Dennis Puma - Director, Investor Relations Larry Downes - Chairman and Chief Executive Officer Glenn Lockwood - Chief Financial Officer

Good morning, everyone and welcome to the New Jersey Resources Fiscal 2015 and Year End Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please also note that today’s event is being recorded. At this time, I would like to turn the conference call over to Mr. Dennis Puma, Director of Investor Relations. Sir, please go ahead.

Thank you, Jamie. Good morning, everyone. Welcome to New Jersey Resources’ fiscal 2015 year end conference call and webcast. I am joined here today by Larry Downes, our Chairman and CEO, Glenn Lockwood, our Chief Financial Officer, as well as other members of our senior management team. As you know, certain statements in today’s call contain estimates and other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We wish to caution listeners of this call that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, which could cause results to materially differ from the company’s expectations. A list of these items can be found, but is not limited to items in the forward-looking statements section of today’s news release filed on Form 8-K and in our most recent 10-K filed with the SEC. Both of these items can be found at sec.gov. NJR does not, by including the statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events. I would also like to point out that there are slides accompanying today’s presentation, which are available on our website and were also filed on our Form 8-K this morning. With that said, I would like to turn the call over to our Chairman and CEO, Larry Downes. Larry?

Thanks, Dennis. Good morning, everyone and thank you for joining us today. For those of you who have seen this morning’s earnings release, you know that our fiscal 2015 performance was strong and exceeded our original expectations. Before I begin, I would like to note a number of changes that we have made to our leadership team which I believe have strengthened us for the future. First of all, Amanda Mullan joined us in April. Amanda serves as our Vice President and Chief Human Resources Officer. And also as we announced on November 11, Patrick Migliaccio will assume the role of Senior Vice President and Chief Financial Officer. And Tom Massaro will become Senior Vice President of Marketing, Energy Efficiency and Customer Services. Those will be effective January 1, 2016. I am sure you wonder what’s happening to Glenn. He is currently planning to retire in January of 2017 and is with us here today. I also wanted to focus on our half-day conference that we had with the financial community on October 21 and say that I am grateful to those who attended. During that session, we were able to do a deep dive on all of our businesses, including clean energy ventures and I would like to invite everyone to review our presentations from that day, in particular, the slides that discussed to sell the renewable energy certificate market in New Jersey. We spent a good deal of time at the investor conference talking about the strategy of clean energy ventures and really going a little bit deeper than we have in the past on some of the key drivers of clean energy ventures performance. During my presentation this morning, I will be discussing our future and I will be making forward-looking statements. Our actual results will be…

Thanks Larry and good morning everyone. I will take a few minutes to review the results of each of our businesses. The increase in utility firm gross margin that we show on Slide 11 for both the fourth fiscal quarter and the year, it is due primarily to the impact of our infrastructure investments that are earning an immediate return, SAVEGREEN, customer growth and incentive programs. NJNG’s NFE for the year was $76.3 million compared with $74.2 million in fiscal ‘14 and was driven by that growth in utility gross margin. For the three months, NJNG reported net financial loss of $7.2 million compared with a net financial of $5.4 million, the leak of the fourth quarter results reflect an increase in our overall state income tax rate. We added 7,858 new customers to our system in fiscal ‘15, 3.4% more than the prior year with approximately half of those customers converting from other fuels primarily fuel oil. These new and conversion customers are expected to contribute approximately $4.5 million annually to utility gross margin. Our BGSS incentive programs had a very strong year, adding $0.12 per share to earnings. Since inception, these programs have saved customers approximately $800 million and provided share owners with an average of $0.05 per share annually. Slide 12 illustrates some of the customer growth numbers I just mentioned. We expect customer growth additions for fiscal ‘16 through fiscal ‘18 of 24,000 to 27,000 represented an annual new customer growth rate of about 1.6%. Moving to Slide 13, working collaboratively with our regulators remains an essential element of our strategy. We have spoken about all of the programs before, so I will just highlight a few. Our BGSS incentive programs, which are comprised of our off-system sales capacity release programs and our storage incentive program…

Thanks, Glenn. I want to conclude our call this morning with a review of our key strategic initiatives for fiscal ‘16, ‘17 and ‘18. Many of you recall that the format on Slide 23 was originally introduced at our 2014 Investor Conference in October that year. And it summarizes our key initiatives that support our annual 5% to 9% net financial earnings and 6% to 8% dividend growth targets. So to summarize that, our growth plan through fiscal 2018 was based upon strong customer growth, infrastructure investments and regulatory initiatives at New Jersey Natural Gas that will benefit both our customers and shareowners. We want to take advantage of expected natural gas price demand growth – natural gas demand growth and price volatility at NJR Energy services, while providing producer and asset management services. We are focused as you know on diversifying Clean Energy Ventures distributed power portfolio combined with improving SREC market fundamentals to provide steady income streams and expanding on midstream strategy, including PennEast. And we believe that when you look at these fundamentals, they remain strong and provide opportunities for future growth. And as I close, I also want to say thank you to our nearly 1,000 employees for their continued hard work and dedication. Without their efforts, we would not have achieved the excellent results we have reported to you this morning. Our employees are the foundation of our company and I am grateful for what they do for us every single day. So, I want to thank you for your time today. I wish you all the best for a happy Thanksgiving. And we are now ready for your questions and comments.

Alright. Thank you, Jamie. Thank you all for joining us this morning. As a reminder, the recording of this call is available for replay on our website. Again, we appreciate your interest and investment in New Jersey Resources and have a wonderful Thanksgiving. We will see you next quarter. Goodbye.

Ladies and gentlemen, that does conclude today’s conference call. We do thank you for attending. You may now disconnect your telephone lines.