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