425

Filed by Northeast Utilities Pursuant to Rule 425

Under the Securities Act of 1933

Subject Company: NSTAR

Commission File No.: 333-170754

Williams Capital East Coast Conference
AUGUST 10, 2011

2
This presentation contains statements concerning NU’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future
events, future financial performance or growth and other statements that are not historical facts.  These statements are “forward-looking
statements”
within the meaning of the Private Securities Litigation Reform Act of 1995.  In some cases, a listener or reader can identify these
forward-looking statements through the use of words or phrases such as “estimate”, “expect”, “anticipate”, “intend”, “plan”, “project”, “believe”,
“forecast”, “should”, “could”, and other similar expressions.  Forward-looking statements are based on the current expectations, estimates,
assumptions or projections of management and are not guarantees of future performance.  These expectations, estimates, assumptions or
projections may vary materially from actual results.  Accordingly, any such statements are qualified in their entirety by reference to, and are
accompanied
by,
the
following
important
factors
that
could
cause
our
actual
results
to
differ
materially
from
those
contained
in
our
forward-
looking
statements,
including,
but
not
limited
to,
actions
or
inaction
of
local,
state
and
federal
regulatory
and
taxing
bodies;
changes
in
business and economic conditions, including their impact on interest rates, bad debt expense and demand for our products and services;
changes in weather patterns; changes in laws, regulations or regulatory policy; changes in levels and timing of capital expenditures;
disruptions
in
the
capital
markets
or
other
events
that
make
our
access
to
necessary
capital
more
difficult
or
costly;
developments
in
legal
or
public policy doctrines; technological developments; changes in accounting standards and financial reporting regulations; fluctuations in the
value of our remaining competitive contracts; actions of rating agencies; the effects and outcome of our pending merger with NSTAR; and
other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in our reports to the Securities and Exchange
Commission (SEC).  Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no
obligation to update the information contained in any forward-looking statements to reflect developments or circumstances occurring after the
statement is made or to reflect the occurrence of unanticipated events.
This presentation references actual and projected EPS by business.  EPS by business is a non-GAAP (not determined using generally
accepted accounting principles) measure that is calculated by dividing the net income or loss attributable to controlling interests of each
business
by
the
weighted
average
diluted
NU
parent
common
shares
outstanding
for
the
period.
Management
uses
this
non-GAAP
financial
measure to evaluate earnings results and to provide details of earnings results and guidance by business.  This presentation also includes
non-GAAP
financial
measures
referencing
our
2006
-
2010
EPS
excluding
a
number
of
factors
that
affected
GAAP
earnings
in
those
years.
In
addition, our 2011 earnings guidance excludes certain non-recurring charges related to merger costs we expect to incur during 2011, which is
a non-GAAP financial measure.  Management believes that these non-GAAP financial measurements are useful to investors to evaluate the
actual and projected financial performance and contribution of NU’s businesses.  Non-GAAP financial measures should not be considered as
alternatives to NU consolidated net income attributable to controlling interests or EPS determined in accordance with GAAP as indicators of
NU’s operating performance.
NU Safe Harbor Provisions

3
Information Concerning Forward-Looking Statements Relating to the NU–NSTAR Merger
In
addition
to
historical
information,
this
communication
may
contain
a
number
of
“forward-looking
statements”
as
defined
in
the
Private
Securities
Litigation
Reform
Act
of
1995.
Words
such
as
anticipate,
expect,
project,
intend,
plan,
believe,
and
words
and
terms
of
similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. 
Forward-looking statements relating to the proposed merger include, but are not limited to: statements about the benefits of the
proposed merger involving NSTAR and Northeast Utilities, including future financial and operating results; NSTAR’s and Northeast
Utilities’
plans, objectives, expectations and intentions; the expected timing of completion of the transaction; and other statements
relating to the merger that are not historical facts.  Forward-looking statements involve estimates, expectations and projections and, as
a
result,
are
subject
to
risks
and
uncertainties.
There
can
be
no
assurance
that
actual
results
will
not
materially
differ
from
expectations. 
Important factors could cause actual results to differ materially from those indicated by such forward-looking statements.  With respect
to
the
proposed
merger,
these
factors
include,
but
are
not
limited
to:
the
risk
that
NSTAR
or
Northeast
Utilities
may
be
unable
to
obtain
governmental and regulatory approvals required for the merger, or required governmental and regulatory approvals may delay the
merger
or
result
in
the
imposition
of
conditions
that
could
reduce
the
anticipated
benefits
from
the
merger
or
cause
the
parties
to
abandon the merger; the risk that a condition to closing of the merger may not be satisfied; the length of time necessary to consummate
the proposed merger; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other
synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction
making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on merger-
related
issues;
the
effect
of
future
regulatory
or
legislative
actions
on
the
companies;
and
the
risk
that
the
credit
ratings
of
the
combined
company
or
its
subsidiaries
may
be
different
from
what
the
companies
expect.
These
risks,
as
well
as
other
risks
associated
with
the
merger, are more fully discussed in the joint proxy statement/prospectus that is included in the Registration Statement on Form S-4
(Registration No. 333-170754) that was filed by Northeast Utilities with the SEC in connection with the merger.  Additional risks and
uncertainties
are
identified
and
discussed
in
NSTAR’s
and
Northeast
Utilities’
reports
filed
with
the
SEC
and
available
at
the
SEC’s
website at www.sec.gov.  Forward-looking statements included in this document speak only as of the date of this document.  Neither
NSTAR nor Northeast Utilities undertakes any obligation to update its forward-looking statements to reflect events or circumstances
after the date of this document.
Additional Information and Where To Find It
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or
approval.  In connection with the proposed merger between Northeast Utilities and NSTAR, Northeast Utilities filed with the SEC a
Registration Statement on Form S-4 (Registration No. 333-170754)  that includes a joint proxy statement of Northeast Utilities and
NSTAR
that
also
constitutes
a
prospectus
of
Northeast
Utilities.
Northeast
Utilities
and
NSTAR
mailed
the
definitive
joint
proxy
statement/prospectus
to
their
respective
shareholders,
on
or
about
January
5,
2011.
Northeast
Utilities
and
NSTAR
urge
investors
and
shareholders to read the joint proxy statement/prospectus regarding the proposed merger, as well as other documents filed with the
SEC,
because
they
contain
important
information.
You
may
obtain
copies
of
all
documents
filed
with
the
SEC
regarding
this
proposed
transaction, free of charge, at the SEC’s website (www.sec.gov).  You may also obtain these documents, free of charge, from Northeast
Utilities’
website
(www.nu.com)
under
the
tab
“Investors”
and
then
under
the
heading
"Financial/SEC
Reports.”
You
may
also
obtain
these documents, free of charge, from NSTAR’s website (www.nstar.com) under the tab “Investor Relations.”
Please refer to our reports to the SEC for further details concerning the matters described in this presentation.
NU Safe Harbor Provisions

4
NSTAR Safe Harbor Provisions
Information Concerning Forward-Looking Statements
In
addition
to
historical
information,
this
presentation
may
contain
a
number
of
“forward-looking
statements”
as
defined
in
the
Private
Securities
Litigation
Reform Act of 1995.  Words such as anticipate, expect, project, intend, plan, believe, and words and terms of similar substance used in connection with
any discussion of future plans, actions, or events identify forward-looking statements.  Forward-looking statements relating to the pending merger include,
but are not limited to: statements about the benefits of the pending merger involving NSTAR and Northeast Utilities, including future financial and
operating
results;
NSTAR’s
and
Northeast
Utilities’
plans,
objectives,
expectations
and
intentions;
the
expected
timing
of
completion
of
the
transaction;
and other statements relating to the merger that are not historical facts.  Forward-looking statements involve estimates, expectations and projections and,
as a result, are subject to risks and uncertainties.  There can be no assurance that actual results will not materially differ from expectations.  Important
factors could cause actual results to differ materially from those indicated by such forward-looking statements.  With respect to the pending merger, these
factors include, but are not limited to: the risk that NSTAR or Northeast Utilities may be unable to obtain governmental and regulatory approvals required
for
the
merger,
or
required
governmental
and
regulatory
approvals
may
delay
the
merger
or
result
in
the
imposition
of
conditions
that
could
reduce
the
anticipated benefits from the merger or cause the parties to abandon the merger; the risk that a condition to closing of the merger may not be satisfied;
the
length
of
time
necessary
to
consummate
the
pending
merger;
the
risk
that
the
businesses
will
not
be
integrated
successfully;
the
risk
that
the
cost
savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the
transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on merger-related
issues; the effect of future regulatory or legislative actions on the companies; and the risk that the credit ratings of the combined company or its
subsidiaries may be different from what the companies expect. These risks, as well as other risks associated with the merger, are more fully discussed in
the joint proxy statement/prospectus that is included in the definitive proxy statement that was filed by NSTAR with the Securities and Exchange
Commission (SEC) on January 5, 2011 and the Registration Statement on Form S-4 (Registration No. 333-170754) that was filed by Northeast Utilities
with
the
SEC
in
connection
with
the
merger.
Additional
risks
and
uncertainties
are
identified
and
discussed
in
NSTAR’s
and
Northeast
Utilities’
reports
filed with the SEC and available at the SEC’s website at www.sec.gov.  Forward-looking statements included in this document speak only as of the date
of this document.  Neither NSTAR nor Northeast Utilities undertakes any obligation to update its forward-looking statements to reflect events or
circumstances after the date of this document.
Additional Information and Where to Find It
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities.  In connection with the pending merger between
Northeast Utilities and NSTAR, Northeast Utilities filed with the SEC a Registration Statement on Form S-4 (Registration No. 333-170754) that includes a
joint
proxy
statement
of
Northeast
Utilities
and
NSTAR
that
also
constitutes
a
prospectus
of
Northeast
Utilities.
Northeast
Utilities
and
NSTAR
first
mailed
the definitive joint proxy statement/prospectus to their respective shareholders, on or about January 5, 2011. Northeast Utilities and NSTAR urge
investors
and
shareholders
to
read
the
joint
proxy
statement/prospectus
regarding
the
pending
merger,
as
well
as
other
documents
filed
with
the
SEC,
because they contain important information.  You may obtain copies of all documents filed with the SEC regarding this proposed transaction, free of
charge,
at
the
SEC’s
website
(www.sec.gov).
You
may
also
obtain
these
documents,
free
of
charge,
from
Northeast
Utilities’
website
(www.nu.com)
under
the
tab
“Investors”
and
then
under
the
heading
"Financial/SEC
Reports.”
You
may
also
obtain
these
documents,
free
of
charge,
from
NSTAR’s
website (www.nstar.com) under the tab “Investor Relations.”

5
Topics for Today
•
Merger update
•
Current
results
–
NU
•
Current
results
--
NSTAR
•
Transmission update
•
Regulatory update

6
Merger Update

7
A Compelling Combination –
Creates Largest Utility
Company in New England
Significant infrastructure investment
opportunities combined with balance sheet
strength provides for substantial growth
potential
Larger, diverse and better positioned to
support economic growth and state public
policy initiatives in New England
Expected to be accretive to earnings in
Year 1, provides an enhanced total
shareholder return proposition
Enhances service quality capabilities for
the largest customer base in New England
Highly experienced and complementary
leadership team with proven track record
NSTAR Electric Service Area
NSTAR Gas Service Area
Northeast Utilities Electric Service Area
Northeast Utilities Gas Service Area
Combined Service Territory
•
3 million electric
customers
•
500,000 natural gas
customers
•
4,500 miles electric
transmission
•
72,000 miles electric
distribution
•
6,300 miles gas
distribution
ME
NY
VT
NH
MA
RI

8
Key Merger Terms
Timing / Approvals:
Expected to close in the fourth quarter of 2011
Headquarters:
Dual –
Hartford and Boston
Company Name:
Northeast Utilities
Consideration:
100% stock
Exchange Ratio:
1.312 shares of Northeast Utilities per NSTAR share
Pro Forma Ownership:
56% Northeast Utilities shareholders
44% NSTAR shareholders
Pro Forma Dividend:
Following close, dividend increase for Northeast Utilities
shareholders
Dividend parity for NSTAR shareholders
Governance:
Chuck Shivery to be non-executive Chairman
Tom May to be President and CEO
14 Board members
7 nominated by Northeast Utilities including Chuck Shivery
7 nominated by NSTAR including Tom May
Balanced Terms and Governance

9
Status of Merger Approvals
Securities and Exchange Commission
Shareholders
Department of Justice
Federal Communications Commission
Federal Energy Regulatory Commission
Maine DPUC
Massachusetts DPU
Nuclear Regulatory Commission
Approvals Received
Applications Pending
Connecticut PURA
New Hampshire PUC
Determined Not To
Have Jurisdiction

10
Massachusetts Hearings on Merger
•
Hearings ended July 28
•
Net benefits study anticipates $784M in net savings over 10 years
Elimination of duplicative efforts
Adoption of best practices
Attrition/retirements –
350 positions over time
•
Attorney General’s focus: Customer benefits
•
Other interveners’
focus: Environmental benefits, labor impacts
•
DOER’s motion to stay proceedings
•
Briefing schedule established
Final
briefs
due
by
September
19
th
•
Companies continue integration work focused on Day 1 readiness

11
Connecticut Developments
•
DPUC has twice ruled –
no jurisdiction over merger
•
Office
of
Consumer
Counsel
and
merchant
plant
owners’
appeals
to
CT
Superior Court
•
Proposed Bill 1140 –
oversight of M&A transactions
Senate and House did not address before session ended in June
•
New Energy Legislation
Revamped regulatory structure
•
Department of Energy and Environmental Protection (DEEP)
•
Three-member Public Utilities Regulatory Authority (PURA)
Utilities can build up to 10 MW of renewable generation
•
Legislative revocation of economic recovery bond authorization

12
Current Results -
NU

13
$82.1
$158.2
$1.1
$75.0
$200.9
-$4.5
$86.9
$118.5
-$20.0
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
$160.0
$180.0
$200.0
$220.0
1H 2010
1H 2011
NU –
Strong First Half Earnings
Distribution/Generation
Transmission
Parent/Other
Total
*Excludes $9.5 million of after-tax merger-related expenses in 2011
*
*

14
$28.1
$19.0
$5.2
$22.7
$23.7
$9.7
$37.5
$47.6
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
$50.0
CL&P
PSNH
WMECO
Yankee Gas
1H 2010
1H 2011
NU First Half Earnings in Distribution/Generation Up
Sharply

15
NU Cash Flows Also Have Risen Significantly
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
2006
2007
2008
2009
2010
2011E
*Excludes payment of $400 million of taxes due to November 2006 generation sale
$234
$424
$389*
$900 -
$950
$745
$833
Net Cash Flows From Operations After Repayment of RRBs

16
NU Weather-Adjusted Retail Sales Trends
-2.8
-2.1
-1.8
-0.6
0.4
CL&P
2007
2008
2009
2010
2011 YTD
-1.4
-1.8
-0.2
-1.6
0.6
2007
2008
2009
2010
2011 YTD
PSNH
-0.6
-0.6
-3.4
-3.5
-0.4
WMECO
2007
2008
2009
2010
2011 YTD
3.4
6.2
6.6
5.0
3.1
2007
2008
2009
2010
2011 YTD
Yankee Gas (firm)

17
2009 and 2010 Results and Standalone 2011 Guidance
2009    
Actual
2010
Actual
Revised 2011
Guidance
NU Consolidated EPS
(GAAP)
$1.91
$2.19
$2.10 -
$2.20
Distribution/Generation
$0.92
$1.16
$1.30 -
$1.35
Transmission
$0.95
$1.00
$1.05 –
$1.10
Competitive
$0.09
$0.05
N/A
NU Parent/Other
($0.05)
($0.05)*
($0.05)**
NU Consolidated EPS 
(Non-GAAP)
$1.91
$2.16*
$2.30 –
$2.40**
*
Excludes a $0.09/share fourth quarter non-recurring tax gain at NU Parent and approximately $0.06 of NU-NSTAR
merger related expenses that were recorded in the fourth quarter.
**Excludes $0.20/share of expected NU-NSTAR merger-related costs.  Includes competitive results.

18
Current Results -
NSTAR

19
NSTAR –
Solid Results For Q2-2011
Q2- 2010 EPS before one-time gain
0.58
$    
DPU order - transition revenues adjustment (2010)
0.03
Increase in gas sales (+15.4%)
0.01
Increase in transmission revenue
0.01
Energy efficiency revenues
0.01
Decrease in common shares outstanding
0.01
Telecommunications operations
0.01
0.08
Increase in depreciation and property taxes
(0.02)
Decrease in electric sales (-1.8%)
(0.02)
Increase in operations and maintenance
(0.01)
Absence of earnings from discontinued operations
(0.01)
(0.06)
0.02
Q2- 2011 EPS before merger-related costs
0.60
Merger-related costs, net
(0.01)
Reported Q2- 2011 EPS
$0.59

20
Premier Service Territory Now & For Merged NU
•
•
Solid, diverse customer base
Solid, diverse customer base
•
•
Sales growth better than U.S.
Sales growth better than U.S.
overall
overall
•
•
Positive outlook for economy
Positive outlook for economy

21
J.D. Power Survey Recognizes Customer Service Efforts
Company A
Company B
Company C
Company D
NSTAR
Company E
Company F
Company G
Company H
Company I
EAST LARGE AVERAGE
Company J
Company K
Company L
Company M
Company N
Company O
Company P

22
Transmission Update

23
NSTAR System Has Significant Transmission
Investment Ahead
•
Transmission Rate Base is expected to double within 5 years to
approximately $1.6 billion
•
Growth/reliability spending averages $100 million per year
•
Incremental Major Projects:
–
Cape
Cod
Line
$120
million
(2011-2012)
–
Boston
345kV
Connection
$45-$50
million
(2014-2015)
–
Mid
Cape
Line
$25-$30
million
(2013-2014)
•
Northern Pass                 
$280 million
(2014-2016)

24
Southwest Connecticut
Reliability:
Projects Complete
1
Connecticut Borders (MA, RI):
NEEWS Projects Under Way
2
Transmission Business Strategy:  Major Initiatives
Expanding Across Wider New England Geography
NPT
HVDC
3
Northern Pass Transmission
(NPT) Line between Quebec and
New Hampshire
Renewables & Clean Energy
(ME/NH/VT)
:
Projects in Development/
High Wind potential areas
4
Potential Wind Sites
´

25
NEEWS Projects Advance
Current Status Report
Greater
Springfield
Reliability
Project
•
Substation construction commenced in MA in Dec.
2010; in CT in July/August 2011
•
Commenced overhead site work in MA in
February 2011
•
Commence overhead construction in CT in early
2012 following receipt of environmental permits
•
Projected in-service: late 2013
•
Total projected NU cost:  $718 million
Interstate
Reliability
Project
•
Joint project with National Grid (NU in CT; NGrid
in MA & RI)
•
ISO-NE confirmed need in August 2010
•
File siting application in CT in late 2011
•
Siting decisions in 2013
•
Commence construction: late 2013/early 2014
•
Projected in-service: late 2015
•
Total projected NU cost:  $218 million
Central
Connecticut
Reliability
Project
•
Expected review to be completed and needs identified in late 2011
with specific projects identified in late 2012
•
Total projected NU cost:  $301 million
SPRINGFIELD
HARTFORD
345-kV Substation
Generation Station
345-kV ROW
115-kV ROW
Central Connecticut
Reliability Project
Interstate
Reliability Project
Greater Springfield
Reliability Project

26
Northern Pass Transmission –
a $1.1 Billion Capital
Investment
´
•
To be owned by Northern Pass Transmission LLC
-
NU (75%) and NSTAR (25%)
•
1,200 MW transfer capability
•
Northern terminus at Des Cantons (Québec),
southern terminus in Franklin (New Hampshire)
•
Québec terminal will convert the power from
AC to DC (rectifier)
•
US terminal will convert the power from DC
to AC (inverter)
•
345kV AC leg from Franklin to Deerfield, NH
•
TSA signed in October 2010 and accepted by
FERC on February 11, 2011
•
Permitting process began October 14, 2010 with
U.S. DOE application –
comment period recently
extended; U.S. Forest Service application filed
June 28
•
New Hampshire Senate voted June 2 to “re-refer”
eminent domain bill
•
Capital cost estimate for US segment:  $1.1 billion
–
completion projected for fall 2016
Des Cantons
HVDC Line
HVDC Converter
Station
345-kV Line
Existing Deerfield
Substation
Deerfield
Franklin

27
Review of FERC-Approved Transmission ROEs
10.00%
10.50%
11.00%
11.50%
12.00%
12.50%
13.00%
13.50%
Local Network
Service
Regional
Network Service
Base
2005-2008
Regional
Projects
M-N
Underground
NEEWS
Northern Pass
NU’s Local Network Service Tariff ROE
NE RTO Incentive adder of 50 basis points on PTF assets
ISO-NE Planned Regional PTF projects in-service before 1/1/09
Middletown-Norwalk Advanced Tech. underground cable system
125 basis point NEEWS incentive
142 basis point Northern Pass incentive
11.14%
13.10%
12.89%
12.56%
12.64%
11.64%

28
Regulatory Update

29
Improved Results Due In Part to Resolution of All
Three Electric Distribution Rate Cases
•
Five-year settlement
approved by NHPUC on
6/28/2010
•
$45.5 million increase on
7/1/10 in addition to
8/1/09 temporary increase
of $25.6 million
•
$2.3 million decrease on
7/1/11
•
2012 & 2013 projected
increases of $9.5 million &   
$11.1 million
•
Authorized ROE remains
9.67%
•
Recovery of ice storm
costs over 7 years
•
Trailing 12-month ROE =
10.3%
•
Final decision 6/30/2010
•
$63.4 million increase
effective 7/1/10
•
$38.5 million increase
effective 7/1/11
•
Authorized 9.4% ROE at
6/30/10
•
49.2% equity in capital
structure
•
Initial increase deferred 
until 1/1/11
•
Capex plan approved
•
Trailing 12-month ROE =
9.8%
PSNH
CL&P
•
Final decision 1/31/11
•
$16.8 million increase
effective 2/1/11
•
Authorized 9.6% ROE
•
Decoupling approved
•
$2.1 million write-off taken in
fourth quarter 2010
•
Trailing 12-month ROE =
6.5%
WMECO

30
Yankee Gas Rate Decision Less Supportive
The Good
•
Supported full projected cost of Waterbury to
Wallingford line
•
Supported ramp-up to $40 million annual spending
for pipeline replacement
•
Authorized capital structure of 52.2% equity; 47.8%
debt
The Not So Good
•
8.83% authorized ROE
•
First-year rate cut of about $0.5 million;                           
second-year increase of $6.7 million
•
Request was $29.1 million increase                             
Year One and $10.3 million increase Year Two
•
Numerous disallowed costs
•
Imputation of $1.6 million of merger savings Year One and $3 million in Year Two
Motion
for
Reconsideration
Filed
With
the
PURA
•
Reconsideration
was
granted
August
2
-
ADIT
impacts
only

31
NSTAR Rate Cases
•
Effective January 1, 2006 to
December 31, 2012
•
Customers’
overall delivery rates
flat
•
Annual inflation-adjusted
distribution rate change offset by
transition charge
•
Allowed ROE of 10.5% (8.5% to
12.5% band)
•
Recovery of Incremental Safety
& Reliability Program Costs
•
Included new service quality and
additional service programs
•
Last rate case effective
November 1, 1991
Electric
Gas

Appendix

33
NU –
Improved Earnings Have Resulted in Rising
Dividends
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
$1.50
$1.75
$2.00
$2.25
$2.50
$2.75
2006
2007
2008
2009
2010
2011E
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
62.5%
48.7%
44.3%
49.7%
$2.16
$1.86
$1.16
$1.59
$0.825
$0.775
$0.725
$0.95
Payout ratios
EPS
Dividends paid/declared per share
1
Excludes net income of competitive businesses, one-time CL&P tax reduction
2
Excludes litigation settlement charge
3
Excludes NU tax settlement, NSTAR merger costs
$1.91
$1.025
47.5%
$2.30 -
2.40
4
$1.10
5
4
Excludes NSTAR merger costs
5
Based on first,  second and third quarter rate of
$0.275
1
2
3

34
2006 –
2011 NU Consolidating EPS
GAAP / Non-GAAP Reconciliation
2006 Actual
2007 Actual
2008 Actual
2009 Actual
2010 Actual
2011 Guidance
Distribution/Generation
$0.80
$0.94
$0.96
$0.92
$1.16
$1.30 –
$1.35
Transmission
0.39
0.53
0.89
0.95
1.00
1.05 –
1.10
Total Regulated
1.19
1.47
1.85
1.87
2.16
2.35 –
2.45
NU Parent/Other
(0.03)
0.04
(0.07)
(0.05)
(0.05)
(0.05)
Total Regulated and Parent
$1.16
$1.51
$1.78
$1.82
$2.11
$2.30 –
$2.40
Competitive
(0.63)
0.08
0.08
0.09
0.05
N/A
NU Consolidated Operating
Results (Non-GAAP)
$0.53
$1.59
$1.86
$1.91
$2.16
$2.30 –
$2.40
CL&P Income Tax Reduction
0.48
N/A
N/A
N/A
N/A
N/A
Gain on Sale of Competitive
Generation
2.04
N/A
N/A
N/A
N/A
N/A
Litigation Charge
N/A
N/A
(0.19)
N/A
N/A
N/A
NU-NSTAR Merger Expenses
N/A
N/A
N/A
N/A
(0.06)
(0.20)
NU Tax Settlement
N/A
N/A
N/A
N/A
0.09
N/A
NU Consolidated (GAAP)
$3.05
$1.59
$1.67
$1.91
$2.19
$2.10 -
$2.20

NSTAR…20 Consecutive Years of Operating Earnings Growth
35
$2.37
2007
2008
$2.07
$2.22
2009
2010
$2.56
$2.60 -
$2.75
2011
Guidance
2006
$1.93

36
NSTAR –
Consistent, Above Average Dividend Growth
…13 Consecutive Years of Increase…
$1.30
$1.40
$1.50
2006
2007
$1.60
2008
2009
2010
$1.70

37
NSTAR Total Shareholder Return Outperforms the Industry
Only Company in Any
Industry to
Deliver 14 Consecutive Years of
Positive Total Shareholder Return
1996
2010
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
S&P 500
Utility Index
NSTAR