABA #: 021000018</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Credit Account: GLA111566</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Account Name: The State Life Insurance Company Finance Reinsurance</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Account #: 211624</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Re: &#147;Accompanying Information&#148; below</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">P&nbsp;&amp; I Breakdown: (<U>Insert</U>)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Re: <U>(Insert PPN 913260 C*4 and credit name here)</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Payments should contain sufficient information to identify the breakdown of principal and interest and should identify the
full description of the note(s) and the payment date.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The United States Tax I.D. Number of The State Life Insurance Company is
<FONT STYLE="white-space:nowrap">35-0684263.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-14 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD WIDTH="51%"></TD>

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<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><B>The State Life Insurance Company</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$2,500,000</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Purchaser:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The State Life Insurance Company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Unitil Energy System</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Issuing:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Note(s) due 2040</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Closing:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September&nbsp;15, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Issue:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">3.58%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Note 2 $2,500,000.00</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"><B>Note:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>For clarification, the purchaser of these notes is &#147;The State Life Insurance Company&#148;. The bank information shown below is for a special bank account (The State Life Insurance Company Finance Reinsurance) owned by the
State Life Insurance Company. As a result, there could be more than one purchase for The State Life Insurance Company in any one private placement transaction with different wiring instructions.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3">The original note(s) should be sent to:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Depository Trust Company</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn: BNY Mellon/Branch Deposit Dept.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Acct # 343761 State Life, c/o AUL</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">570 Washington Blvd. &#150; 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jersey City, NJ 07310</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3">Please send all <B>POST-CLOSING</B> documentation to:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">American United Life Insurance Company</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn: Mike Bullock, Securities Department</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">One American Square, Suite 1017</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Post Office Box 368</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Indianapolis, IN 46206</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">mike.bullock@oneamerica.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"><B>Payment</B>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Unitil Energy Systems shall make payment of principal and interest on the note(s) in immediately available funds by wire transfer to the following bank account:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>Bank of New York</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>ABA #: 021000018</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>Credit Account: GLA111566</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>Account Name: The State Life Insurance Company</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>Account #: 343761</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>P&nbsp;&amp; I Breakdown: (Insert)</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>Re: (Insert PPN 913260 C*4 and credit name here)</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Payments should contain sufficient information to identify the breakdown of principal and interest and should identify the full description of the note(s) and the payment date.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The United States Tax I.D. Number of The State Life Insurance Company is
<FONT STYLE="white-space:nowrap">35-0684263.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-15 </P>

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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL> A<SMALL>MOUNT</SMALL> <SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL> <SMALL>TO</SMALL> <SMALL>BE</SMALL> P<SMALL>URCHASED</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><B>P<SMALL>ACIFIC</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></B><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>$3,000,000</B></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><FONT COLOR="#0000ff"><B>Mac&nbsp;&amp; Co., as nominee for Pacific Life Insurance
Company</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>See instructions on following page. </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-16 </P>

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<TD VALIGN="bottom"><FONT STYLE="font-size:11pt"><B>PACIFIC LIFE INSURANCE COMPANY</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


<IMG SRC="g923021page180a.jpg" ALT="LOGO">
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><U>Delivery/Registration Instructions </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Account Information: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Nominee
Name: &nbsp;&nbsp;&nbsp;&nbsp;Mac&nbsp;&amp; Co </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Tax
<FONT STYLE="white-space:nowrap">ID#:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95-1079000</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><U>Please include all information to ensure proper delivery of certificates and P&nbsp;&amp; I. </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>For Physical Delivery of Certificates: </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">The Depository
Trust Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Attn: BNY Mellon/Branch Deposit Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">570 Washington Blvd &#150; 5th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Jersey City, NJ 07310 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Account Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SA 80 &#150; INSURED LDI </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Account Number: 7147618400 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>For Payment of Principal&nbsp;&amp; Interest: </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Bank: The
Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">ABA: 021000018 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Acct Number: GLA
111566 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Acct Name: The Bank of New York Mellon &#150; P&amp;I Dept <I> </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>** Include CUSIP, security description and P&amp;I breakdown.</I> ** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>All notices of payments and written confirmations of such wire transfers to: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">The Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Attn: Pacific Life Accounting Team
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">One Mellon Bank Center - Room 1130 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Pittsburgh, PA
15258-0001 <B> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>And</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Pacific Life Insurance
Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Attn: IM &#150; Cash Team </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">700 Newport Center Drive
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Newport Beach, CA 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Fax:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">949-718-5845</FONT></FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>All other communications shall be addressed to:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Pacific Life Insurance Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt ; margin-bottom:0pt" ALIGN="justify">


<IMG SRC="g923021pagr180b.jpg" ALT="LOGO">
</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Attn: IM &#150; Credit Analysis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Dominic Faso</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">700 Newport Center Drive</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">AVP&nbsp;&amp; Asst Treasurer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Newport Beach, CA 92660-6397</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">PrivatePlacementCompliance@PacificLife.com</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-17 </P>

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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> <SMALL>AND</SMALL> A<SMALL>DDRESS</SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><SMALL>OF</SMALL> P<SMALL>URCHASER</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">P<SMALL>RINCIPAL</SMALL>&nbsp;A<SMALL>MOUNT</SMALL>&nbsp;<SMALL>OF</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">N<SMALL>OTES</SMALL>&nbsp;<SMALL>TO</SMALL>&nbsp;<SMALL>BE</SMALL>&nbsp;P<SMALL>URCHASED</SMALL></P></TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10.5pt; font-family:Times New Roman"><B><U>UNITED OF OMAHA LIFE INSURANCE COMPANY</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>$2,000,000</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Notes to be registered in the name of </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">UNITED OF OMAHA LIFE INSURANCE COMPANY </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Tax I.D. # is <FONT STYLE="white-space:nowrap">47-0322111</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">All principal and interest payments on the Notes shall be made by wire transfer of immediately available
funds to: </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">ABA #021000021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Private Income Processing </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">For credit to: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">United of Omaha Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account # <FONT STYLE="white-space:nowrap">900-9000200</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">a/c: G07097 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Cusip/ PPN 913260 C*4 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Interest Amount: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Principal Amount: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="justify">Address for delivery of bonds: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">4 Chase Metrotech Center, 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Brooklyn, NY 11245-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attention:&nbsp;&nbsp;&nbsp;&nbsp;Physical Receive Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Account# G07097 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">**It is imperative that the custody account be included on the delivery letter. Without this information, the security will
be returned to the sender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Address for all notices in respect of payment
of Principal and Interest, Corporate Actions, and Reorganization Notifications: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">4 Chase Metrotech Center, 16<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Brooklyn, NY 11245-0001 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Attn: Income Processing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">a/c: G07097 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Address for all other communications (i.e.: Quarterly/Annual reports, Tax
filings, Modifications, Waivers regarding the indenture): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">4 - Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">United of Omaha Life Insurance Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">3300 Mutual of Omaha Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">Omaha, NE 68175-1011 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Email Address for Electronic Document Transmission: <FONT
STYLE="font-family:Times New Roman; font-size:10.5pt" COLOR="#0000ff"><U>privateplacements@mutualofomaha.com</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>EFINED</SMALL> T<SMALL>ERMS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As used herein, the following terms have the respective meanings set forth below or set forth in the Section&nbsp;hereof
following such term: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Adjusted Net Income (Deficit)&#148; means the amount of net income (or if such net income is a
deficit, the amount of such deficit) of the Company and its Subsidiaries for the period in question (taken as a cumulative whole) transferred to the retained earnings account on the books and records of the Company on a consolidated basis, as
determined in accordance with GAAP, excluding any extraordinary <FONT STYLE="white-space:nowrap">non-cash</FONT> gains and losses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Affiliate&#148; means, at any time, and with respect to any Person, any other Person that at such time directly or
indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to the Company, shall include any Person beneficially owning or holding, directly or indirectly, 20%
or more of any class of voting or equity interests of the Company or any Subsidiary of the Company or any Person of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 20% or more of any class
of voting or equity interests. As used in this definition, &#147;Control&#148; means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of
voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an &#147;Affiliate&#148; is a reference to an Affiliate of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Agreement&#148; means this Agreement, including all Schedules attached to this Agreement, as it may be amended,
restated, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">&#147;Anti-Corruption</FONT> Laws&#148; means any law or regulation in a U.S. or any <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">&#147;Anti-Money</FONT> Laundering Laws&#148; means any law or regulation in a U.S. or any <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction regarding money laundering, drug trafficking, <FONT STYLE="white-space:nowrap">terrorist-related</FONT> activities or other money laundering predicate crimes, including the Currency and Foreign
Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Bank Credit
Agreement&#148; means any existing or future bank credit facility or combination of bank credit facilities of greater than $10,000,000 entered into by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Blocked Person&#148; means (a)&nbsp;a Person whose name appears on the list of Specially Designated Nationals and
Blocked Persons published by OFAC, (b)&nbsp;a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws, or (c)&nbsp;a Person that is an agent, department or
instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause&nbsp;(a) or (b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Bond&#148; or &#147;Bonds&#148; is defined in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> B </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to
Bond Purchase Agreement) </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Business Day&#148; means (a)&nbsp;for the purposes of
Section&nbsp;8.2.5 only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed, and (b)&nbsp;for the purposes of any other provision of this Agreement, any day other than
a Saturday, a Sunday or a day on which commercial banks in New York, New&nbsp;York or Manchester, New Hampshire are required or authorized to be closed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Capital Lease&#148; means, at any time, a lease with respect to which the lessee is required concurrently to recognize
the acquisition of an asset and the incurrence of a liability in accordance with GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Cash Pooling and Loan
Agreement&#148; means the cash pooling and loan agreement, as amended and restated, dated December&nbsp;1, 2008, between Unitil and certain of its Subsidiaries, including the Company, as further amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Closing&#148; is defined in Section&nbsp;3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Code&#148; means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Collateral&#148; means the &#147;Mortgaged Property&#148; or &#147;Trust
Estate&#148; (each as defined in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Collateral Release Date&#148; is defined in Section&nbsp;9.1.1.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Collateral Release Conditions&#148; is defined in Section&nbsp;9.1.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Company&#148; means Unitil Energy Systems, Inc., a New Hampshire corporation, or any successor that becomes such in the
manner prescribed in Section&nbsp;10.4. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Confidential Information&#148; is defined in Section&nbsp;20. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Controlled Entity&#148; means (i)&nbsp;any of the Subsidiaries of the Company and any of their or the Company&#146;s
respective Controlled Affiliates and (ii)&nbsp;if the Company has a parent company, such parent company and its Controlled Affiliates. As used in this definition, &#147;Control&#148; means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Default&#148; means an event or condition the occurrence or existence of which would, with the lapse of time or the
giving of notice or both, become an Event of Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Default Rate&#148; means that rate of interest per annum that
is the greater of (i)&nbsp;2% above the rate of interest stated in clause (a)&nbsp;of the first paragraph of the Series&nbsp;R Bonds or (ii)&nbsp;2% over the rate of interest publicly announced by Bank of America, N.A. in Charlotte, North Carolina
as its &#147;base&#148; or &#147;prime&#148; rate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Disclosure Documents&#148; is defined in Section&nbsp;5.3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;EDGAR&#148; means the SEC&#146;s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC
electronic filing system for such purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Earnings Available for Interest&#148; of the Company for any period
shall mean the amount by which (a)&nbsp;the sum of the operating revenues of the Company received in the ordinary course of business for such period, allowances for funds used during construction, interest income, and net <FONT
STYLE="white-space:nowrap">non-operating</FONT> income (loss) of the Company for such period, computed in accordance with GAAP and as set forth on a consolidated statement of earnings for the Company for such period, exceeds (b)&nbsp;the sum of all
operating expenses of the Company for such period (but not including depreciation and amortization or any provision for Federal or state taxes on income or portions thereof for the period for which earnings are being computed), computed in
accordance with GAAP and as set forth on a consolidated statement of earnings for the Company for such period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Electronic Delivery&#148; is defined in Section&nbsp;7.1(a)(ii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Environmental Laws&#148; means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances,
rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment,
including but not limited to those related to Hazardous Materials. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;ERISA&#148; means the Employee Retirement Income
Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;ERISA Affiliate&#148; means any trade or business (whether or not incorporated) that is treated as a single employer
together with the Company under Section&nbsp;414 of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Event of Default&#148; is defined in Section&nbsp;11.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Exchange Act&#148; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder from time to time in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FATCA&#148; means (a)&nbsp;sections 1471 through 1474 of the Code, as of
the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations thereof, (b)&nbsp;any
treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing
clause&nbsp;(a), and (c)&nbsp;any agreements entered into pursuant to Section&nbsp;1471(b)(1) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FERC&#148; means the Federal Energy Regulatory Commission and any successor Governmental Authority thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Form <FONT STYLE="white-space:nowrap">10-K&#148;</FONT> is defined in Section&nbsp;7.1(b)(ii). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Form <FONT STYLE="white-space:nowrap">10-Q&#148;</FONT> is defined in
Section&nbsp;7.1(a)(ii). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Funded Indebtedness&#148; of any Person as of any date as of which the amount thereof is
to be determined, means (i)&nbsp;all Indebtedness of such Person required to be paid more than one year from the date as of which Funded Indebtedness is being determined pursuant to the terms of the agreement or instrument under which such
Indebtedness was incurred, but there shall be excluded sinking fund, serial maturity, periodic installment and amortization payments on account of Indebtedness which are required to be made within one year from the date of such determination and
(ii)&nbsp;all Guaranties of Funded Indebtedness of others described in clause&nbsp;(i) of this definition. Notwithstanding the foregoing, Funded Indebtedness shall not include: (a)&nbsp;obligations under contracts for the purchase of gas and energy
supply, including transportation charges or Guaranties in respect of such obligations; (b)&nbsp;pension and benefit obligations, whether or not absolute or contingent or included, in accordance with GAAP, in determining total liabilities on the
balance sheet; (c)&nbsp;amounts owed to or by the Company or any Subsidiary under the Cash Pooling and Loan Agreement; and (d)&nbsp;all obligations under operating leases. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;GAAP&#148; means generally accepted accounting principles as in effect from time to time in the United States of
America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Governmental Authority&#148; means </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the government of </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the United States of America or any State or other political
subdivision thereof, or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any other jurisdiction in which the
Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over any properties of the Company or any Subsidiary, or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;any entity exercising executive, legislative, judicial, regulatory or
administrative functions of, or pertaining to, any such government. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Governmental Official&#148; means any
governmental official or employee, employee of any <FONT STYLE="white-space:nowrap">government-owned</FONT> or <FONT STYLE="white-space:nowrap">government-controlled</FONT> entity, political party, any official of a political party, candidate for
political office, official of any public international organization or anyone else acting in an official capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Guarantor&#148; means each Person who is a party to the Guaranty Agreement and is otherwise required to comply with the
requirements of Section&nbsp;9.2.8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Guaranty&#148; means, with respect to any Person, any obligation (except the
endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner, whether
directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;to purchase such indebtedness or
obligation or any property constituting security therefor; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;to advance or
supply funds (i)&nbsp;for the purchase or payment of such indebtedness or obligation, or (ii)&nbsp;to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make
available funds for the purchase or payment of such indebtedness or obligation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;to lease properties or to purchase properties or services primarily for the purpose
of assuring the owner of such indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;otherwise to assure the owner of such indebtedness or obligation against loss in
respect thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In any computation of the indebtedness or other liabilities of the obligor under any Guaranty, the indebtedness or other
obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Guaranty Agreement&#148; means any Guaranty Agreement delivered pursuant to Section&nbsp;9.2.8 the terms of which are
substantially similar to the applicable guaranty or other obligation being provided under the Bank Credit Agreement or any other Material Credit Facility and otherwise in a form reasonably acceptable to the Required Holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Hazardous Materials&#148; means any and all pollutants, toxic or hazardous wastes or other substances that might pose a
hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or
filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint,
radon gas or similar restricted, prohibited or penalized substances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;holder&#148; means, with respect to any
Series&nbsp;R Bond the Person in whose name such Series&nbsp;R Bond is registered in the register maintained by the Company pursuant to Section&nbsp;13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections&nbsp;7,
12, 17.2 and 18 and any related definitions in this Schedule&nbsp;B, &#147;holder&#148; shall mean the beneficial owner of such Series&nbsp;R Bond whose name and address appears in such register. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Indebtedness&#148; with respect to any Person means, at any time, without duplication, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;its liabilities for borrowed money; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;all liabilities which would appear on its balance sheet in accordance with GAAP in
respect of Synthetic Leases if such Synthetic Leases were accounted for as Capital Leases; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;obligations due in respect of
Capital Leases which, taking together such obligations for all Capital Leases of such Person, aggregate $5,000,000 or more in the twelve-month period following the date on which Indebtedness is being determined; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;its liabilities for the deferred purchase price of property acquired by such Person
(excluding accounts payable arising in the ordinary course of business and liabilities pertaining to the regulated purchase of electricity and natural gas supply in the ordinary course of business, but, in any event, including all liabilities
created or arising under any conditional sale or other title retention agreement with respect to any such property); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;without duplication, any Guaranty of such Person with respect to liabilities of a
type described in any of clauses (a)&nbsp;through (d) above; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">provided, that notwithstanding anything to the contrary in the foregoing,
Indebtedness of the Company shall not include (A)&nbsp;its obligations under contracts for the purchase by it of gas (including propane and liquefied natural gas) or electric energy or capacity, including transmission charges, (B)&nbsp;lease
obligations of the Company or any Subsidiary, (C)&nbsp;pension and other obligations of the Company or any Subsidiary with respect to benefits provided to employees of the Company and its Subsidiaries, regardless of whether such obligations are
absolute or contingent or included, in accordance with GAAP, in determining total liabilities as shown on the liability side of a balance sheet of the Company, and (D)&nbsp;obligations relating to the sale of generating assets and power purchase
entitlements as provided for in the Company&#146;s restructuring plan filed with the NHPUC on January&nbsp;25, 2002. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Indenture&#148; is defined in Section&nbsp;1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;INHAM Exemption&#148; is defined in Section&nbsp;6.2(e). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Institutional Investor&#148; means (a)&nbsp;any Purchaser of a Series&nbsp;R Bond, (b)&nbsp;any holder of a
Series&nbsp;R Bond holding (together with one or more of its affiliates) more than 5% of the aggregate principal amount of the Series&nbsp;R Bonds then outstanding, (c)&nbsp;any bank, trust company, savings and loan association or other financial
institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d)&nbsp;any Related Fund of any holder of any Series&nbsp;R
Bond. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Lien&#148; means, with respect to any Person, any mortgage, lien, pledge, adverse claim, charge, security
interest or other encumbrance of title in or on, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect
to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Make-Whole Amount&#148; means, with respect to any Series&nbsp;R Bond, an amount equal to the excess, if any, of the
Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Series&nbsp;R Bond over the amount of such Called Principal, provided that </P>
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the <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount may in no event be less than zero. For the purposes of determining the <FONT STYLE="white-space:nowrap">Make-Whole</FONT> Amount, the
following terms have the following meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Called Principal&#148; means, with respect to any Series&nbsp;R Bond,
the principal of such Series&nbsp;R Bond that is to be prepaid pursuant to Section&nbsp;8.2.1 or has become or is declared to be immediately due and payable pursuant to Section&nbsp;12.1, as the context requires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Discounted Value&#148; means, with respect to the Called Principal of any Series&nbsp;R Bond, the amount obtained by
discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a
discount factor (applied on the same periodic basis as that on which interest on the Series&nbsp;R Bonds is payable) equal to the Reinvestment Yield with respect to such Called Principal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Reinvestment Yield&#148; means, with respect to the Called Principal of any Series&nbsp;R Bond, 0.50% over the yield to
maturity implied by the yield(s) reported as of 10:00 a.m. (New&nbsp;York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as &#147;Page PX1&#148; (or such other
display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">on-the-run</FONT></FONT> U.S. Treasury securities (&#147;Reported&#148;)
having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to
maturity will be determined by (a)&nbsp;converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b)&nbsp;interpolating linearly between the yields Reported for the applicable most
recently issued actively traded <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">on-the-run</FONT></FONT> U.S. Treasury securities with the maturities (1)&nbsp;closest to and greater than such Remaining Average Life and
(2)&nbsp;closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Series&nbsp;R Bond. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of
interpolation), then &#147;Reinvestment Yield&#148; means, with respect to the Called Principal of any Bond, 0.50% over the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields
have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity
having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be
determined by interpolating linearly between (1)&nbsp;the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2)&nbsp;the U.S. Treasury constant maturity so reported with the term
closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Series&nbsp;R Bond. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Remaining Average Life&#148; means, with respect to any Called
Principal, the number of years obtained by dividing (i)&nbsp;such Called Principal into (ii)&nbsp;the sum of the products obtained by multiplying (a)&nbsp;the principal component of each Remaining Scheduled Payment with respect to such Called
Principal by (b)&nbsp;the number of years, computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year composed of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months and calculated to two decimal places, that will
elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Remaining Scheduled Payments&#148; means, with respect to the Called Principal of any Series&nbsp;R Bond, all payments
of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date
is not a date on which interest payments are due to be made under the Series&nbsp;R Bonds, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be
paid on such Settlement Date pursuant to Section&nbsp;8.2.1 or Section&nbsp;12.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Settlement Date&#148; means, with
respect to the Called Principal of any Series&nbsp;R Bond, the date on which such Called Principal is to be prepaid pursuant to Section&nbsp;8.2.1 or has become or is declared to be immediately due and payable pursuant to Section&nbsp;12.1, as the
context requires. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Sixteenth Supplemental Indenture&#148; is defined in Section&nbsp;1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Material&#148; means material in relation to the business, operations, affairs, financial condition, assets, or
properties of the Company and its Subsidiaries taken as a whole. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Material Adverse Effect&#148; means a material
adverse effect on (a)&nbsp;the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, or (b)&nbsp;the ability of the Company to perform its obligations under this Agreement and
the Series&nbsp;R Bonds, or (c)&nbsp;the validity or enforceability of this Agreement or the Series&nbsp;R Bonds, or (d)&nbsp;the ability of any Guarantor to perform its obligations under any Guaranty Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Material Credit Facility&#148; means, as to the Company and its Subsidiaries, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the Bank Credit Agreement, including any renewals, extensions, amendments,
supplements, restatements, replacements or refinancing thereof; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;any other
agreement(s) (other than the Cash Pooling and Loan Agreement) creating or evidencing indebtedness for borrowed money entered into on or after the date of Closing by the Company or any Subsidiary, or in respect of which the Company or any Subsidiary
is an obligor or otherwise provides a guarantee or other credit support (&#147;Credit Facility&#148;), in a principal amount outstanding or available for borrowing equal to or greater than $10,000,000 (or the equivalent of such amount in the
relevant currency of payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency); and if no Credit Facility or Credit Facilities equal or exceed such amounts, then the largest Credit Facility
shall be deemed to be a Material Credit Facility. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Maturity Date&#148; is defined in the first paragraph of each
Series&nbsp;R Bond. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Multiemployer Plan&#148; means any Plan that is a &#147;multiemployer plan&#148; (as such term
is defined in Section&nbsp;4001(a)(3) of ERISA). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;NAIC&#148; means the National Association of Insurance
Commissioners or any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">&#147;Non-U.S.</FONT> Plan&#148; means any plan,
fund or other similar program that (a)&nbsp;is established or maintained outside the United States of America by the Company or any Subsidiary primarily for the benefit of employees of the Company or one or more Subsidiaries residing outside the
United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b)&nbsp;is not subject to
ERISA or the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;NHPUC&#148; means the New Hampshire Public Utilities Commission and any successor Governmental
Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;OFAC&#148; means the Office of Foreign Assets Control of the United States Department of the Treasury.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;OFAC Sanctions Program&#148; means any economic or trade sanction that OFAC is responsible for administering and
enforcing. A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Officer&#146;s Certificate&#148; means a certificate of a Senior Financial Officer or of any other officer of the
Company whose responsibilities extend to the subject matter of such certificate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Permitted Encumbrances&#148; is
defined in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Person&#148; means an individual, partnership, corporation, limited liability company,
association, trust, unincorporated organization, business entity or Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Plan&#148; means an
&#147;employee benefit plan&#148; (as defined in Section&nbsp;3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five
years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Preferred Stock&#148; means any class of capital stock of a Person that is preferred over any other class of capital
stock (or similar equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;property&#148; or &#147;properties&#148; means, unless otherwise specifically limited, real or personal property of any
kind, tangible or intangible, choate or inchoate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;PTE&#148; is defined in Section&nbsp;6.2(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Purchaser&#148; is defined in the first paragraph of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Qualified Institutional Buyer&#148; means any Person who is a &#147;qualified institutional buyer&#148; within the
meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;QPAM Exemption&#148; is defined in
Section&nbsp;6.2(d). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Related Fund&#148; means, with respect to any holder of any Series&nbsp;R Bond, any fund or
entity that (i)&nbsp;invests in Securities or bank loans, and (ii)&nbsp;is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Required Holders&#148; means at any time (i)&nbsp;prior to the Closing, the Purchasers and (ii)&nbsp;on or after the
Closing, the holders of at least a majority in principal amount of the Series&nbsp;R Bonds at the time outstanding (exclusive of Series&nbsp;R Bonds then owned by the Company or any of its Affiliates). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Responsible Officer&#148; means any Senior Financial Officer and any other officer of the Company or any Guarantor, as
applicable, with responsibility for the administration of the relevant portion of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;SEC&#148; shall
mean the Securities and Exchange Commission of the United States, or any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Securities&#148; or
&#147;securities&#148; shall have the meaning specified in Section&nbsp;2(1) of the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Securities
Act&#148; means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Senior Financial Officer&#148; means the chief financial officer, principal accounting officer, treasurer or comptroller
of the Company or of Unitil, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Series&nbsp;R Bonds&#148; is defined in Section&nbsp;1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;State Sanctions List&#148; means a list that is adopted by any state Governmental Authority within the United States of
America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Source&#148; is defined in Section&nbsp;6.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Subsidiary&#148; means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries
or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-10 </P>

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contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person, and any partnership or joint venture if more than a 50% interest in the
profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions
without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a &#147;Subsidiary&#148; is a reference to a Subsidiary of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;SVO&#148; means the Securities Valuation Office of the NAIC or any successor to such Office. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Synthetic Lease&#148; means, at any time, any lease (including leases that may be terminated by the lessee at any time)
of any property (a)&nbsp;that is accounted for as an operating lease under GAAP and (b)&nbsp;in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal income tax purposes, other than any such lease under
which such Person is the lessor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Total Capitalization&#148; at any date means the sum of (x)&nbsp;Funded
Indebtedness of the Company and its Subsidiaries, and (y)&nbsp;Total Shareholders&#146; Equity as of such date. Such Total Capitalization shall be exclusive of Accumulated and Other Comprehensive Income (within the meaning of GAAP) derived from
pension and benefit obligations; provided, however, that, to the extent permitted by Section&nbsp;10.1(a)(iii) hereof, any Funded Indebtedness to be redeemed from the proceeds of the incurrence of Funded Indebtedness as provided for in
Section&nbsp;10.1(a)(iii) hereof, which have not yet been so redeemed, shall not be included in the determination of Total Capitalization. Such Total Capitalization shall be exclusive of accumulated Other Comprehensive Income (within the meaning of
GAAP). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Total Shareholders&#146; Equity&#148; means, as of any date of determination, the aggregate amount for total
common stock equity, preference stock and Preferred Stock as presented in accordance with GAAP on a consolidated balance sheet of the Company as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Trustee&#148; is defined in Section&nbsp;1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;UCC&#148; means, the Uniform Commercial Code as enacted and in effect from time to time in the state whose laws are
treated as applying to the Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;UCC Financing Statements&#148; shall mean any financing statements required
or permitted to be filed in accordance with the UCC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;UES First Mortgage Bond Indenture&#148; means (i)&nbsp;that
certain Indenture of Mortgage and Deed of Trust of Unitil Energy Systems, Inc. (as successor to Concord Electric Company) to U.S. Bank National Association (successor to Old Colony Trust Company), as Trustee, originally dated as of July&nbsp;15,
1958, and amended and restated as of December&nbsp;2, 2002 pursuant to the Twelfth Supplemental Indenture thereto, (ii)&nbsp;the Thirteenth Supplemental Indenture of Unitil Energy Systems, Inc., dated as of September&nbsp;26, 2006, (iii)&nbsp;the
Fourteenth Supplemental Indenture of Unitil Energy Systems, Inc., dated as of March&nbsp;2, 2010, (iv) the Fifteenth Supplemental Indenture </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-11 </P>

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of Unitil Energy Systems, Inc., dated as of November&nbsp;29, 2018 and (v)&nbsp;any other supplemental indentures thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Unitil&#148; means Unitil Corporation, a New Hampshire corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;USA Patriot Act&#148; means United States Public Law <FONT STYLE="white-space:nowrap">107-56,</FONT> Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;U.S. Economic Sanctions Laws&#148; means those laws, executive orders, enabling legislation or regulations administered
and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran
Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;United States
Person&#148; has the meaning set forth in Section&nbsp;7701(a)(30) of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Wholly-Owned Subsidiary&#148;
means, at any time, any Subsidiary one hundred percent of all of the equity interests (except directors&#146; qualifying shares) and voting interests of which are owned by any one or more of the Company and the Company&#146;s other Wholly-Owned
Subsidiaries at such time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>CHEDULE</SMALL> 4.13 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>C<SMALL>OLLATERAL</SMALL> F<SMALL>ILINGS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Collateral Filings to establish and perfect the security interests and Liens of the Trustee upon the Collateral created by the Indenture
(including the Sixteenth Supplemental Indenture) shall be made in: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merrimack
County, New Hampshire, Registry of Deeds; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Rockingham County, New Hampshire,
Registry of Deeds; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The office of the Secretary of State of New Hampshire. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 4.13 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to
Bond Purchase Agreement) </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>CHEDULE</SMALL> 5.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>ISCLOSURE</SMALL> D<SMALL>OCUMENTS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Bond Purchase Agreement, dated September&nbsp;15, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The financial statements listed in Schedule&nbsp;5.5 (and incorporated herein by reference). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Regulatory approvals for the issuance of the Bonds as described in Section&nbsp;4.11 of the Bond Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2018.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31,
2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended
March&nbsp;31, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter
ended June&nbsp;30, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Corporation&#146;s Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> that were filed
with the Securities and Exchange Commission on or after January&nbsp;1, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 5.3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Bond Purchase Agreement) </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>CHEDULE</SMALL> 5.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>O<SMALL>RGANIZATION</SMALL> <SMALL>AND</SMALL> O<SMALL>WNERSHIP</SMALL> <SMALL>OF</SMALL> S<SMALL>HARES</SMALL> <SMALL>OF</SMALL>
<SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>AND</SMALL> S<SMALL>UBSIDIARIES</SMALL> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)
(i)&nbsp;&nbsp;&nbsp;<U>Subsidiaries</U>. None. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) (ii)&nbsp;&nbsp;<U>Affiliates (other than Subsidiaries and Directors and
Officers)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;Unitil Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;Fitchburg Gas and Electric Light Co. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;Northern Utilities, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;Unitil Power Corp. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;Unitil Realty Corp. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;Unitil Service Corp. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;Unitil Resources, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;Granite State Gas Transmission, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;Fitchburg Energy Development Company </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) (iii)&nbsp;<U>Directors and Officers</U>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Directors</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Winfield S. Brown</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Mark H. Collin</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Lisa Crutchfield</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Suzanne Foster</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Edward F. Godfrey</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Michael B. Green</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Thomas P. Meissner, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Eben S. Moulton</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Justine Vogel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">David A. Whiteley</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Officers</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B>Title</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Thomas P. Meissner, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Robert B. Hevert</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Senior Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Todd R. Black</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Senior Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Laurence M. Brock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Senior Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Daniel J. Hurstak</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Controller</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Todd R. Diggins</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Treasurer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Sandra L. Whitney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Secretary</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Justin Eisfeller</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Robert S. Furino</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Raymond J. Letourneau, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Vice President</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 5.4 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Bond Purchase Agreement) </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>CHEDULE</SMALL> 5.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>INANCIAL</SMALL> S<SMALL>TATEMENTS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Audited Financial Statements of Unitil Energy Systems, Inc. as of December&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unaudited and Condensed Financial Statements of Unitil Energy Systems, Inc. as of and for the Three Months Ended March&nbsp;31, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unaudited and Condensed Financial Statements of Unitil Energy Systems, Inc. as of and for the Six Months Ended June&nbsp;30, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 5.5 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to
Bond Purchase Agreement) </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>CHEDULE</SMALL> 5.15 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>E<SMALL>XISTING</SMALL> I<SMALL>NDEBTEDNESS</SMALL> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Existing Indebtedness (as of June&nbsp;30, 2020) </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="15%"></TD>

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<TD></TD>

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<TD WIDTH="13%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">Borrower/Obligor</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">Lender/Creditor</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">Description and<BR>Maturity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Balance</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(USD)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">Description&nbsp;of<BR>Security&nbsp;or&nbsp;other<BR>Credit Support</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Unitil Energy Systems, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various holders</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Preferred Stock, <FONT STYLE="white-space:nowrap">Non-Redeemable,</FONT> <FONT STYLE="white-space:nowrap">Non-Cumulative,</FONT> 6.00%, $100 Par Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$188,700</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">Unitil Energy Systems, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">Various institutional investors</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">8.49% Series, Due October&nbsp;14, 2024</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">$4,500,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">Mortgage&nbsp;&amp;&nbsp;UCC Collateral Filings</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Unitil Energy Systems, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various&nbsp;institutional investors</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">6.96%&nbsp;Series,&nbsp;Due September&nbsp;1, 2028</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$18,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Mortgage&nbsp;&amp; UCC Collateral Filings</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">Unitil Energy Systems, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">Various institutional investors</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">8.00% Series, Due May&nbsp;1, 2031</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">$15,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">Mortgage&nbsp;&amp; UCC Collateral Filings</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Unitil Energy Systems, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">6.32% Series, Due September&nbsp;15, 2036</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$15,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Mortgage&nbsp;&amp; UCC Collateral Filings</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Unitil Energy Systems, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Various institutional investors</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">4.18% Series, Due November&nbsp;30, 2048</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$30,000,000&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Mortgage&nbsp;&amp; UCC Collateral Filings</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Unitil Energy Systems, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Unitil and certain of its subsidiaries</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Cash Pooling and Loan Agreement, as amended and restated to date</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$23,423,291</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Since June&nbsp;30, 2020, there have been the following Material changes in the amounts, interest rates,
sinking funds, installment payments or maturities of the Indebtedness of the Company or its Subsidiaries: The Company made sinking fund payments of $2,000,000 related to the 6.96% Series&nbsp;in September 2020. The outstanding balance of the 6.96%
Series&nbsp;as of September&nbsp;15, 2020 is $16,000,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Existing Liens</U>. Please see the column entitled &#147;Description of
Security or Other Credit Support&#148; in the table above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Restrictions on Funded Indebtedness</U>. The Company is a party to, or
otherwise subject to provisions contained in, instruments evidencing the Indebtedness of the Company set forth on this Schedule 5.15 and agreements and other documents relating thereto that limit the amount of, or otherwise impose restrictions on
the incurring of, Funded Indebtedness of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">S<SMALL>CHEDULE</SMALL> 5.15 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Bond Purchase Agreement) </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>E<SMALL>XHIBIT</SMALL> A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> 16<SMALL>TH</SMALL> S<SMALL>UPPLEMENTAL</SMALL> I<SMALL>NDENTURE</SMALL> </B></P>
<P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>U<SMALL>NITIL</SMALL> E<SMALL>NERGY</SMALL> S<SMALL>YSTEMS</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>O</SMALL> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>U.S.
B<SMALL>ANK</SMALL> N<SMALL>ATIONAL</SMALL> A<SMALL>SSOCIATION</SMALL>, T<SMALL>RUSTEE</SMALL> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>IXTEENTH</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>UPPLEMENTAL</SMALL> I<SMALL>NDENTURE</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>ATED</SMALL> <SMALL>AS</SMALL> <SMALL>OF</SMALL> S<SMALL>EPTEMBER</SMALL>&nbsp;15, 2020 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>A<SMALL>DDITIONAL</SMALL> I<SMALL>SSUE</SMALL> <SMALL>OF</SMALL> B<SMALL>ONDS</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(S<SMALL>ERIES</SMALL>&nbsp;R, 3.58%, <SMALL>DUE</SMALL> S<SMALL>EPTEMBER</SMALL>&nbsp;15, 2040) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>$27,500,000 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Sixteenth Supplemental
Indenture encumbers property in Merrimack and Rockingham Counties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL> A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Bond Purchase Agreement) </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Sixteenth Supplemental Indenture is dated as of September&nbsp;15, 2020
(the or this &#147;Sixteenth Supplemental Indenture&#148;) and entered into by and between Unitil Energy Systems, Inc., a corporation duly organized and existing under and by virtue of the laws of the State of New Hampshire, having its principal
office and place of business in Hampton, County of Rockingham in the State of New Hampshire at 6 Liberty Lane West, Hampton, New Hampshire 03842-1720 (hereinafter sometimes referred to as the &#147;Company&#148;), and U.S. Bank National Association,
a national banking association (successor to Old Colony Trust Company), having an office and place of business in Boston, Massachusetts at 1 Federal Street, Boston, Massachusetts 02110, as Trustee (hereinafter sometimes referred to as the
&#147;Trustee&#148;), with reference to the following Recitals: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>W <SMALL>I</SMALL> <SMALL>T</SMALL> <SMALL>N</SMALL> <SMALL>E</SMALL>
<SMALL>S</SMALL> <SMALL>S</SMALL> <SMALL>E</SMALL> <SMALL>T</SMALL> <SMALL>H</SMALL>: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, the Company heretofore
duly executed and delivered to the Trustee its Indenture of Mortgage and Deed of Trust (hereinafter generally referred to as the &#147;Original Indenture&#148; and referred to, with each and every other instrument, including the Twelfth Supplemental
Indenture, which amended and restated the Original Indenture in its entirety, and each subsequent instrument which the Company may execute with the Trustee and which is therein stated to be supplemental to the Original Indenture, as the
&#147;Indenture&#148;), dated as of July&nbsp;15, 1958, but actually executed on September&nbsp;18, 1958, and recorded, among other places, in Merrimack County, New Hampshire, Registry of Deeds, Volume&nbsp;832, Page&nbsp;96, and in the Office of
the City Clerk of the City of Concord, New Hampshire, Volume 188, Page&nbsp;156 and duly recorded First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth, and Fifteenth Supplemental
Indentures thereto dated as of January&nbsp;15, 1968, as of November&nbsp;15, 1971, as of July&nbsp;1, 1975, as of March&nbsp;28, 1984, as of June&nbsp;1, 1984, as of October&nbsp;29, 1987, as of August&nbsp;29, 1991, as of October&nbsp;14, 1994, as
of September&nbsp;1, 1998, as of January&nbsp;15, 2001, as of April&nbsp;20, 2001, as of December&nbsp;2, 2002, as of September&nbsp;26, 2006, as of March&nbsp;2, 2010, and as of November&nbsp;29, 2018, respectively, to which this instrument is
supplemental and in modification and confirmation thereof, whereby substantially all the properties of the Company used by it in its electric business, whether then owned or thereafter acquired, with certain exceptions and reservations fully set
forth in the Indenture were given, granted, bargained, sold, warranted, pledged, assigned, transferred, mortgaged and conveyed to the Trustee, its successors and assigns, in trust upon the terms and conditions set forth therein to secure bonds of
the Company issued and to be issued thereunder, and for other purposes more particularly specified therein; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas,
on January&nbsp;4, 1971 Old Colony Trust Company was merged into The First National Bank of Boston, which thereupon succeeded to the trusts under the Indenture; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, effective May&nbsp;1, 1996 The First National Bank of Boston resigned as trustee under the Indenture and the Company
appointed State Street Bank and Trust Company (&#147;State Street&#148;) as successor trustee, which accepted such appointment and thereupon succeeded to the trusts under the Indenture; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, effective January&nbsp;1, 2003 U.S. Bank National Association purchased substantially all of the corporate trust
business of State Street including the trust herein and thereupon succeeded State Street as Trustee hereunder; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, on December&nbsp;2, 2002 (the &#147;Merger Date&#148;), Unitil
Corporation, a corporation organized under the laws of the State of New Hampshire (&#147;Unitil&#148;), combined all of the operations of the Company and Exeter&nbsp;&amp; Hampton Electric Company (&#147;Exeter&#148;) through the merger of Exeter
into the Company pursuant to an Agreement and Plan of Merger dated as of November&nbsp;26, 2002 between the Company and Exeter. On the Merger Date the Company assumed all of the obligations of Exeter under (a)&nbsp;Exeter&#146;s Indenture of
Mortgage and Deed of Trust dated as of December&nbsp;1, 1952 (hereinafter referred to as the &#147;Original Exeter Indenture&#148;) as supplemented by the First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh and
Twelfth Supplemental Indentures thereto dated as of January&nbsp;16, 1956, as of January&nbsp;15, 1960, as of June&nbsp;1, 1964, as of January&nbsp;15, 1968, as of November&nbsp;15, 1971, as of April&nbsp;1, 1974, as of December&nbsp;15, 1977, as of
October&nbsp;28, 1987, as of August&nbsp;29, 1991, as of October&nbsp;14, 1994, as of September&nbsp;1, 1998, and as of April&nbsp;20, 2001, respectively (the Original Exeter Indenture and such supplemental indentures being sometimes collectively
referred to as the &#147;Exeter Indenture&#148;), and (b)&nbsp;the bonds then outstanding under the Exeter Indenture (the &#147;Exeter Bonds&#148;) pursuant to a Consent and Agreement dated as of November&nbsp;26, 2002 among Exeter, the Company and
the holders of the Exeter Bonds and the Bonds outstanding under the Indenture; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, on January&nbsp;24, 2003 (i)
each holder of an Exeter Bond exchanged such Exeter Bond for a bond issued by the Company under the Indenture containing substantially the same terms and provisions as such Exeter Bond, (ii)&nbsp;the Exeter Indenture was cancelled and discharged and
(iii)&nbsp;the Exeter Bonds were cancelled; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, there are now outstanding under the Indenture $1,800,000 in
principal amount of First Mortgage Bonds, Series&nbsp;I, $8,000,000 in principal amount of First Mortgage Bonds, Series&nbsp;J, $7,500,000 in principal amount of First Mortgage Bonds, Series&nbsp;K, $2,700,000 in principal amount of First Mortgage
Bonds, Series&nbsp;L, $8,000,000 in principal amount of First Mortgage Bonds, Series&nbsp;M, $7,500,000 in principal amount of First Mortgage Bonds, Series&nbsp;N, $15,000,000 in principal amount of First Mortgage Bonds, Series&nbsp;O, $0 in
principal amount of First Mortgage Bonds, Series&nbsp;P, and $30,000,000 in principal amount of First Mortgage Bonds, Series&nbsp;Q; and the Company proposes to issue $27,500,000 in principal amount of additional First Mortgage Bonds of a new
Series&nbsp;designated as First Mortgage Bonds, Series&nbsp;R (hereinafter sometimes referred to as &#147;Series&nbsp;R Bonds&#148; or &#147;bonds of Series&nbsp;R&#148;) to be issued under this Sixteenth Supplemental Indenture and that certain Bond
Purchase Agreement dated as of September&nbsp;15, 2020 among the Company and purchasers of the Series&nbsp;R Bonds party thereto, and accepted and acknowledged by the Trustee (the &#147;2020 Series&nbsp;R BPA&#148;)); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, all things have been done and performed which are necessary to make the Series&nbsp;R Bonds, when authenticated by
the Trustee and issued as in the Indenture and herein provided, and to make this Sixteenth Supplemental Indenture, when executed and delivered by the Company and the Trustee, legal, valid and binding obligations of the Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Now, Therefore, in consideration of the premises, and of the acceptance and purchase of the Series&nbsp;R Bonds by the holder
thereof, and of other good and valuable consideration, the receipt whereof is hereby acknowledged, and in confirmation of and supplementing the Indenture and in performance of and compliance with the provisions thereof, the Company, by these
presents, does give, grant, bargain, sell, warrant, pledge, assign, transfer, mortgage, and convey unto the Trustee, </P>
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as provided in the Indenture, and its successor or successors in the trust thereby and hereby created, and its and their assigns, all and singular, the property, and rights and interests in
property, described in the Indenture and thereby conveyed, pledged, assigned, transferred and mortgaged, or intended or required so to be (said descriptions in the Indenture being hereby made a part hereof to the same extent as if set forth herein
at length), whether then or now owned or thereafter or hereafter acquired, except such of said properties or interests therein as may have been released by the Trustee or sold or disposed of in whole or in part as permitted by the provisions of the
Indenture and also, but without in any way limiting the generality of the foregoing, all the rights, titles, interests, easements and properties described as acquired by the Company in Schedule A hereto attached and hereby made a part hereof as
fully as if set forth herein at length, and all proceeds of any of the foregoing at any time conveyed, pledged, assigned, transferred, mortgaged, paid or delivered to and from time to time held by the Trustee upon the trusts of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subject, However, insofar as affected hereby, to any Permitted Encumbrances as defined in Section&nbsp;1.01 of the Indenture,
and, as to the property specifically described in Schedule A of the Indenture and in Schedule A hereof, to the liens, encumbrances, reservations, restrictions, conditions, limitations, covenants, interests and exceptions, if any, set forth or
referred to in the descriptions thereof contained in said Schedules, none of which substantially interferes with the free use and enjoyment by the Company of the property and rights hereinabove described for the general purposes and uses of the
Company&#146;s electric business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">And Subject Further, as to all hereafter-acquired property, insofar as affected
thereby, to any mortgages, encumbrances or liens on such after-acquired property existing at the time of such acquisition or contemporaneously created, conforming to the provisions of Section&nbsp;8.07 of the Original Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">But Specifically Reserving, Excepting and Excluding from this instrument, and from the grant, conveyance, mortgage, transfer
and assignment herein contained, all right, title and interest of the Company, now owned or hereafter acquired in and to properties and rights of the kind specified in subclauses (a)&nbsp;to (d), both inclusive, of the paragraph beginning &#147;But
Specifically Reserving, Excepting and Excluding from this Indenture&#148; of the granting clauses of the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To
Have and to Hold the trust estate, with all of the privileges and appurtenances thereunto belonging, unto the Trustee, its successors in the trusts of the Indenture, and its and their assigns, to its and their own use, forever; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">But in Trust Nevertheless, upon the terms and trusts set forth in the Indenture, for the equal pro rata benefit, security and
protection (except as provided in Section&nbsp;8.14 of the Indenture and except insofar as a sinking, improvement and analogous fund or funds, established in accordance with the provisions of the Indenture, or any indenture supplemental thereto, may
afford particular security for bonds of one or more series) of the bearers and the registered owners of the bonds from time to time authenticated, issued and outstanding under the Indenture, and the bearers of the coupons appertaining thereto,
without (except as aforesaid) any preference, priority or distinction whatever of any one bond over any other bond by reason of priority in the issue, sale or negotiation thereof, or otherwise; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Provided, However, and these presents are upon the condition, that, if the
Company shall pay or cause to be paid the entire outstanding aggregate principal amount of and premium, if any, and interest on the bonds at the times and in the manner therein and in the Indenture provided, and shall keep, perform and observe all
and singular the covenants, agreements and provisions in the bonds and in the Indenture expressed to be kept, performed and observed by or on the part of the Company, then (i)&nbsp;this Sixteenth Supplemental Indenture and the estate and rights
hereby granted shall, pursuant to the provisions of Article XIII of the Indenture, cease and terminate and (ii)&nbsp;the Trustee shall, upon the request of the Company, cancel, discharge, and release the lien of the Indenture; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">And Provided, However, that, upon the satisfaction of the Collateral Release Conditions as set forth in the 2020 Series&nbsp;R
BPA, as such term is defined therein, the Company may request that the lien of the Indenture be completely released from all property and collateral securing the bonds issued and outstanding under the Indenture, and at such time (i)&nbsp;the
Indenture shall cease and terminate and (ii)&nbsp;the lien of the Indenture shall be cancelled, discharged, and released. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">And it is Hereby Covenanted, Declared and Agreed, upon the trusts and for the purposes aforesaid, as set forth in the
following covenants, agreements, conditions and provisions, viz.: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>A<SMALL>RTICLE</SMALL> O<SMALL>NE</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>ERIES</SMALL>&nbsp;R B<SMALL>ONDS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.01.&nbsp;&nbsp;&nbsp;&nbsp;There shall be and is hereby created an additional Series&nbsp;of bonds designated
as and entitled &#147;First Mortgage Bonds, Series&nbsp;R.&#148; Series&nbsp;R Bonds shall be fully registered bonds without coupons, of the denomination of at least $500,000. The bonds of Series&nbsp;R originally issued shall be dated the date of
such issue and any bonds of Series&nbsp;R subsequently issued shall be dated as provided in Section&nbsp;2.03 of the Indenture. All Series&nbsp;R Bonds shall mature on September&nbsp;15, 2040, and shall bear interest at the rate of three and
fifty-eight hundredths percent (3.58%) per annum from their respective dates, such interest to be payable semi-annually in arrears on the fifteenth (15th) day of March and September in each year commencing March&nbsp;15, 2021, and shall bear
interest on any overdue principal (including any overdue prepayment of principal) and premium, if any, and (to the extent permitted by applicable law) on any overdue payment of interest, at the rate of five and fifty-eight hundredths percent
(5.58%)&nbsp;per annum. The principal of, premium, if any, and interest on bonds of Series&nbsp;R shall be payable at the corporate trust office of U.S. Bank National Association, in Boston, Massachusetts, St. Paul, Minnesota, or at the corporate
trust office designated by the Trustee or by its successors as Trustee hereunder, in lawful money of the United States of America, provided that the Company may enter into a written agreement with any registered Institutional Holder of the bonds of
Series&nbsp;R providing that payment of interest thereon and of the redemption price of any portion of the principal amount thereof (including premium, if any) which may be redeemed shall be made directly to such holder or to its nominee, as the
case may be, at a duly designated place of payment within the United States, without surrender or presentation of such bonds of Series&nbsp;R to the Trustee, provided that (A)&nbsp;there shall have been filed with the Trustee a copy of such
agreement (and the Trustee hereby acknowledges that it has received a copy of the 2020 Series&nbsp;R BPA providing for such direct </P>
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payment to the holders of the bonds of Series R), (B) pursuant to such agreement such holder shall agree that it will not sell, transfer or otherwise dispose of any such bond of Series&nbsp;R in
respect of which any such payment or redemption shall have been made unless, prior to the delivery thereof by it, either (i)&nbsp;it shall have made a clear and accurate notation of the amount of principal so redeemed upon any such bond to be
transferred, or (ii)&nbsp;such bond of Series&nbsp;R shall have been presented to the Trustee for appropriate notation thereon of the portion of the principal amount thereof redeemed, or (iii)&nbsp;such bond or bonds of Series&nbsp;R shall have been
surrendered in exchange for a new bond or bonds of Series&nbsp;R for the unredeemed balance of the principal amount thereof in accordance with the other terms of the Indenture, and (C)&nbsp;in such agreement such holder shall agree that prior to
receiving any final payment of the entire remaining unpaid principal amount of any Series&nbsp;R Bond, the holder thereof shall be required to deliver such bond to the Trustee. For purposes of this Section&nbsp;1.01, the term &#147;Institutional
Holder&#148; shall mean any insurance company, bank, savings and loan association, trust company, investment company, charitable foundation, employee benefit plan (as defined in ERISA) or other institutional investor or financial institution. The
Trustee may assume that any holder of the bonds of Series R that has entered into an agreement for direct payment on such Bonds satisfies the requirements for an Institutional Holder and shall not be required to independently confirm such status.
The Trustee may further assume that such agreement for direct payment to a holder of the bonds of Series R remains in effect unless and until it receives written notice from the Company that payment to such holder shall thereafter be made through
the Trustee in accordance with the Indenture. The text of the Series&nbsp;R Bonds and of the Trustee&#146;s or Company&#146;s Certificate, as applicable, with respect thereto shall be respectively substantially of the tenor and purport set forth in
Exhibit&nbsp;B to the 2020 Series&nbsp;R BPA. The Series&nbsp;R Bonds shall be numbered in such manner or by such method as shall be satisfactory to the Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The issue of bonds of Series&nbsp;R hereunder is hereby limited to the $27,500,000 in aggregate principal amount of
Series&nbsp;R Bonds initially issued as provided in Section&nbsp;1.08 hereof and to Series&nbsp;R Bonds issued in exchange or substitution for outstanding Series&nbsp;R Bonds under the provisions of Sections&nbsp;2.08, 2.10, 2.11 and 7.05 of the
Indenture and Section&nbsp;1.07 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">From and after the Collateral Release Date (as such term is defined in the 2020
Series&nbsp;R BPA), (i) the Series&nbsp;R Bonds shall be governed solely by the terms of the 2020 Series&nbsp;R BPA, (ii)&nbsp;this Sixteenth Supplemental Indenture and the estate and rights hereby granted shall cease and terminate, and
(iii)&nbsp;the lien of the Indenture shall be cancelled, discharged, and released. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.02.&nbsp;&nbsp;&nbsp;&nbsp;As provided therein, the entire unpaid principal balance of each Series&nbsp;R Bond
shall be due and payable on September&nbsp;15, 2040. In addition, the Series&nbsp;R Bonds are subject to optional redemption in accordance with the terms of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.03.&nbsp;&nbsp;&nbsp;&nbsp;The Company will give notice, by registered mail, postage prepaid, or by a reputable
overnight carrier to the Trustee and to each registered owner of a bond of Series&nbsp;R of any required or optional payment to be made pursuant to Section&nbsp;1.02, Section&nbsp;1.04, or Section&nbsp;1.05 hereof not more than 60, nor less than 30,
days prior to such redemption date (or other designated date of redemption in the case of a redemption pursuant to Section&nbsp;1.04 or Section&nbsp;1.05). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.04.&nbsp;&nbsp;&nbsp;&nbsp;Before the date that is four
months prior to the Maturity Date (as defined in the 2020 Series&nbsp;R BPA), all of the bonds of Series&nbsp;R, or any part of the principal amount thereof, shall be subject to redemption, at the option of the Company, pursuant to and in accordance
with the provisions of Article VII of the Indenture (prior to the Collateral Release Date), and by payment of an amount equal to the aggregate principal amount being redeemed and all accrued interest thereon plus the Make Whole Amount (as defined in
the 2020 Series&nbsp;R BPA), if any, determined five Business Days prior to such redemption. Two Business Days prior to the redemption date the Company shall deliver a certificate to the Trustee from an Officer of the Company specifying the
calculation of the Make-Whole Amount, if any. The Trustee may rely upon such Officer&#146;s certificate as to the Make Whole Amount and shall have no duty to determine or confirm the calculation of such amount. On and after the date that is four
months prior to the Maturity Date, all of the bonds of Series&nbsp;R shall be subject to redemption, at the option of the Company, pursuant to and in accordance with the provisions of Article&nbsp;VII of the Indenture (prior to the Collateral
Release Date), and by payment of an amount equal to the aggregate principal amount being redeemed and all accrued interest thereon, but without payment of the Make Whole Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.05.&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Collateral Release Date, the Series&nbsp;R Bonds may be redeemed
pursuant to Article XI of the Indenture (i)&nbsp;out of Trust Moneys required by Section&nbsp;8.12 of the Indenture to be deposited with the Trustee, on any date and shall be redeemed for an amount equal to the principal amount of the bonds to be
redeemed, plus interest accrued to the date of redemption; or (ii)&nbsp;out of Trust Moneys required by Sections&nbsp;8.10, 10.03, 10.04 or 10.04A of the Indenture to be deposited with the Trustee, on any date and shall be redeemed for an amount
equal to the Make Whole Amount (as such term is defined, for purposes of this Section&nbsp;1.05, in the Twelfth Supplemental Indenture). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) From and after the Collateral Release Date, the Series&nbsp;R Bonds shall be redeemed in accordance with the terms of the
2020 Series&nbsp;R BPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.06.&nbsp;&nbsp;&nbsp;&nbsp;In the event that all or any part of the bonds of
Series&nbsp;R shall be redeemed or otherwise discharged prior to their maturity pursuant to or in accordance with the order of any governmental commission or regulatory authority upon the reorganization, dissolution or liquidation of the Company, or
otherwise, the registered owners of such bonds of Series&nbsp;R shall be entitled to be paid thereafter an amount equal to the principal amount of the bonds of Series&nbsp;R to be redeemed, plus accrued interest to the date of redemption, plus the
Make Whole Amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.07.&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Collateral Release Date, Bonds of
Series&nbsp;R, upon surrender thereof at the principal corporate trust office of the Trustee in Boston, Massachusetts, St. Paul, Minnesota, or other such office designated by the Trustee, may be exchanged for the same aggregate principal amount of
other fully registered bonds of this Series in an authorized denomination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Within a reasonable time after the receipt of
a request for such an exchange, the Company shall issue, and the Trustee shall authenticate and deliver all bonds required in connection therewith, and the Trustee shall make such exchange upon payment to it of such charge, if any, as is required by
the following paragraph. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For any exchange of bonds of Series&nbsp;R, the Company, at its option, may
require the payment of a sum sufficient to reimburse it for any stamp or other tax or governmental charge required to be paid by the Company or the Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) From and after the Collateral Release Date, any exchange of the Series&nbsp;R Bonds shall be governed in accordance with
the terms of the 2020 Series&nbsp;R BPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.08.&nbsp;&nbsp;&nbsp;&nbsp;Upon the execution of this Sixteenth
Supplemental Indenture and subject to the provisions of Article III of the Indenture and upon compliance with the applicable provisions of Articles IV of the Indenture (or waiver thereof duly obtained), the Company shall execute and deliver to the
Trustee, and the Trustee shall authenticate and deliver to or upon the order of the Company, bonds of Series&nbsp;R in the form set forth in Exhibit B to the 2020 Series&nbsp;R BPA in the aggregate principal amount of Twenty-Seven Million Five
Hundred Thousand Dollars ($27,500,000). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>A<SMALL>RTICLE</SMALL> T<SMALL>WO</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>R<SMALL>EDEMPTION</SMALL> P<SMALL>RIOR</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> C<SMALL>OLLATERAL</SMALL> R<SMALL>ELEASE</SMALL>
D<SMALL>ATE</SMALL> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.01.&nbsp;&nbsp;&nbsp;&nbsp;In the case of any proposed redemption pursuant to
Sections 1.04 or 1.05(a), forthwith after the Trustee&#146;s receipt of proper notice from the Company of any such proposed redemption, the Trustee shall act in accordance with the provisions of Article VII of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company covenants that it will pay to the Trustee: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;on or before the day prior to the date proposed by the Company in a notice (which
notice shall conform to the requirements of Article VII of the Indenture) of any redemption pursuant to Section&nbsp;1.04 or 1.05(a) hereof, the amount payable in accordance with such notice, and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;at the time of each redemption the Company shall pay to the Trustee the amount of
the charges which shall be due the Trustee and the amount of expenses which the Trustee advises the Company it has incurred or will incur in connection with such redemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>A<SMALL>RTICLE</SMALL> T<SMALL>HREE</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>C<SMALL>OVENANTS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> P<SMALL>RIOR</SMALL> <SMALL>TO</SMALL>
<SMALL>THE</SMALL> C<SMALL>OLLATERAL</SMALL> R<SMALL>ELEASE</SMALL> D<SMALL>ATE</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.01.&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants that it will not declare or pay dividends (other than in its
own common stock) or make any other distribution on shares of its common stock or apply any of its property or assets (other than amounts equal to any proceeds received from the sale of common stock of the Company) to the purchase or retirement of,
or make any other distribution through reduction of capital or otherwise, in respect of, any shares of its common stock (which dividends, distributions, purchases and retirements are hereinafter referred to as &#147;distributions&#148;)
</P>
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if, after giving effect to such distribution, the aggregate of all such distributions declared, paid, made or applied subsequent to December&nbsp;31, 2019, plus the amount of all dividends
declared on any class of preferred stock of the Company subsequent to December&nbsp;31, 2019, and any amounts charged to net income after December&nbsp;31, 2019 in connection with the purchase or retirement of any shares of preferred stock of the
Company would exceed an amount equal to net income of the Company available for dividends after December&nbsp;31, 2019, plus the net proceeds from any common or preferred equity issuances by the Company subsequent to December&nbsp;31, 2019, plus the
sum of $70,000,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The term &#147;net income&#148;, as applied to any period shall mean the net income (or deficit) of
the Company for such period properly transferable to its earned surplus, all computed, if a uniform system of accounts is prescribed by any commission or other governmental body having jurisdiction in the premises, in accordance with such uniform
system; otherwise in accordance with accepted accounting practice, and in any event by deducting from the aggregate gross revenues of the Company for such period all expenses required to be deducted in computing earnings available for interest
charges for such period in accordance with Section&nbsp;4.02B of the Indenture, and also by deducting all interest requirements, taxes, amortization of debt discount and expense and other deferred charges, and all other <FONT
STYLE="white-space:nowrap">non-operating</FONT> expenses for such period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>A<SMALL>RTICLE</SMALL> F<SMALL>OUR</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>M<SMALL>ISCELLANEOUS</SMALL> P<SMALL>ROVISIONS</SMALL> P<SMALL>RIOR</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> C<SMALL>OLLATERAL</SMALL>
R<SMALL>ELEASE</SMALL> D<SMALL>ATE</SMALL> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.01.&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Collateral Release
Date, the Company covenants that, except as to that part of the trust estate which may hereafter be acquired by it, it is now well seized of the physical properties by it hereby mortgaged or intended so to be and has good right, full power, and
lawful authority to make this Sixteenth Supplemental Indenture and to subject such physical properties to the lien of the Indenture as hereby supplemented; and that, subject to the provisions of the Indenture as hereby supplemented, it has and will
preserve good and indefeasible title to all such physical properties and will warrant and forever defend the same to the Trustee against the claims of all persons whomsoever. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.02.&nbsp;&nbsp;&nbsp;&nbsp;The use of terms and the construction of the provisions hereof shall be in
accordance with the definitions, uses and constructions contained in the Indenture as hereby supplemented. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.03.&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall be entitled to, may exercise and shall be protected by, where and
to the full extent that the same are applicable, with respect to the Series&nbsp;R Bonds herein provided for, all the rights, powers, privileges, immunities and exemptions provided in the Indenture as if the provisions concerning the same were
incorporated herein at length. The recitals and statements in this Sixteenth Supplemental Indenture and in the Series&nbsp;R Bonds (other than the Trustee&#146;s Certificate attached thereto) shall be taken as statements by the Company alone, and
shall not be considered as made by or as imposing any obligation or liability upon the Trustee, nor shall the Trustee be held responsible for the legality or validity of this Sixteenth Supplemental Indenture or of the Series&nbsp;R Bonds, and the
Trustee makes no covenant or representation, and shall not be responsible, as to and for the effect, authorization, execution, delivery or recording of this Sixteenth Supplemental Indenture. The Trustee shall not be taken impliedly to waive by this
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-9 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Sixteenth Supplemental Indenture any right it would otherwise have. As provided in the Indenture, this Sixteenth Supplemental Indenture shall hereafter form a part of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The remedies and provisions of the Indenture applicable in case of any default by the Company thereunder are hereby adopted
and made applicable in case of any default with respect to the properties included herein and, without limitation of the generality of the foregoing, there are hereby conferred upon the Trustee the same powers of sale and other powers over the
properties described herein as are expressly to be conferred by the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.04.&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;R Bonds issued under this Sixteenth Supplemental Indenture are
subject to the terms of the Indenture and the 2020 Series&nbsp;R BPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.05.&nbsp;&nbsp;&nbsp;&nbsp;This
Sixteenth Supplemental Indenture and the estate and rights hereby granted shall cease and terminate when the Indenture ceases or terminates, including upon the occurrence of the Collateral Release Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.06.&nbsp;&nbsp;&nbsp;&nbsp;This Sixteenth Supplemental Indenture may be simultaneously executed in several
counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.07.&nbsp;&nbsp;&nbsp;&nbsp;The cover of this Sixteenth Supplemental Indenture and all article and descriptive
headings herein are inserted for convenience only and shall not effect any construction or interpretation hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In Witness Whereof, Unitil Energy Systems, Inc. has caused this instrument
to be executed in its corporate name by its President, one of its Vice Presidents, its Treasurer or its Assistant Treasurer and its corporate seal to be hereunto affixed and to be attested by the Secretary of the Board of Directors or its Secretary,
and U.S. Bank National Association, to evidence its acceptance of the trust hereby created, has caused this instrument to be executed in its corporate name, all as of the day and year first above written. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Attest:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Secretary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Signed, sealed and delivered by</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;Unitil Energy Systems, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;in the presence of us:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">(Corporate Seal)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">U.S. Bank National Association, Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Authorized Officer</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Signed and delivered by </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bank National Association </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;in the presence of us: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-11 </P>

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<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">State&nbsp;of&nbsp;New&nbsp;Hampshire</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">) SS</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">County of</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On this ______ day of __________ 2020, before me personally appeared
_____________________________, to me personally known, who, being by me duly sworn, did say that he is the __________________________ of Unitil Energy Systems, Inc., that the seal affixed to the foregoing instrument was signed and sealed by him on
behalf of said corporation by authority of its Board of Directors; and the said _______________________ acknowledged said instrument to be the free act and deed of said corporation. </P>
<P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notary
Public</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">My Commission Expires:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;(Notarial Seal)</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="30%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="69%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Commonwealth&nbsp;of&nbsp;Massachusetts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">) SS</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">County of Suffolk</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On this ______ day of ______________ 2020, before me personally appeared
_____________________________, to me personally known, who being by me duly sworn, did say that he is an authorized officer of U.S. Bank National Association, and that the foregoing instrument was signed by him on behalf of said Bank by authority of
its Board of Directors; and the said _____________________________ acknowledged said instrument to be the free act and deed of said Bank. </P> <P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notary
Public</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">My Commission Expires:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;(Notarial Seal)</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">UNITIL Energy Systems, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Sixteenth Supplemental Indenture </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Schedule A </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>DESCRIPTION OF CERTAIN LAND AND
EASEMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>ACQUIRED BY THE COMPANY SINCE NOVEMBER&nbsp;29, 2018 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PARCELS ACQUIRED: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Land and Drainage Easement on Continental Drive, Exeter, NH from Garrison Glen, LLC to UNITIL Energy
Systems, Inc. dated August&nbsp;14, 2019 and recorded with the Rockingham County Registry of Deeds at Book 6026, Page 1782. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Land, Sewer Easement and Slope Easement on Gourmet Place, Exeter, NH from the 12 Continental Drive, LLC to
UNITIL Energy Systems, Inc. dated August&nbsp;14, 2019 and recorded with the Rockingham County Registry of Deeds at Book 6026, Page 1785. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">EASEMENTS AND RIGHTS ACQUIRED FOR TRANSMISSION LINES: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">None. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>DESCRIPTION OF CERTAIN LAND AND EASEMENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>CONVEYED BY THE COMPANY SINCE NOVEMBER&nbsp;29, 2018 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PARCELS CONVEYED: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">None. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">EASEMENTS AND RIGHTS CONVEYED FOR TRANSMISSION LINES: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">None. </P></TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>E<SMALL>XHIBIT</SMALL> B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Form of Series&nbsp;R Bond) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS. THIS BOND HAS BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES
LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">No. R&#150;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">$_____________</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>U<SMALL>NITIL</SMALL> E<SMALL>NERGY</SMALL> S<SMALL>YSTEMS</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">First Mortgage Bond, Series&nbsp;R, 3.58% </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Due September&nbsp;15, 2040 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PPN:
913260 C*4 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unitil Energy Systems, Inc., a corporation organized under the laws of the State of New Hampshire (hereinafter
called the <I>&#147;</I><I>Company</I><I>&#148;</I>), for value received, hereby promises to pay to __________________ or registered assigns, on September&nbsp;15, 2040 (the <I>&#147;</I><I>Maturity Date</I><I>&#148;</I>), the principal sum of
___________________ Dollars ($___________) and to pay interest thereon from the date hereof at the rate of three and fifty-eight hundredths per centum (3.58%) per annum (computed on the basis of a thirty (30)&nbsp;day month and a three hundred sixty
(360)&nbsp;day year) payable semi-annually in arrears on the fifteenth (15th) day of March and September in each year, commencing with the fifteenth (15th) day of the March or the September next following the date hereof, until said principal sum is
paid; and to pay interest on any overdue principal (including any overdue prepayment of principal) and premium, if any, and (to the extent permitted by applicable law) on any overdue payment of interest at the rate of five and fifty-eight hundredths
per centum (5.58%) per annum. The principal of, premium, if any, and the interest on this bond shall be payable (i)&nbsp;on or prior to the Collateral Release Date (as defined below), at the corporate trust office of U.S. Bank National Association,
in Boston, Massachusetts, St. Paul, Minnesota, or at the corporate trust office designated by the Trustee or by its successor trustee of the trust hereinafter referred to, or at the option of certain holders in accordance with the provisions of
Section&nbsp;1.01 of the Sixteenth Supplemental Indenture hereinafter referred to or (ii)&nbsp;following the Collateral Release Date, as provided in the certain Bond Purchase Agreement dated as of September&nbsp;15, 2020 among the Company and
purchasers of the Series&nbsp;R Bonds party thereto, and accepted and acknowledged by the Trustee (the <I>&#147;</I><I>2020 Series</I><I></I><I>&nbsp;R BPA</I><I>&#148;</I>), in lawful money of the United States of America. The term &#147;Collateral
Release Date&#148; is defined in the 2020 Series&nbsp;R BPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL> B </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Bond Purchase Agreement) </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This bond is one of a duly authorized issue of First Mortgage Bonds of the
Company limited as to aggregate principal amount as set forth in the Indenture hereinafter mentioned, issuable in series, and is one of a Series&nbsp;known as First Mortgage Bonds, Series&nbsp;R, and all bonds of all Series&nbsp;being issued and to
be issued under and pursuant to the 2020 Series&nbsp;R BPA and in accordance with the Sixteenth Supplemental Indenture and, prior to the Collateral Release Date, all equally secured (except as any sinking or other fund, established in accordance
with the provisions of the Indenture hereinafter mentioned, may afford additional security for the bonds of any particular series) by an Indenture of Mortgage and Deed of Trust dated as of July&nbsp;15, 1958 (herein called the <I>&#147;Original
Indenture&#148;</I>) duly executed and delivered by the Company to Old Colony Trust Company (The First National Bank of Boston, and State Street Bank and Trust Company being the initial successor Trustees and U.S. Bank National Association being the
current successor Trustee, the <I>&#147;Trustee&#148;</I>), to which Original Indenture, as amended and restated by the Twelfth Supplemental Indenture, and supplemented by a Thirteenth Supplemental Indenture dated as of September&nbsp;26, 2006, a
Fourteenth Supplemental Indenture dated as of March&nbsp;2, 2010, a Fifteenth Supplemental Indenture dated as of November&nbsp;29, 2018, and a Sixteenth Supplemental Indenture (the <I>&#147;Sixteenth Supplemental Indenture&#148;</I>) dated as of
[Date of 16th Supplemental Indenture] (herein together called the <I>&#147;Indenture&#148;</I>) reference is hereby made for a description of the property transferred, assigned and mortgaged thereunder, the nature and extent of the security, the
terms and conditions upon which the bonds are secured and additional bonds may be issued and secured, and the rights of the holders or registered owners of said bonds, of the Trustee and of the Company in respect of such security. Neither the
foregoing reference to the Indenture, nor any provision of this bond or of the Indenture, shall affect or impair the obligation of the Company, which is absolute, unconditional and unalterable, to pay, at the stated or accelerated maturities herein
provided, the principal of and premium, if any, and interest on this bond as herein provided. Bonds of this Series&nbsp;R are also issued in accordance with the terms of the 2020 Series&nbsp;R BPA and are entitled to the benefits thereof. The 2020
Series&nbsp;R BPA also provides that, upon the written request of the Company and the satisfaction of the conditions provided in Section&nbsp;9.1.1 thereof, the lien of the Indenture shall be cancelled, discharged, and released from all of the
property and collateral securing the repayment of the Bonds of this Series&nbsp;R and, at such time, the Indenture shall cease and terminate and the 2020 Series&nbsp;R Bonds shall be solely governed in accordance with the terms hereof and of the
2020 Series&nbsp;R BPA. As provided herein, the entire unpaid principal balance of each Series&nbsp;R Bond shall be due and payable on the Maturity Date. In addition, the Series&nbsp;R Bonds are subject to optional redemption in accordance with the
terms of the Indenture and the 2020 Series&nbsp;R BPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following provisions only apply on or prior to the Collateral
Release Date: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) Bonds of this Series&nbsp;R are also redeemable, in whole or in part, in integral multiples of one
hundred thousand dollars, at the option of the Company on any date on no more than 60, nor less than 30 days&#146; notice prior to such redemption date, in the manner, with the effect, subject to the limitations and for the amounts specified in
Section&nbsp;1.04 of the Sixteenth Supplemental Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) On the conditions and in the manner provided in
Section&nbsp;1.05 of the Sixteenth Supplemental Indenture, Series&nbsp;R Bonds may also become subject to redemption, in whole or in part, at any time on any date on no more than 60, nor less than 30 days&#146; notice prior to such
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
redemption date, in the manner, with the effect and for the amounts specified in said Section&nbsp;1.05, by the use of moneys deposited with or paid to the Trustee as the proceeds of the sale or
condemnation of property of the Company or as the proceeds of insurance policies deposited with or paid to the Trustee because of damage to or destruction of property of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) In the event that all or any part of the bonds of this Series&nbsp;R shall be redeemed or otherwise discharged prior to
their maturity pursuant to or in accordance with the order of any governmental commission or regulatory authority upon the reorganization, dissolution or liquidation of the Company, or otherwise, the registered owners of such Series&nbsp;R Bonds
shall be entitled to be paid therefor an amount specified in Section&nbsp;1.06 of the Sixteenth Supplemental Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) The Indenture provides that, if notice of redemption of any bond issued pursuant to its terms, including the Series&nbsp;R
Bonds, or of any portion of the principal amount of any such bond selected for redemption has been duly given, then such bond or such portion thereof shall become due and payable on the redemption date, and, if the redemption price shall have been
duly deposited with the Trustee, interest thereon shall cease to accrue from and after the redemption date, and that whenever the redemption price thereof shall have been duly deposited with the Trustee and notice of redemption shall have been duly
given, or provision thereof made as provided in the Indenture, such bond or such portion thereof shall no longer be entitled to any lien or benefit of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e) In case an Event of Default, as defined in the Indenture, occurs, the principal of this bond may become or may be declared
due and payable prior to the stated maturity hereof in the manner and with the effect and subject to the conditions provided in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f) This bond is transferable by the registered owner hereof, in person or by duly authorized attorney, upon books of the
Company to be kept for that purpose at the corporate trust office of the Trustee under the Indenture, upon surrender thereof at said office for cancellation and upon presentation of a written instrument of transfer duly executed, and thereupon the
Company shall issue in the name of the transferee or transferees, and the Trustee shall authenticate and deliver, a new registered bond or bonds, of like form and in an authorized denomination or in authorized denominations and of the same series,
for the same aggregate principal amount. Bonds of Series&nbsp;R upon surrender thereof at said office may be exchanged for the same aggregate principal amount of fully registered bonds of Series&nbsp;R of another authorized denomination or other
authorized denominations, all upon payment of the charges, if any, and subject to the terms and conditions specified in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g) The Company and the Trustee may treat the registered owner of this bond as the absolute owner hereof for all purposes.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h) With the consent of the Company and to the extent permitted by and as provided in the Indenture, any of the
provisions of the Indenture or of any instrument supplemental thereto may be modified by the assent or authority of the holders of at least seventy-five per centum (75%) in principal amount of the bonds then outstanding thereunder, <I>provided,
however,</I> that no such modification shall (i)&nbsp;extend the time or times or payment of the principal of, or the interest or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">premium, if any, on any bond, (ii)&nbsp;reduce the principal amount thereof or the rate of
interest or premium thereon, (iii)&nbsp;authorize the creation of any lien prior or equal to the lien of the Indenture upon any property subject to the lien thereof, or deprive any bondholder of the benefit of the lien of the Indenture,
(iv)&nbsp;affect the rights under the Indenture of the holders of one or more, but less than all, of the Series&nbsp;of bonds outstanding thereunder unless assented to by the holders of seventy-five per centum (75%) in aggregate principal amount of
bonds outstanding thereunder of each of the Series&nbsp;so affected, (v)&nbsp;reduce the percentage of bonds, the holders of which are required to assent to any such modification, or (vi)&nbsp;in any manner affect the rights or obligations of the
Trustee without its written consent thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) No recourse shall be had for the payment of the principal of or the
interest on this bond or of any claim based hereon or in respect hereof or of the Indenture, against any incorporator, stockholder, officer or director of the Company, or of any successor company, whether by virtue of any statute or rule of law or
by the enforcement of any assessment of penalty or otherwise, all such liability being by the acceptance hereof expressly waived and released and being also waived and released by the terms of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j) Prior to the Collateral Release Date, this bond shall not be valid nor become obligatory for any purpose until it shall
have been authenticated by the execution of the certificate hereon endorsed by the Trustee under the Indenture. From and after the Collateral Release Date, this bond shall not be required to be authenticated by the execution of the certificate
hereon endorsed by the Trustee under the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[Remainder of page is intentionally blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I<SMALL>N</SMALL> W<SMALL>ITNESS</SMALL> W<SMALL>HEREOF</SMALL>, Unitil
Energy Systems, Inc. has caused this bond to be signed in its name by its President or one of its Vice Presidents and its corporate seal to be hereunto affixed and attested by its Treasurer or one of its Assistant Treasurers, and this bond to be
dated the ____th day of ____________ 20__. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">U<SMALL>NITIL</SMALL> E<SMALL>NERGY</SMALL> S<SMALL>YSTEMS</SMALL>, I<SMALL>NC</SMALL>.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><SMALL>ATTEST</SMALL>: ____________________________ </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Corporate Seal) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[Form of Trustee&#146;s Certificate </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">for all Bonds of Series&nbsp;R issued <I>prior </I>to the Collateral Release Date] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>RUSTEE</SMALL>&#146;<SMALL>S</SMALL> C<SMALL>ERTIFICATE</SMALL> <SMALL>OF</SMALL> A<SMALL>UTHENTICATION</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This is one of the First Mortgage Bonds, Series&nbsp;R, referred to in the within mentioned Indenture. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">U.S. B<SMALL>ANK</SMALL> N<SMALL>ATIONAL</SMALL> A<SMALL>SSOCIATION</SMALL></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Authorized Officer</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Form of Notation of Payments on Account of Principal) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Payments on Account of Principal </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount Paid
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-7 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Form of Endorsement) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">F<SMALL>OR</SMALL> <SMALL>VALUE</SMALL> <SMALL>RECEIVED</SMALL> the undersigned hereby sells, assigns and transfers unto
______ the within bond, and all rights thereunder, hereby irrevocably constituting and appointing ________________________________________________________________ attorney to transfer said bond on the books of the Company, with full power of
substitution in the premises. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Dated: _____________________</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Signature of Registered Owner</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In the presence of ________________________________________________ </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">N<SMALL>OTICE</SMALL>: The signature of this assignment must correspond with the name of the payee as it appears upon the face
of the within bond in every particular, without alteration or enlargement or any change whatever. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">B-8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> O<SMALL>PINION</SMALL> <SMALL>OF</SMALL>
S<SMALL>PECIAL</SMALL> C<SMALL>OUNSEL</SMALL> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>TO</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following or substantially similar opinions are to be provided by special counsel to the Company, subject to customary assumptions,
limitations and qualifications. All capitalized terms used in the opinions without definition shall have the meanings ascribed thereto in the executed opinion letter, a draft of which has been provided to the Purchasers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The offer and sale of the Bonds as contemplated by the Agreement are not
required to be registered under the Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To our knowledge, the execution and delivery by the Company of the Agreement
and the performance by the Company of its obligations thereunder and the consummation of the transaction contemplated thereby, did not, and do not (i)&nbsp;violate any agreements or other instruments listed on Schedule 5.15 of the Agreement to which
the Company is a party or by which the Company is bound that constitute outstanding Indebtedness of the Company, (ii)&nbsp;violate any New York State or federal law, rule or regulation of any governmental authority applicable to the Company, and
(iii)&nbsp;require the Company to obtain any approval, consent or waiver of, or make any filing with, any New York State or federal governmental agency or body (other than (a)&nbsp;approvals, consents or waivers already obtained or filings already
made, (b)&nbsp;filing of financing statements under the Uniform Commercial Code and (c)&nbsp;approvals, consents, waivers, authorizations or orders under federal or state securities or blue sky laws as to which we express no opinion). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agreement, assuming the necessary entity power and authority,
authorization, execution, authentication and delivery of and by the Company, is a valid and binding obligation of the Company and is enforceable under the laws of the State of New York against the Company in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bonds, assuming the necessary entity power and authority, authorization,
execution, authentication and delivery of and by the Company in accordance with the Agreement, will be valid and binding obligations of the Company and will be enforceable against the Company under the laws of the State of New York in accordance
with their terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is not required to register as an
&#147;investment company&#148; under the Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming the proceeds of the sale of the Bonds will be used by the Company
for the purposes provided in Section&nbsp;5.14 of the Agreement, the sale of the Bonds to the Purchasers, and the application of the proceeds of the sale of the Bonds, will not violate Regulations U and X of the Board of Governors of the Federal
Reserve System. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To our knowledge, there is no action, suit,
governmental inquiry, investigation or other proceeding pending or overtly threatened (as that term is used in clause (a)&nbsp;of paragraph 5 of the Statement of Policy Regarding Lawyer&#146;s Responses to Auditor&#146;s Requests for Information)
against the Company in writing against the Company that relates to the consummation by the </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL> 4.4(a) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Bond Purchase Agreement) </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Company of the transactions contemplated by the Transaction Documents except those that
(a)&nbsp;individually do not in any manner draw into question the validity of the Agreement or the Bonds or (b)&nbsp;in the aggregate, if adversely determined, could not be reasonably expected to materially and adversely affect the Company&#146;s
ability to perform its obligations under the Agreement or the Bonds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4.4(a)-2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> O<SMALL>PINION</SMALL> <SMALL>OF</SMALL>
G<SMALL>ARY</SMALL> E<SMALL>PLER</SMALL>, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>C<SMALL>HIEF</SMALL> R<SMALL>EGULATORY</SMALL> C<SMALL>OUNSEL</SMALL> <SMALL>FOR</SMALL>
U<SMALL>NITIL</SMALL> S<SMALL>ERVICE</SMALL> C<SMALL>ORP</SMALL>. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>AND</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>R<SMALL>ANSMEIER</SMALL>&nbsp;&amp; S<SMALL>PELLMAN</SMALL> P.C. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Form of Opinion of Gary Epler </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The
following or substantially similar opinions are to be provided by Gary Epler, Chief Regulatory Counsel for Unitil Service Corp., subject to customary assumptions, limitations and qualifications. All capitalized terms used in the opinions without
definition shall have the meanings ascribed thereto in the executed opinion letter, a draft of which has been provided to the Purchasers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is a corporation validly existing and in good standing under the
laws of the State of New Hampshire, has the requisite corporate power and all necessary licenses, franchises, permits and rights to issue, sell and deliver the Bonds and to carry on its business and own its property and has duly authorized by all
necessary corporate action its entry into and performance of the Agreement and the Sixteenth Supplemental Indenture and the issuance of the Bonds and its incurrence of the Indebtedness to be evidenced thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agreement has been duly authorized by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sixteenth Supplemental Indenture has been duly authorized, executed and
delivered by the Company and constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization,
moratorium or other similar laws relating to or affecting the rights and remedies of creditors and to general equitable principles (regardless of whether such principles are considered in a proceeding in equity or at law), and subject to the laws
affecting the remedies for the enforcement of the security provided for therein, which laws do not, in my opinion, make inadequate the remedies provided therein for the realization of the benefits of such security; provided that under the law of the
State of New Hampshire a purchaser at a foreclosure sale of such portion of the Company&#146;s Properties as constitutes a public utility would have to obtain the permission and approval of the NHPUC to engage in business as such a utility in the
area in which such purchaser proposed to carry on such a utility business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bonds issued on the date hereof have been duly authorized, executed and
delivered by authorized officers of the Company and, upon payment and delivery in accordance with the Agreement and the Indenture, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their
terms, subject to bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors generally, and to general equitable principles
(regardless of whether such principles are considered in a proceeding in equity or at law) and will be entitled to the benefits and security afforded by the Indenture equally and ratably with all other bonds outstanding under the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL> 4.4(b) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to
Bond Purchase Agreement) </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is not
required to be licensed or qualified as a foreign corporation in any jurisdiction, except where the failure to so qualify would not reasonably be expected to have a material adverse effect on the condition (financial or other) of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issuance and sale of the Bonds and the execution, delivery and
performance by the Company of the Agreement and the Sixteenth Supplemental Indenture do not result in a violation of (i)&nbsp;any of the provisions of the Articles of Incorporation or the <FONT STYLE="white-space:nowrap">By-Laws,</FONT>
(ii)&nbsp;the New Hampshire Business Corporation Act or (iii)&nbsp;the public utility laws of the State of New Hampshire. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the qualifications and exceptions set forth in the opinion of
Ransmeier&nbsp;&amp; Spellman, P.C., which has been separately provided to you, the Indenture has been filed for record in all offices where such filings are necessary in order that it create a valid and effective Lien of record on all the
Company&#146;s property intended to be subject thereto, and the Indenture creates the valid, direct first Lien which the Indenture purports to create upon the Company&#146;s property, real and personal, now owned or hereafter acquired, described
therein, subject only to Liens permitted by the Indenture; and there is no requirement that the Indenture shall be refiled or rerecorded at any time or from time to time in order to continue or perfect the Lien thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issuance and sale of the Bonds have to the extent required by law been
duly authorized by an order of the NHPUC, such order is in full force and effect and the applicable appeal period has expired. No other consent, exemption, approval or authorization by any other governmental authority is required in connection with
the execution and delivery of the Agreement or the Sixteenth Supplemental Indenture or the issuance, sale and delivery of the Bonds, except such as may be required under state securities or blue sky laws in connection with the offer, sale and
delivery of the Bonds (as to which I express no opinion). </P> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Form of Opinion of Ransmeier&nbsp;&amp; Spellman P.C. </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following or substantially similar opinions are to be provided by Ransmeier&nbsp;&amp; Spellman P.C., subject to customary assumptions,
limitations and qualifications. All capitalized terms used in the opinions without definition shall have the meanings ascribed thereto in the executed opinion letter, a draft of which has been provided to the Purchasers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon our examination of the records as aforesaid, it is our opinion
that the Company holds good and marketable title to the property conveyed by the Mortgage subject only to the lien of the Mortgage, to permitted encumbrances as defined therein and other encumbrances and matters allowed thereby, and to the following
further qualifications and exceptions&#133;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the foregoing,
it is our opinion that the Mortgage has been filed for record in all offices where such filings are necessary in order that it create a valid and effective Lien of record on all the Company&#146;s property intended to be subject thereto, including
the above-referenced property of the Company owned by Exeter which was acquired by the Company as a result of the Merger; that the Mortgage creates the valid, direct first Lien which it purports to create upon the Company&#146;s property, real and
personal, now owned or hereafter acquired, described therein subject only to the Liens permitted by the Mortgage; and that there is no requirement that </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4.4(b)-2 </P>

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the Mortgage be refiled or rerecorded at any time or from time to time in order to continue or perfect the Lien thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4.4(b)-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>F<SMALL>ORM</SMALL> <SMALL>OF</SMALL> O<SMALL>PINION</SMALL> <SMALL>OF</SMALL>
S<SMALL>PECIAL</SMALL> C<SMALL>OUNSEL</SMALL> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><SMALL>TO</SMALL> <SMALL>THE</SMALL> P<SMALL>URCHASERS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To be provided to the Purchasers only. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL> 4.4(c) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to
Bond Purchase Agreement) </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">EXHIBIT 15.3 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[FORM OF] U.S. TAX COMPLIANCE CERTIFICATE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Reference is hereby made to the Bond Purchase Agreement dated as of September&nbsp;15, 2020 (as amended, supplemented or
otherwise modified from time to time, the &#147;Bond Purchase Agreement&#148;), among Unitil Energy Systems, Inc. (the &#147;Company&#148;), a New Hampshire corporation and the holders of Bonds that are signatories thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unless otherwise defined herein, capitalized terms defined in the Bond Purchase Agreement and used herein have the meanings
given to them in the Bond Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the provisions of Section&nbsp;15.3 of the Bond Purchase
Agreement, the undersigned hereby certifies that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it is the sole record and beneficial owner of the Bonds in respect of which it is providing this
certificate; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it is not a bank within the meaning of Section&nbsp;881(c)(3)(A) of the Code; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it is not a ten percent shareholder of the Company within the meaning of Section&nbsp;871(h)(3)(B) of the
Code; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it is not a controlled foreign corporation related to the Company as described in Section&nbsp;881(c)(3)(C)
of the Code. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned has furnished the Company with a certificate of its <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> Person status on IRS <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E.</FONT></FONT> </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">[&#149;]</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Date: ________ __, [&#149;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">E<SMALL>XHIBIT</SMALL> 15.3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to
Note Purchase Agreement) </P>
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<TYPE>EX-4.6
<SEQUENCE>7
<FILENAME>d923021dex46.htm
<DESCRIPTION>EX-4.6
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<TITLE>EX-4.6</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.6 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Execution Version </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>U<SMALL>NITIL</SMALL> E<SMALL>NERGY</SMALL> S<SMALL>YSTEMS</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>O</SMALL> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>U.S.
B<SMALL>ANK</SMALL> N<SMALL>ATIONAL</SMALL> A<SMALL>SSOCIATION</SMALL>, T<SMALL>RUSTEE</SMALL> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>IXTEENTH</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>UPPLEMENTAL</SMALL> I<SMALL>NDENTURE</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>ATED</SMALL> <SMALL>AS</SMALL> <SMALL>OF</SMALL> S<SMALL>EPTEMBER</SMALL>&nbsp;15, 2020 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>A<SMALL>DDITIONAL</SMALL> I<SMALL>SSUE</SMALL> <SMALL>OF</SMALL> B<SMALL>ONDS</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(S<SMALL>ERIES</SMALL>&nbsp;R, 3.58%, <SMALL>DUE</SMALL> S<SMALL>EPTEMBER</SMALL>&nbsp;15, 2040) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>$27,500,000 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Sixteenth Supplemental Indenture encumbers property in Merrimack and Rockingham Counties. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Sixteenth Supplemental Indenture is dated as of September&nbsp;15, 2020
(the or this &#147;Sixteenth Supplemental Indenture&#148;) and entered into by and between Unitil Energy Systems, Inc., a corporation duly organized and existing under and by virtue of the laws of the State of New Hampshire, having its principal
office and place of business in Hampton, County of Rockingham in the State of New Hampshire at 6 Liberty Lane West, Hampton, New Hampshire 03842-1720 (hereinafter sometimes referred to as the &#147;Company&#148;), and U.S. Bank National Association,
a national banking association (successor to Old Colony Trust Company), having an office and place of business in Boston, Massachusetts at 1 Federal Street, Boston, Massachusetts 02110, as Trustee (hereinafter sometimes referred to as the
&#147;Trustee&#148;), with reference to the following Recitals: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>W <SMALL>I</SMALL> <SMALL>T</SMALL> <SMALL>N</SMALL> <SMALL>E</SMALL>
<SMALL>S</SMALL> <SMALL>S</SMALL> <SMALL>E</SMALL> <SMALL>T</SMALL> <SMALL>H</SMALL>: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, the Company heretofore
duly executed and delivered to the Trustee its Indenture of Mortgage and Deed of Trust (hereinafter generally referred to as the &#147;Original Indenture&#148; and referred to, with each and every other instrument, including the Twelfth Supplemental
Indenture, which amended and restated the Original Indenture in its entirety, and each subsequent instrument which the Company may execute with the Trustee and which is therein stated to be supplemental to the Original Indenture, as the
&#147;Indenture&#148;), dated as of July&nbsp;15, 1958, but actually executed on September&nbsp;18, 1958, and recorded, among other places, in Merrimack County, New Hampshire, Registry of Deeds, Volume&nbsp;832, Page&nbsp;96, and in the Office of
the City Clerk of the City of Concord, New Hampshire, Volume 188, Page&nbsp;156 and duly recorded First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth, and Fifteenth Supplemental
Indentures thereto dated as of January&nbsp;15, 1968, as of November&nbsp;15, 1971, as of July&nbsp;1, 1975, as of March&nbsp;28, 1984, as of June&nbsp;1, 1984, as of October&nbsp;29, 1987, as of August&nbsp;29, 1991, as of October&nbsp;14, 1994, as
of September&nbsp;1, 1998, as of January&nbsp;15, 2001, as of April&nbsp;20, 2001, as of December&nbsp;2, 2002, as of September&nbsp;26, 2006, as of March&nbsp;2, 2010, and as of November&nbsp;29, 2018, respectively, to which this instrument is
supplemental and in modification and confirmation thereof, whereby substantially all the properties of the Company used by it in its electric business, whether then owned or thereafter acquired, with certain exceptions and reservations fully set
forth in the Indenture were given, granted, bargained, sold, warranted, pledged, assigned, transferred, mortgaged and conveyed to the Trustee, its successors and assigns, in trust upon the terms and conditions set forth therein to secure bonds of
the Company issued and to be issued thereunder, and for other purposes more particularly specified therein; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas,
on January&nbsp;4, 1971 Old Colony Trust Company was merged into The First National Bank of Boston, which thereupon succeeded to the trusts under the Indenture; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, effective May&nbsp;1, 1996 The First National Bank of Boston resigned as trustee under the Indenture and the Company
appointed State Street Bank and Trust Company (&#147;State Street&#148;) as successor trustee, which accepted such appointment and thereupon succeeded to the trusts under the Indenture; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, effective January&nbsp;1, 2003 U.S. Bank National Association purchased substantially all of the corporate trust
business of State Street including the trust herein and thereupon succeeded State Street as Trustee hereunder; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-1- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, on December&nbsp;2, 2002 (the &#147;Merger Date&#148;), Unitil
Corporation, a corporation organized under the laws of the State of New Hampshire (&#147;Unitil&#148;), combined all of the operations of the Company and Exeter&nbsp;&amp; Hampton Electric Company (&#147;Exeter&#148;) through the merger of Exeter
into the Company pursuant to an Agreement and Plan of Merger dated as of November&nbsp;26, 2002 between the Company and Exeter. On the Merger Date the Company assumed all of the obligations of Exeter under (a)&nbsp;Exeter&#146;s Indenture of
Mortgage and Deed of Trust dated as of December&nbsp;1, 1952 (hereinafter referred to as the &#147;Original Exeter Indenture&#148;) as supplemented by the First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh and
Twelfth Supplemental Indentures thereto dated as of January&nbsp;16, 1956, as of January&nbsp;15, 1960, as of June&nbsp;1, 1964, as of January&nbsp;15, 1968, as of November&nbsp;15, 1971, as of April&nbsp;1, 1974, as of December&nbsp;15, 1977, as of
October&nbsp;28, 1987, as of August&nbsp;29, 1991, as of October&nbsp;14, 1994, as of September&nbsp;1, 1998, and as of April&nbsp;20, 2001, respectively (the Original Exeter Indenture and such supplemental indentures being sometimes collectively
referred to as the &#147;Exeter Indenture&#148;), and (b)&nbsp;the bonds then outstanding under the Exeter Indenture (the &#147;Exeter Bonds&#148;) pursuant to a Consent and Agreement dated as of November&nbsp;26, 2002 among Exeter, the Company and
the holders of the Exeter Bonds and the Bonds outstanding under the Indenture; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, on January&nbsp;24, 2003 (i)
each holder of an Exeter Bond exchanged such Exeter Bond for a bond issued by the Company under the Indenture containing substantially the same terms and provisions as such Exeter Bond, (ii)&nbsp;the Exeter Indenture was cancelled and discharged and
(iii)&nbsp;the Exeter Bonds were cancelled; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, there are now outstanding under the Indenture $1,800,000 in
principal amount of First Mortgage Bonds, Series&nbsp;I, $8,000,000 in principal amount of First Mortgage Bonds, Series&nbsp;J, $7,500,000 in principal amount of First Mortgage Bonds, Series&nbsp;K, $2,700,000 in principal amount of First Mortgage
Bonds, Series&nbsp;L, $8,000,000 in principal amount of First Mortgage Bonds, Series&nbsp;M, $7,500,000 in principal amount of First Mortgage Bonds, Series&nbsp;N, $15,000,000 in principal amount of First Mortgage Bonds, Series&nbsp;O, $0 in
principal amount of First Mortgage Bonds, Series&nbsp;P, and $30,000,000 in principal amount of First Mortgage Bonds, Series&nbsp;Q; and the Company proposes to issue $27,500,000 in principal amount of additional First Mortgage Bonds of a new
Series&nbsp;designated as First Mortgage Bonds, Series&nbsp;R (hereinafter sometimes referred to as &#147;Series&nbsp;R Bonds&#148; or &#147;bonds of Series&nbsp;R&#148;) to be issued under this Sixteenth Supplemental Indenture and that certain Bond
Purchase Agreement dated as of September&nbsp;15, 2020 among the Company and purchasers of the Series&nbsp;R Bonds party thereto, and accepted and acknowledged by the Trustee (the &#147;2020 Series&nbsp;R BPA&#148;)); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whereas, all things have been done and performed which are necessary to make the Series&nbsp;R Bonds, when authenticated by
the Trustee and issued as in the Indenture and herein provided, and to make this Sixteenth Supplemental Indenture, when executed and delivered by the Company and the Trustee, legal, valid and binding obligations of the Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Now, Therefore, in consideration of the premises, and of the acceptance and purchase of the Series&nbsp;R Bonds by the holder
thereof, and of other good and valuable consideration, the receipt whereof is hereby acknowledged, and in confirmation of and supplementing the Indenture and in performance of and compliance with the provisions thereof, the Company, by these
presents, does give, grant, bargain, sell, warrant, pledge, assign, transfer, mortgage, and convey unto the Trustee, </P>
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as provided in the Indenture, and its successor or successors in the trust thereby and hereby created, and its and their assigns, all and singular, the property, and rights and interests in
property, described in the Indenture and thereby conveyed, pledged, assigned, transferred and mortgaged, or intended or required so to be (said descriptions in the Indenture being hereby made a part hereof to the same extent as if set forth herein
at length), whether then or now owned or thereafter or hereafter acquired, except such of said properties or interests therein as may have been released by the Trustee or sold or disposed of in whole or in part as permitted by the provisions of the
Indenture and also, but without in any way limiting the generality of the foregoing, all the rights, titles, interests, easements and properties described as acquired by the Company in Schedule A hereto attached and hereby made a part hereof as
fully as if set forth herein at length, and all proceeds of any of the foregoing at any time conveyed, pledged, assigned, transferred, mortgaged, paid or delivered to and from time to time held by the Trustee upon the trusts of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subject, However, insofar as affected hereby, to any Permitted Encumbrances as defined in Section&nbsp;1.01 of the Indenture,
and, as to the property specifically described in Schedule A of the Indenture and in Schedule A hereof, to the liens, encumbrances, reservations, restrictions, conditions, limitations, covenants, interests and exceptions, if any, set forth or
referred to in the descriptions thereof contained in said Schedules, none of which substantially interferes with the free use and enjoyment by the Company of the property and rights hereinabove described for the general purposes and uses of the
Company&#146;s electric business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">And Subject Further, as to all hereafter-acquired property, insofar as affected
thereby, to any mortgages, encumbrances or liens on such after-acquired property existing at the time of such acquisition or contemporaneously created, conforming to the provisions of Section&nbsp;8.07 of the Original Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">But Specifically Reserving, Excepting and Excluding from this instrument, and from the grant, conveyance, mortgage, transfer
and assignment herein contained, all right, title and interest of the Company, now owned or hereafter acquired in and to properties and rights of the kind specified in subclauses (a)&nbsp;to (d), both inclusive, of the paragraph beginning &#147;But
Specifically Reserving, Excepting and Excluding from this Indenture&#148; of the granting clauses of the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To
Have and to Hold the trust estate, with all of the privileges and appurtenances thereunto belonging, unto the Trustee, its successors in the trusts of the Indenture, and its and their assigns, to its and their own use, forever; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">But in Trust Nevertheless, upon the terms and trusts set forth in the Indenture, for the equal pro rata benefit, security and
protection (except as provided in Section&nbsp;8.14 of the Indenture and except insofar as a sinking, improvement and analogous fund or funds, established in accordance with the provisions of the Indenture, or any indenture supplemental thereto, may
afford particular security for bonds of one or more series) of the bearers and the registered owners of the bonds from time to time authenticated, issued and outstanding under the Indenture, and the bearers of the coupons appertaining thereto,
without (except as aforesaid) any preference, priority or distinction whatever of any one bond over any other bond by reason of priority in the issue, sale or negotiation thereof, or otherwise; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Provided, However, and these presents are upon the condition, that, if the
Company shall pay or cause to be paid the entire outstanding aggregate principal amount of and premium, if any, and interest on the bonds at the times and in the manner therein and in the Indenture provided, and shall keep, perform and observe all
and singular the covenants, agreements and provisions in the bonds and in the Indenture expressed to be kept, performed and observed by or on the part of the Company, then (i)&nbsp;this Sixteenth Supplemental Indenture and the estate and rights
hereby granted shall, pursuant to the provisions of Article XIII of the Indenture, cease and terminate and (ii)&nbsp;the Trustee shall, upon the request of the Company, cancel, discharge, and release the lien of the Indenture; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">And Provided, However, that, upon the satisfaction of the Collateral Release Conditions as set forth in the 2020 Series&nbsp;R
BPA, as such term is defined therein, the Company may request that the lien of the Indenture be completely released from all property and collateral securing the bonds issued and outstanding under the Indenture, and at such time (i)&nbsp;the
Indenture shall cease and terminate and (ii)&nbsp;the lien of the Indenture shall be cancelled, discharged, and released. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">And it is Hereby Covenanted, Declared and Agreed, upon the trusts and for the purposes aforesaid, as set forth in the
following covenants, agreements, conditions and provisions, viz.: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>A<SMALL>RTICLE</SMALL> O<SMALL>NE</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>ERIES</SMALL>&nbsp;R B<SMALL>ONDS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.01.&nbsp;&nbsp;&nbsp;&nbsp;There shall be and is hereby created an additional Series&nbsp;of bonds designated
as and entitled &#147;First Mortgage Bonds, Series&nbsp;R.&#148; Series&nbsp;R Bonds shall be fully registered bonds without coupons, of the denomination of at least $500,000. The bonds of Series&nbsp;R originally issued shall be dated the date of
such issue and any bonds of Series&nbsp;R subsequently issued shall be dated as provided in Section&nbsp;2.03 of the Indenture. All Series&nbsp;R Bonds shall mature on September&nbsp;15, 2040, and shall bear interest at the rate of three and
fifty-eight hundredths percent (3.58%) per annum from their respective dates, such interest to be payable semi-annually in arrears on the fifteenth (15th) day of March and September in each year commencing March&nbsp;15, 2021, and shall bear
interest on any overdue principal (including any overdue prepayment of principal) and premium, if any, and (to the extent permitted by applicable law) on any overdue payment of interest, at the rate of five and fifty-eight hundredths percent
(5.58%)&nbsp;per annum. The principal of, premium, if any, and interest on bonds of Series&nbsp;R shall be payable at the corporate trust office of U.S. Bank National Association, in Boston, Massachusetts, St. Paul, Minnesota, or at the corporate
trust office designated by the Trustee or by its successors as Trustee hereunder, in lawful money of the United States of America, provided that the Company may enter into a written agreement with any registered Institutional Holder of the bonds of
Series&nbsp;R providing that payment of interest thereon and of the redemption price of any portion of the principal amount thereof (including premium, if any) which may be redeemed shall be made directly to such holder or to its nominee, as the
case may be, at a duly designated place of payment within the United States, without surrender or presentation of such bonds of Series&nbsp;R to the Trustee, provided that (A)&nbsp;there shall have been filed with the Trustee a copy of such
agreement (and the Trustee hereby acknowledges that it has received a copy of the 2020 Series&nbsp;R BPA providing for such direct </P>
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payment to the holders of the bonds of Series R), (B) pursuant to such agreement such holder shall agree that it will not sell, transfer or otherwise dispose of any such bond of Series&nbsp;R in
respect of which any such payment or redemption shall have been made unless, prior to the delivery thereof by it, either (i)&nbsp;it shall have made a clear and accurate notation of the amount of principal so redeemed upon any such bond to be
transferred, or (ii)&nbsp;such bond of Series&nbsp;R shall have been presented to the Trustee for appropriate notation thereon of the portion of the principal amount thereof redeemed, or (iii)&nbsp;such bond or bonds of Series&nbsp;R shall have been
surrendered in exchange for a new bond or bonds of Series&nbsp;R for the unredeemed balance of the principal amount thereof in accordance with the other terms of the Indenture, and (C)&nbsp;in such agreement such holder shall agree that prior to
receiving any final payment of the entire remaining unpaid principal amount of any Series&nbsp;R Bond, the holder thereof shall be required to deliver such bond to the Trustee. For purposes of this Section&nbsp;1.01, the term &#147;Institutional
Holder&#148; shall mean any insurance company, bank, savings and loan association, trust company, investment company, charitable foundation, employee benefit plan (as defined in ERISA) or other institutional investor or financial institution. The
Trustee may assume that any holder of the bonds of Series R that has entered into an agreement for direct payment on such Bonds satisfies the requirements for an Institutional Holder and shall not be required to independently confirm such status.
The Trustee may further assume that such agreement for direct payment to a holder of the bonds of Series R remains in effect unless and until it receives written notice from the Company that payment to such holder shall thereafter be made through
the Trustee in accordance with the Indenture. The text of the Series&nbsp;R Bonds and of the Trustee&#146;s or Company&#146;s Certificate, as applicable, with respect thereto shall be respectively substantially of the tenor and purport set forth in
Exhibit&nbsp;B to the 2020 Series&nbsp;R BPA. The Series&nbsp;R Bonds shall be numbered in such manner or by such method as shall be satisfactory to the Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The issue of bonds of Series&nbsp;R hereunder is hereby limited to the $27,500,000 in aggregate principal amount of
Series&nbsp;R Bonds initially issued as provided in Section&nbsp;1.08 hereof and to Series&nbsp;R Bonds issued in exchange or substitution for outstanding Series&nbsp;R Bonds under the provisions of Sections&nbsp;2.08, 2.10, 2.11 and 7.05 of the
Indenture and Section&nbsp;1.07 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">From and after the Collateral Release Date (as such term is defined in the 2020
Series&nbsp;R BPA), (i) the Series&nbsp;R Bonds shall be governed solely by the terms of the 2020 Series&nbsp;R BPA, (ii)&nbsp;this Sixteenth Supplemental Indenture and the estate and rights hereby granted shall cease and terminate, and
(iii)&nbsp;the lien of the Indenture shall be cancelled, discharged, and released. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.02.&nbsp;&nbsp;&nbsp;&nbsp;As provided therein, the entire unpaid principal balance of each Series&nbsp;R Bond
shall be due and payable on September&nbsp;15, 2040. In addition, the Series&nbsp;R Bonds are subject to optional redemption in accordance with the terms of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.03.&nbsp;&nbsp;&nbsp;&nbsp;The Company will give notice, by registered mail, postage prepaid, or by a reputable
overnight carrier to the Trustee and to each registered owner of a bond of Series&nbsp;R of any required or optional payment to be made pursuant to Section&nbsp;1.02, Section&nbsp;1.04, or Section&nbsp;1.05 hereof not more than 60, nor less than 30,
days prior to such redemption date (or other designated date of redemption in the case of a redemption pursuant to Section&nbsp;1.04 or Section&nbsp;1.05). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.04.&nbsp;&nbsp;&nbsp;&nbsp;Before the date that is four
months prior to the Maturity Date (as defined in the 2020 Series&nbsp;R BPA), all of the bonds of Series&nbsp;R, or any part of the principal amount thereof, shall be subject to redemption, at the option of the Company, pursuant to and in accordance
with the provisions of Article VII of the Indenture (prior to the Collateral Release Date), and by payment of an amount equal to the aggregate principal amount being redeemed and all accrued interest thereon plus the Make Whole Amount (as defined in
the 2020 Series&nbsp;R BPA), if any, determined five Business Days prior to such redemption. Two Business Days prior to the redemption date the Company shall deliver a certificate to the Trustee from an Officer of the Company specifying the
calculation of the Make-Whole Amount, if any. The Trustee may rely upon such Officer&#146;s certificate as to the Make Whole Amount and shall have no duty to determine or confirm the calculation of such amount. On and after the date that is four
months prior to the Maturity Date, all of the bonds of Series&nbsp;R shall be subject to redemption, at the option of the Company, pursuant to and in accordance with the provisions of Article&nbsp;VII of the Indenture (prior to the Collateral
Release Date), and by payment of an amount equal to the aggregate principal amount being redeemed and all accrued interest thereon, but without payment of the Make Whole Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.05.&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Collateral Release Date, the Series&nbsp;R Bonds may be redeemed
pursuant to Article XI of the Indenture (i)&nbsp;out of Trust Moneys required by Section&nbsp;8.12 of the Indenture to be deposited with the Trustee, on any date and shall be redeemed for an amount equal to the principal amount of the bonds to be
redeemed, plus interest accrued to the date of redemption; or (ii)&nbsp;out of Trust Moneys required by Sections&nbsp;8.10, 10.03, 10.04 or 10.04A of the Indenture to be deposited with the Trustee, on any date and shall be redeemed for an amount
equal to the Make Whole Amount (as such term is defined, for purposes of this Section&nbsp;1.05, in the Twelfth Supplemental Indenture). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) From and after the Collateral Release Date, the Series&nbsp;R Bonds shall be redeemed in accordance with the terms of the
2020 Series&nbsp;R BPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.06.&nbsp;&nbsp;&nbsp;&nbsp;In the event that all or any part of the bonds of
Series&nbsp;R shall be redeemed or otherwise discharged prior to their maturity pursuant to or in accordance with the order of any governmental commission or regulatory authority upon the reorganization, dissolution or liquidation of the Company, or
otherwise, the registered owners of such bonds of Series&nbsp;R shall be entitled to be paid thereafter an amount equal to the principal amount of the bonds of Series&nbsp;R to be redeemed, plus accrued interest to the date of redemption, plus the
Make Whole Amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.07.&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Collateral Release Date, Bonds of
Series&nbsp;R, upon surrender thereof at the principal corporate trust office of the Trustee in Boston, Massachusetts, St. Paul, Minnesota, or other such office designated by the Trustee, may be exchanged for the same aggregate principal amount of
other fully registered bonds of this Series in an authorized denomination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Within a reasonable time after the receipt of
a request for such an exchange, the Company shall issue, and the Trustee shall authenticate and deliver all bonds required in connection therewith, and the Trustee shall make such exchange upon payment to it of such charge, if any, as is required by
the following paragraph. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For any exchange of bonds of Series&nbsp;R, the Company, at its option, may
require the payment of a sum sufficient to reimburse it for any stamp or other tax or governmental charge required to be paid by the Company or the Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) From and after the Collateral Release Date, any exchange of the Series&nbsp;R Bonds shall be governed in accordance with
the terms of the 2020 Series&nbsp;R BPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.08.&nbsp;&nbsp;&nbsp;&nbsp;Upon the execution of this Sixteenth
Supplemental Indenture and subject to the provisions of Article III of the Indenture and upon compliance with the applicable provisions of Articles IV of the Indenture (or waiver thereof duly obtained), the Company shall execute and deliver to the
Trustee, and the Trustee shall authenticate and deliver to or upon the order of the Company, bonds of Series&nbsp;R in the form set forth in Exhibit B to the 2020 Series&nbsp;R BPA in the aggregate principal amount of Twenty-Seven Million Five
Hundred Thousand Dollars ($27,500,000). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>A<SMALL>RTICLE</SMALL> T<SMALL>WO</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>R<SMALL>EDEMPTION</SMALL> P<SMALL>RIOR</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> C<SMALL>OLLATERAL</SMALL> R<SMALL>ELEASE</SMALL>
D<SMALL>ATE</SMALL> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.01.&nbsp;&nbsp;&nbsp;&nbsp;In the case of any proposed redemption pursuant to
Sections 1.04 or 1.05(a), forthwith after the Trustee&#146;s receipt of proper notice from the Company of any such proposed redemption, the Trustee shall act in accordance with the provisions of Article VII of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Company covenants that it will pay to the Trustee: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;on or before the day prior to the date proposed by the Company in a notice (which
notice shall conform to the requirements of Article VII of the Indenture) of any redemption pursuant to Section&nbsp;1.04 or 1.05(a) hereof, the amount payable in accordance with such notice, and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;at the time of each redemption the Company shall pay to the Trustee the amount of
the charges which shall be due the Trustee and the amount of expenses which the Trustee advises the Company it has incurred or will incur in connection with such redemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>A<SMALL>RTICLE</SMALL> T<SMALL>HREE</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>C<SMALL>OVENANTS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> P<SMALL>RIOR</SMALL> <SMALL>TO</SMALL>
<SMALL>THE</SMALL> C<SMALL>OLLATERAL</SMALL> R<SMALL>ELEASE</SMALL> D<SMALL>ATE</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.01.&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants that it will not declare or pay dividends (other than in its
own common stock) or make any other distribution on shares of its common stock or apply any of its property or assets (other than amounts equal to any proceeds received from the sale of common stock of the Company) to the purchase or retirement of,
or make any other distribution through reduction of capital or otherwise, in respect of, any shares of its common stock (which dividends, distributions, purchases and retirements are hereinafter referred to as &#147;distributions&#148;)
</P>
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if, after giving effect to such distribution, the aggregate of all such distributions declared, paid, made or applied subsequent to December&nbsp;31, 2019, plus the amount of all dividends
declared on any class of preferred stock of the Company subsequent to December&nbsp;31, 2019, and any amounts charged to net income after December&nbsp;31, 2019 in connection with the purchase or retirement of any shares of preferred stock of the
Company would exceed an amount equal to net income of the Company available for dividends after December&nbsp;31, 2019, plus the net proceeds from any common or preferred equity issuances by the Company subsequent to December&nbsp;31, 2019, plus the
sum of $70,000,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The term &#147;net income&#148;, as applied to any period shall mean the net income (or deficit) of
the Company for such period properly transferable to its earned surplus, all computed, if a uniform system of accounts is prescribed by any commission or other governmental body having jurisdiction in the premises, in accordance with such uniform
system; otherwise in accordance with accepted accounting practice, and in any event by deducting from the aggregate gross revenues of the Company for such period all expenses required to be deducted in computing earnings available for interest
charges for such period in accordance with Section&nbsp;4.02B of the Indenture, and also by deducting all interest requirements, taxes, amortization of debt discount and expense and other deferred charges, and all other <FONT
STYLE="white-space:nowrap">non-operating</FONT> expenses for such period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>A<SMALL>RTICLE</SMALL> F<SMALL>OUR</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>M<SMALL>ISCELLANEOUS</SMALL> P<SMALL>ROVISIONS</SMALL> P<SMALL>RIOR</SMALL> <SMALL>TO</SMALL> <SMALL>THE</SMALL> C<SMALL>OLLATERAL</SMALL>
R<SMALL>ELEASE</SMALL> D<SMALL>ATE</SMALL> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.01.&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Collateral Release
Date, the Company covenants that, except as to that part of the trust estate which may hereafter be acquired by it, it is now well seized of the physical properties by it hereby mortgaged or intended so to be and has good right, full power, and
lawful authority to make this Sixteenth Supplemental Indenture and to subject such physical properties to the lien of the Indenture as hereby supplemented; and that, subject to the provisions of the Indenture as hereby supplemented, it has and will
preserve good and indefeasible title to all such physical properties and will warrant and forever defend the same to the Trustee against the claims of all persons whomsoever. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.02.&nbsp;&nbsp;&nbsp;&nbsp;The use of terms and the construction of the provisions hereof shall be in
accordance with the definitions, uses and constructions contained in the Indenture as hereby supplemented. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.03.&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall be entitled to, may exercise and shall be protected by, where and
to the full extent that the same are applicable, with respect to the Series&nbsp;R Bonds herein provided for, all the rights, powers, privileges, immunities and exemptions provided in the Indenture as if the provisions concerning the same were
incorporated herein at length. The recitals and statements in this Sixteenth Supplemental Indenture and in the Series&nbsp;R Bonds (other than the Trustee&#146;s Certificate attached thereto) shall be taken as statements by the Company alone, and
shall not be considered as made by or as imposing any obligation or liability upon the Trustee, nor shall the Trustee be held responsible for the legality or validity of this Sixteenth Supplemental Indenture or of the Series&nbsp;R Bonds, and the
Trustee makes no covenant or representation, and shall not be responsible, as to and for the effect, authorization, execution, delivery or recording of this </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-8- </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Sixteenth Supplemental Indenture. The Trustee shall not be taken impliedly to waive by this
Sixteenth Supplemental Indenture any right it would otherwise have. As provided in the Indenture, this Sixteenth Supplemental Indenture shall hereafter form a part of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The remedies and provisions of the Indenture applicable in case of any default by the Company thereunder are hereby adopted
and made applicable in case of any default with respect to the properties included herein and, without limitation of the generality of the foregoing, there are hereby conferred upon the Trustee the same powers of sale and other powers over the
properties described herein as are expressly to be conferred by the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.04.&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;R Bonds issued under this Sixteenth Supplemental Indenture are
subject to the terms of the Indenture and the 2020 Series&nbsp;R BPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.05.&nbsp;&nbsp;&nbsp;&nbsp;This
Sixteenth Supplemental Indenture and the estate and rights hereby granted shall cease and terminate when the Indenture ceases or terminates, including upon the occurrence of the Collateral Release Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.06.&nbsp;&nbsp;&nbsp;&nbsp;This Sixteenth Supplemental Indenture may be simultaneously executed in several
counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.07.&nbsp;&nbsp;&nbsp;&nbsp;The cover of this Sixteenth Supplemental Indenture and all article and descriptive
headings herein are inserted for convenience only and shall not effect any construction or interpretation hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-9- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In Witness Whereof, Unitil Energy Systems, Inc. has caused this instrument
to be executed in its corporate name by its President, one of its Vice Presidents, its Treasurer or its Assistant Treasurer and its corporate seal to be hereunto affixed and to be attested by the Secretary of the Board of Directors or its Secretary,
and U.S. Bank National Association, to evidence its acceptance of the trust hereby created, has caused this instrument to be executed in its corporate name, all as of the day and year first above written. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%"></TD>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Attest:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Unitil Energy Systems, Inc.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Sandra L. Whitney</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Todd R. Diggins</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Secretary</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: Todd R. Diggins</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: Treasurer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Signed, sealed and delivered by</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;Unitil Energy Systems, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;in the presence of us:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Kristina Guay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Robert B. Hevert&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-10- </P>

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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">U.S. Bank National Association, Trustee</P></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ David W. Doucette</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Authorized Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Signed and delivered by</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;U.S. Bank National Association</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;in the presence of us:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Steve
Gomes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Lisa
Doucette&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-11- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">State of New Hampshire &nbsp;&nbsp;&nbsp;&nbsp;) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) SS </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">County of
Rockingham&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On this 11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of
September 2020, before me personally appeared Todd R. Diggins, to me personally known, who, being by me duly sworn, did say that he is the Treasurer of Unitil Energy Systems, Inc., that the seal affixed to the foregoing instrument was signed and
sealed by him on behalf of said corporation by authority of its Board of Directors; and the said Todd R. Diggins acknowledged said instrument to be the free act and deed of said corporation. </P>
<P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Michelle Caracciolo</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Notary Public</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">My Commission Expires: August&nbsp;2, 2022</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Notarial Seal)</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-12- </P>

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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Commonwealth&nbsp;of&nbsp;Massachusetts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">)</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">) SS</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">County of Suffolk</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On this 11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of September 2020,
before me personally appeared David Doucette, to me personally known, who being by me duly sworn, did say that he is an authorized officer of U.S. Bank National Association, and that the foregoing instrument was signed by him on behalf of said Bank
by authority of its Board of Directors; and the said David Doucette acknowledged said instrument to be the free act and deed of said Bank. </P> <P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="justify">/s/ Steven J. Gomes</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Notary Public</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">My Commission Expires:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">08-20-2021</FONT></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Notarial Seal)</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-13- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">UNITIL Energy Systems, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Sixteenth Supplemental Indenture </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Schedule A </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>DESCRIPTION OF CERTAIN LAND AND
EASEMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>ACQUIRED BY THE COMPANY SINCE NOVEMBER&nbsp;29, 2018 </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PARCELS ACQUIRED: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Land and Drainage Easement on Continental Drive, Exeter, NH from Garrison Glen, LLC to UNITIL Energy
Systems, Inc. dated August&nbsp;14, 2019 and recorded with the Rockingham County Registry of Deeds at Book 6026, Page 1782. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Land, Sewer Easement and Slope Easement on Gourmet Place, Exeter, NH from the 12 Continental Drive, LLC to
UNITIL Energy Systems, Inc. dated August&nbsp;14, 2019 and recorded with the Rockingham County Registry of Deeds at Book 6026, Page 1785. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">EASEMENTS AND RIGHTS ACQUIRED FOR TRANSMISSION LINES: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">None. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Schedule A </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(to Sixteenth
Supplemental Indenture) </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>DESCRIPTION OF CERTAIN LAND AND EASEMENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>CONVEYED BY THE COMPANY SINCE NOVEMBER&nbsp;29, 2018 </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PARCELS CONVEYED: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">None. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">EASEMENTS AND RIGHTS CONVEYED FOR TRANSMISSION LINES: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">None. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">A-2 </P>

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<TYPE>EX-4.7
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<DESCRIPTION>EX-4.7
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.7 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS. THIS BOND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT
WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS, OR THE
AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No. RR&#150;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,400,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>U<SMALL>NITIL</SMALL> E<SMALL>NERGY</SMALL> S<SMALL>YSTEMS</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">First Mortgage Bond, Series&nbsp;R, 3.58% </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Due September&nbsp;15, 2040 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PPN
913260 C*4 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unitil Energy Systems, Inc., a corporation organized under the laws of the State of New Hampshire (hereinafter called the
<I>&#147;Company&#148;</I>), for value received, hereby promises to pay to CUDD <SMALL>AND</SMALL> CO or registered assigns, on September&nbsp;15, 2040 (the <I>&#147;Maturity Date&#148;</I>), the principal sum of T<SMALL>WO</SMALL>
M<SMALL>ILLION</SMALL> F<SMALL>OUR</SMALL> H<SMALL>UNDRED</SMALL> T<SMALL>HOUSAND</SMALL> D<SMALL>OLLARS</SMALL> ($2,400,000) and to pay interest thereon from the date hereof at the rate of three and fifty-eight hundredths per centum (3.58%) per
annum (computed on the basis of a thirty (30)&nbsp;day month and a three hundred sixty (360)&nbsp;day year) payable semi-annually in arrears on the fifteenth (15th) day of March and September in each year, commencing with the fifteenth (15th) day of
the March or the September next following the date hereof, until said principal sum is paid; and to pay interest on any overdue principal (including any overdue prepayment of principal) and premium, if any, and (to the extent permitted by applicable
law) on any overdue payment of interest at the rate of five and fifty-eight hundredths per centum 5.58% per annum. The principal of, premium, if any, and the interest on this bond shall be payable (i)&nbsp;on or prior to the Collateral Release Date
(as defined below), at the corporate trust office of U.S. Bank National Association, in Boston, Massachusetts, St. Paul, Minnesota, or at the corporate trust office designated by the Trustee or by its successor trustee of the trust hereinafter
referred to, or at the option of certain holders in accordance with the provisions of Section&nbsp;1.01 of the Sixteenth Supplemental Indenture hereinafter referred to or (ii)&nbsp;following the Collateral Release Date, as provided in the certain
Bond Purchase Agreement dated as of September&nbsp;15, 2020 among the Company and purchasers of the Series&nbsp;R Bonds party thereto, and accepted and acknowledged by the Trustee (the <I>&#147;2020 Series</I><I></I><I>&nbsp;R BPA&#148;</I>), in
lawful money of the United States of America. The term &#147;Collateral Release Date&#148; is defined in the 2020 Series&nbsp;R BPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
bond is one of a duly authorized issue of First Mortgage Bonds of the Company limited as to aggregate principal amount as set forth in the Indenture hereinafter mentioned, issuable in series, and is one of a Series&nbsp;known as First Mortgage
Bonds, Series&nbsp;R, and all bonds of all Series&nbsp;being issued and to be issued under and pursuant to the 2020 Series&nbsp;R BPA and in accordance with the Sixteenth Supplemental Indenture and, prior to the Collateral Release Date,
</P>
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all equally secured (except as any sinking or other fund, established in accordance with the provisions of the Indenture hereinafter mentioned, may afford additional security for the bonds of any
particular series) by an Indenture of Mortgage and Deed of Trust dated as of July&nbsp;15, 1958 (herein called the <I>&#147;Original Indenture&#148;</I>) duly executed and delivered by the Company to Old Colony Trust Company (The First National Bank
of Boston, and State Street Bank and Trust Company being the initial successor Trustees and U.S. Bank National Association being the current successor Trustee, the <I>&#147;Trustee&#148;</I>), to which Original Indenture, as amended and restated by
the Twelfth Supplemental Indenture, and supplemented by a Thirteenth Supplemental Indenture dated as of September&nbsp;26, 2006, a Fourteenth Supplemental Indenture dated as of March&nbsp;2, 2010, a Fifteenth Supplemental Indenture dated as of
November&nbsp;29, 2018, and a Sixteenth Supplemental Indenture (the <I>&#147;Sixteenth Supplemental Indenture&#148;</I>) dated as of September&nbsp;15, 2020 (herein together called the <I>&#147;Indenture&#148;</I>) reference is hereby made for a
description of the property transferred, assigned and mortgaged thereunder, the nature and extent of the security, the terms and conditions upon which the bonds are secured and additional bonds may be issued and secured, and the rights of the
holders or registered owners of said bonds, of the Trustee and of the Company in respect of such security. Neither the foregoing reference to the Indenture, nor any provision of this bond or of the Indenture, shall affect or impair the obligation of
the Company, which is absolute, unconditional and unalterable, to pay, at the stated or accelerated maturities herein provided, the principal of and premium, if any, and interest on this bond as herein provided. Bonds of this Series&nbsp;R are also
issued in accordance with the terms of the 2020 Series&nbsp;R BPA and are entitled to the benefits thereof. The 2020 Series&nbsp;R BPA also provides that, upon the written request of the Company and the satisfaction of the conditions provided in
Section&nbsp;9.1.1 thereof, the lien of the Indenture shall be cancelled, discharged, and released from all of the property and collateral securing the repayment of the Bonds of this Series&nbsp;R and, at such time, the Indenture shall cease and
terminate and the 2020 Series&nbsp;R Bonds shall be solely governed in accordance with the terms hereof and of the 2020 Series&nbsp;R BPA. As provided herein, the entire unpaid principal balance of each Series&nbsp;R Bond shall be due and payable on
the Maturity Date. In addition, the Series&nbsp;R Bonds are subject to optional redemption in accordance with the terms of the Indenture and the 2020 Series&nbsp;R BPA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following provisions only apply on or prior to the Collateral Release Date: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Bonds of this Series&nbsp;R are also redeemable, in whole or in part, in integral multiples of one hundred thousand dollars, at the option
of the Company on any date on no more than 60, nor less than 30 days&#146; notice prior to such redemption date, in the manner, with the effect, subject to the limitations and for the amounts specified in Section&nbsp;1.04 of the Sixteenth
Supplemental Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) On the conditions and in the manner provided in Section&nbsp;1.05 of the Sixteenth Supplemental Indenture,
Series&nbsp;R Bonds may also become subject to redemption, in whole or in part, at any time on any date on no more than 60, nor less than 30 days&#146; notice prior to such redemption date, in the manner, with the effect and for the amounts
specified in said Section&nbsp;1.05, by the use of moneys deposited with or paid to the Trustee as the proceeds of the sale or condemnation of property of the Company or as the proceeds of insurance policies deposited with or paid to the Trustee
because of damage to or destruction of property of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In the event that all or any part of the bonds of this Series&nbsp;R shall be redeemed
or otherwise discharged prior to their maturity pursuant to or in accordance with the order of any governmental commission or regulatory authority upon the reorganization, dissolution or liquidation of the Company, or otherwise, the registered
owners of such Series&nbsp;R Bonds shall be entitled to be paid therefor an amount specified in Section&nbsp;1.06 of the Sixteenth Supplemental Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Indenture provides that, if notice of redemption of any bond issued pursuant to its terms, including the Series&nbsp;R Bonds, or of any
portion of the principal amount of any such bond selected for redemption has been duly given, then such bond or such portion thereof shall become due and payable on the redemption date, and, if the redemption price shall have been duly deposited
with the Trustee, interest thereon shall cease to accrue from and after the redemption date, and that whenever the redemption price thereof shall have been duly deposited with the Trustee and notice of redemption shall have been duly given, or
provision thereof made as provided in the Indenture, such bond or such portion thereof shall no longer be entitled to any lien or benefit of the Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) In case an Event of Default, as defined in the Indenture, occurs, the principal of this bond may become or may be declared due and payable
prior to the stated maturity hereof in the manner and with the effect and subject to the conditions provided in the Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) This
bond is transferable by the registered owner hereof, in person or by duly authorized attorney, upon books of the Company to be kept for that purpose at the corporate trust office of the Trustee under the Indenture, upon surrender thereof at said
office for cancellation and upon presentation of a written instrument of transfer duly executed, and thereupon the Company shall issue in the name of the transferee or transferees, and the Trustee shall authenticate and deliver, a new registered
bond or bonds, of like form and in an authorized denomination or in authorized denominations and of the same series, for the same aggregate principal amount. Bonds of Series&nbsp;R upon surrender thereof at said office may be exchanged for the same
aggregate principal amount of fully registered bonds of Series&nbsp;R of another authorized denomination or other authorized denominations, all upon payment of the charges, if any, and subject to the terms and conditions specified in the Indenture.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The Company and the Trustee may treat the registered owner of this bond as the absolute owner hereof for all purposes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) With the consent of the Company and to the extent permitted by and as provided in the Indenture, any of the provisions of the Indenture or
of any instrument supplemental thereto may be modified by the assent or authority of the holders of at least seventy-five per centum (75%) in principal amount of the bonds then outstanding thereunder, <I>provided, however,</I> that no such
modification shall (i)&nbsp;extend the time or times or payment of the principal of, or the interest or premium, if any, on any bond, (ii)&nbsp;reduce the principal amount thereof or the rate of interest or premium thereon, (iii)&nbsp;authorize the
creation of any lien prior or equal to the lien of the Indenture upon any property subject to the lien thereof, or deprive any bondholder of the benefit of the lien of the Indenture, (iv)&nbsp;affect the rights under the Indenture of the holders of
one or more, but less than all, of the Series&nbsp;of bonds outstanding thereunder unless assented to by the holders of seventy-five per centum (75%) in aggregate principal amount of bonds outstanding thereunder of each of the Series&nbsp;so
affected, (v)&nbsp;reduce the percentage of bonds, the holders of which are required to assent to any such modification, or (vi)&nbsp;in any manner affect the rights or obligations of the Trustee without its written consent thereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) No recourse shall be had for the payment of the principal of or the interest on this
bond or of any claim based hereon or in respect hereof or of the Indenture, against any incorporator, stockholder, officer or director of the Company, or of any successor company, whether by virtue of any statute or rule of law or by the enforcement
of any assessment of penalty or otherwise, all such liability being by the acceptance hereof expressly waived and released and being also waived and released by the terms of the Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Prior to the Collateral Release Date, this bond shall not be valid nor become obligatory for any purpose until it shall have been
authenticated by the execution of the certificate hereon endorsed by the Trustee under the Indenture. From and after the Collateral Release Date, this bond shall not be required to be authenticated by the execution of the certificate hereon endorsed
by the Trustee under the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Remainder of page is intentionally blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I<SMALL>N</SMALL> W<SMALL>ITNESS</SMALL> W<SMALL>HEREOF</SMALL>, Unitil Energy Systems, Inc.
has caused this bond to be signed in its name by its President or one of its Vice Presidents and its corporate seal to be hereunto affixed and attested by its Treasurer or one of its Assistant Treasurers, and this bond to be dated the 15th day of
September, 2020. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">U<SMALL>NITIL</SMALL> E<SMALL>NERGY</SMALL> S<SMALL>YSTEMS</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Thomas P. Meissner, Jr.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Thomas P. Meissner, Jr.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: President</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><SMALL>ATTEST</SMALL>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Todd R. Diggins</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Corporate Seal) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>RUSTEE</SMALL>&#146;<SMALL>S</SMALL> C<SMALL>ERTIFICATE</SMALL> <SMALL>OF</SMALL>
A<SMALL>UTHENTICATION</SMALL> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This is one of the First Mortgage Bonds, Series&nbsp;R, referred to in the within mentioned Indenture.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">U.S. B<SMALL>ANK</SMALL> N<SMALL>ATIONAL</SMALL> A<SMALL>SSOCIATION</SMALL></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Trustee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Karen R. Beard</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Officer</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Form of Notation of Payments on Account of Principal) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Payments on Account of Principal </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount
Paid&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Form of Endorsement) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">F<SMALL>OR</SMALL> <SMALL>VALUE</SMALL> <SMALL>RECEIVED</SMALL> the undersigned hereby sells, assigns and transfers unto ______ the within
bond, and all rights thereunder, hereby irrevocably constituting and appointing ________________________________________________________________ attorney to transfer said bond on the books of the Company, with full power of substitution in the
premises. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated: _____________________</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Signature of Registered Owner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">In the presence of _____________________________________________________________________________</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">N<SMALL>OTICE</SMALL>: The signature of this assignment must correspond with the name of the payee as it
appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Bonds (including Omitted Bonds) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$27,500,000 First Mortgage Bonds, Series&nbsp;R, due September&nbsp;15, 2040 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Bond Data Document </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PPN 913260 C*4
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">N<SMALL>AME</SMALL> <SMALL>OF</SMALL> R<SMALL>EGISTERED</SMALL>
P<SMALL>AYEE</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">I<SMALL>DENTIFYING</SMALL><br>N<SMALL>UMBER</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">P<SMALL>RINCIPAL</SMALL> <br>A<SMALL>MOUNT</SMALL></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CUDD <SMALL>AND</SMALL> CO <SMALL>AS</SMALL> <SMALL>NOMINEE</SMALL> <SMALL>FOR</SMALL>
S<SMALL>YMETRA</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,400,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">M<SMALL>ETROPOLITAN</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-2</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,300,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">M<SMALL>ETROPOLITAN</SMALL> T<SMALL>OWER</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-3</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,300,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">T<SMALL>HE</SMALL> L<SMALL>INCOLN</SMALL> N<SMALL>ATIONAL</SMALL> L<SMALL>IFE</SMALL>
I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-4</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">L<SMALL>INCOLN</SMALL> L<SMALL>IFE</SMALL>&nbsp;&amp; A<SMALL>NNUITY</SMALL>
C<SMALL>OMPANY</SMALL> <SMALL>OF</SMALL> N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-5</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">H<SMALL>ARE</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>., LLC <SMALL>AS</SMALL> <SMALL>NOMINEE</SMALL>
<SMALL>FOR</SMALL> S<SMALL>ECURIAN</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-6</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">H<SMALL>ARE</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>., LLC <SMALL>AS</SMALL> <SMALL>NOMINEE</SMALL>
<SMALL>FOR</SMALL> M<SMALL>INNESOTA</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-7</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">W<SMALL>ELLS</SMALL> F<SMALL>ARGO</SMALL> B<SMALL>ANK</SMALL> N.A. FBO A<SMALL>MERICAN</SMALL>
R<SMALL>EPUBLIC</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-8</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">H<SMALL>ARE</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>., LLC <SMALL>AS</SMALL> <SMALL>NOMINEE</SMALL>
<SMALL>FOR</SMALL> B<SMALL>LUE</SMALL> C<SMALL>ROSS</SMALL> <SMALL>AND</SMALL> B<SMALL>LUE</SMALL> S<SMALL>HIELD</SMALL> <SMALL>OF</SMALL> F<SMALL>LORIDA</SMALL>, I<SMALL>NC</SMALL>.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-9</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B<SMALL>AND</SMALL>&nbsp;&amp; C<SMALL>O</SMALL> <SMALL>AS</SMALL> <SMALL>NOMINEE</SMALL>
<SMALL>FOR</SMALL> C<SMALL>ATHOLIC</SMALL> U<SMALL>NITED</SMALL> F<SMALL>INANCIAL</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">T<SMALL>HE</SMALL> S<SMALL>TATE</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-11</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">T<SMALL>HE</SMALL> S<SMALL>TATE</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL>
C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-12</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">M<SMALL>AC</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>., <SMALL>AS</SMALL> <SMALL>NOMINEE</SMALL>
<SMALL>FOR</SMALL> P<SMALL>ACIFIC</SMALL> L<SMALL>IFE</SMALL> I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-13</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U<SMALL>NITED</SMALL> <SMALL>OF</SMALL> O<SMALL>MAHA</SMALL> L<SMALL>IFE</SMALL>
I<SMALL>NSURANCE</SMALL> C<SMALL>OMPANY</SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">RR-14</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>9
<FILENAME>utl-20200915.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release 2020-5 Build:20200707.2 -->
<!-- Creation date: 9/21/2020 11:08:53 PM Eastern Time -->
<!-- Copyright (c) 2020 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<xsd:schema
  xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric"
  xmlns:num="http://www.xbrl.org/dtr/type/numeric"
  xmlns:us-types="http://fasb.org/us-types/2019-01-31"
  xmlns:utl="http://unitil.com/20200915"
  xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31"
  xmlns:xbrli="http://www.xbrl.org/2003/instance"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
  xmlns:sic="http://xbrl.sec.gov/sic/2011-01-31"
  attributeFormDefault="unqualified"
  elementFormDefault="qualified"
  targetNamespace="http://unitil.com/20200915"
  xmlns:xsd="http://www.w3.org/2001/XMLSchema">
    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/instance" />
    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/linkbase" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd" namespace="http://xbrl.sec.gov/dei/2019-01-31" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/numeric" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/non-numeric" />
    <xsd:import schemaLocation="http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd" namespace="http://xbrl.sec.gov/sic/2011-01-31" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd" namespace="http://xbrl.sec.gov/naics/2017-01-31" />
    <xsd:import schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" namespace="http://xbrl.org/2005/xbrldt" />
  <xsd:annotation>
    <xsd:appinfo>
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="utl-20200915_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:title="Label Links, all" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="utl-20200915_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:title="Presentation Links, all" xlink:type="simple" />
      <link:roleType roleURI="http://unitil.com//20200915/taxonomy/role/DocumentDocumentAndEntityInformation" id="Role_DocumentDocumentAndEntityInformation">
        <link:definition>100000 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>utl-20200915_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release 2020-5 Build:20200707.2 -->
<!-- Creation date: 9/21/2020 11:08:53 PM Eastern Time -->
<!-- Copyright (c) 2020 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cover [Abstract]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm140404651878312">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Sep. 15, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">UNITIL CORP<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000755001<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep. 15,  2020<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">NH<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-8858<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">02-0381573<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">6 Liberty Lane West<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Hampton<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NH<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">03842-1720<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(603)<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">772-0775<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common&#160;Stock,&#160;no&#160;par&#160;value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">UTL<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
