Spreadsheet: benjamin_rogers__1264__NewCo-7-15-00
Sheet: Cherokee

INCOME STATEMENT - Cherokee
('000 $) |  |  | 1999 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total | Net Total
Revenue
PPA Period:
Demand Payment |  |  |  | 6727 | 8068 | 8592 | 8608 | 9028 | 9409 | 10005 | 10576 | 11050 | 11741 | 11236 | 11371 | 11371 | 5335 | 9617 | 9617 | 9617 | 9617 | 9617 | 0 | 0
Energy Payment |  |  |  | 20567 | 23332.14 | 25432.2428 | 25786.307656 | 26548.33380912 | 28943.3204853024 | 31175.26689500845 | 32908.17223290862 | 35317.03567756679 | 37970.85639111813 | 35172.63351894049 | 36782.3661893193 | 36780.05351310568 | 33693.6945833678 | 31516.28847503515 | 30122.83424453586 | 31507.33092942657 | 31502.7775480151 | 30960.17309897541 | 0 | 0
Block Payment |  |  |  | 259 | 358 | 417 | 417 | 417 | 417 | 417 | 417 | 417 | 417 | 417 | 417 | 417 | 417 | 417 | 417 | 417 | 417 | 417 | 0 | 0
Market Period:
Demand Payment
Variable Revenue
Energy Margin
Interest Income |  |  |  | 175 | 40 | 68 | 69 | 71 | 72 | 74 | 75 | 77 | 79 | 81 | 83 | 84 | 86 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Revenue
Expense
Fuel |  |  |  | 15824 | 17827 | 18472 | 19120 | 19802 | 20510 | 21235 | 21990 | 21327 | 21958 | 22425 | 23088 | 23864 | 24567 | 25191 | 25931 | 26486 | 27052 | 27632 | 0 | 0
Fixed O&M |  |  |  | 2300 | 2800 | 2843 | 2900 | 2983 | 3197 | 3257 | 3334 | 3383 | 3448 | 3544 | 3261 | 3331 | 3419 | 3715 | 3787 | 3877 | 3960 | 4041 | 0 | 0
Variable O&M |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Major Maintenance & Ongoing Capex |  |  |  | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 1199 | 0 | 0
Insurance |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
SG&A |  |  |  | 1169 | 818 | 834 | 849 | 950 | 964 | 979 | 995 | 1010 | 1013 | 1030 | 1047 | 1064 | 978 | 994 | 1010 | 1027 | 1045 | 1063 | 0 | 0
Utility Start Up Power |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Property, Other Taxes |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Debt Service L/C Fee |  |  |  | 103 | 107 | 112 | 117 | 122 | 128 | 133 | 141 | 146 | 154 | 161 | 168 | 168 | 168 | 20 | 20 | 20 | 20 | 20 | 0 | 0
Marketing Fee |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Administrative Fee |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
O&M Fees |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Expense
EBITDA
Depreciation & Amortization
EBIT
Interest Expense |  |  |  |  | 6104 | 5997 | 5826 | 5681 | 5483 | 5097 | 4562 | 3941 | 3169 | 2334 | 1509 | 580 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
EBT
Book State Tax Benefit / (Expense) |  | 0.05
Shareholder Fed. Tax Benefit / (Expense) |  | 0.35
Net Income
CASH FLOW - Cherokee
Investor Interest |  | 0.5
('000 $) |  |  | 1999
EBITDA
Capital Expenditures |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Debt Service |  |  |  |  | -7104 | -7997 | -7826 | -7181 | -9483 | -11097 | -11562 | -12441 | -13169 | -11334 | -13009 | -9580 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Pre Tax Cash Flow
Cash Taxes Benefit (Expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
After Tax Cash Flow
Net Income to FPLE
Distributable Cash to FPLE
Valuation
Pre Tax Cash Flow
Tax Benefit / (Expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0
Residual Value |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |  | 0 | 0
After Tax Cash Flow |  |  |  | -39321.00129631437
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Residual Value
NPV |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2020 EBITDA
Equity Discount Rate |  | 0.09 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Adjustment Factor |  |  |  | 1
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Adjusted EBITDA
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | EBITDA Multiple |  |  |  | 5
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Residual Value
Depreciable Basis
Debt (12/31/00)
Equity
Percent Depreciable |  |  | 0.9
Depreciable Basis
GAAP Depreciation
Life | 30 | SL
Additional Depreciation @ FPLE
Tax Depreciation
Basis
Depreciation Rate: 5 Year 200% MACRS HY |  |  |  |  | 0.0375 | 0.07219 | 0.06677 | 0.06177 | 0.05713 | 0.05285 | 0.04888 | 0.04522 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.04462 | 0.04461
Tax Depreciation
Additional Depreciation @ FPLE
Taxable Income
Tax Depreciation
Interest Expense
Taxable Income
State Income Tax
Federal Income Tax
FPLE Net Income
Interest Income - Loan Receivable |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Fee Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
Total Other Income
State Taxes
Federal Taxes
Net Income from Interest and Fee to FPLE
Total FPLE Net Income
FPLE Other Cash Flows  (Loan Receivable valued at principal)
Aftertax cash from Fee Income
Other |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
NPV
Equity Discount Rate |  | 0.09
Valuation of FPLE's Project Interest
FPLE's Share of Project
Note Receivable |  |  | 0
PV of Fee Income
Value of FPLE's Interest