Well, thank you for joining us. We appreciate your joining us at this very early hour, though I think folks in the east coast may not [indiscernible] in bed early. I'm Jeff Hodgkins, I'm Vice President of Investor Relations for Northeast Utilities. And what I want to do is introduce some of the folks in the room from our company from NSTAR and NU who will be speaking, and then we'll go to the Safe Harbor and then I'll turn it over to the company CEO. So let me start, John Valera from NSTAR, who's seating in the front row here. I represent as IR and also financial reporting.NSTAR Treasurer, Phil Lembo is right over here. Randy Shoop, the NU Treasurer is over here. And Sue Weber our Assistant Treasurer is right over there. So again, thank you very much for joining us this early morning. We're really excited about this presentation, and we hope you are as well. I'm just going go through a little bit in terms of the Safe Harbor and this for the folks who are on the webcast because this is being webcast. This presentation includes statements concerning our expectations, beliefs, plans, objectives, goals, strategy, and assumption for future events and future and future financial performance or growth and other statements that are not historic facts. These statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have some Safe Harbor slides on the merger in the front of the deck and before each company's financial presentation, we also have Safe Harbor in there. So we urge you to take a look of that. So with that, again, thank you very much, and I just want to turn this presentation now over to Chuck Shivery, NU's Chairman, President and CEO.

Jeff, thank you. Thank you for joining us. This is somewhat an early hour. But we have a multi-faceted presentation for you today. We're trying to do a number of things, the first and probably, the foremost, of course, is Tom and I would like to spend a little more time talking about the merger. We had a lot of conversations since we announced it, but there are some questions that some of you have asked. We'll try to hit those head on. Today, but clearly, we'll both be around for a few days and give you the opportunity to talk to us privately, if you'd like. The second thing is we both had our earnings release is out. You saw that the third quarter for both companies was very good. NU also increased its guidance for 2010. And so, we'll get this later on in the presentation. We'll have Dave Michael and Jim Judge talk a little bit about what for the quarter for each of our companies. And for NU, I know a lot of you views this morning as a way to get updated on [indiscernible] of the major projects. So when Tom and I just finished talking about the merger and lease, we're going to spend some time give an update on the status of the capital expenditures around some of the major projects. So that's what we're going to try to accomplish today . Please ask questions as it had the opportunity ended like to get this discussion. So if you go to Page 5. We've spent a lot of time talking to a lot of you privately, but this really is compelling combination. And I would tell you that I have not met anyone that hasn't had logically this makes sense. This strategic for…

Good morning, everyone. I'm losing my voice. A summer cold I guess, 90 degrees today. But bear with me, and I'll try to make it through. The Hydro-Québec project is something that Chuck thought up many, many years ago, and it kind of shows the potential. I call it might dowry. He gave 25%, and now he took it back. But here's a project that will reduce the cost of energy in the region, but yet will remove five times of the carbon of the infamous project. So it's really a project that most of the deal dramatically from a environmental perspective, but doesn't have an impact on our economy. In fact, it helps our economy. So it really is a good project. And speaking about an exciting project, how about this merger? I'd like to tell my employees that I've always been interested in an industry that consolidates. Unfortunately, regulators don't always agree with us the way you should do it. But this is the perfect deal at the right time for both companies. As Chuck said, the whole world of environment and economy have come together, and it needs strong players, not to smaller players, but large and strong players to help local governments and even national governments to figure out an economic and an environmental policy that make sense for our region and the country. So bringing these two companies together is just such an exciting opportunity for us. One of the things that, of course, all of our shareholders, Chuck and I spent the first three or four days running every one of our large shareholders just to get a reaction and tell them why we thought this was so exciting. And the reaction has been overwhelming, if you see the way our stock prices have…

[Audio Gap] Because of the merger, but also because of the many accomplishments we've had the course of this in terms of our major capital programs. And all of our projects environmental aspects. But I don't think there's a company that's more for the environment, if not the for the last three years between the essentially for the most part shut down all of the major goals of coal-fired power plants that used to how to do it because of the reliability needs, the obviously the building of the scrubber that's created most of the CO2, not the CO2, but the nitrogen oxide and other pollutants in the air and of course, our solar program in Western Massachusetts, as well as this project we talked about. Really it's a major environment to last about region. So they're good for shareholders, good for customers and good for the environment. The plans has about $6.6 billion of capital spend. That's up about $200 million over las year's plan. I'll go through that in the two sides. Of note, about Transmission makes up about half of that capital spend and then you'll see that the transmission CapEx continues to stay strong as we go forward. And as Chuck indicated, there is really no capital in here for any of the transmission that would be built around the consulting project, which could be up the range of a couple of billion dollars. But as he said, that's a real project. That is moving forward. We'll have more information on that later this year. When you look at Transmission, we had great success with new project for the reliability segment in that project but. That was a project to talk about $714 million. It's now pegged at $795 million. That is a very, very good…

Thank you, Lee, and good morning. I'm to go to speak for just a few moments on business as usual. But business as usual is pretty good these days. We've got third quarter earnings that were released on five, quarter were up 55%. Based on some of the structural trends that we're seeing for the year, we've also increased guidance. Remember, we started this year with a view of midpoint around $1.90 a share, midpoint [indiscernible] new guidance of $2.15. I'm going to talk a little bit of how that work it's way into 2011 as well. The cash flow story has always been important for us as a company. It really speaks the finance ability of our rate case plan because of bonus appreciation and a number of really key drivers this year, we're ahead of schedule. We accretively told you that we expect that FFO to climb by about $100 million a year. Couple of years from now, we'll be at over $1 billion of FFO compared to maybe two years ago when we were half that. Very, very strong asset of our overall plan. In the cornerstone of our stand-alone plan, is that rate case grow that we've gone through, marrying that with the NSTAR plan is going to a think-a-draft [ph] discompelling total return story to just this compared to a link to return story that Chuck and Tom referred to earlier this morning. And I'm just going to summarize that for you. I won't go through all those details. But first with the quarter, because there's a couple of things that we want to point out that you see the numbers here and you're right, $105.5 million for earnings, driven surprisingly by the Distribution business. The Transition business, right on course, actually little bit ahead…

Thank you, David. Good morning of folks. I'm going to finish up I guess with the last seven or eight slides. The three takeaways is that like you to walk away from my comments on these. First of all, and star track record this is actually utilities my guess is a lot of your more familiar with the NU store. This is an opportunity to give you some perspective on who the new partner is. The second take away is that we just finished yet another very strong quarter, estimates for the quarter now provide a little bit of color on these results. The third message is really to tell you how very excited item about this strategic combination. And this is really a transaction that makes so much sense in many front. And what we have here is the best-in-class distribution operator coming together with the best-in-class distribution operator. was having is that -- which you tell it a coming together with a project-rich utility. What we have your way to top management teams coming together to may could even stronger one. And I often say that the best indication of what a management team is going to do to you in the futures take a look of their track record of the past. These are two companies that have outstanding record in terms of delivering results to shareholders. Just when you thought you had seen enough Safe Harbor language, here's one more slide, my making some forward-looking statements and you should and can review any further disclosures in our reports to the SEC. So those of you NSTAR, business philosophy that is very simple. We've alluded that if you give an excellent customer service, new customers will be happy, customers are happy that letters are happy and in…

Well, I hope we've convinced you that we've got attractive opportunity going forward with continued very high return profile, we're all of the new NU team excited about a feature. We are excited about the opportunities that lay before us, and we're all available, everyone you've heard is available to answer your questions you might have.

This release is a very exciting a great transaction, and we hope you so some of that today across the whole management team. And as we the kind of work that the next three or four days, have the opportunity to talk us collectively and individually and I think we'll just see that was a tremendous company this is new organization is going to be. So thank you again for your attendance, I know it's a loaded early this morning. We wanted to cover a lot of material, so we ask it to do that. Now, I'll turn it over to Jeff.

We'll have questions from the audience and will be around after work. So there could start, going to review the question so that people on the webcast know what they are and maybe Jim and David and Lee can join me up here.

The question is concerning future investments in generation, particularly renewable energy.

That category, that potentially leads to the future. Clearly, the Consortium project that we talk about will tie in both by others and transition with built by as so I think help resolve some of the standards going forward. Who those come what the future might bring, I think Lee talked a lot about some of the solar projects our involvement in Massachusetts. I think his new company's gross ability to do the work together in a way that we haven't to resolve some of the energy solutions for the region that are going to be fair amount going forward.

The question is concerning Connecticut and jurisdiction over the merger.

From the legal issues both Massachusetts, it is a holding company, the holding company transaction in only Massachusetts really needs to approve this transaction. Having said that, we've met with the governor and with to PUC of Connecticut and in have conversations with the governor in the BBC Chairman New Hampshire. They are going to want to stay very actively involved in this and make sure that negotiations are fully represented by the PUC. I think it's fairly appropriate so we're working with them and make sure they have all the information around this, particularly as they look forward assume.

The question is the impact of the capital program on overall retail rates over the next five years.

Distribution is just because the price of natural gas, the commodities right now, the energy pushing, the bill has been falling, as an example sale lumpy rates will probably fall in January, between 60% to 70%. If you look at the five you going forward plan for CL&P over the course of the next five years, that adds up to about $11.57 increase to our customers billed on a monthly basis, based on 700-kilowatt customer. But each of the companies obviously different because of the different structure and how they procure energy. So it's about 2% fee over the course of that time, slightly more for the other two electric companies and just natural gas on the commodity on the Yankee side, CapEx spending is his own about a 10% increase over that five-year period.

And I think what we've been saying on the generation fees will go to significantly currently about $0.11 an average, it's probably goes to the mid $0.09 somewhere. That's the impact of the general generation fees. And the question is relative to consensus of about $2.20 a share. What are some of the assumptions in terms of ROEs and so forth?

When you look at the and just think about where they're going to have this year, PSNH for all these business with the exclusion of transmission, will be in the 9.5% to 10% range, which is a good run for them and I see that for the driving forward into 2011. CL&P, its new rates are going to work its way in to be the 7% to 7.5% of your and '10 and work away into '11 and statement in August, this is a company that should be achieving 9% a bit better, we've got some work to do there. But relative to the and we've been earning, this is big year-over-year on a run rate basis.

The question is going forward, what would the merged company look to in terms of credit rating?

We have thought all along that this is going to be credit positive for the chance to. Certainly, that's going to help the hold. co. potentially the operating companies and translate into lower. That's quite positive. I think you're going to see us make an argument that for and star, the ratings that they have are now are attainable in terms of lower the risk profile overall. We've seen some actions that have taken place. We're going to spend a lot of time said that and have that discussion about what impacts is on NSTAR going forward even without existing ratings profile the maintain that; I allowed him to add any other color to that but we're going to have that assumption.

Personally, I guess what I would say is we've anticipated all three agencies to put us on credit that is happen. So it's a mixed response. Spending a lot of time with them. Qualities fundamentals and star entities remain intact. Tom talked about the fact that diversity that we have now are not only the Massachusetts, risk factor but being able consideration is the the the assessment. Pretty optimistic about bullish outcome of the expectation is utility credit uptick out of that for sure.

We want to thank you for joining us. We're going to stay around for a while, if you have further questions. We shareholder visitation later in the conference, and we'll probably be seeing many of you. So thank you very much, for joining us today, and enjoy the rest of the conference.