2 The Bison Pipeline Project Open Season planned for 2 nd Quarter of 2004 Proposed Interconnects -Deadhorse (Bighorn, Fort Union) -MIGC, Thunder Creek Deliveries into Northern Border at CS lbs 275 to 300 Pipeline Miles Negotiated Rate: 25 cents Recourse Rate: 29 cents In-Service – November, 2006 Bison Big Horn Fort Union Bear Paw Northern Border NBPL Compressor Stations

3 Powder River Basin Outlook We believe the PRB can reach sustainable production levels of 1.5 to 2.0 Bcfd assuming normalized netbacks and annual connected new wells in the 2,000 range Bison can meet near and long-term needs of the Powder River Basin - Less than 2 Bcfd, a 24” Bison system is required - Greater than 2 Bcfd, a 30” Bison system is required

4 Netbacks to Powder River Basin From Market Centers $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 Cheyenne NBPL/Ventura ANR/Greensburg NGPL/Greensburg NBPL/Chicago Adv/Chicago January 2004 $4.67 $4.60 $4.68 $4.80 $4.47 $4.76 Cheyenne Vent. vs. Greens Chicago

5 Bison Project Overview Strategic Advantages for Wyoming PRB Provide an economical rational netback by building an interstate pipeline to the heart of the Basin Provides the best netback versus alternate projects and existing outlets Leverages Northern Border markets that are highly correlated to NYMEX Leverages Northern Border existing infrastructure of available capacity and theoptionalityof economic expandability Northeastern route provides market & pricing diversification to southern routes and balances the PRB pipeline grid Minimal impact on market prices due to displacement

6 Summary PRB has not met expectations  Federal Permitting Process  Regulatory Uncertainty Still Bullish on the Powder  39 Tcf technically recoverable  Est. 39,000 more wells to be drilled We believe the PRB can reach sustainable production levels of 1.5 to 2.0 Bcfd Open Season is planned in the 2 nd Quarter in 2004

7 Bison Contacts Dick Shepherd