First sighting of Nazgūl Steed
Arathorn @ 12:06 pm EST
Here are a few frame captures from Ringer Spy Bellerophon of the Nazgūl Steed maquette from the latest "Creatures of The Two Towers" video on LordOfTheRings.net.
These have been brightened and enlarged for your viewing pleasure, although the framing of the maquette in the original footage makes the images somewhat cryptic to say the least. It's quite possible that the intercut images of the John Howe Nazgūl Steed in the same video gives more of an accurate idea as to how the fell beasts will appear in TTT and RoTK.

Nazgūl Steed #1 Nazgūl Steed #2
Nazgūl Steed #3