Exhibit 99
SLIDE 1
NU LOGO Northeast
Utilities System
EEI Finance Conference
San Diego, California
October 25, 2004
Safe Harbor Provisions
This presentation includes statements concerning the
Company's expectations, plans, objectives, future financial
performance and other statements that are not historical
facts. These statements are "forward looking statements"
within the meaning of the Private Litigation Reform Act of
1995. In some cases the reader can identify these forward
looking statements by words such as "estimate", "expect",
"anticipate", "intend", "plan", "believe" "forecast",
"should", "could", and similar expressions. Forward looking
statements involve risks and uncertainties that may cause
actual results or outcomes to differ materially from those
included in the forward looking statements. Factors that
may cause actual results to differ materially from those
included in the forward looking statements include, but are
not limited to, actions by state and federal regulatory
bodies, competition and industry restructuring, changes in
economic conditions, changes in weather patterns, changes in
laws, expiration or initiation of significant energy supply
contracts, regulations or regulatory policy, levels of
capital expenditures, developments in legal or public policy
doctrines, technological developments, volatility in
electric and natural gas commodity markets, and other
presently unknown or unforeseen factors. Other risk factors
are detailed from time to time in our reports to the
Securities and Exchange Commission. We undertake no
obligation to update the information contained in any
forward looking statements to reflect developments or
circumstances occurring after the statement is made.
SLIDE 3
Topics for Today
2004
- - Financial results
- - Earnings guidance
- - Enterprise plan
2005
- - Earnings guidance
- - Earnings drivers
- - Financing plans
Competitive business
Regulated business
Transmission business
SLIDE 4
2004 Earnings Range Narrowed
NU's current 2004 earnings estimate is within the original
forecast earnings range of $1.20 - $1.40 per share.
Bar graph chart comparing earnings per share, 2003 & 2004
earnings per share
3Q03 Reported $0.31
3Q04 Reported $0.30
YTD 3Q03 Reported $0.99
YTD 3Q04 Reported $1.01
2003 Reported $0.91
2003 Excluding Significant Items $1.24
2004 Projected Earnings Range $1.25 - $1.35
SLIDE 5
Year to Date Earnings (to 9/30/04)
NU's 2004 earnings have been driven by improvements at CL&P and
Merchant Energy
Bar graph chart comparing 2003 to 2004 year to date earnings
(Shown as Earnings in Millions)
2003 2004
CL&P $59.0 $65.1
PSNH $34.5 $36.0
WMECO $13.9 $ 8.7
Yankee Gas $ 3.4 $ 8.5
Merchant Energy $22.3 $27.0
Services $ 1.7 $-1.3
SLIDE 6
Key Accomplishments in 2004
NU has had significant accomplishments from all businesses
this year.
- - Multiple regulatory uncertainties resolved
- - Profitability of merchant business extended
- - Overall earnings on track
- - Strong financial position maintained
- - NU's strategy is validated
SLIDE 7
NU Has Much Greater Certainty Today
Multiple regulatory proceedings have been concluded over the
past twelve months.
Distribution/
Regulated
Generation Transmission Competitive
CL&P 4-year rate case Done FERC rate LMD
PSNH rate case Done case Done dispute
Yankee rate case Settlement Appeal of between
Pending Bethel- Select-
Approval Norwalk Done CL&P Settled
PSNH Northern Agreement to
Wood Project Approved replace 1385
Yankee LNG project Approved line to
Long Island In place
SLIDE 8
Northeast Utilities Enterprise Plan
NU's enterprise planning began with a review of our current
organization.
REGULATED COMPETITIVE
CL&P Wholesale Supply
Distribution - Transmission Pumped - Hydro - Coal - Wholesale
Storage
PSNH Retail Supply
Distribution - Generation - Transmission Retail
WMECO NGS/SESI
Distribution - Transmission Services
Yankee Gas
Distribution
SLIDE 9
Regulated Strategic Plan
NU's regulated growth story addresses the needs of customers
and provides benefits to shareholders.
New England customers require: NU Shareholders can benefit from:
- - Expanded transmission system - Increased investment
opportunities
- - Upgraded distribution facilities - Above average earnings growth
- - Increased local natural gas storage - Above average dividend growth
- - Reduced power plant emissions - Strong credit profile
SLIDE 10
Regulated Projects
NU's five-year regulated capital investment program includes
approximately $1.2 billion of major needed energy
infrastructure projects.
Photo of
transmission line
Photo of SW CT Transmission Photo of
Yankee Gas LNG facility $1 billion PSNH Northern Wood
Yankee Gas LNG facility
$100 million PSNH Northern Wood
$75 million
SLIDE 11
Regulated Projects
NU's five-year regulated capital investment program includes
more than $400 million per year of ongoing projects.
CL&P distribution..........$225 million/yr.
PSNH distribution &
generation............... $80 million/yr.
Transmission................$60 million/yr
..
Yankee distribution....... $40 million/yr.
WMECO distribution........ .$30 million/yr.
Total: $435 million/yr.
SLIDE 12
Competitive Strategic Plan
NU's competitive businesses provide balance.
- - Source of cash to fund regulated growth
- - Additional opportunities as wholesale and retail
markets evolve
- - No need for significant new capital
- - Strong risk management skills stabilizing financial
performance
SLIDE 13
NU's Investment Thesis
- - Unique opportunity to invest in needed energy delivery
infrastructure
- - Balance sheet capable of sustaining major investments
- - Opportunity to create above industry average earnings
growth
- - Ability to continue above industry average dividend
growth, assuming we succeed in executing our plan
- - Competitive businesses that are expected to produce
increasing earnings and free cash
SLIDE 14
Financial Review and Outlook
SLIDE 15
Projected 2004 Results
NU's projected 2004 results reflect solid earnings from all businesses
Key Drivers
-----------
Regulated Distribution & Generation $0.91 - $0.95 - Sales Growth
- CL&P Rate Increase
Transmission $0.22 - $0.24 - Increased Investment
Competitive $0.23 - $0.25 - Profitable CL&P Contract
- Retail Earnings
Parent & Other ($0.11) - ($0.09)
Total Northeast Utilities $1.25 - $1.35
SLIDE 16
Earnings Growth
NU's strategy continues to drive earnings growth.
Bar chart showing earnings/share excluding significant items
and dividends/share for the years from 2000 - 2003 (actual)
and projected for 2004 & 2005
Earnings/share Dividends/Share
2000 $1.45 $0.40
2001 $1.37 $0.45
2002 $1.08 $0.53
2003 $1.24 $0.58
2004 (projected) $1.25 - $1.35 $0.63
2005 (projected) $1.35 - $1.45
SLIDE 17
Significant Earnings Impacts
There are several developments that have had significant
impact on 2004 earnings.
- - CL&P - Transmission and distribution rate increases
- - Yankee Gas - 2003 unbilled revenue adjustment
- - WMECO - Higher pension, depreciation and interest costs
- - Merchant Energy - Growing, profitable, geographically
diverse book of business
- - Services - Reduced government work, second quarter
write-off
SLIDE 18
Projected 2005 Results
Chart showing
NU's projected 2005 results reflect increases over 2004 in
all businesses
Key Drivers
Regulated Distribution & Generation $0.96 - $1.00 - Sales Growth
- Increased
Investment
- Rate
Increases
Transmission $0.26 - $0.30 - Increased
Investment
Competitive $0.26 - $0.30 - Improved sales
Parent & Other ($0.15) - ($0.13)
Total Northeast Utilities $1.35 - $1.45
SLIDE 19
Capital Investments Will Exceed Depreciation
NU's capital investment will be growing much faster than
depreciation over the next five years,
allowing rate base to increase significantly.
Bar chart comparing capital expenditures and depreciation in
millions of dollars for the period from 2003 - 2009, with
2003 showing actual and years 2004 - 2009
showing projected.
In Millions of $
Capital expenditures Depreciation
2003 actual $ 550 $204
2004 projected $ 638 $239
2005 projected $ 753 $242
2006 projected $ 765 $261
2007 projected $ 667 $283
2008 projected $ 822 $302
2009 projected $ 729 $326
SLIDE 20
Distribution and Generation Rate Base
Bar chart illustrating
Capital investment in needed projects will result in a
growing distribution and generation rate base over the next
five years.
(Shown in Millions of $)
CL&P PSNH WMECO Yankee
2004 projected $1197.5 $713.2 $213.8 $426.9
2005 projected $1375.3 $750.5 $233.5 $434.7
2006 projected $1539.8 $824.5 $264.1 $453.2
2007 projected $1704.2 $885.1 $285.7 $573.8
2008 projected $1851 $933 $305.3 $585.6
2009 projected $1972.1 $976.7 $324.6 $593.8
SLIDE 21
Rate Increases
Multiple rate increases are projected for our regulated
companies over the next year.
Amount Timeframe Status
CL&P Distribution $25 million 1/1/05 Approved
PSNH Delivery $3.5 million 10/1/04 Approved
$10 million 6/1/05 Approved
Yankee Gas Delivery $14 million 1/1/05 Settlement
Pending
Approval
Transmission $18-$20 million 1/1/05 Formula
Driven
SLIDE 22
Transmission Rate Base
Bar chart showing
NU's capital investment will also result in a growing
transmission rate base over the next five years.
(Shown in Millions of $)
CL&P PSNH WMECO
2004 projected $304.6 $124.2 $57.6
2005 projected $330.4 $101.5 $62.8
2006 projected $586.2 $132.2 $62.2
2007 projected $617 $180.2 $62.7
2008 projected $783.4 $188.1 $62
2009 projected $1440.8 $183.9 $61.4
SLIDE 23
Financing Outlook
- - Starting from a position of strength with our balance
sheet and credit ratings
- - External financing is required annually as we continue
our investment program
- - Financial markets support our story
SLIDE 24
Credit Ratings
NU continues to maintain strong credit ratings on its debt.
Moody's S&P Fitch
NU Unsecured Baa1 (N) BBB (N) BBB (S)
CL&P Secured A2 (N) A- (N) A- (S)
PSNH Secured A3 (S) BBB+ (N) BBB+ (S)
WMECO Unsecured A3 (S) BBB+ (N) BBB+ (S)
NGC Secured (25 yr) Baa3 (S) BB+ (N) BBB- (S)
SLIDE 25
Today's Balance Sheet
NU's earnings growth is sustaining our strong balance sheet.
(As of 9/30/04)
Leverage Target 55%
Total Debt
Excludes RRBs Preferred Common
NU Consol. 54.6% 2.2% 43.2%
CL&P 54.9% 5.8% 39.3%
PSNH 55.0% 0.0% 45.0%
WMECO** 53.8% 0.0% 46.2%
Yankee Gas* 53.7% 0.0% 46.3%
NGC 45.4% 0.0% 54.6%
*Excludes acquisition premium
**Excludes $50 million issue to fund prior spent nuclear
fuel trust
SLIDE 26
Recent Debt Issues
The regulated companies continue to attract capital at
favorable rates
Issue Spread to
Company (millions) 2004 Rating Treasuries
Yankee Gas $75 10-yr. FMBs January Not rated 75 bps
PSNH $50 10-yr. FMBs July A3/BBB+ 79 bps
CL&P $150 10-yr. FMBs September A2/A- 67 bps
CL&P $130 30-yr. FMBs September A2/A- 85 bps
WMECO $50 30-yr. Senior
Unsecured September A3/BBB+ 104 bps
SLIDE 27
Bar chart illustrating
Debt Maturity and Sinking Fund Requirements
NU system has modest cash requirements to meet debt
maturities.
Shown in $ Millions
Shown in $ Millions
2004 36.6
2005 92.2
2006 28.6
2007 9.8
2008 161.4
2009 63.2
2010 15.2
2011 17.5
2012 311.9
2013 68.5
2014 290.2
2015 13.6
2016 30.8
2017 24.9
2018 36.5
2019 25.8
2020 26.1
2021 436.2
2022 72.5
2023 51.4
2024 174.1
2025 37.1
2026 40.2
2027 0
2028 369.3
SLIDE 28
Credit Lines
Bar chart illustrating
Favorable bank market will allow a cost effective expansion
of credit lines in terms of both size and tenor.
Shown in $ Millions
2003 364-Day 2004 5-Year 2004 3-Year
Regulated Revolver $300 $400
Parent Revolver, LOCs $350 $500
CL&P Receivables $100 $100
SLIDE 29
Cash Requirements 2005-2009
NU projects it will meet a projected $4.4 billion of cash
requirements during 2005 - 2009 through internally generated
funds and new financings.
Pie Chart illustrating
Shown in Billions $
Net New Financing $1.8
Depreciation $1.4
Non-RRB Amortization $0.3
Earnings, Deferred Taxes & other $0.9
SLIDE 30
Competitive Businesses
SLIDE 31
Competitive Businesses
The competitive businesses' performance recovered
significantly in 2003 and is on track for improvement in
2004 and 2005.
Bar chart showing
Seven Consecutive Quarters of Profits
Shown in Million $
2003 1st Qtr $ 5
2003 2nd Qtr $12
2003 3rd Qtr $ 7
2003* 4th Qtr $ 8
2004 1st Qtr $19
2004 2nd Qtr $ 3
2004 3rd Qtr $ 4
Net Income
($ Millions) 2003* 2004 2005
Actual Estimate Estimate
Merchant $30 $29 -$31 $29 - $33
Services $2 $ 1 - $ 2 $ 4 - $ 6
Total $32 $30 - $33 $33 - $39
* Excludes $36 million SMD write-off
SLIDE 32
Select Energy's Electric Portfolio
NU focuses its wholesale and retail operations on the
Northeast U.S.
Pie charts illustrating Wholesale and Retail peak loads over
three regions
Wholesale
Measured in MW
New England 3,800
PJM 1,500
New York 400
2004 Total Peak Load = 5,700 MW
Retail
Measured in MW
New England 700
PJM 500
New York 600
2004 Total Peak Load = 1,800 MW
SLIDE 33
Competitive Wholesale Contracts
Select Energy currently has the following contracts and
opportunities for further success.
Estimated
Location Power Pool Peak Load Duration
Major Secured Contracts
WMECO New England 400 MW January - February '05
NSTAR New England 1,100 MW January - June '05
NGRID New England 250 MW May - October '05
NJ BGS PJM 300-1,400 MW January - May '07
Maryland PJM 50-300 MW January `05 - May '07
Upcoming Opportunities
CL&P New England 3,900 MW January '05 for 1-2
years
NSTAR New England 2,500 MW January '05 for 3-12 months
Maine New England 800 MW March `05 - multi year
NGRID New England 1,800 MW May `05 - April `06
PEPCO(DC) PJM 1,400 MW February `05 - May `08+
Maryland PJM 2,000 MW June `05 - multi year
BGS PJM 5,000 MW June `05- May `08
SLIDE 34
Competitive Retail Markets
Select Retail is a growing retail electric and gas supplier
in the competitive commercial and industrial market in the
Northeast
Total
Retail
Electric Customer Accounts 18,580
Electric Peak Load 1,800 MW
Gas Customer Accounts 9,700
Total Annual Gas Load 37.5 Bcf
SLIDE 35
Regulated Businesses
SLIDE 36
Regulated Businesses Success
The regulated companies must manage the regulatory process
and execute well operationally to be successful.
- - Regulatory support for growing capital program
- - Timely rate relief
- - Strong reliability and customer service
- - Improved cost management
SLIDE 37
Distribution and Generation Capital Expenditures
NU continues to invest more than $400 million annually in
distribution and regulated generation.
Bar chart comparing actual and forecasted distribution and
generation capital expenditures
(Shown in $ Millions)
Actual Forecast
2001 $402
2002 $408
2003 $433
2004 $453
2005 $466
2006 $443
2007 $385
2008 $414
2009 $443
SLIDE 38
CL&P Rate Decision
The CL&P rate decision as revised is fair for CL&P and
customers.
- - Distribution rate increases
- $25.1 million in 2005
- $11.9 million in 2006
- $7.0 million in 2007
- - Procurement fee
- 0.5 mills/Kwh through 2006
- 0.25 mills/Kwh potential adder through 2006
- - August reconsideration decision
- $10 million benefit in third quarter 2004
- $4 million pre-tax annual benefit in 2005 - 2007
- - Transmission
- $28.4 million annual increase in 2004
- New filings needed for additional increases
- - ROE
- 9.85% with 50-50 sharing above (excludes
procurement fee)
SLIDE 39
CL&P Bill Components Today
The proposed transmission investments in CT will help
contain generation, congestion, and RMR costs.
Bar chart illustrating generation, congestion, and RMR
costs.
cents/Kwh
Distribution 2.59
Transmission 0.47
Stranded Cost Charge (CTA) 0.94
Other 0.40
Congestion, RMR and Other 0.86
Generation 5.74
SLIDE 40
CL&P $900M Distribution Capital Program
Distribution system investment will enhance customer
reliability and increase earnings power.
Pie Chart illustrating distribution system investment
2004 - 2007
($ Millions)
Maintenance Capital & Load Growth $402
Reliability Improvements $161
Replace Aging Plant $178
Technology, Streetlights, Other $159
- - Average age of our infrastructure is >35 years, which
drives higher operation & maintenance expenses.
- - More than 40% of the system is fully depreciated.
SLIDE 41
PSNH Distribution Rate Case
The PSNH rate decision is fair for PSNH and customers.
- - $3.5 million T&D rate increase October 1, 2004
- - $10 million T&D rate increase June 1, 2005
- - No specific ROE authorized on distribution rate base
- - No expiration date for rate plan
- - $60 million/yr. distribution capital program
- - No transmission tracker
- - Northern Wood Project can enter rate base without a new
rate case
SLIDE 42
PSNH Earnings Power
PSNH's earnings power is based on its three business lines.
Pie chart illustrating
Projected 12/31/04 Rate Base
Projected 12/31/04 Rate Base
(Shown in $ million)
Distribution (no authorized ROE) $520
Transmission (11% authorized ROE) $125
Generation (11% authorized ROE) $210
SLIDE 43
PSNH Northern Wood Project
There are many benefits to customers, the state, the
environment, and PSNH from the Northern Wood Project.
- - Replaces 50MW coal burning unit
with wood-burning fluidized bed boiler
- - $75 million project
- - $20 million/year benefit to the regional economy
- - Projected to be neutral to PSNH rates due to annual
sale of 350,000 renewable energy credits [Illustration
of power
plant]
- - 75% less NOX; 98% less SOX
- - About 90% less mercury; CO2 neutral
- - Official groundbreaking was October 15, 2004
- - Expected completion by late 2006
SLIDE 44
Yankee Gas Rate Case
The Yankee rate decision has far reaching impact on the
business going forward.
- - Proposed settlement reached with Consumer Counsel and
DPUC Prosecutorial Division
- $14 million or 4.1% increase
- 9.9% allowed ROE with 50/50 sharing
- Hearings on settlement set for October 28, 2004
- - New rates effective January 1, 2005 until mid-2007
- - Positions us for a significant earnings turnaround in
2005
SLIDE 45
Yankee Gas LNG Project
The Yankee Gas LNG project in Waterbury, CT was approved by
the DPUC on September 3, 2004.
- - 1.2 Bcf LNG storage tank
- - Vaporization capability of 60,000 mcf per day
- - Liquefaction capability of 6,000 mcf per day
- - Total costs estimated at $100 million [Picture of LNG
- - Construction contract signed on October 15, 2004 facility]
- - Incremental capacity to fill supply gap
- - The facility is scheduled to be in service for the
2007/2008 winter heating season
- - Helps insulate customers from price volatility
SLIDE 46
WMECO
WMECO needs to address lower earnings.
- - Restructuring rate freeze in effect until March 2005
- - Lower capital needs than other subsidiaries
- - Unable to offset lower pension income, higher O&M
through growth
- - Rate filing likely soon, unless rate relief negotiated
- - Tracking mechanism adjusts annually to recover
transmission costs
SLIDE 47
Transmission Business
SLIDE 48
Transmission Business
Significant capital investments to solve bulk power delivery
problems.
- - $500 million of current rate base
- - $1 billion - $1.5 billion of capital spending projected
in 2005-2009
- - Siting for our large projects is progressing
- - Our cost recovery mechanisms are largely defined
SLIDE 49
Transmission Capital Expenditures*
NU's Transmission growth has already begun.
Bar chart illustrating actual and forecasted Transmission
Capital Expenditures
Actual Forecast
(Shown in $ Millions)
2001 $20
2002 $55
2003 $99
2004 $175
2005 $245
2006 $285
2007 $250
2008 $375
2009 $255
* Spending levels depend on final level and timing of all
projects.
SLIDE 50
Ongoing Transmission Projects 2005-2009
NU's projects meet important customer needs in the region
and in each of our states.
Map of New England states including Connecticut, Rhode
Island, Massachusetts, Maine, Vermont, New Hampshire and
Vermont
Text boxes pointing to specific states containing
description of ongoing projects by state in Millions of $
New Hampshire ongoing projects.. $122M (arrow from text box
pointing to NH)
Massachusetts ongoing projects $15M (arrow from text box
pointing to MA)
Connecticut ongoing projects
including Long Island Cable $220M (arrow from text
box pointing to CT)
SLIDE 51
Bethel-Norwalk Project Status
Project helps meet growing needs of the Norwalk-Stamford-Greenwich
area.
Timeline bar chard horizontal graph for period from 2001 -
2007 showing project status stages for project
mid 2001 - late 2003 Siting
late 2003 - 2004 Appeals & Permitting
late 2004 - 2007 Construction
- - July 2001 - Municipal Consultation begins
- - October 2001 - Application is filed with the [Map of
Siting Council Connecticut with
- - July 2003 - Siting Council certifies project solid lines
- - August 2004 - Court dismisses appeal indicating
- - December 2004 - Siting Council approves existing
remaining detailed plans transmission
- - Estimated in-service date of 2006 and lines and dotted
project cost of $300M - $350M* lines showing
number of miles
for proposed
345kV line
(21 miles) and for
115kV line (10
miles)]
* In-service date and project cost depends upon resolution of technical
and siting issues.
SLIDE 52
Middletown-Norwalk Project Status
Project increases imports to Southwest Connecticut, unlocks
generation, and addresses important reliability concerns.
Timeline bar chard horizontal graph for period from 2003 -
2009 showing project status stages for project
2003 - Early 2005 Siting
early 2005 - 2007 Appeals & Permitting
early 2006 - 2009 Construction
- - May 2003 - Municipal Consultation begins [Map of
- - October 2003 - Application is filed with the Connecticut with
Siting Council solid lines
- - Dec. 2003 - February 2004 - Siting Council indicating
holds 8 public meetings existing
lines and dotted transmission
- March 2004 - Siting Council begins adjudicated lines showing
hearings number of
- - April 2005 - Expected Siting Council certificate miles for
Estimated in-service date of 2009 and proposed 345kV
a project cost of $565M line (69 - miles)
(NU's 80% share)* and for 115kV
line (79 miles)]
* In-service date and project cost depends upon resolution
of technical and siting issues.
SLIDE 53
Glenbrook Cables Project Status
Project helps meet the growing needs of the Stamford-Greenwich area.
Timeline bar chart horizontal graph for period from 2003 - 2009
showing project status stages for project
2005 - 2006 Siting
2006 - 2009 Construction
- - March 2004 - Municipal consultation begins [Map of
- - May 2004 - Application is filed with Connecticut with
Siting Council solid lines
- - November 2004 - Siting Council begins indicating existing
adjudicated hearings transmission lines
- - Forecast assumes an in-service date of 2008 and dotted lines
and a project cost of $126M* showing number of
miles for proposed
115kV line (9-miles)
* In-service date and project cost depends upon resolution
of technical and siting issues.
SLIDE 54
NU's Transmission Tariff
Most costs are billed to ISO-NE for regional recovery.
Distribution of regional rates for new transmission
investment is based upon usage levels:
Pie chart showing percentage breakdown by state by usage
levels
Connecticut 27%
Maine 8%
Massachusetts 45%
New Hampshire 9%
Rhode Island 7%
Vermont 4%
SLIDE 55
NU's Transmission Tariff
Those costs not billed to ISO-NE are recovered locally.
- - Case filed in 2003; settled with CT, MA, NH regulators
in mid-2004 and approved by FERC on September 15
- - Provides for forward-looking rate base and improved
cash flow
- New rates set every six months
- Based on expected plant additions in coming year
- Subject to true-up
- Projects receive AFUDC during construction period
- ROE now 11%; will be modified when FERC approves RTO
SLIDE 56
New England RTO Status
Filed for approval in 2003
Approved by FERC in 2004, subject to rehearing
Most ROE issues outstanding
- - New England TOs applied for 12.8% base ROE, plus incentives
- - FERC approved 50 basis point adder for RTO formation on
regional assets of transmission owners; local assets
excluded
- - FERC conditionally approved investment incentive of 100
basis points for new regional assets; local assets
excluded (subject to rehearing and FERC final pricing
policy)
- - Hearings on base ROE to commence in early December
2004, with ROE set in April/May 2005.
SLIDE 57
Questions
and
Answers