Invenergys Views on Cogeneration Opportunities Presented to April

Invenergy’s Views on Cogeneration Opportunities Presented to: April 30, 2015 CONFIDENTIAL AND PROPRIETARY

Table of Contents • • • Intro Invenergy Background UP Project Background Cogen Experience Cogen Viewpoints Key Takeaways CONFIDENTIAL AND PROPRIETARY 2

Invenergy Background • Invenergy develops, owns, and operates wind, solar, energy storage, and natural gas power generation facilities in North America and Europe. • Invenergy is headquartered in Chicago and employs over 600 people globally. • Invenergy is the largest independent wind power company in North America. • Currently the 5 th largest wind owner in the U. S. • Invenergy has developed over 10, 000 MW of utility-scale projects worldwide. • Invenergy’s experience with developing and constructing transmission infrastructure rivals that of many utilities – we’ve built more than 300 miles of EHV transmission lines. • Invenergy is a project finance leader, having raised well over $15 billion since our inception in 2001. CONFIDENTIAL AND PROPRIETARY 3

Our track record of developing clean energy projects extends over a decade. Cumulative Capacity (MW) As of April 1, 2015; includes projects that are under construction, under contract, or build-transfer CONFIDENTIAL AND PROPRIETARY 4

Our development and operational experience spans all major markets. Project Mix by Market/Geography (MW) 13 Projects 524 MW 6 Projects 469 MW 8 Projects 1, 334 MW 7 Projects 1, 154 MW 1 Project 27 MW 9 Projects 816 MW 3 Projects 223 MW 4 Projects 594 MW 7 Projects 681 MW As of April 1, 2015 CONFIDENTIAL AND PROPRIETARY 5

We have successfully executed many PPAs and hedges, meeting the specific needs of a wide array of customers. IOUs Public Utilities & Coops Financial & Other This list is not exhaustive. CONFIDENTIAL AND PROPRIETARY 6

Invenergy operates nearly 6, 000 MW of wind, solar and thermal generation. • The fleet-wide availability of our wind fleet is 96. 6% since COD(1) (2) – among the best in the industry. • We do not outsource O&M – resulting in a significantly higher turbine performance rate. (1) Weighted average for the portfolio from inception through February 28, 2015. (2) Includes all effects of turbine, transformer, substation or other mechanical unavailability • Invenergy’s Control Center in Lombard, IL is staffed 24 x 7. • Invenergy’s in-house engineers constantly monitor and optimize performance of our fleet. • Our power schedulers, operations engineers, and asset managers collaborate closely and constantly share knowledge. including during initial shake out period CONFIDENTIAL AND PROPRIETARY 7

UP project background CONFIDENTIAL AND PROPRIETARY 8

Invenergy’s executives have extensive cogen development experience. • Over 30 years of experience • 9 projects totaling more than 2, 500 MW of CHP facilities built. • Currently more the 1, 200 MW of CHP capacity in late stage development. Project Location Host Hog Bayou Alabama Paper Pine Bluff Arkansas Paper Santa Rosa Florida Chemical Carville Louisiana Chemical Androscoggin Maine Paper Corinth New York Chemical Ilion New York Paper Olean New York Paper Oswego New York Manufacturing Tonawanda New York Paper Columbia South Carolina Chemical Corpus Christi Texas Refining CONFIDENTIAL AND PROPRIETARY 9

Multiple barriers exist for the development of cogeneration projects. • The overall benefit of reduced emissions is not always recognized under existing air regulations. • Inconsistent interconnection and back-up power standards across RTOs and Electric Distribution Territories. • Access to open market for power sales is available only to areas covered by RTOs. • Each RTO market offers different market mechanisms for power and energy sales. • Rules and regulations guiding retail sales of power and other energy sales of on-site power generation can be unclear. CONFIDENTIAL AND PROPRIETARY 10

Our viewpoint on cogeneration • Overall, the Cogen industry is well-positioned for growth in light of CO 2 regulations. Net-net Cogen is much better for the environment than traditional fossil generation. v Lower heat rates (higher efficiencies) v Fewer line losses Lower emissions & compliance costs • It’s a limited but growing market as project economics improve due to lower natural gas prices. • Pursuit of Cogen opportunities makes the most sense in established markets such as MISO, PJM, ERCOT, and CAISO. v Project size can be optimized to sell energy to the market, lowering the host’s all-in power costs. CONFIDENTIAL AND PROPRIETARY 11

Key Takeaways • The power sector is rapidly changing. v New technologies and the unknown effect of regulations are inherently de-stabilizing for market participants. • It’s difficult to understand rights, rules and responsibilities as they pertain to a host’s electric service provider and the RTO. Every site is different and requires its own analysis. • There a number of favorable Cogen opportunities in Michigan and across the US, especially in light of rapidly aging infrastructure. v It takes patience, expertise and resources to fully determine the value proposition of a Cogen project for a given company’s site. CONFIDENTIAL AND PROPRIETARY 12

Questions and Contact Information Questions Contact Information Craig Gordon Vice President, Sales & Marketing Brennan Downes Senior Manager, Business Development 312 -582 -1467 cgordon@invenergyllc. com 312 -582 -1250 bdownes@invenergyllc. com CONFIDENTIAL AND PROPRIETARY 13