Kurt Adams EVP&CDO Restructuring Roundtable SD Kurt Adams EVP&CDO Restructuring Roundtable June 12, 2009

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Operating Portfolio by 2010 First Wind at a Glance Company Overview Operating Portfolio by 2010 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 Northeast 516 MW (244 MW in operation) West 304 MW (203.5 MW in construction) Hawaii 81 MW (30 MW in operation) 2

O&M and commodities / risk teams optimize asset values First Wind’s Integrated Platform and In-House Capabilities Collaboration between developers and E&C teams; seamless transition from development to construction Development Engineering & Construction Commodities and risk management work with developers to identify regions for optimal project development E&C and O&M teams together identify process and technical improvements over project life cycles Commodities & Risk Management Operations & Maintenance O&M and commodities / risk teams optimize asset values Project Finance Project Finance works with all groups to optimally fund turbines, construction and operating projects NEPTUNESNY\Management Presentations\17 NEPtunes Management Presentation.ppt 3

Using Transmission to Unlock Value 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) First Wind project First Wind’s transmission line Major transmission lines Substations Z:\RD PRES TECH\Jobs\IBD Client\U6T3\XNWTN\Balliro, Gregory\MapInfo\021709 maps\022009 transmission linesv7.WOR

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