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NU Reports Year-End 2012 Results

NU parent and other companies

Excluding $54.4 million of after-tax merger and related settlement costs, NU parent and other companies earned $7.5 million for the full year of 2012, compared with net expenses of $14.4 million for the full year of 2011, excluding $11.3 million of merger-related costs. In the fourth quarter of 2012, NU parent and other companies earned $5.4 million, excluding $2 million of after-tax merger-related costs. In the fourth quarter of 2011, NU parent and other companies recorded net expenses of $4 million, excluding $1.2 million of after-tax merger-related costs. The improvements were driven by a number of factors, including the addition of earnings from NSTAR Communications, Inc. from the date of the merger, as well as lower interest expense.

The following table reconciles earnings per share for the fourth-quarter and year ended December 31, 2012 and 2011.
            Fourth Quarter     Full Year
2011     Reported EPS     $0.64     $2.22
      2011 merger-related charges     $0.00     $0.06
      2011 CL&P storm fund     $0.10     $0.10
      2011 EPS before merger and storm charges     $0.74     $2.38
      Higher outstanding common shares     ($0.33)     ($0.87)
      Higher/(lower) NU legacy transmission earnings

in 2012
   

($0.10)
   

$0.03
      Higher/(lower) NU legacy electric sales in 2012     $0.00     ($0.03)
      Higher/(lower) NU legacy firm natural gas sales

in 2012
   

$0.02
   

($0.01)
      Higher legacy NU O&M, depreciation and property taxes    

($0.06)
   

($0.15)
      NSTAR earnings in 2012; higher NU Parent

and Other in 2012
   

$0.29
   

$0.93
      2012 EPS before merger-related settlements

and other merger-related charges
   

$0.56
   

$2.28
      2012 merger and related settlement charges     ($0.01)     ($0.39)
2012     Reported EPS     $0.55     $1.89

Financial results for the fourth quarter and full-year period ended December 31, 2012 and 2011 are noted below:

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