The issuance by NEP of additional common units or other equity securities of equal or senior rank will have the following effects: • NEP's existing unitholders’ proportionate ownership interest in NEP will decrease; • the amount of cash distributions per common unit may decrease; • because the IDR fee is based on a percentage of total available cash, the IDR fee will increase if total available cash increases even if the per unit distribution on common units remains the same; • the relative voting strength of each previously outstanding unit may be diminished; and • the market price of the common units may decline.