Focus on low-risk electricity transmission and distribution operations Mostly residential and commercial customer base that provides for a reasonably predictable revenue stream and some insulation from cyclical volatility. Distribution rates frozen through Nov. 30, 2014 Subject to regulation in Connecticut, a jurisdiction that we view as "less credit supportive" Large and diversified parent, Northeast Utilities (NU) Heavy construction program that will require some reliance on external financing Distribution rate freeze Complaint before Federal Energy Regulatory Commission (FERC) regarding returns on equity (ROEs) may lead to refunds and lower-than-expected profits The stable outlook on Connecticut Light&Power (CL&P) mirrors that of parent NU and reflects regulated electric and natural gas businesses that have low operating risk and that we expect
