2. Company Information US Geothermal Inc. Founded in Idaho and based in Boise Publicly traded on TSX Venture Exchange - GTH and OTCBB - UGTH

3. Management Team Daniel Kunz –President, CEO & Director Doug Glaspey - COO & Director Kevin Kitz - VP Project Development Robert Cline – VP Engineering Kerry Hawkley – CFO & Secretary

4. Raft River Location

5. Raft River Project US Department of Energy site from l975-l983 $40 million was spent by DOE on a 7 megawatt binary cycle demonstration power plant. Acquired by USGEO June 2002. Own 660 acres and have a total of 4,417 acres (7.9 square miles) under lease.

6. Why Geothermal Power? Clean, safe, emission free 100 MW eliminates 560,000 tons greenhouse gases annually Highest rate of production (MWH) to capacity (MW) of any type of power plant Generates continuous power Only alternative energy capable of “baseload” power Renewable and Sustainable Does not consume wasting commodity Re-injection of spent fluid Plants can operate at over 98% availability

7. Geothermal Wells 5 production wells, 2 injection wells, 7 monitoring wells Office/control room building, shop building, 15 ton crane, wellfield power grid, 300K gallon water tank, warehouse, maintenance offices Adjacent to BPA’s 138 KV transmission line 120 MW total capacity and 60MW of available capacity Year round access via state highway, county road Raft River Infrastructure

8. Office/Shop Complex – Raft River Mt. Range in Background Office/Shop Complex – Raft River Mt. Range in Background

9. Phase 1 10-12 MW to begin construction 2006 using Ormat binary cycle energy converters. Phase 2 additional 10-20 MW, construction 2007 Additional phases will need additional permitting 123 MW proven geothermal energy reserves and resources estimated for 7.9 square miles. Raft River Proposed Development

10. Workover Rig on RRG-1

11. Pump in RRG-2

12. Stinger

13. Placing Stinger in RRG-2

14. Flow Test – RRG-5 June 2004

15. Geothermal Reservoir – Cross Section

16. Well Temperature Profiles

17. Raft River Reservoir Model

19. 12 MW Soda Lake, Nevada

20. 30 MW Steamboat Springs, Reno, Nevada

21. Clean Power From the Earth