Representative Matters

SETTLED ARBITRATION OF A $1.5 BILLION MULTI-PART TRANSACTION FOR NAVAJO TRANSITIONAL ENERGY CO.

SETTLED ARBITRATION OF A $1.5 BILLION MULTI-PART TRANSACTION FOR NAVAJO TRANSITIONAL ENERGY CO. WITH THE ARIZONA PUBLIC SERVICE COMPANY THAT INCLUDED THE PURCHASE OF AN INTEREST IN FOUR CORNERS POWER PLANT, RENEGOTIATION OF A 15-YEAR COAL SUPPLY AGREEMENT, DEBT REFINANCE AND DIRECT POWER SALES TO THIRD PARTIES