1. Great River Energy 2014 Annual True-Up Meeting Todd Butkowski

2.  Introduction  Disclosure  Meeting purpose  Regulatory timeline discussion  2014 Annual True-Up results review  Next steps  Q&A Agenda

3.  All figures in this document are preliminary and subject to change. Per the revised Formula Rate Protocols, figures will be finalized after the Information Exchange, Challenge Procedures, and MISO’s review are complete. 1 1 Awaiting FERC’s final decision on Docket ER13-2379 on FERC’s investigation into MISO Formula Rate Protocols Disclosure

4.  The revised Formula Rate Protocols require GRE to hold an Annual True-Up meeting among Interested Parties between the publication date (June 1) and September 1  Compare actual 2014 values against projections on which the 2014 rates were based  Review the Annual True-Up adjustment calculation Meeting purpose

5. June 1 Deadline for Annual True-Up Information exchange period & review period begin June 1 – September 1 Deadline for Annual True-Up meeting September 1 – October 1 Deadline to post projected net revenue requirement Deadline for meeting on projected net revenue requirement November 1 Deadline for joint meeting on regional cost-shared projects December 1 Deadline for Interested Parties to submit information requests Formula rate protocol timeline - 2015

6. January 10 Deadline for Transmission Owner to respond to information requests January 31 Deadline for Interested Parties to submit Informal Challenges February 28 Deadline for Transmission Owner to respond to Informal Challenges March 15 Deadline to submit Informational Filing to the Commission March 31 Deadline for Interested Parties to file Formal Challenge at the Commission Formula rate protocol timeline - 2016

7. ActualProjectedDifference% Net revenue requirement$96,474,640$90,243,415$6,231,226 (a)5.1 % Divisor True-Up Divisor2,017,3102,032,353(15,043) Projected rate ($/kW/yr)$44.403 True-Up (Divisor Difference x Projected Rate)$667,961 (b)-2.8 % Interest$234,689 (c) Total 2014 True-Up Adjustment (Under Recovery) $7,113,875 (a+b+c) 2014 True-Up Adjustment overview

8. 2014 ATRR summary Projected ATRR Actual ATRR

9. Projected 2014 Net Revenue Requirement$90,243,415% Change Actual to Projected Differences: Return$2,749,690 (a)5.9 % O&M Expense$2,162,961(b)2.8 % Attachment GG Adjustment$687,897 (c)3.1 % Attachment MM Adjustment$(1,174,443) (d)-12.0 % Revenue Credits$(831,999) (e)-21.0 % Actual 2014 Net Revenue Requirement$96,474,640 Overall Difference$6,231,2266.9 % (a + b - c - d - e) Revenue requirement overview

10. Return overview Projected 2014 Rate Base$755,763,883% Change Actual to Projected Differences: Net Plant$(23,610,851)-3.7 % Construction Work in Progress$16,908,92016.7 % Adjustments to Rate Base *$(196,477)1.5 % Land Held for Future Use$0 - Working Capital$(6,471,949)-21.5 % Actual 2013 Rate Base$742,393,526 Overall Difference$(13,370,357)-1.8 % * Offset to Rate Base

11. Actual Return %Projected Return % DTE RatioWeightedDTE RatioWeighted LTD83.58%4.63%LTD86.60%4.52% Equity16.42%2.03%Equity13.40%1.66% Return6.66% (a+b)Return6.18% (a+b) Overall Difference = 0.4816% Return overview

12. Rate Base Actual to Projected Difference$13,370,357 Actual Return Rate6.66% $(890,387) (a) Return Rate Projected Rate Base$755,763,883 Actual to Projected Difference in Return %0.4816% $3,640,077 (b) Overall Difference in Return$2,749,690 (a+b) Return overview

13. Operating expense overview Projected 2014 Operating Expense$77,291,800% Change Actual to Projected Differences: O&M (includes A&G)$3,076,7306.3 % Depreciation Expense$(576,332)-2.2 % Taxes Other Than Income Taxes$(337,436)-15.2 % Income Taxes$0 - Actual 2013 Operating Expense$79,454,761 Overall Difference$2,162,9612.8 %

14. Attachment GGAttachment MM Projected ATRR$22,556,884Projected ATRR$9,983,045 Actual to Projected Differences: Annual Expense Charge$376,379Annual Expense Charge$(317,850) Annual Return Charge$541,728Annual Return Charge$174,745 Depreciation Expense$(230,209)Depreciation Expense$(1,031,337) Actual ATRR$23,244,781Actual ATRR$8,808,602 Overall Difference$687,898Overall Difference$(1,174,443) Attachment GG & MM overview

15. Revenue credits overview Projected 2014 Revenue Credits$4,005,472% Change Actual to Projected Differences: Account 454 (Rent From Electric Property)$(629,466)-100.0 % Account 456 (Other Electric Revenues)$(202,533)-6.0 % Actual 2013 Revenue Credits$3,173,343 Overall Difference$(831,999)-20.8 %

16.  Information exchange procedures* ■ Interested Parties have until December 1, 2015 to submit information requests ■ GRE shall make a good faith effort to respond within 15 days of receipt of such request ■ Any information request should be submitted in writing to: Todd Butkowski: tbutkows@grenergy.com ortbutkows@grenergy.com Mike Saer: msaer@grenergy.commsaer@grenergy.com ■ All questions and answers will be distributed by email to the Interested Party who asked the question(s) and will be posted in the MISO website and OASIS * Awaiting FERC’s final decision on Docket ER13-2379 on FERC’s investigation into MISO Formula Rate Protocols Next steps

17. Questions