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PUR Guide Jeffrey Kotkin, Vice President – Investor Relations

PUR Guide Jeffrey Kotkin, Vice President – Investor Relations. APRIL 25, 2012. Who Is The Investing Public?. Buy Side Sell Side. Mutual Funds Investment Banks Pension Funds Brokerage Firms Banks Independent Analysts Investment Advisors Credit Rating Agencies Insurance Companies

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PUR Guide Jeffrey Kotkin, Vice President – Investor Relations

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  1. PUR Guide Jeffrey Kotkin, Vice President – Investor Relations APRIL 25, 2012

  2. Who Is The Investing Public? Buy SideSell Side Mutual Funds Investment Banks Pension Funds Brokerage Firms Banks Independent Analysts Investment Advisors Credit Rating Agencies Insurance Companies Nonprofit Trusts Individual Investors Employee Stock Ownership Plans

  3. What Do They Have Invested in NU? $116 Preferred Stock $5,264 Short and Long Term Debt $4,013 Common Equity (Book Value) As of 12/31/11 (in millions)

  4. Let’s Look At The Common Stock First 38,000 registered holders 470 Institutions that file with the SEC 9,000 active and retired employees in retirement plan 3% 8% Other individual and institutional holders 10% 79% 177 Million Shares As of 12/31/11

  5. How Have NU Shares Done vs. the Market? 2006 2007 2008 2009 2010 2011 March 2012

  6. Steady Dividend Growth Quarterly Dividends Per Share

  7. Major Buy Side Institutions and Related Mutual Funds NU Shares Held 12/31/11 Index Fund Actively Managed Fund Hedge Fund

  8. Employee Ownership Of NU Shares • 401(k): 702,000 shares owned by 2,437 employees/retirees choosing NU Common Share Fund as option • ESOP: 4.07 million shares owned by approximately 8,445 employees/retirees through 3% match of 401(k) contributions • TRAESOP/PAYSOP:688,000 shares owned by 1,800 employees/retirees; 1980’s vintage tax-advantaged stock ownership plan • ESPP II: 1.1 million shares bought by employees since 2001 through 5% discount (originally 15%) on share purchases

  9. What Do Analysts Say About NU Shares?

  10. Price/Earnings Ratio: A Common Way To Value Stock Price Divided By Adjusted NU Earnings • 2011 NU Earnings $36.00/$2.38 = 15.1 • 2012 NU Earnings $36.00/$2.42 = 14.9 • 2013 Consensus NU Earnings $36.00/$2.58 = 14.0 • 2014 Consensus NU Earnings $36.00/$2.72 = 13.2

  11. $116 Million Of Preferred Stock • All at CL&P • All perpetual • All issued between 1947 and 1968 • Interest rates range between 3.80% and 6.48% • In times of stress, subordinated to debt, ahead of common • Owned by about 1,400 holders, many individual investors

  12. How Is Our Debt Rated? Standard & Poor’s/FitchMoody’s AAA Aaa AA+ Aa1 AA Aa2 AA- Aa3 A+ A1 A CL&P Bonds (F), PSNH Bonds (F) A2 A- CL&P Bonds (S), PSNH Bonds (S) A3 PSNH Bonds, CL&P Bonds CL&P Unsecured (S&F), WMECO Unsecured (S&F) Baa1 BBB+ NU Unsecured (S&F) Baa2 CL&P, PSNH, WMECO, NU Unsecured BBB CL&P Preferred (S&F) Baa3 CL&P Preferred BB+ Ba1 BB Ba2 BB- Ba3 B+ B1 B B2 B- B3 CCC+ Caa1 Investment Grade Non-Investment Grade

  13. What Kind Of Long-Term Debt Do We Have? Tax-exempt bonds, notes at CL&P, PSNH, WMECO Taxable first mortgage bonds at CL&P, PSNH, Yankee Gas Parent Company Notes $765 $513 $2,981 $301 Spent nuclear fuel obligations at CL&P, WMECO $390 WMECO Unsecured Notes In Millions as of 12/31/11

  14. Where Is NU’s Credit Access (in millions) Regulated Companies NU Total = $1.2 Billion

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