NORTHERN PLAINS NATURAL GAS 2002 PLAN REVIEW November 8, 2001

1. NORTHERN PLAINS NATURAL GAS2002 PLAN REVIEWNovember 8, 2001

2. NORTHERN PLAINS NATURAL GAS COMPANYTable of Contents NPNG – Bill Cordes NPNG-2 Key Assumptions NPNG-4 Financial Summary NPNG-5 EBITDA by Entity NPNG-6 Capital Expenditures NPNG-7 Distributable Cash Flow NPNG-8 NBP Net Income Summary NPNG-9 NPNG Net Income Summary NPNG-10 Return to Unitholders NPNG-11 Return to General Partners NPNG-12 NBP Asset Summary

3. Northern Plains Natural Gas Company Maintain 82.5% of General Partner Interest in Northern Border Partners, L.P. (“NBP”) Retain 3.2 million common units of NBP 2.7 million common units of NBP held in Rawhide Northern Border Partners, L.P. Regulated Pipelines Northern Border Pipeline Company Sell unsubcribed capacity at maximum rate Increase access to existing and developing markets Maximize new service revenues Midwestern Gas Transmission Company Develop new transportation business (Power Plants) Maximize new service revenues NORTHERN PLAINS NATURAL GAS COMPANYKEY ASSUMPTIONS2002 PLAN

4. Northern Border Partners, L.P. (Cont’d) Midstream Services Crestone Energy Ventures/Bear Paw Energy Maintain 33% market share in Powder River Basin Link deployment of capital expenditures with throughput growth Continued high drilling growth level (water issues mitigated) Maintain active hedging program in the Williston Basin Maximize distributions from equity investments Border Midstream Services Support developmental drilling programs of producers in capture area Complete all de-bottlenecking projects that were pre-funded Black Mesa Pipeline Provide reliable and safe slurry transportation service to Mohave Power Plant Pursue slurry pipeline consulting and investment opportunities NORTHERN PLAINS NATURAL GAS COMPANYKEY ASSUMPTIONS2002 PLAN

5. NORTHERN PLAINS NATURAL GAS COMPANY2002 OPERATING & STRATEGIC PLAN Financial Summary(Millions of Dollars) NBP Income NBP Earnings Per Unit (In Dollars) 137 NBP Distributions Per Unit (In Dollars) 97 77 00 02 01 EST 00 00 02 01 EST 02 01 EST GP Target Distribution NBP LP GP Net Income Non-Recurring 1st Level- 15% $2.42 *2nd Level- 25% $2.86 3rd Level- 50% $3.74 *Current indicated annual distribution rate is $3.05

6. NORTHERN PLAINS NATURAL GAS COMPANY 2002 OPERATING & STRATEGIC PLAN EBITDA BY ENTITY(Millions of Dollars) 349.7 313.5

7. NORTHERN PLAINS NATURAL GAS COMPANY2002 OPERATING & STRATEGIC PLAN CAPITAL EXPENDITURES(Millions of Dollars) $200 MM $200 MM Acquisitions or Greenfield Projects Regulated Pipelines Midstream Services Black Mesa NBP Debt Common Equity Enron GP Contribution ($1.6MM) Williams GP Contribution

8. NORTHERN BORDER PARTNERS, L.P.2002 OPERATING & STRATEGIC PLANDISTRIBUTABLE CASH FLOW (Millions of Dollars) 8% annual growth per unit Distributions per Unit $3.05 $3.30 $3.56 $3.84 $4.16 $4.48 Avg Units Outstanding (MM) 38.5 43.5 44.7 46.5 48.1 49.6

9. NORTHERN PLAINS NATURAL GAS COMPANY 2002 OPERATING & STRATEGIC PLAN NET INCOME SUMMARY(Millions)

10. NORTHERN PLAINS NATURAL GAS COMPANY2002 OPERATING & STRATEGIC PLAN (Millions of Dollars)

11. NORTHERN PLAINS NATURAL GAS COMPANY2002 OPERATING & STRATEGIC PLANRETURN TO UNITHOLDERS – NBP,L.P. Dividends Reinvested CAGR 13.3% Unit Price CAGR 6.4% 2002 PLAN 1997 1998 1999 2000 2001 CE Unit Price Dividends Reinvested Annual Dividends Paid

12. NORTHERN PLAINS NATURAL GAS COMPANY2002 PLAN REVIEWRETURN TO GENERAL PARTNERS – NBP,L.P. 2001 CE 2002 PLAN 2000 1998 1999 1997

13. Gregg Lake/Obed Pipeline System Edmonton Gladys Processing Plant Saskatchewan Mazeppa Processing Plant Alberta Manitoba Ontario Williston Basin Montana North Dakota Minnesota Bear Paw Energy Powder River Basin Wyoming Big Horn Wind River Basin NBPL South Dakota Fort Union Lost Creek Greater Green River Basin Nebraska Iowa Indiana Utah Illinois Colorado MGT Kayenta Coal Prep. Pump Station No. 1 Mohave Generating Station Gray Mountain Pump Station No. 2 Kentucky Williams Pump Station No. 3 NBP Asset Summary Seligman Pump Station No. 4 Tennessee Black Mesa Pipeline Arizona