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Indiana customers seeking energy bill assistance should contact their local Community Action Agency. A program for Indiana gas customers, the Universal Service Program (USP) provides a monthly discount on residential gas charges during the heating season. Ohio customers seeking energy bill assistance should contact the Ohio Development Services Agency.
A program for Ohio customers, PIPP Plus is an extended payment arrangement that requires regulated gas companies to accept payments based on a percentage of the household income. Solid Economic Indicators 7 • Unemployment rates in all three of our states are meaningfully below National Average.
Investment for Our Customers’ Benefit 10 Over the past 7 years we have been reintegrating our Montana energy supply portfolio and making additional investments across our entire service territory to enhance system safety, reliability and capacity. 16 South Dakota Electric Operations The owned and rate-based cost of energy from the Beethoven wind project over the next 20 years is expected to be $44 million ($25 million net present value) less than the PPA alternative benefitting our customers’ bills over the long-term.
Owned Owned Target Total Annual Need Natural Gas Reserves Opportunity 17 As we continue to add to our natural gas reserves portfolio, we anticipate a reduction in supply cost volatility for our customers. Infrastructure Projects 18 • In Montana, our Distribution System Infrastructure Project (DSIP) and Transmission System Infrastructure Project (TSIP), both of which are currently in process, are to maintain a safe and reliable electric and natural gas distribution and transmission system.

Capital Spending Forecast 20 Current estimated cumulative capital spending for 2016 through 2020 is $1.47 billion. Other Significant Achievements in 2015 24 Strong year for safety at NorthWestern • Fewest OSHA recordable events of any year. 29 2015 Weather Q1 2015 NorthWestern service territory has significantly more heating degree-days than cooling degree- days. Cash Flow 34 $89.8 million improvement in cash flow provided by operating activities was primarily due to higher net income after non-cash adjustments. Our Commissioners 42 Name Party Began Serving Term Ends Kirk Bushman R Jan-13 Jan-17 Travis Kavulla R Jan-11 Jan-19 Roger Koopman R Jan-13 Jan-17 Brad Johnson (Chairman) R Jan-15 Jan-19 Bob Lake R Jan-13 Jan-17 Commissioners are elected in statewide elections from each of five districts. These agencies administer the Indiana Energy Assistance Program (EAP) for income-eligible customers. By enrolling in the Energy Assistance Program outlined above, customers are automatically enrolled in USP. This agency administers the Home Energy Assistance Program (HEAP) for income-eligible customers. To qualify for energy assistance, your annual household income cannot exceed 150% of the poverty guidelines.

To qualify for energy assistance, your annual household income cannot exceed 200% of the poverty guidelines. During the winter, the ODOD also offers a program called Emergency Home Energy Assistance Program (E-HEAP) that provides assistance once per heating season to eligible households that are disconnected or threatened with disconnection. For hearing-impaired with a telecommunication device for the deaf (TTD), call toll-free number 1-800-686-1557. Our Gross Margin, Free Cash Flows, Net Debt and EBITDA measures may not be comparable to other companies’ Gross Margin, Free Cash Flows, Net Debt and EBITDA measures.
Nothing in this presentation should be regarded as a representation by any person that these objectives will be achieved and the Company undertakes no duty to update its objectives. Wind, LLC We anticipate net income to increase by approximately $13.6 million in 2016 as a result of full year impact of the rate adjustment and Beethoven acquisition.

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