NorthWestern (NWE) 8-K Results of Operations and Financial Condition

Annual Shareholders MeetingButte, Montana April 25, 2012

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Forward looking statements

During the course of this presentation, there will be forward-looking
statements within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements often
address our expected future business and financial performance, and often
contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,”
“seeks,” or “will.” 

The information in this presentation is based upon our current expectations as
of the date hereof unless otherwise noted.  Our actual future business and
financial performance may differ materially and adversely from our
expectations expressed in any forward-looking statements.We undertake no
obligation to revise or publicly update our forward-looking statements or this
presentation for any reason.Although our expectations and beliefs are based
on reasonable assumptions, actual results may differ materially.The factors
that may affect our results are listed in certain of our press releases and
disclosed in the Company’s public filings with the SEC.

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Who we areFinancial update
Investment opportunity
outlook

Outline

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Who we are

ðOur Vision: Enriching lives through a safe,
sustainable energy future

ðOur Mission: Working together to deliver safe,
reliable and innovative energy solutions

ðOur Values:

Safety

Excellence

Respect

Value

Integrity

Community

Environment

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Geographically positioned for success

ðOur service territory covers some of the

best wind regimes in the nation

ðWe have the opportunity to provide

transmission services into two different

markets (West and
Midwest)

Great wind profile

Low unemployment rates

ðA fully-regulated utility located in states

with relatively stable economies with

opportunity for system investment and

grid expansion

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With competitive customer rates

Typical
Customer
bills

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One hundred years later….

After a
hundred
years,
electricity

is still a
great
value

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Who we areFinancial updateInvestment opportunity
outlook

Outline

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A strong credit profile

ðLong-term targeted total debt to
capitalization of 50-55% with a current
capitalization of 55.6%(1)

ðTotal liquidity of $136 million as of Dec 

 31, ’11

ðRefinanced nearly all debt in the last 2 years

–Lowered average coupon on long-term

  debt by 1.2% and extended maturities

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Reaffirming 2012 earning guidance

Reaffirming 2012 guidance range of $2.35-$2.50 based upon, but not limited
to, the following major assumptions and expectations:

•A consolidated income tax rate of approximately 18% - 20% of pre-tax income;

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8.1%Cash From
Operations

6.5% Dividend Growth

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A history of earnings and dividend growth

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Solid pension funding

NorthWestern Energy’s Pension Assumptions

ðTarget allocation 50% equity and 50%
fixed income

ðExpected long-term rate of return of 7.00%

ðDiscount rate of4.40 - 4.55%

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Who we areFinancial updateInvestment opportunity
outlook

Outline

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Growing investment in our existing system

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Great investment growth opportunities

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Investment project summary

Note: Color / label indicate NorthWestern Energy's current probability of execution and timing of
expenditures.

Changed to Green withMPSC pre-approval
granted Feb ‘12

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Questions?

Thank you from all of us at NorthWestern Energy.