Michael Walsh Group Finance Director, NTR plc

1. Michael Walsh Group Finance Director, NTR plc Presentation to ICAI Business Members 23 February 2007

2. Contents • Background • The Finance Function • NTR Strategic Evolution • Summary • Q&A

3. Personal Background • BComm, ACA • 1978 – 1986 PricewaterhouseCoopers Dublin and London • 1986 – 1989 Contiki Travel Holdings London, Sydney, Hong Kong • 1989 – 1992 Wickes Plc London • 1993 – 2002 Musgrave Group Plc Cork • 2003 – date NTR plc Dublin

4. The Finance Function “From Accounting… …to Strategic Financial Management”

5. The “F” Words “The Focus of the Finance Function must be Firmly Fixed on the Future”

6. Levels of Decision Making • Strategic “What to Do?” • Tactical “How to Do It?” • Operational “Doing It!”

7. Decision Hierarchy Strategic Tactical Operational

8. NTR – Strategic Evolution Pre 1999 Toll Road Pioneer 1999 - 2002 Irish Diversification 2003 - 2006 International Development Founded 1978 2002 UK 1999 2004 US 1984 1999 2003 UK 2001 1990 2006 Germany 2002

9. 2006 – Strategic Cohesion Stretched Total Revenue* €468m Energy Waste Roads Telecoms 51.0% 63.2% 88.5% 100.0% (UK) 100.0% Market Capitalisation €1.536bn 87.0% 100.0% 38.5% 33.3% * 15 month period ended 31 March 2006

10. Security of Energy Supply Climate Change Resource Depletion Renewable Energy and Waste Management NTR Corporate Strategy Identified three macro factors shaping structural growth opportunities:

11. Climate Change – Tangible Impacts 2004 1875 • The Pasterze glacier in Austria has been retreating by an annual average of 15 metres since 1986 • The rate of warming in the Arctic over the last 20 years is eight times the rate of warming over the previous 100 years Source: Gary Braasch, Worldview of Global Warming.Org; NASA, October 2003

12. Energy Security – EU Natural Gas 2010 Norway Great Britain Russia 3.000 km 2.000 km Kazhakstan Netherlands 1.000 km Ukraine Azerbaijan Algeria Libya Egypt Source: Gerhard Schroeder, Chancellor of Germany’s presentation to Vladimir Putin, 2004

13. Energy Security – EU Natural Gas 2025 Russia 3.000 km 2.000 km 1.000 km Turkeynistan Source: Gerhard Schroeder, Chancellor of Germany’s presentation to Vladimir Putin, 2004

14. Resource Depletion – Oil and Gas Source: ASPO, www.peakoil.net

15. Global Investment in Renewables Estimated Global Investment in Clean Energy, 2004 - 2006 Estimated Global VC/PE, 2001 - 2006 $bn $m Source: New Energy Finance Source: New Energy Finance

16. Growth Platform Security of Energy Supply Resource Depletion Climate Change Renewable Energy and Sustainable Waste Management IRL UK US / Canada Other IRL Germany US Other IRL UK US c.€3.0bn in new asset investment anticipated over 3 years

17. Wind Energy

19. Wind Energy • A leading renewable wind energy company in Europe and US • Generation: 177 MW installed generating capacity • Construction: 411 MW in construction • Development: c.10,000 MW in development pipeline • Turbine supply secured for 2007 build programme and on-going 2008 / 2009 development • Circa 1,750 MW installed capacity forecast by March 2009 • Successfully closed €310m equity raising in August 2006 (post money valuation €860m; current Airtricity “grey market” valuation of €1.0bn) Note: MW references above not adjusted for minority interests

20. Waste Management

22. Waste Management Leading integrated private sector waste operator in Ireland • 4 operating landfills (>650k tonnes per annum) • 13 collection and transfer stations and materials recycling facilities UK recycling led waste management solution provider • Servicing c.20,000 waste management customer locations weekly • Investing to develop a national recycling “footprint” Actively pursuing US market entry • Recycling led strategy • Management team in place; extensive acquisition pipeline

23. Bioenergy

25. Biofuels Biodiesel • Two biodiesel plants commissioned in Germany (140k tonnes per annum) • Additional European bio-diesel opportunities under evaluation - expected capacity c.500-750k tonnes per annum within 3 years Bioethanol • Joint Venture with the Virgin Group announced January 2007 • Initial investments in two 100m gallon (330k tonnes p.a.) ethanol plants in Indiana and Tennessee – c.$185m per plant • Pursuing additional opportunities • Strategic players looked upon favourably in the market • Focus is on securing well located, highly competitive plants

26. Roads / Telecom Roads • Engagement with the NRA on the West Link on-going • Celtic Roads Group (CRG) actively bidding for new Irish roads PPP projects Irish Broadband • c.40,000 customers at 31 December 2006, growth momentum

27. Investment & Financing • c.€3.0bn+ investment anticipated over next 3 years Sources of funding: • Project Debt • Subsidiary Debt • Subsidiary Equity • Equity Significant investment plan over next phase of development

28. NTR plc • Unlisted plc • Incorporated in 1982 • plc Articles • Compliant with 2003 Combined Code • Settlement through CREST • Share price data available at www.ntr.ie • Shares trade on “grey market” – current market capitalisation of c.€1.5bn • Researched and traded by Dublin stockbrokers (Davy, NCB, Goodbody) • Key shareholders: Roche Family (c.43%); One51 (c.26%); Standard Life (c.6%) • €170m equity raising September 2006; priced at €5.30 per share • Company committed to supporting ongoing liquidity for shareholders

29. Market Capitalisation Market Cap Based on “grey market” trading; NTR completed a €170m equity fundraising in September 2006 at a price per share of €5.30

30. Summary • FD must be firmly focussed on the future • Emphasis must be strategic – “what to do?” • Finance CAN and MUST be at the heart of strategy development

31. Q&A