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Exhibit 99.9
[LOGO OF NORTHWESTERN CORPORATION]
- --------------------------------------------------------------------------------
FINANCE PRESENTATION
MARCH 2002
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DISCLAIMER
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CERTAIN STATEMENTS MADE IN THIS PRESENTATION, INCLUDING THOSE RELATING TO
EXPECTATIONS OF FUTURE FINANCIAL PERFORMANCE, CONTINUED GROWTH, AND CHANGES
IN ECONOMIC CONDITIONS OR CAPITAL MARKETS ARE FORWARD-LOOKING STATEMENTS
THAT INVOLVE INHERENT RISKS AND UNCERTAINTIES. A NUMBER OF IMPORTANT FACTORS
WHICH ARE DIFFICULT TO PREDICT AND MANY OF WHICH ARE BEYOND OUR CONTROL,
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IMPLIED BY THE
FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE "SAFE HARBOR"
PROVISIONS OF THE SECURITIES ACT OF 1933 AND THE SECURITIES AND EXCHANGE ACT
OF 1934. THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO VARIOUS RISKS AND
UNCERTAINTIES. THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO, THE ADVERSE
IMPACT OF WEATHER CONDITIONS; UNSCHEDULED GENERATION OUTAGES, MAINTENANCE OR
REPAIRS; UNANTICIPATED CHANGES TO FOSSIL FUEL OR GAS SUPPLY COSTS OR
AVAILABILITY DUE TO HIGHER DEMAND, SHORTAGES, TRANSPORTATION PROBLEMS OR
OTHER DEVELOPMENTS; DEVELOPMENTS IN THE FEDERAL AND STATE REGULATORY
ENVIRONMENT AND THE TERMS ASSOCIATED WITH OBTAINING REGULATORY APPROVALS;
COSTS ASSOCIATED WITH ENVIRONMENTAL LIABILITIES AND COMPLIANCE WITH
ENVIRONMENTAL LAWS; THE RATE OF GROWTH AND ECONOMIC CONDITIONS IN OUR
SERVICE AREAS AND THOSE OF OUR SUBSIDIARIES; THE SPEED AND DEGREE TO WHICH
COMPETITION ENTERS OUR BUSINESSES; THE TIMING AND EXTENT OF CHANGES IN
INTEREST RATES AND FLUCTUATIONS IN ENERGY-RELATED COMMODITY PRICES; RISKS
ASSOCIATED WITH ACQUISITIONS, TRANSITION AND INTEGRATION OF ACQUIRED
COMPANIES INCLUDING IMPLEMENTATION OF INFORMATION SYSTEMS AND REALIZING
EFFICIENCIES IN EXCESS OF RELATED RESTRUCTURING CHARGES; CHANGES IN CUSTOMER
USAGE PATTERNS AND PREFERENCES: REDUCTION IN MINORITY INTEREST BASIS
REQUIRING US TO RECOGNIZE AN INCREASED SHARE OF ANY OPERATING LOSSES AT
CERTAIN SUBSIDIARIES; OUR ABILITY TO RECOVER TRANSITION COSTS; APPROVAL OF
OUR DEFAULT SUPPLY PORTFOLIO BY THE MPSC; ADVERSE CHANGES IN OUR CREDIT
RATINGS; AS WELL AS CHANGING CONDITIONS OR DESCRIPTIONS IN THE ECONOMY,
CAPITAL MARKETS AND OTHER FACTORS IDENTIFIED FROM TIME TO TIME IN OUR
FILINGS WITH THE SEC THAT CAN BE LOCATED AT WWW.SEC.GOV AND REQUESTED FROM
NORTHWESTERN CORPORATION.
1
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NORTHWESTERN TEAM
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---------------
RICHARD HYLLAND
PRESIDENT & COO
---------------
- ------------------ ------------------- ------------------------
KIPP ORME MICHAEL HANSON ERIC JACOBSEN
VP - FINANCE & CFO PRESIDENT & CEO COO, NORTHWESTERN GROWTH
NORTHWESTERN ENERGY CORP.
- ------------------ ------------------- ------------------------
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CREDIT HIGHLIGHTS
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- Extensive electric T&D network with
strategic interconnections in WSCC and MAPP
- Low-cost, efficiently operated gas
distribution business in Nebraska, South
REGIONAL UTILITY Dakota and Montana
COMPANY
- Vertically integrated utility in South
Dakota with competitive fuel supply
- Diversified customer base with minimal
attrition due to low-cost rates
- Low-risk regulated cash flow dominates
- Over 77% of Recourse EBITDA(1) from
regulated utility businesses
STRONG AND PREDICTABLE
CASH FLOW - Supportive regulatory framework in all three
jurisdictions
- Significant liquidity provided through $280
million revolving credit facility at
NorthWestern (fully available)
- Stable cash flow growth drives solid credit
story
- Capital expenditure program 100% funded by
internal cash flow
STABLE CREDIT
PROFILE - Consistent de-leveraging with excess cash
flow, growing to approximately $100 million
per annum
- Management committed to strong balance sheet
quality and maintaining ratings
(1) Recourse EBITDA measures cash flow available at NorthWestern Corporation to
service recourse debt obligations.
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NORTHWESTERN CORPORATION
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- FOUNDED IN 1923
- TODAY*...
- $4.9 billion revenue
- 2.5 million customers
- 11,000 team members
- More than 500 locations across all 50 states
- FORTUNE 500 company
- Focused on strong credit quality and core utility business
- Streamlined business mix -divesting non-core segments (CornerStone)
- CORPORATE STRUCTURE
- Flat Structure: NSG is an operating division
of NorthWestern and MPC will be once acquisition
structure is collapsed in 2002
- NGC is a subsidiary of NorthWestern and is the holding
company for the unregulated businesses
[GRAPHIC OMITTED]
S T R A T E G I C F O C U S
---------------------------------
EXPANDING ENERGY MARKETS
CONVERGING COMMUNICATIONS MARKETS
---------------------------------
* COMPANY STATISTICS PRO FORMA FOR MONTANA POWER COMPANY ACQUISITION.
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TRANSFORMING LOW RISK DISTRIBUTION ACQUISITION
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<Table>
<Caption>
--------------------------------------------- --------------------------------------------
EXTENSIVE SERVICE TERRITORY MANAGEMENT INTEGRATION
--------------------------------------------- --------------------------------------------
_ Providing 589,000 customers with - Mike Hanson CEO, NorthWestern
electric and natural gas service Energy (NSG and MPC)
_ Covering the largest service territory - Entire senior management remains in
in the upper Midwest including parts place at MPC
of South Dakota, Nebraska and the - Collaboration team in place for past
majority of Montana year to define integrated plan
_ Built strong regulatory and political - Committed to executing best
relationships practices
- Common culture and customer
focus
BUILDS ON
CORE COMPETENCY
----------------------------------------------------------------------
NORTHWESTERN IS AMONG THE LARGEST REGIONAL UTILITIES IN UPPER MIDWEST.
----------------------------------------------------------------------
</Table>
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BUSINESS SEGMENTS
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NORTHWESTERN OVERVIEW
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-------------------
ELECTRIC OPERATIONS
-------------------
- ---------------------------------- ----------------------------------
ELECTRIC DISTRIBUTION INTEGRATED ELECTRIC UTILITY
- ---------------------------------- ----------------------------------
- - Montana based platform - South Dakota service territory
- Low cost coal generation
- - Default supplier obligation
extended to 2007: Pass through - No nuclear exposure
of supply costs
- Over 57,000 customers
- - Over 295,000 customers - Revenue mix by customer class:
- Residential: 33%
- - Revenue mix by customer class:
- Commercial/
- Residential 28% Industrial: 43%
- Commercial 34% - Wholesale: 21%
- Industrial 38% - No individual customer accounts
for more than 1% of revenues
- - No individual customer accounts
for more than 1% of revenues - Competitive rates vs. regional
average
- - Competitive rates vs. regional
average
------------------------------ -----------------------------------
NORTHWESTERN GROWTH
GAS OPERATIONS CORPORATION
------------------------------ -----------------------------------
------------------------------ -----------------------------------
GAS DISTRIBUTION UNREGULATED BUSINESSES
------------------------------ -----------------------------------
- South Dakota, Nebraska and - Expanets
Montana network
- Leading provider of
- Fuel cost adjustment clause networked communications,
mitigates commodity exposure and data services and
solutions to medium-sized
- Over 236,800 customers businesses at customer
premises
- Customer mix
- Significant recurring revenue
- MPC: 156,000 customers base
- NPS: 81,000 customers - Leading reseller of Avaya,
Siemens, NEC, CISCO, IBM
- Full customer choice in and other leading equipment
Montana /technology suppliers
- No material competition in - Blue Dot
Nebraska and South Dakota
- Residential and light-
- No individual customer accounts commercial focused provider
for more than 1% of revenues of HVAC services
- CornerStone
- Evaluating strategic options
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FOCUS ON CORE REGULATED BUSINESS
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------------------------------
2001 PRO FORMA RECOURSE EBITDA
------------------------------
$297 MM*
Electric Distribution 39.5%
Gas Distribution 18.5%
Integrated Electric 19.0%
Unregulated 23.0%
* EXCLUDES NET OTHER EBITDA, CORPORATE OVERHEAD AND SYNERGIES.
7
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CONSERVATIVE CAPITAL EXPENDITURE PROGRAM
FUNDED WITH INTERNAL CASH FLOW
- --------------------------------------------------------------------------------
---------------------------------------------
2001 PRO FORMA RECURRING CAPITAL EXPENDITURES
---------------------------------------------
$101 MM
NorthWestern Services Group 13.0%
Unregulated* 29.0%
Montana Power 58.0%
* EXCLUDES CORNERSTONE.
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ELECTRIC OPERATIONS
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[GRAPHIC OMITTED]
Electric T&D
Integrated Utility
- - CUSTOMERS 352,400
- - T&D LINES 26,900 miles
- - GENERATION 332 MW
- - PEAK/AVERAGE DEMAND MT:1290 MW/932 MW
SD:294 MW/150 MW
- - ALLOWED ROE 10.75% (MT)
14.10% (SD)
LOW-RISK, EFFICIENT ELECTRIC UTILITIES
- - Balanced utility profile: MT is winter peak / SD is
summer peak
- - Strong operational track record: received Reliability One
award from PA Consulting
- - Extensive electric T&D network and interconnections
with major transmission systems in WSCC and MAPP
- - No competition in South Dakota
- - Supportive regulatory environments
ADEQUATE, PREDICTABLE POWER SUPPLY
- - Default supplier term extended through 2007
- - Proposed default supply portfolio procured
- - Existing generation in South Dakota covers peak load
requirements
- - Coal comprises 95% low-cost power supply in South
Dakota
- Average fuel costs have remained constant over
last 3 years
- No nuclear exposure
- Coal from Powder River Basin
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GAS OPERATIONS
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[GRAPHIC OMITTED]
Montana Power Gas
NPS Gas
- - CUSTOMERS 236,800
- - DISTRIBUTION PIPELINES 7,300 miles
- - TOTAL ANNUAL GAS MT 19,500,000 MMBtu
THROUGHPUT: SD 5,500,000 MMBtu
Neb. 5,600,000 MMBtu
- - CITY GATE STATIONS 130
- - ALLOWED ROE 10.25% (SD, NE)
10.75% (MT)
EFFICIENT AND LOW-COST GAS DISTRIBUTION SYSTEM
- - Typically bundled service although transportation
only service available for large commercial and
industrial customers
- - Strategic connections with 4 major non-affiliated
transmission systems
- Williston Basin Interstate
- NOVA
- Havre
- Colorado Interstate
- - Full retail choice in Montana
_ Fuel tracking and cost pass through mitigates
commodity exposure
- - Supportive regulatory environment
GAS DELIVERED THROUGH SHORT-AND LONG-TERM
AGREEMENTS
- - Own and operate 4 pipeline border crossings
- - Firm contracts with Coast Energy Group and
ONEOK Gas Marketing for gas supply in South
Dakota and Nebraska
- - Contracts with Canadian and Montana suppliers for
MPC
- - Own and operate 3 gas storage fields: 17.2 Bcf
capacity
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SUPPORTIVE REGULATORY ENVIRONMENTS
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- Electric market remains regulated
- Deregulation not expected in near future
SOUTH DAKOTA - Last electric rate case in April 1981
- Full pass-through of gas supply costs
- $1.3 MM base gas rate increase in November
1999
- Transition to open retail markets - SB 390
effective in May 1997
- Recovery of unmitigated stranded costs is
permitted
MONTANA
- Full cost recovery for default supplier
- Default supplier status extended to July 1,
2007
- $16 MM electric / $4.3 MM gas rate
increase in May 2001
- Annual gas cost adjustments with cost
tracking and reconciliation
- 25 year municipal franchises
- Latest rate case issued for NPS in
NEBRASKA April 2001
- Full pass through of gas supply costs
------------------------------------------------------------------------
STRONG RELATIONSHIPS WITH SOUTH DAKOTA, NEBRASKA AND MONTANA REGULATORS.
------------------------------------------------------------------------
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WELL STRUCTURED INVESTMENTS IN UNREGULATED
BUSINESSES
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<Table>
<Caption>
- -------------------------------------------- ---------------------------------------------
EXPANETS BLUE DOT
- -------------------------------------------- ---------------------------------------------
- - Leading mid-market provider of networked - Leading provider of air conditioning,
communications and data services and heating, plumbing, and related services
solutions
- $424 million in 2001 revenues
- - $1.0 billion in 2001 revenues
- 850,000 customers in 29 states
- Approximately 45% provided by
recurring revenues - Customer base approximately 66%
residential, 34% commercial
- - 559,000 customers in 50 states
- 3,500 employees
- - Acquired Lucent's Growing and Emerging
Markets ("GEM") division in 2000 - Preferred stock investment of $329 million
as of 12/31/01
- - Significant integration and cost resizing
initiatives completed in 2001 - 11% cash coupon
- - Preferred stock investment of $314 million - More than 95% of equity vote
and $51 million inter-company note as of
12/31/01 - Common stock warrants (40% of
outstanding stock)
- 12% cash coupon
- Minimal minority interest loss allocation
- More than 95% of equity vote expected in 2002
- Common stock warrants (40% of
outstanding stock)
- - Full minority interest loss allocation through
2001
- Minimal minority interest loss
allocation expected in 2002
</Table>
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OPERATIONAL EXCELLENCE PROGRAM WILL PROVIDE SUBSTANTIAL COST IMPROVEMENT
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- POSITION RESOURCES FOR MARGIN GROWTH WITHOUT COMPROMISING SERVICE
EXCELLENCE TO OUR CUSTOMERS
- IDENTIFY OPPORTUNITIES FOR IMPROVEMENT IN EFFICIENCY AND
EFFECTIVENESS
- Consolidating headquarters and other corporate functions
- Combining back office and procurement functions: purchasing,
travel, etc.
- ANTICIPATE ANNUALIZED SAVINGS OF $150 MILLION BY END OF 2002
- Initiation of Operational Excellence Program covered by
restructuring charge of $24.9 million in 2001
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PRO FORMA CAPITALIZATION
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<Table>
<Caption>
($ in millions)
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PRO FORMA (1)
MONTANA FINANCING FISCAL YEAR ENDED
NORTHWESTERN POWER ADJUSTMENTS DECEMBER 31, 2001
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Cash $ 53.5 $ 62.2 -- $ 115.7
CAPITALIZATION:
Recourse Debt
Unsecured 366.1(2) 40.0 340.0 746.1
Secured 141.4 406.1 -- 547.5
- -----------------------------------------------------------------------------------------
Total Recourse Debt $ 507.5 $ 446.1 $ 340.0 $ 1,293.6
Preferred Stock 309.0 41.9 -- 350.9
Shareholders' Equity 396.4 -- 200.0 596.4
- -----------------------------------------------------------------------------------------
Total Capitalization $ 1,212.9 $ 488.0 $ 540.0 $ 2,240.9
RATIOS:
Net Recourse Debt 55.4%
Preferred Stock 16.5%
Equity 28.1%
- -----------------------------------------------------------------------------------------
Total 100.0%
=========================================================================================
</Table>
(1) Adjusted for debt reduction associated with $200 million equity offering
during 2002 and receipt of $97 million in proceeds from the sale of
Colstrip.
(2) Includes $93 million of guaranteed non-recourse debt.
14
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PRO FORMA CASH FLOW PROFILE
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<Table>
<Caption>
PRO FORMA (1)
FISCAL YEAR ENDED
($ in millions) NORTHWESTERN MONTANA POWER DECEMBER 31, 2001
- ------------------------------------------------------------------------------------------------------
INCOME/CASH FLOW ITEMS:
Utility EBITDA $ 66.8 $ 160.2 $ 227.0
Unregulated Subsidiary Dividends on
NOR Preferred Stock Investment 68.6 -- 68.6
Other -- 3.1 3.1
Corporate Overhead (17.0) -- (17.0)
Operational Excellence/Integration Synergies 15.0 -- 15.0
- --------------------------------------------------------------------------------------------------
Total Recourse EBITDA $ 133.4 $ 163.3 $ 296.7
EBIT $ 223.6
FFO $ 148.2
Interest Expense - Recourse Debt(1) $ 98.4
RATIOS:
EBITDA/Interest 3.0x
(EBITDA - Capex)/Interest 2.0x
EBIT/Interest 2.3x
FFO Interest Coverage 2.5x
Debt/EBITDA(1)(2) 4.4x
==================================================================================================
</Table>
(1) Adjusted for debt reduction associated with $200 million equity offering
during 2002 and receipt of $97 million in proceeds from the sale of
Colstrip.
(2) Recourse debt plus $93 million of guaranteed non-recourse debt.
15
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ACCOUNTING FOR UNREGULATED SUBSIDIARIES
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<Table>
<Caption>
- ---------------- ------------ ----------- --------------- -------------------- --------------------------- --------------
NOR
EXISTING
COMMON ALLOCATION OF NORTHWESTERN
EQUITY VOTING LOSSES/PROFITS TO NORTHWESTERN INCOME
INTEREST INTEREST CONSOLIDATION MINORITY HOLDERS INVESTMENT RECOGNITION
- ---------------- ------------ ----------- --------------- -------------------- --------------------------- --------------
EXP@NETS 0% 95% 100% 2001: ($128) MM - 12% coupon Preferred
non-convertible Dividend
2002 & Beyond: preferred
$11 MM available
- Series B Common
- Common Stock
Warrants (40% of
Outstanding Stock)
- ---------------- ------------ ----------- --------------- -------------------- --------------------------- --------------
BLUEDOT. 0% 95% 100% 2001: ($13.7) MM - 11% coupon Preferred
non-convertible Dividend
2002 & Beyond: preferred
$0 MM available
- Series B Common
- Common Stock
Warrants (40% of
Outstanding Stock)
- ---------------- ------------ ----------- --------------- -------------------- --------------------------- --------------
</Table>
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STRUCTURE ALLOCATED NET LOSSES/PROFITS TO MINORITY INVESTORS
WHILE MINIMIZING RISK TO NORTHWESTERN.
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16
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ON-GOING CREDIT SUPPORT
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_ CASH FLOW GROWTH
- Integration synergies between MPC and NSG
- Realization of significant savings from Operational Excellence
Program: $150 million per annum by end of 2002
- Customer growth at distribution and electric utility businesses
_ STABLE CAPITAL PROGRAM
- Utility maintenance CapEx remains essentially flat at approximately
$72 million
- Completely internally funded
- Minimal additional investment / maintenance CapEx in unregulated
subsidiaries
_ SIGNIFICANT DEBT REDUCTION
- Free cash flow applied to debt repayment: increasing to approximately
$100 million per annum
- Additional $200 million equity issuance planned to be completed during
2002
_ LIQUIDITY ACCESS
- Long dated maturity profile of outstanding debt: Average maturity over
20 years
- $280 million working capital facility (currently undrawn)
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INVESTMENT HIGHLIGHTS
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_ STRONG UNDERLYING LOW RISK REGULATED UTILITY CASH FLOW, STEADY GROWTH
_ FOCUS ON FUTURE GROWTH IN REGULATED UTILITY BUSINESS
_ FREE CASH FLOW AND EQUITY ISSUANCE APPLIED TO THE REPAYMENT OF DEBT
_ SIGNIFICANT SYNERGIES AND EFFICIENCY IMPROVEMENTS
_ MODEST ANTICIPATED CAPITAL EXPENDITURES FUNDED FROM INTERNAL CASH FLOW
_ MANAGEMENT COMMITTED TO STRONG CREDIT QUALITY
18