2008 Annual Meeting Presentation

May 2008

AMEX: MAM
 Safe Harbor Statement

This presentation contains forward-looking statements within the meaning of the “safe harbor” provisions
of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such
forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and
other aspects of the businesses of Maine & Maritimes Corporation are based on current expectations
and beliefs that are subject to risks and uncertainties. A number of factors could cause actual results or
outcomes to differ materially from those indicated by such forward looking statements. These factors
include, but are not limited to risks and uncertainties set forth in Maine & Maritimes Corporation’s filings
with the SEC, including risks and uncertainties relating to: failure to obtain and retain expected
synergies from start-ups, acquisitions and/or mergers, actual net income projections for new or
acquired firms, expected net income or earnings per share performance, delays in obtaining or adverse
conditions contained in any required regulatory approvals, changes in laws or regulations, economic or
weather conditions affecting future sales and margins, changes in distribution and/or transmission,
customer decisions, changes in currency values, changes in interest rates, availability and pricing of
fuels and other energy commodities, legislative and regulatory changes (including revised environmental
and safety requirements), availability and cost of capital, an inability to raise capital, and other similar
factors.
Readers are referred to Maine & Maritimes Corporation’s most recent reports filed with the SEC.
Maine & Maritimes Corporation

§ Business Overview

§ Successful Transition
§ 2007 Accomplishments
§ Net Income
§ Stock Price

§ The Way Forward

§ Stranded Cost Free Cash Flow
§ MAM Utility Services Group
§ Maine Power Connection
 Business Overview
Maine Public Service Company – electric utility subsidiary
§ Founded over 100 years ago by the New Brunswick, Canada legislature
§ Headquartered in Presque Isle, Maine
§ Investor-owned transmission and distribution electric utility serving most of
Northern Maine – not currently connected to U.S. transmission grid –
connected to Canadian Maritimes transmission grid
§ 3,600 square mile service area (approximately the size of Rhode Island and
Connecticut combined)
§ 393 miles of transmission and 1,714 miles of
distribution
§ Approximately 36,000 customer accounts
§ Highly competitive intrastate T & D rates
§ Approximately 130 employees
 Business Overview
§ Traded on the American Stock Exchange (AMEX) Under Ticker Symbol
“MAM” (formerly “MAP”)
§ Recent Share Price (05/12/08) – $41.75 per share
§ 52 week range (2007): $19.83 - $39.99
§ Market Cap – approximately $60 Million
§ Total Assets in Excess of $135 Million
§ Shares Outstanding – 1.68 Million
§ Approximately 40% Institutional Ownership
§ Largest Holders:
Ø GAMCO Investors (8.9%)
Ø Fidelity Management & Research (8.5%)
Ø Richard M. Osborne Trust (6.6%)
Ø Dimensional Fund Advisors (5.1%)
Ø AXA Rosenberg Investment (4.9%)
 Successful Transition

2007 Accomplishments
§ Implemented strategy to return to core competencies
§ Divested of unprofitable non-regulated business segments
§ Installed senior management with utility experience
§ Reduced controllable expenses
§ Realized net gain of $1.6 million compared to previous loss
of $5.9 million in 2006
§ Stock price increased significantly ($15.30 on 1/1/07 to $33.25 on 12/31/07)
§ Cash availability increased
§ Retired significant unregulated debt
§ Formed MAM USG
§ Began Transmission Initiative
 Successful Transition
Income and Revenue by quarter…
$14,000 $2,500

$12,000 $2,000

$10,000 $1,500

$8,000 $1,000

$6,000 $500

$4,000 $0

$2,000 ($500)

$0 ($1,000)
Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008

Revenue Net Income

 Successful Transition

2007 Stock Performance - $/share

$40.0
$38.0
$36.0
$34.0
$32.0
$30.0
$28.0
$26.0
$24.0
$22.0
$20.0
$18.0
$16.0
$14.0
Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07
 The Way Forward
§ Continue to provide safe and reliable electric service
§ Continue to control costs
§ Began to recover stranded cash – started January 1,
2007
§ Pay-off debt related to discontinued operations
§ Pursue utility-related construction through MAM USG
§ Receive approval for the Maine Power Connection
(“MPC”)
§ Continue to increase shareholder value
§ Reinstate dividend to shareholders
 The Way Forward Stranded Cost Recovery

§ Stranded cost freed-up cash flows do not impact net income

directly, but allow for Maine Public Service’s debt reduction and
help maintain its optimum capital structure

Forecasted Recovery of Stranded Cost Freed-Up

Cash Flows
Gross and Net Stranded Cash Flow

$7,500
$7,000
$6,500
$6,000
$5,500
S tranded Cash Flow

$5,000
$4,500
$4,000
Gross Cash Flow
$3,500
$3,000
$2,500 Net Cash Flow
$2,000
$1,500
$1,000
$500
$0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Year
 The Way Forward MAM USG

MAM Utility Services Group (“MAM USG”) – unregulated subsidiary

§ Incorporated on September 27, 2007
§ Headquartered in Presque Isle, Maine

MAM USG was formed in order to capitalize

on core competencies
§ Formation necessary pursuant to Chapter 820 of the MPUC rules
§ Increases shareholder value by capitalizing on core competencies
The Way Forward MPC
Possible
Transmission
Solution

Estimated total length:

150-200 miles
Estimated total cost:
$400 to $500 million
Possible Transmission Solution

§ Phase One: Houlton to Haynesville (Bridal Path)

§ Phase Two: Limestone to an interconnection with

the CMP transmission system, likely near Detroit

§ Phase Three: Evaluate an interconnection between

Northern Maine and Eastern Canada
 Next Steps

§ Complete transmission studies, including an analysis of

the economic benefits of the interconnection with
significant new wind resources and project costs
§ Secure regional cost support for MPC with ISO-NE
§ Identify benefits to existing and potential generators
§ Seek MPUC approval
§ Analyze new Northern Maine interconnect with Eastern
Canada
 Project Timing

§ Transmission studies completed in late Spring 2008

§ CPCN (Certificate of Public Convenience and
Necessity) filing with MPUC in July 2008
§ Aroostook Wind site at Bridgewater (300 MW)
targeted for operation by late 2010
 Maine Power Connection
An Exciting Energy Future For Northern Maine

§ Reliable, competitive, and lower cost electrical service

§ Increased renewable energy production, particularly
wind
§ Aroostook County to be a renewable energy center for
Maine and the rest of New England
§ Connect all of Maine and create effective market
competition in Aroostook County
 First Quarter 2008 Highlights

§ Maintaining strong financial performance

§ Retired much debt from discontinued operations
§ Increasing system reliability through capital
construction efforts
§ Completed divestiture of Maricor Properties
§ MAM USG is actively involved in off-system
electrical projects
§ Significant progress on MPC
 Thank You

Traded on the AMEX: Ticker Symbol “MAM”