NORTHERN PLAINS NATURAL GAS 2002 PLAN REVIEW November 8, 2001

NORTHERN PLAINS NATURAL GAS COMPANY Table of Contents NPNG – Bill Cordes NPNG-2 Key Assumptions NPNG-4 Financial Summary NPNG-5 EBITDA by Entity NPNG-6 Capital Expenditures NPNG-7 Distributable Cash Flow NPNG-8 NBP Net Income Summary NPNG-9 NPNG Net Income Summary NPNG-10 Return to Unitholders NPNG-11 Return to General Partners NPNG-12 NBP Asset Summary

NORTHERN PLAINS NATURAL GAS COMPANY KEY ASSUMPTIONS 2002 PLAN Maintain 82.5% of General Partner Interest in Northern Border Partners, L.P. (“NBP”) Retain 3.2 million common units of NBP 2.7 million common units of NBP held in Rawhide Northern Border Partners, L.P. Regulated Pipelines Northern Border Pipeline Company Sell unsubcribed capacity at maximum rate Increase access to existing and developing markets Maximize new service revenues Midwestern Gas Transmission Company Develop new transportation business (Power Plants)

NORTHERN PLAINS NATURAL GAS COMPANY KEY ASSUMPTIONS 2002 PLAN Northern Border Partners, L.P. (Cont’d) Midstream Services Crestone Energy Ventures/Bear Paw Energy Maintain 33% market share in Powder River Basin Link deployment of capital expenditures with throughput growth Continued high drilling growth level (water issues mitigated) Maintain active hedging program in the Williston Basin Maximize distributions from equity investments Border Midstream Services Support developmental drilling programs of producers in capture area Complete all de-bottlenecking projects that were pre-funded Black Mesa Pipeline Provide reliable and safe slurry transportation service to Mohave Power Plant Pursue slurry pipeline consulting and investment opportunities

NORTHERN PLAINS NATURAL GAS COMPANY 2002 OPERATING & STRATEGIC PLAN Financial Summary (Millions of Dollars) NBP Income 137 NBP Earnings Per Unit (In Dollars) NBP Distributions Per Unit (In Dollars) 97 77 00 01 EST 02 00 01 EST 02 00 01 EST 02 GP Target Distribution NBP LP GP Net Income Non-Recurring 1st Level- 15% $2.42 *2nd Level- 25% $2.86 3rd Level- 50% $3.74 *Current indicated annual distribution rate is $3.05

NORTHERN PLAINS NATURAL GAS COMPANY 2002 OPERATING & STRATEGIC PLAN EBITDA BY ENTITY (Millions of Dollars) 349.7 313.5

NORTHERN PLAINS NATURAL GAS COMPANY 2002 OPERATING & STRATEGIC PLAN CAPITAL EXPENDITURES (Millions of Dollars) $200 MM $200 MM Acquisitions or Greenfield Projects Regulated Pipelines Midstream Services Black Mesa NBP Debt Common Equity Enron GP Contribution ($1.6MM) Williams GP Contribution

8% annual growth per unit NORTHERN BORDER PARTNERS, L.P. 2002 OPERATING & STRATEGIC PLAN DISTRIBUTABLE CASH FLOW (Millions of Dollars) 8% annual growth per unit Distributions per Unit $3.05 $3.30 $3.56 $3.84 $4.16 $4.48 Avg Units Outstanding (MM) 38.5 43.5 44.7 46.5 48.1 49.6

NORTHERN PLAINS NATURAL GAS COMPANY 2002 OPERATING & STRATEGIC PLAN NET INCOME SUMMARY (Millions)

NORTHERN PLAINS NATURAL GAS COMPANY 2002 OPERATING & STRATEGIC PLAN (Millions of Dollars)

NORTHERN PLAINS NATURAL GAS COMPANY 2002 OPERATING & STRATEGIC PLAN RETURN TO UNITHOLDERS – NBP,L.P. Dividends Reinvested CAGR 13.3% Unit Price CAGR 6.4% 1997 1998 1999 2000 2001 CE 2002 PLAN Unit Price Dividends Reinvested Annual Dividends Paid

NORTHERN PLAINS NATURAL GAS COMPANY 2002 PLAN REVIEW RETURN TO GENERAL PARTNERS – NBP,L.P. 1997 1998 1999 2000 2001 CE 2002 PLAN

Gregg Lake/Obed Pipeline System Edmonton Gladys Processing Plant Saskatchewan Alberta Mazeppa Processing Plant Manitoba Ontario Williston Basin Montana North Dakota Bear Paw Energy Minnesota Powder River Basin Wyoming Big Horn Wind River Basin NBPL South Dakota Fort Union Lost Creek Greater Green River Basin Nebraska Iowa Indiana Utah Illinois Colorado MGT Kayenta Coal Prep. Pump Station No. 1 Mohave Generating Station Gray Mountain Pump Station No. 2 Kentucky Williams Pump Station No. 3 NBP Asset Summary Seligman Pump Station No. 4 Tennessee Black Mesa Pipeline Arizona