Kurt Adams EVP&CDORestructuring RoundtableJune 12, 2009

SD

PROPRIETARY AND CONFIDENTIAL

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NoticeThe following presentation has been prepared by First Wind Energy, LLC (FWE) for information purposes only.

DisclaimerNo representation, warranty or undertaking (expressed or implied) is made in relation to this Presentation. The Presentation contains forward looking statements which involve risks and uncertainties and actual results and developments may differ materially from those expressed or implied herein depending on a variety of factors. No responsibility is taken or accepted by FWE and/or any of its parents, subsidiaries, affiliates and each of their respective offices, directors, employees, agents and assigns for the adequacy, completeness or accuracy of the Presentation or the assumptions on which it is based and all liability is hereby expressly excluded and denied. Anyone using the Presentation does so at their own risk and no responsibility is accepted for any losses which may result from such use directly or indirectly.

ErrorsAlthough FWE has employed reasonable efforts to ensure that the Presentation does not contain errors, it is possible that information, assumptions and/or calculations contained herein may be erroneous. The reader is requested to please inform FWE of any such errors that may be contained herein.

PROPRIETARY AND CONFIDENTIAL

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First Wind at a Glance

• Independent wind energy company founded in 2002

• 6,291 MW wind development portfolio with 478 MW in operation/construction and 424 MW planned for 2009/2010

• Equity invested by owners D.E. Shaw, Madison Dearborn Partners and management

• Dedicated team of over 150 employees• Focused on markets in the Northeast, the

West and Hawaii

Company Overview Operating Portfolio by 2010

West304 MW

(203.5 MW in

construction)

Hawaii 81 MW

(30 MW in

operation)

Northeast516 MW(244

MW in operatio

n)

PROPRIETARY AND CONFIDENTIAL

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First Wind’s Integrated Platform and In-House Capabilities

Development

Commodities & RiskManagement

Engineering &Construction

Operations & Maintenance

Collaboration between developers and E&C teams;

seamless transition from development to construction

E&C and O&M teams together identify process and technical improvements over project life cycles

O&M and commodities / risk teams optimize asset

values

Commodities and risk management

work with developers to

identify regions for optimal project

development

Project Finance

Project Finance works with all groups to optimally fund turbines, construction and

operating projects

PROPRIETARY AND CONFIDENTIAL

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Using Transmission to Unlock Value

Z:\RD PRES TECH\Jobs\IBD Client\U6T3\XNWTN\Balliro, Gregory\MapInfo\021709 maps\022009 transmission linesv7.WOR

• First Wind uses self-built generator leads to gain access to attractive markets that lack sufficient transmission or to gain unique access to difficult permitting markets that need renewable power ― Additional value is created by the

expansion opportunities that surround the transmission buildout

• First Wind operates the largest privately-owned generator lead in ISO-NE: a 38-mile 200 MW capacity line in Maine

• First Wind is building an 88-mile transmission line at Milford Project in Utah with 1,000 MW of capacity― Enables access to California market

through out-of-state delivery of power― Turned a low-potential site into a 200

MW wind energy project (with 800 MW of expansion capacity)

NV

CA

AZ

UT

Los Angeles

Milford

ME

PQ NB

ME

Stetson II

RollinsStetson I

First Wind projectFirst Wind’s transmission lineMajor transmission linesSubstations

PROPRIETARY AND CONFIDENTIAL

Experience and Observations from the Field• First Wind Self-build Strategy: Beneficiaries-pays by another name

― FW finds projects that can support the cost of transmission investment― FW builds and finances transmission faster and at a lower cost than

regulated transmission developers― Allocates costs to customer and generator, preserving market efficiency― Siting and “Sagebrush” greatest challenges

• Socializing Transmission Costs/Regulated Model in General― Blunt instrument― Long lead time― Higher cost than merchant or generator self-build models― Appropriate for regional solutions (CREZ) where political consensus

exists― Federal solutions to local problems raise other issues, especially when no

political consensus exists among states

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