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

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

CONFIDENTIAL AND PROPRIETARY 3 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 Invenergy Background

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

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

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

CONFIDENTIAL AND PROPRIETARY 7 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. Invenergy operates nearly 6,000 MW of wind, solar and thermal generation. 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. (1)Weighted average for the portfolio from inception through February 28, (2)Includes all effects of turbine, transformer, substation or other mechanical unavailability including during initial shake out period

CONFIDENTIAL AND PROPRIETARY 8 UP project background

CONFIDENTIAL AND PROPRIETARY 9 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. ProjectLocationHost Hog BayouAlabamaPaper Pine BluffArkansasPaper Santa RosaFloridaChemical CarvilleLouisianaChemical Androscoggin MainePaper CorinthNew YorkChemical IlionNew YorkPaper OleanNew YorkPaper OswegoNew YorkManufacturing TonawandaNew YorkPaper Columbia South Carolina Chemical Corpus ChristiTexasRefining

CONFIDENTIAL AND PROPRIETARY 10 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 11 Our viewpoint on cogeneration Overall, the Cogen industry is well-positioned for growth in light of CO2 regulations. Net-net Cogen is much better for the environment than traditional fossil generation.  Lower heat rates (higher efficiencies)  Fewer line losses 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.  Project size can be optimized to sell energy to the market, lowering the host’s all-in power costs. Lower emissions & compliance costs

CONFIDENTIAL AND PROPRIETARY 12 Key Takeaways The power sector is rapidly changing.  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 are a number of favorable Cogen opportunities in Michigan and across the US, especially in light of rapidly aging infrastructure.  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 13 Questions Contact Information Questions and Contact Information Craig Gordon Vice President, Sales & Marketing Brennan Downes Senior Manager, Business Development