1. Kurt Adams EVP&CDO Restructuring RoundtableSD
Kurt Adams EVP&CDO Restructuring Roundtable
June 12, 2009

2. Notice
The following presentation has been prepared by First Wind Energy, LLC (FWE) for information purposes only.
Disclaimer
No 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.
Errors
Although 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.

3. 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 MW
(30 MW in operation) 2

4. 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

5. 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\ maps\ transmission linesv7.WOR

6. 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