Wyoming Pipeline Authority

1. Wyoming Pipeline Authority presentation to August 26, 2003 Page <#>

2. Focuses exclusively on Wyoming issuers. Has been employed with the firm since 1984 Has served as lead banker or co-lead banker for all Wyoming financings managed by Baum during the past 10 years. This represents more than 80 municipal bond financings with a par amount in excess of $694 million. Served as an economic development specialist with the Department of Economic Planning and Development for the State of Wyoming. Holds a masters degree in business administration and a bachelors degree both from the University of Wyoming. Formerly with UBS/PaineWebber, he served as a finance advisor for two years before working with the corporate cash group on the institutional fixed income sales desk. Currently holds Series 7, Series 63 and Series 65 certifications from the National Association of Securities Dealers and also holds a Series 3 from the National Futures Association. Serves as financial advisor to the Alaska Gasline Port Authority which is comprised of the North Slope Borough, Fairbanks North Star Borough and City of Valdez. Serves as advisor to the Yukon Pacific Corporation / CSX holder of right of way permits for a natural gas pipe line that follows the existing Trans-Alaska oil pipeline route from Alaska’s North Slope to the Port of Valdez. Since joining Baum in 2001 he has worked on a number of financing projects with the combined value of over $2 billion. Holds a B.A. in business administration with a concentration in finance and economics from the University of Washington. Introduction of Team Members MARY KEATING-SCOTT -- Vice President and Manager of George K. Baum & Company’s Wyoming public finance operations. GEOFF URBINA – Vice President

3. JOHN URBINA -- Executive Vice President MARSHALL WHITE -- Partner • Has served as investment banker for $1.7 billion of general obligation bonds for the North Slope Borough, Alaska, and $2 billion of general obligation and mortgage revenue bonds for the Alaska Housing Finance Corporation. • Has served as investment banker for more than 30 years for municipal governments throughout the Pacific Northwest and Alaska. • Served as financial advisor on over $1.0 billion of City of Valdez Marine Terminal Revenue Bonds issued on behalf of British Petroleum, Conoco- Phillips and Exxon Mobil. • Advised the Alaska Legislature on natural gas line legislation. Prepared and presented financial models to the Alaska Legislature designed to analyze routing and construction of a natural gas pipeline in the state of Alaska for export of gas to domestic and foreign markets. This included presentations to Governor Murkowski, Senator Ted Stevens, Senator Lisa Murkowski, State of Alaska Legislature leadership, and potential Japanese, Korean and domestic buyers. • Holds a master’s degree in finance from the University of Washington, and his bachelor’s degree in aerospace engineering sciences from the University of Colorado. • Mr. White’s practice encompasses a broad area of public finance including service as bond counsel, underwriters’ counsel, disclosure counsel, and special counsel. • Prior to joining Cacheaux, Cavazos & Newton, Mr. White practiced municipal, civil, and administrative law in Texas for eight years and, more recently, public finance law in Alaska and Texas. While in Alaska, Mr. White served as bond counsel to all state agencies, underwriters’ counsel on State of Alaska issues, and bond counsel, underwriters’ counsel and/or special counsel on debt issuances by many Alaska municipalities. Mr. White has served as bond counsel to the City of Valdez, Alaska on its Marine Terminal Revenue Bonds. • Mr. White graduated from the University of Texas at Austin and the University of Houston Law Center. He is a member of the State Bar of Texas, the Alaska Bar Association, and the National Association of Bond Lawyers.

4. Overview of George K. Baum & Co. George K. Baum & Company was founded in 1928 to provide a full range of investment banking services and products to investors, corporations and municipalities. Over our 75 year history, the firm has developed into one of the nation’s leading underwriters of municipal securities. Our public finance professionals provide: • Negotiated underwritings (taxable and tax-exempt) • Competitive underwritings (taxable and tax-exempt) • Credit enhancement • Financial advisory services • Refundings • Rating agency presentations • Service plan development • Tailored quantitative analysis • Contract negotiations • Remarketings • Investment of bond proceeds offices nationwide PUBLIC FINANCE Albuquerque, NM Anchorage, AK Atlanta, GA Bellevue, WA Boston, MA Cheyenne, WY Chicago, IL Dallas, TX Denver, CO Houston, TX Kansas City, MO New York, NY Palm Desert, CA Sacramento, CA Salt Lake City, UT Seattle, WA Seaside, FL Springfield, MO Wichita, KS INSTITUTIONAL SALES Boston, MA Denver, CO Kansas City, MO New York, NY Philadelphia, PA TRADING DESKS Denver, CO Kansas City, MO New York, NY George K. Baum & Company maintains public finance offices in 20 U.S. cities.

5. Commitment to Public Finance Public finance has been and continues to be the primary focus of George K. Baum & Company’s operations. In fact, the majority of Baum’s revenues are generated through our municipal finance operations. George K. Baum & Company’s strategy is to provide our municipal clients—whether large or small—with a broad array of investment banking services. Our investment banking professionals strive to provide clients with an in-depth knowledge of the industry and to create thoughtful and innovative solutions to their financing objectives. Consistent national rankings George K. Baum & Company served as senior or co-manager for more than 4,400 municipal bond issues totaling approximately $149 billion since 1990. The firm consistently ranks among the leading underwriters of negotiated municipal bond issues.

6. Recent Projects Examples of projects as senior manager or financial advisor: • $287,225,000 – Intermountain Power Agency Power Supply Revenue Bonds, Series 2003 • $284,091,000 – Toll Road Revenue Bonds-Northwest Parkway Public Highway Authority, Series 2001 • $398,998,000 – Illinois Sports Facilities Authority (Soldier Field Project), Series 2001 • $316,255,000 – Chicago Public Building Commission, Series 1999 • $203,565,000 – Denver International Airport Project, Series 2002 • $348,000,000 – Denver Metropolitan Baseball Stadium District (Coors Field) • $93,500,000 – City of Valdez Marine Terminal Revenue Bonds Series 2003 A (British Petroleum) • $375,000,000 – City of Valdez Marine Terminal Revenue Bonds Series 2003 B (British Petroleum) • $128,000,000 – City of Valdez Marine Terminal Revenue Bonds Series 2003 C (British Petroleum) • $106,000,000 – City of Valdez Marine Terminal Revenue Bonds Series 2002 A (Conoco Phillips) • $79,500,000 – City of Valdez Marine Terminal Revenue Bonds Series 2002 B (Conoco Phillips) • $76,000,000 – City of Valdez Marine Terminal Revenue Bonds Series 2003 C (Conoco Phillips) • $15,920,000 – City of Valdez Marine Terminal Revenue Bonds Series 2001(Exxon Mobil) • $161,770,000 – City of Anchorage General Obligation Bonds Series 2003 A/B

7. Wyoming Presence • Opened Wyoming office in 1983 • Strong commitment to all issuers—large and small • One of two firms with public finance offices in the State • Largest underwriter of bonds issued by Wyoming local governmental entities • In the past 10 years, Baum has underwritten 80 Wyoming bond issues with a total par value of $694 million • Instrumental in creating Wyoming School Bond Guarantee program—provides “AAA” rating for Wyoming school bond issues Underwritten as senior or co-manager the following: • $72,565,000 – Wyoming Building Corporation Revenue Bonds • $34,840,000 – Wyoming Municipal Power Agency Revenue Bonds • $17,000,000 - Laramie County Adjustable Rate Industrial Revenue Bonds (Cheyenne Light Fuel & Power) • $8,500,000 – City of Green River Variable Rate Solid Waste Disposal Revenue Bonds (OCI Wyoming L.P.) • $66,000,000 – Campbell County Tax-Exempt Variable Rate Industrial Development Revenue Bonds (Two Elk)

8. Projects Financed: $1.7 Billion North Slope Borough General Obligation and Refunding Bonds (1986 – 2003) $1.0 Billion Marine Terminal Revenue Bonds for British Petroleum, Conoco Phillips, Exxon Mobil Other Work: Alaska Gasline Port Authority (AGPA) Yukon Pacific Corporation (YPC) Alaska Legislature Alaska Natural Gasline Development Authority (ANGDA) Experience with Pipeline Financings

9. Met with Wyoming Pipeline Authority Board in November 2002. Marshall White provided summary of suggested legislative changes. Attended meeting of Natural Gas Pipeline Authority in November 2002 and provided summary of suggested legislative changes. Provided legislative assistance: - Assisted bill sponsors, Senator Bill Hawks and Representative Clarence Law. - Worked with Legislative Service Office staff attorneys on legislative changes. - Prepared bill summary for distribution to legislators. Responded to questions from individual legislators. Attended all legislative committee meetings and responded to questions. Met individually with legislative presenters and responded to questions. Prepared a side-by-side summary of legislative changes along with explanation of changes. Responded to numerous requests from Board members. Assistance with Legislation

10. Changes Made in 2003 Legislative Session Legislative Changes to the Wyoming Pipeline Authority – 2003 Legislative Session • Increased the bonding authority from $250 million to $1 billion • Expanded the power of the Authority to include transmission of associated natural gas – allows coal bed methane transmission • Eliminated the limitation on only funding 50% project of a project cost • Allows the use of bond proceeds immediately after the sale of the bonds rather than after completion of project construction • Extended the final maturity on bonds from 30 years to 50 years • Allows the Authority to purchase, sell or lease pipeline capacity • Allows the Authority to lend the bond proceeds to other parties • Allows the Authority to issue variable or fixed rate bonds • Allows the Authority to charge fees for the use of the Authority’s facilities including pipeline capacity • Allows the Authority to conduct hearings to obtain data, identify markets for Wyoming natural gas, and be an advocate before FERC • Allows the Authority to sell bonds at competitive or negotiated sale • Allows the Authority to refund bonds even if $1billion limitation is reached • Allows the total bond amount outstanding to be $1 billion rather than a one time use • Allows use of net revenues to pay administrative expenses of Authority • Clarified that net revenues from any project can be paid to the state treasurer for credit to the state general fund

11. Suggested Changes to WPA in 2004 Legislative Session • Amend legislation to allow Authority to own pipeline in conjunction with loaning a portion of the proceeds for conduit financing. • Prior discussion regarding adding electrical transmission to powers.