1. North American Strategic Infrastructure Leadership Forum October 12, 2011

2. Russell Stidolph Chief Financial Officer (203) 299-5420 rstidolph@tresamigasllc.com CONFIDENTIAL & PROPRIETARY2

3. Tres Amigas – Overview 3 TA’s transmission capacity creates market opportunities where none exist today Tres Amigas (TA) is a three-way AC/ DC merchant transmission project, located in Clovis, New Mexico, interconnecting the Western Electricity Coordinating Council (WECC), the Electric Reliability Council of Texas (ERCOT), and the Eastern Interconnection (through the Southwest Power Pool (SPP)) TA is designed to be expanded as economic and transmission opportunities develop Phase 1 will be a two-node 750MW (WECC  SPP) intertie in order to take advantage of existing pricing and takeaway capacity Phase 2 is currently planned as a 750MW HVDC (ERCOT  SPP) intertie which will also provide ERCOT – WECC transfer capabilities Phase 3 is currently planned to be a direct 750 MW ERCOT  WECC intertie Phase 4 is currently planned to add a 2 GW SPP  ERCOT interconnection TA can be scaled to 30 GW TA received FERC authorization in March 2010 to sell transmission service at negotiated rates

4. Project Value Creation Connects the three US asynchronous power grids through a DC hub that can regulate the direction and level of power flows between the grids Provides economic incentives to further drive the growth of the nation’s renewable resources Optimizes the value of existing and planned AC and DC/ HTS infrastructure Provides open-access and cost-effective transmission services consistent with NERC standards and regional reliability requirements Provides voltage support, capacity firming and other value-added and ancillary services 4

5. The Location: Regional Renewable Resource Potential Significant Regional Wind & Solar Capacity Factors in Excess of 35% Source: NREL

6. From the 2010 Transmission Summit in Sweetwater 6 w/ HVDC Proposals

7. Site Location in New Mexico

8. Design 8

9. Tres Amigas Layout CONFIDENTIAL & PROPRIETARY9 AC switchyard allows for AC line reconfiguration DC Switchyard allows for HTS AC switchyard allows for AC line reconfiguration DC Switchyard allows for HTS

10. Tres Amigas Conceptual Build Out-Detail 10 Full 5GW build out allows for high current DC bus Approx. 2 km Expansion >5GW

11. Alstom Grid HVDC MaxSine Technology CONFIDENTIAL & PROPRIETARY11 Voltage Sourced Converter (VSC) technology Modular multi-level converter design Control of real and reactive power flow into AC grids Harmonic free output voltage Ideal for use on weak AC grids Compact station footprint VSC HVDC scheme

12. New Mexico Economic Impact: Ripple Effect Induced Impacts Construction Phase 8,600 new jobs $905M to local economies Operational Phase: 800 new long-term jobs $78.6M/year to local economies Indirect Impacts Construction Phase: 7,200 new jobs $818M to local economies Operational Phase: 380 new long-term lobs $39.2M/year to local economies Direct Impacts from 6.0 GW Landowner Revenue: Over $16.3M/year Construction Phase: 13,800 new jobs $2.6B to local economies Operational Phase (20yrs): 1,460 new long-term jobs $130M/year to local economies Source: CDEAC report Illustrates Ripple Effect if 6.0 GW of Wind Is Developed by 2015

13. Texas Economic Impact: Ripple Effect Induced Impacts Construction Phase 6,800 new jobs $714M to local economies Operational Phase: 630 new long-term jobs $62.0M/year to local economies Indirect Impacts Construction Phase: 5,700 new jobs $645M to local economies Operational Phase: 300 new long-term lobs $30.9M/year to local economies Direct Impacts from 4.7 GW Landowner Revenue: Over $12.9M/year Construction Phase: 10,900 new jobs $2.0B to local economies Operational Phase (20yrs): 1,150 new long-term jobs $103M/year to local economies Source: CDEAC report Illustrates Ripple Effect if 4.7 GW of Wind Is Developed by 2015

14. Economics Drive Phased Construction SPP WECC 750 MW 14 Phase 1: SPP-> WECC WECC-> SPP

15. Economics Drive Phased Construction SPP 750 MW ERCOT WECC 750 MW 15 Phase 2: 750 MW SPP  ERCOT ERCOT  SPP

16. Economics Drive Phased Construction SPP 750 MW ERCOT 750 MW WECC 750 MW 16 Phase 3: 750 MW WECC  ERCOT ERCOT  WECC

17. Economics Drive Phased Construction SPP 750 MW ERCOT 750 MW WECC 750 MW 17 Phase 4: Additional 2GW SPP  ERCOT ERCOT  SPP 2 GW

18. Current Projected Build out Timeline Phase 1 SPP  WECC Completed 2014 Phase 2 SPP  ERCOT Completed 2015 Phases 3 and Beyond As Justified Completed 2015-16 18

19. Strategic Partners and Vendors 19 Foundation Fuel