-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VWfOu2sa9FxbFGgE58zzsDvnSBM9XUD3KLbkezlfYmanmySPEf8fJYdLb2NzOp7R g9FfCn1l54yws6/F+DpH5Q== 0000948046-06-000275.txt : 20061208 0000948046-06-000275.hdr.sgml : 20061208 20061208095623 ACCESSION NUMBER: 0000948046-06-000275 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20061208 DATE AS OF CHANGE: 20061208 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NORTHWESTERN CORP CENTRAL INDEX KEY: 0000073088 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 460172280 STATE OF INCORPORATION: DE FISCAL YEAR END: 1206 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-36015 FILM NUMBER: 061264316 BUSINESS ADDRESS: STREET 1: 125 S DAKOTA AVENUE STREET 2: SUITE 1100 CITY: SIOUX STATE: SD ZIP: 57104 BUSINESS PHONE: 6059782908 MAIL ADDRESS: STREET 1: 125 S DAKOTA AVENUE STREET 2: SUITE 1100 CITY: SIOUX STATE: SD ZIP: 57104 FORMER COMPANY: FORMER CONFORMED NAME: NORTHWESTERN PUBLIC SERVICE CO DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE BANK AG\ CENTRAL INDEX KEY: 0000948046 IRS NUMBER: 13294498 STATE OF INCORPORATION: I8 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: TAUNUSANLAGE 12 D-60325 CITY: FRANKFURT AM MAIN GE STATE: I8 MAIL ADDRESS: STREET 1: TAUNUSANLAGE 12 D-60325 CITY: FRANKFURT AM MAIN STATE: I8 SC 13D/A 1 northwestern13damend1.txt 13D AMENDMENT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1)* Northwestern Corporation - -------------------------------------------------------------------------------- (Name of Issuer) - -------------------------------------------------------------------------------- Common Stock - -------------------------------------------------------------------------------- (Title of Class of Securities) 668074305 - -------------------------------------------------------------------------------- (CUSIP Number) Jeffrey Ruiz Deutsche Bank AG c/o Deutsche Bank Securities Inc. 60 Wall Street New York, NY 10005 (212) 250-3667 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) November 22, 2006 (Date of Event which Requires Filing of this Statement If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box [ ]. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The Information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Cusip No. 668074305 - ------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Deutsche Bank AG - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC (See Item 3) - ----- -------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ----- -------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Deutsche Bank AG is organized under the laws of the Federal Republic of Germany. - ----- -------------------------------------------------------------------------- 7 SOLE VOTING POWER 2,250,808 ---------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 803 OWNED BY ---------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 2,250,808 ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 803 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,251,611 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.32% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON BK - -------------------------------------------------------------------------------- Cusip No. 668074305 - --------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Deutsche Bank Securities Inc. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC (See Item 3) - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ---------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 803 OWNED BY ---------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 0 ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 803 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 803 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON BD - -------------------------------------------------------------------------------- Item 1. Security and Issuer This statement on Schedule 13D (this "Statement") relates to shares of common stock, par value $0.01 per share (the "Shares"), of Northwestern Corporation (the "Issuer"). The Issuer has its principal executive offices at 125 South Dakota Avenue, Suite 1100, Sioux Fall, SD 57104 Item 2. Identity and Background (a) This Statement is being filed by Deutsche Bank Securities Inc. ("DBSI") and Deutsche Bank AG ("Deutsche Bank", together with DBSI, the "Reporting Persons" and each, a "Reporting Person"). A joint filing agreement has been filed as Exhibit 1 to this Statement pursuant to Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). DBSI is a corporation organized under the laws of Delaware, and is a wholly-owned subsidiary of DB US Financial Markets Holding Corporation ("DBUSFM"). DBUSFM is a wholly-owned subsidiary of Deutsche Bank Americas Holding Corporation, a wholly-owned subsidiary of Taunus Corporation, which in turn is a wholly-owned subsidiary of Deutsche Bank. Deutsche Bank is organized under the laws of the Federal Republic of Germany. The securities acquired by Deutsche Bank covered by this Statement were acquired through the London Branch of Deutsche Bank, which is licensed by the United Kingdom banking authority. (b) The address of the principal place of business of Deutsche Bank is Taunusanlage 12, 60325 Frankfurt, Federal Republic of Germany. The address of the principal office of DBSI is 60 Wall Street, New York, New York 10005. (c) and (f) The principal business of the Reporting Persons and the name, business address, principal occupation or employment and citizenship of each of the executive officers, directors, controlling persons and trustees, as applicable of each of the Reporting Persons and each corporation and other person ultimately in control of the Reporting Persons are set forth on Schedule 1 to this Statement which is incorporated herein. Set forth on Schedule 1 to this Statement, and incorporated herein by reference, is a list of the executive officers and directors of each of Deutsche Bank and DBSI that contain the following information with respect to each such person: (i) name; (ii) business address; (iii) present principal occupation or employment and the name and business address of each corporation or organization in which each such employment is conducted; and (iv) citizenship. (d) and (e) During the last five years, none of the Reporting Persons and, to the best knowledge of the Reporting Persons, none of the persons named on Schedule 1 to this Statement has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Item 3. Source and Amount of Funds or Other Consideration The source of the funds for the purchase of the Shares was working capital of the Reporting Persons. Item 4. Purpose of Transaction All of the Shares reported herein as having been acquired or disposed of were from the accounts of Deutsche Bank AG, London Branch and DBSI and were acquired or disposed of as part of their proprietary trading activities or in order to hedge its exposure to certain derivative contracts entered into with its clients. On November 22, 2006 the total number of Shares that may have been deemed beneficially owned by the Reporting Persons exceeded 5% of the total number of Shares outstanding. The Reporting Persons qualify as institutions that may file securities ownership reports required by the Securities Exchange Act on Schedule 13G. The Issuer entered into an Agreement and Plan of Merger, dated as of April 25, 2006, by and between the Issuer and Babcock & Brown Infrastructure. Deutsche Bank acquired Shares held in an arbitrage account subsequent to the announcement of the merger As a result, under interpretations of the Staff of the Securities and Exchange Commission, Deutsche Bank may be deemed to have purchased the Shares with the purpose of, or with the effect of, changing or influencing control of the Issuer, in connection with the proposed merger and the Reporting Persons are therefore filing this report on Schedule 13D. The Reporting Persons reserve the right to acquire, or cause to be acquired, additional securities of the Issuer or derivatives or other instruments related thereto, to dispose of, or cause to be disposed, such securities, derivatives or other instruments at any time and to formulate other purposes, plans or proposals regarding the Issuer or any of its securities, to the extent deemed advisable in light of general investment and trading policies of the Reporting Persons, market conditions or other factors. Except as set forth herein, the Reporting Persons do not have any plans or proposals at this time that relate to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Item 5. Interest in Securities of the Issuer (a) and (b) According to information filed by the Issuer with the Securities and Exchange Commission in its Form 10-Q for the quarter ended September 30, 2006, the number of Shares outstanding was 35,622,458 as of October 27, 2006 As of November 22, 2006, the reporting Person may have been deemed the beneficial owner of 2,251,611 Shares (approximately 6.3% of the total number of Shares outstanding). Deutsche Bank AG,London Branch 1,841,108 Deutsche Bank AG,London Branch (arbitrage) 409,700 Deutsche Bank Securities Inc. 803 (c) Transactions by the Reporting Person in the Shares effected during the past sixty days are set forth in Schedule 2 to this Schedule 13D, which is incorporated by reference herein. (d) Not applicable. (e) Not applicable Item 6. Contracts, Arrangements, Understandings, or Relationships with Respect to Securities of the Issuer From time to time, the Reporting Persons may lend, pledge or enter into repurchase transactions relating to portfolio securities, including the Shares, to and with brokers, banks or other financial institutions. From time to time, effect, short sale transactions, and may purchase securities for the purpose of closing out short positions in such securities. Except as set forth above, the Reporting Persons does not have any contracts, arrangements, understandings or relationships with respect to any securities of the Issuer. Item 7. Material to be Filed as Exhibits Attached as Exhibit 1 to this Statement is the Joint Filing Agreement dated December 7, 2006, between Deutsche Bank AG and Deutsche Bank Securities Inc. SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct. Dated as of December 7, 2006 DEUTSCHE BANK AG By: /s/ Jeffrey A. Ruiz -------------------------- Name: Jeffrey A. Ruiz Title: Vice President DEUTSCHE BANK AG By: /s/ Pasquale Antolino -------------------------- Name: Pasquale Antolino Title: Assistant Vice President DEUTSCHE BANK SECURITIES INC. By: /s/ Margaret Adams -------------------------- Name: Margaret Adams Title: Director DEUTSCHE BANK SECURITIES INC. By: /s/ Jeffrey A. Ruiz -------------------------- Name: Jeffrey A. Ruiz Title: Vice President Schedule 1 Executive Officers, Directors, Controlling Persons and Trustees of Deutsche Bank AG and each Person Ultimately in Control of Deutsche Bank AG Deutsche Bank AG is organized under the laws of the Federal Republic of Germany. The principal business of Deutsche Bank AG is the provision of financial and related services. Deutsche Bank AG is the largest banking institution in the Federal Republic of Germany and is the parent company of a group consisting of banks, capital market and fund management companies, mortgage banks and property finance companies, installment financing and leasing companies, insurance companies, research and consultancy companies and other companies. Deutsche Bank AG is organized under the laws of the Federal Republic of Germany, and the address of its principal place of business is Taunusanlage 12, 60325 Frankfurt, Federal Republic of Germany. - -------------------------------------------------------------------------------- Name PRESENT PRINCIPAL OCCUPATION OR EMPLOYEMENT BUSINESS ADDRESS CITIZENSHIP - -------------------------------------------------------------------------------- Dr. Josef Ackermann Chairman of the Group Executive Committee and Member of the Board of Managing Directors, Deutsche Bank AG Deutsche Bank AG Taunusanlage 12 60325 Frankfurt The Federal Republic of Germany Citizenship: Swiss - -------------------------------------------------------------------------------- Dr. Tessen von Heydebreck Member of the Board of Managing Directors, Deutsche Bank AG Deutsche Bank AG Taunusanlage 12 60325 Frankfurt The Federal Republic of Germany Citizenship: German - -------------------------------------------------------------------------------- Dr. Hermann-Josef Lamberti Member of the Board of Managing Directors, Deutsche Bank AG Deutsche Bank AG Taunusanlage 12 60325 Frankfurt The Federal Republic of Germany Citizenship: German - ---------------------------- --------------------------------------------------- Dr. Clemens Borsig Member of the Board of Managing Directors, Deutsche Bank AG Deutsche Bank AG Taunusanlage 12 60325 Frankfurt The Federal Republic of Germany Citizenship: German - ---------------------------- --------------------------------------------------- Executive Officers, Directors, Controlling Persons and Trustees of Deutsche Bank Securities Inc. Deutsche Bank Securities Inc. (DBSI) is registered with the SEC as a broker-dealer and is a member of the NASD, SIPC, NYSE, and a number of other securities self-regulatory organizations. In addition, DBSI is registered with the CFTC as a futures commission merchant and is a member of the NFA, CME, and several other futures self-regulatory organizations. DBSI is headquartered in New York City and offers a full range of broker-dealer services, including sales and trading expertise in equity and fixed income securities, derivatives and structured products, portfolio trading, prime brokerage services, and research. DBSI also assists investment banking clients with public and private offerings in the equity and debt capital markets, and provides advisory services in strategic areas such as mergers, acquisitions, and corporate restructurings. - -------------------------------------------------------------------------------- Name PRESENT PRINCIPAL OCCUPATION OR EMPLOYEMENT BUSINESS ADDRESS CITIZENSHIP - -------------------------------------------------------------------------------- Mr. Seth Waugh Member of the Board of Directors, Chairman, Deutsche Bank Securities 60 Wall Street New York, New York, 10005 Citizenship: US - -------------------------------------------------------------------------------- Mr. Stuart Clarke Member of the Board of Directors, Deutsche Bank Securities 60 Wall Street New York, New York, 10005 Citizenship: UK-British - -------------------------------------------------------------------------------- Mr. Thomas Gahan Member of the Board of Directors, Deutsche Bank Securities 60 Wall Street New York, New York, 10005 Citizenship: US - -------------------------------------------------------------------------------- Mr. Robert Karofsky Member of the Board of Directors, Deutsche Bank Securities 60 Wall Street New York, New York, 10005 Citizenship: US - -------------------------------------------------------------------------------- Mr. Mark Pfeffer Member of the Board of Directors, Deutsche Bank Securities 60 Wall Street New York, New York, 10005 Citizenship: US - -------------------------------------------------------------------------------- Mr. Philip Weingord Member of the Board of Directors, Deutsche Bank Securities 60 Wall Street New York, New York, 10005 Citizenship: US - -------------------------------------------------------------------------------- Schedule 2 - 60 Day Trade History - -------------------------------------------------------------------------------- DATE BUY/SELL AMOUNT PRICE - -------------------------------------------------------------------------------- 09/22/06 BUY 5000 34.99 - -------------------------------------------------------------------------------- 09/22/06 BUY 100 35.01 - -------------------------------------------------------------------------------- 09/22/06 SELL 400 35.00 - -------------------------------------------------------------------------------- 09/22/06 BUY 100 35.01 - -------------------------------------------------------------------------------- 09/22/06 SELL 4049 34.99 - -------------------------------------------------------------------------------- 09/25/06 BUY 400 35.00 - -------------------------------------------------------------------------------- 09/25/06 SELL 3488 34.98 - -------------------------------------------------------------------------------- 09/26/06 BUY 1297 35.01 - -------------------------------------------------------------------------------- 09/26/06 SELL 2000 34.99 - -------------------------------------------------------------------------------- 09/27/06 BUY 1700 35.01 - -------------------------------------------------------------------------------- 09/27/06 SELL 1400 34.96 - -------------------------------------------------------------------------------- 09/27/06 BUY 1700 35.01 - -------------------------------------------------------------------------------- 09/27/06 SELL 1400 34.96 - -------------------------------------------------------------------------------- 09/27/06 BUY 20000 35.05 - -------------------------------------------------------------------------------- 09/27/06 BUY 5000 35.01 - -------------------------------------------------------------------------------- 09/28/06 BUY 7300 35.04 - -------------------------------------------------------------------------------- 09/28/06 SELL 4500 35.00 - -------------------------------------------------------------------------------- 09/28/06 SELL 96684 34.97 - -------------------------------------------------------------------------------- 09/28/06 BUY 96684 34.97 - -------------------------------------------------------------------------------- 09/28/06 BUY 15000 35.03 - -------------------------------------------------------------------------------- 09/28/06 BUY 53 35.03 - -------------------------------------------------------------------------------- 09/28/06 BUY 1000 35.04 - -------------------------------------------------------------------------------- 09/28/06 SELL 800 35.03 - -------------------------------------------------------------------------------- 09/29/06 BUY 2300 35.04 - -------------------------------------------------------------------------------- 09/29/06 SELL 1612 35.01 - -------------------------------------------------------------------------------- 09/29/06 BUY 24000 34.98 - -------------------------------------------------------------------------------- 09/29/06 BUY 337 35.01 - -------------------------------------------------------------------------------- 10/02/06 BUY 3509 35.00 - -------------------------------------------------------------------------------- 10/02/06 SELL 5897 35.00 - -------------------------------------------------------------------------------- 10/02/06 BUY 25000 35.01 - -------------------------------------------------------------------------------- 10/02/06 BUY 100 35.02 - -------------------------------------------------------------------------------- 10/02/06 SELL 2200 34.97 - -------------------------------------------------------------------------------- 10/03/06 BUY 100 34.99 - -------------------------------------------------------------------------------- 10/03/06 SELL 7600 35.00 - -------------------------------------------------------------------------------- 10/03/06 BUY 10000 35.03 - -------------------------------------------------------------------------------- 10/03/06 BUY 300 35.01 - -------------------------------------------------------------------------------- 10/03/06 SELL 900 34.98 - -------------------------------------------------------------------------------- 10/04/06 BUY 3561 35.05 - -------------------------------------------------------------------------------- 10/04/06 BUY 15000 35.03 - -------------------------------------------------------------------------------- 10/04/06 BUY 1000 35.04 - -------------------------------------------------------------------------------- 10/04/06 SELL 100 35.00 - -------------------------------------------------------------------------------- 10/05/06 BUY 411 35.08 - -------------------------------------------------------------------------------- 10/05/06 SELL 1123 35.06 - -------------------------------------------------------------------------------- 10/05/06 SELL 2600 35.05 - -------------------------------------------------------------------------------- 10/06/06 SELL 2840 35.02 - -------------------------------------------------------------------------------- 10/06/06 BUY 300 35.09 - -------------------------------------------------------------------------------- 10/09/06 BUY 200 35.09 - -------------------------------------------------------------------------------- 10/09/06 BUY 1000 35.08 - -------------------------------------------------------------------------------- 10/10/06 SELL 200 35.03 - -------------------------------------------------------------------------------- 10/10/06 BUY 500 35.05 - -------------------------------------------------------------------------------- 10/10/06 SELL 600 35.04 - -------------------------------------------------------------------------------- 10/11/06 BUY 100 35.13 - -------------------------------------------------------------------------------- 10/11/06 SELL 300 35.07 - -------------------------------------------------------------------------------- 10/12/06 BUY 1700 35.13 - -------------------------------------------------------------------------------- 10/13/06 BUY 100 35.22 - -------------------------------------------------------------------------------- 10/13/06 SELL 100 35.25 - -------------------------------------------------------------------------------- 10/13/06 BUY 3200 35.25 - -------------------------------------------------------------------------------- 10/16/06 BUY 600 35.46 - -------------------------------------------------------------------------------- 10/16/06 SELL 600 35.55 - -------------------------------------------------------------------------------- 10/16/06 BUY 17848 35.55 - -------------------------------------------------------------------------------- 10/16/06 BUY 57230 35.52 - -------------------------------------------------------------------------------- 10/16/06 SELL 75000 35.52 - -------------------------------------------------------------------------------- 10/16/06 BUY 4000 35.54 - -------------------------------------------------------------------------------- 10/17/06 BUY 1952 35.54 - -------------------------------------------------------------------------------- 10/17/06 BUY 200 35.53 - -------------------------------------------------------------------------------- 10/17/06 SELL 300 35.49 - -------------------------------------------------------------------------------- 10/19/06 BUY 800 35.50 - -------------------------------------------------------------------------------- 10/19/06 SELL 800 35.59 - -------------------------------------------------------------------------------- 10/19/06 BUY 700 35.61 - -------------------------------------------------------------------------------- 10/19/06 SELL 1600 35.58 - -------------------------------------------------------------------------------- 10/19/06 BUY 3700 35.57 - -------------------------------------------------------------------------------- 10/19/06 BUY 5000 35.56 - -------------------------------------------------------------------------------- 10/20/06 BUY 900 35.55 - -------------------------------------------------------------------------------- 10/20/06 SELL 1898 35.55 - -------------------------------------------------------------------------------- 10/20/06 BUY 300 35.58 - -------------------------------------------------------------------------------- 10/20/06 SELL 300 35.56 - -------------------------------------------------------------------------------- 10/23/06 BUY 140 35.32 - -------------------------------------------------------------------------------- 10/23/06 SELL 200 35.44 - -------------------------------------------------------------------------------- 10/23/06 BUY 2000 35.46 - -------------------------------------------------------------------------------- 10/23/06 SELL 900 35.44 - -------------------------------------------------------------------------------- 10/24/06 BUY 400 35.44 - -------------------------------------------------------------------------------- 10/24/06 BUY 4040 35.45 - -------------------------------------------------------------------------------- 10/24/06 BUY 500 35.41 - -------------------------------------------------------------------------------- 10/24/06 SELL 700 35.36 - -------------------------------------------------------------------------------- 10/25/06 BUY 5045 35.48 - -------------------------------------------------------------------------------- 10/25/06 SELL 5300 35.53 - -------------------------------------------------------------------------------- 10/25/06 BUY 16684 35.46 - -------------------------------------------------------------------------------- 10/25/06 SELL 16684 35.46 - -------------------------------------------------------------------------------- 10/25/06 SELL 1000 35.55 - -------------------------------------------------------------------------------- 10/25/06 BUY 1400 35.48 - -------------------------------------------------------------------------------- 10/25/06 SELL 700 35.40 - -------------------------------------------------------------------------------- 10/26/06 BUY 500 35.43 - -------------------------------------------------------------------------------- 10/26/06 SELL 2715 35.45 - -------------------------------------------------------------------------------- 10/26/06 SELL 17000 35.50 - -------------------------------------------------------------------------------- 10/26/06 BUY 1100 35.50 - -------------------------------------------------------------------------------- 10/26/06 SELL 100 35.42 - -------------------------------------------------------------------------------- 10/27/06 SELL 2155 35.48 - -------------------------------------------------------------------------------- 10/27/06 BUY 600 35.47 - -------------------------------------------------------------------------------- 10/27/06 BUY 100 35.50 - -------------------------------------------------------------------------------- 10/27/06 SELL 500 35.41 - -------------------------------------------------------------------------------- 10/30/06 BUY 200 35.44 - -------------------------------------------------------------------------------- 10/30/06 SELL 200 35.47 - -------------------------------------------------------------------------------- 10/30/06 SELL 1100 35.39 - -------------------------------------------------------------------------------- 10/30/06 SELL 4200 35.38 - -------------------------------------------------------------------------------- 10/30/06 BUY 4200 35.38 - -------------------------------------------------------------------------------- 10/30/06 SELL 20000 35.40 - -------------------------------------------------------------------------------- 10/30/06 BUY 20000 35.40 - -------------------------------------------------------------------------------- 10/30/06 BUY 100 35.52 - -------------------------------------------------------------------------------- 10/30/06 SELL 122 35.46 - -------------------------------------------------------------------------------- 10/30/06 SELL 300 35.36 - -------------------------------------------------------------------------------- 10/31/06 BUY 1302 35.36 - -------------------------------------------------------------------------------- 10/31/06 BUY 582 35.44 - -------------------------------------------------------------------------------- 10/31/06 SELL 900 35.36 - -------------------------------------------------------------------------------- 11/01/06 BUY 31 35.40 - -------------------------------------------------------------------------------- 11/01/06 SELL 331 35.38 - -------------------------------------------------------------------------------- 11/01/06 SELL 20000 35.39 - -------------------------------------------------------------------------------- 11/01/06 SELL 500 35.36 - -------------------------------------------------------------------------------- 11/02/06 BUY 1012 35.33 - -------------------------------------------------------------------------------- 11/02/06 SELL 588 35.44 - -------------------------------------------------------------------------------- 11/02/06 SELL 1100 35.37 - -------------------------------------------------------------------------------- 11/03/06 SELL 1340 35.37 - -------------------------------------------------------------------------------- 11/03/06 SELL 300 35.48 - -------------------------------------------------------------------------------- 11/03/06 BUY 800 35.50 - -------------------------------------------------------------------------------- 11/03/06 SELL 1100 35.36 - -------------------------------------------------------------------------------- 11/06/06 SELL 20000 35.45 - -------------------------------------------------------------------------------- 11/06/06 BUY 400 35.46 - -------------------------------------------------------------------------------- 11/06/06 SELL 400 35.43 - -------------------------------------------------------------------------------- 11/07/06 SELL 20000 35.50 - -------------------------------------------------------------------------------- 11/07/06 BUY 2200 35.61 - -------------------------------------------------------------------------------- 11/07/06 SELL 100 35.59 - -------------------------------------------------------------------------------- 11/08/06 BUY 1584 35.48 - -------------------------------------------------------------------------------- 11/08/06 SELL 300 35.66 - -------------------------------------------------------------------------------- 11/08/06 SELL 10000 35.58 - -------------------------------------------------------------------------------- 11/08/06 BUY 400 35.60 - -------------------------------------------------------------------------------- 11/08/06 SELL 200 35.40 - -------------------------------------------------------------------------------- 11/09/06 BUY 300 35.63 - -------------------------------------------------------------------------------- 11/09/06 SELL 10000 35.64 - -------------------------------------------------------------------------------- 11/09/06 BUY 300 35.68 - -------------------------------------------------------------------------------- 11/09/06 SELL 200 35.55 - -------------------------------------------------------------------------------- 11/10/06 BUY 911 35.62 - -------------------------------------------------------------------------------- 11/10/06 SELL 10000 35.62 - -------------------------------------------------------------------------------- 11/10/06 BUY 1200 35.61 - -------------------------------------------------------------------------------- 11/10/06 SELL 100 35.60 - -------------------------------------------------------------------------------- 11/13/06 SELL 893 35.62 - -------------------------------------------------------------------------------- 11/13/06 SELL 11000 35.61 - -------------------------------------------------------------------------------- 11/13/06 BUY 100 35.64 - -------------------------------------------------------------------------------- 11/14/06 BUY 167 35.55 - -------------------------------------------------------------------------------- 11/14/06 SELL 483 35.59 - -------------------------------------------------------------------------------- 11/14/06 SELL 10000 35.62 - -------------------------------------------------------------------------------- 11/14/06 BUY 5700 35.65 - -------------------------------------------------------------------------------- 11/15/06 SELL 1291 35.71 - -------------------------------------------------------------------------------- 11/15/06 BUY 25 35.74 - -------------------------------------------------------------------------------- 11/15/06 BUY 2020 35.67 - -------------------------------------------------------------------------------- 11/15/06 BUY 8200 35.74 - -------------------------------------------------------------------------------- 11/16/06 BUY 10000 35.64 - -------------------------------------------------------------------------------- 11/16/06 SELL 10000 35.64 - -------------------------------------------------------------------------------- 11/16/06 BUY 2100 35.78 - -------------------------------------------------------------------------------- 11/16/06 SELL 200 35.77 - -------------------------------------------------------------------------------- 11/17/06 BUY 500 35.79 - -------------------------------------------------------------------------------- 11/17/06 SELL 100 35.76 - -------------------------------------------------------------------------------- 11/20/06 SELL 90 35.75 - -------------------------------------------------------------------------------- 11/20/06 BUY 1500 35.79 - -------------------------------------------------------------------------------- 11/20/06 SELL 100 35.75 - -------------------------------------------------------------------------------- 11/21/06 BUY 1700 35.79 - -------------------------------------------------------------------------------- 11/22/06 BUY 477 35.76 - -------------------------------------------------------------------------------- 11/22/06 SELL 475 35.77 - -------------------------------------------------------------------------------- 11/22/06 BUY 1108338 35.80 - -------------------------------------------------------------------------------- 11/22/06 BUY 2550 35.76 - -------------------------------------------------------------------------------- 11/22/06 BUY 500 35.78 - -------------------------------------------------------------------------------- 11/22/06 SELL 100 35.77 - -------------------------------------------------------------------------------- 11/24/06 BUY 100 35.73 - -------------------------------------------------------------------------------- 11/24/06 BUY 1 35.77 - -------------------------------------------------------------------------------- 11/24/06 BUY 300 35.76 - -------------------------------------------------------------------------------- 11/24/06 SELL 300 35.72 - -------------------------------------------------------------------------------- 11/27/06 BUY 100 35.48 - -------------------------------------------------------------------------------- 11/27/06 BUY 243 35.50 - -------------------------------------------------------------------------------- 11/27/06 SELL 100 35.50 - -------------------------------------------------------------------------------- 11/27/06 SELL 300 35.48 - -------------------------------------------------------------------------------- 11/27/06 SELL 300 35.62 - -------------------------------------------------------------------------------- 11/27/06 SELL 400 35.65 - -------------------------------------------------------------------------------- 11/27/06 BUY 5 35.77 - -------------------------------------------------------------------------------- 11/27/06 BUY 1 35.77 - -------------------------------------------------------------------------------- 11/28/06 SELL 20000 35.59 - -------------------------------------------------------------------------------- 11/28/06 BUY 31 35.55 - -------------------------------------------------------------------------------- 11/29/06 BUY 500 35.74 - -------------------------------------------------------------------------------- 11/29/06 SELL 270 35.73 - -------------------------------------------------------------------------------- 12/01/06 SELL 31 35.73 - -------------------------------------------------------------------------------- 12/01/06 BUY 100 35.76 - -------------------------------------------------------------------------------- 12/01/06 SELL 200 35.72 - -------------------------------------------------------------------------------- 12/01/06 BUY 200 35.70 - -------------------------------------------------------------------------------- 12/01/06 SELL 2000 35.66 - -------------------------------------------------------------------------------- EXHIBIT 1 JOINT FILING AGREEMENT In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, each of the persons named below agrees to the joint filing of a Statement on Schedule 13D (including amendments thereto) with respect to the Common Stock, of Northwestern Corporation and further agrees that this Joint Filing Agreement be included as an exhibit to such filings provided that, as contemplated by Section 13d-1(k)(ii), no person shall be responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate. This Joint Filing Agreement may be executed in any number of counterparts, all of which together shall constitute one and the same instrument. Dated as of December 7, 2006 DEUTSCHE BANK AG By: /s/ Jeffrey A. Ruiz -------------------------- Name: Jeffrey A. Ruiz Title: Vice President DEUTSCHE BANK AG By: /s/ Pasquale Antolino -------------------------- Name: Pasquale Antolino Title: Assistant Vice President DEUTSCHE BANK SECURITIES INC. By: /s/ Margaret Adams -------------------------- Name: Margaret Adams Title: Director DEUTSCHE BANK SECURITIES INC. By: /s/ Jeffrey A. Ruiz -------------------------- Name: Jeffrey A. Ruiz Title: Vice President -----END PRIVACY-ENHANCED MESSAGE-----