Spreadsheet: benjamin_rogers__1063__Summary
Sheet: NewCo_Summary Output

 | Unhide Sub Debt, 1999 Columns
 | NewCo SUMMARY OUTPUT
 | VALUATION SUMMARY
 |  | ENA vs FPLE |  |  |  | Enterprise |  |  | PV of Interest | Power Contract
 |  | Equity Ownership | Equity | Bond Proceeds | Existing Debt | Value | [NAME] | Unlevered IRR | Tax Shield | Liability
 | ENA GenCo | 0.2759567829990242
 | 000 $ |  | 577000 | 735000 | 0 | 1312000 | 0.14 | 0.1136320769786835 | 189937.1580952225 | 162168.806662203
 | % |  | 0.4397865853658536 | 0.5602134146341463 | 0 | 1
 | FPLE GenCo | 0.7240432170009757
 | Unlevered |  | 2560852.535833754 | 0 | 96773 | 2657625.535833754 |  |  | 0
 | 000$ |  | 1513907.111357507 | 1413250.892964539 | 96773 | 3023931.004322045 | 0.09554168879985807 | 8.5% ~ 11.0% | 366305.4684882915 | 0
 | % |  | 0.500642081182973 | 0.4673555352104949 | 0.0320023836065321 | 1
 | NewCo | 1
 | 000 $ |  | 2090907.111357507 | 2148250.892964539 | 96773 | 4335931.004322045 | 0.09502031505107879
 | % |  | 0.4822279481092516 | 0.4954532004368076 | 0.02231885145394078 | 1
 | * ENA GenCo and FPLE GenCo valuations do not include the allocation of corporate G&A.
 | Debt FINANCING ASSUMPTIONS:
 | ENA GenCo |  |  |  |  |  | FPLE GenCo
 |  | Tranche 1 | Tranche 2 | Tranche 3 | Total |  |  |  | Merchant | Contract | Total | Existing Debt | Total Debt
 | Debt Closing Date | 2001-01-01 00:00:00 |  |  |  |  | Debt Closing Date |  | 2001-01-01 00:00:00
 | Amount ('000 $) | 50000 | 210000 | 475000 | 735000 |  | Amount ('000 $) |  | 658933.0679990059 | 754317.8249655332 | 1413250.892964539 | 96773 | 1510023.892964539
 | Term (yrs) | 2.995208761122519 | 9.995893223819301 | 19.99726214921287 |  |  | Term (yrs) |  | 20 | 20
 | Final Maturity | 2003-12-31 00:00:00 | 2010-12-31 00:00:00 | 2020-12-31 00:00:00 |  |  | Final Maturity |  | 2020-12-31 00:00:00 | 2020-12-31 00:00:00
 | Average Life | 1.75621492128679 | 7.154833675564682 | 15.03060917180014 |  |  | Average Life |  | 15.56237199165992 | 12.87058045454458
 | Treasury Rate (%) | 0.068 | 0.065 | 0.062 | 0.06326530612244897 |  | Treasury Rate (%) |  | 0.065 | 0.062 | 0.06339876027238896
 | Spread (%) | 0.0225 | 0.045 | 0.05 | 0.04670068027210884 |  | Spread (%) |  | 0.03 | 0.025 | 0.02733126712064827
 | All-in Coupon Rate (%) | 0.0905 | 0.11 | 0.112 | 0.1099659863945578 |  | All-in Coupon Rate (%) |  | 0.095 | 0.087 | 0.09073002739303723
 | SUMMARY OUTPUT:
 | ENA: DSCR |  |  | Min | [NAME]. |  |  | FPLE: DSCR |  |  | Min | [NAME].
 | Fixed Price Period |  |  | 1.286805340551879 | 1.288713155804094 |  |  | Merchant Projects |  |  | 2.2 | 2.5
 | Merchant Price Period |  |  | 2.226773455617919 | 3.206086338611657 |  |  | Contracted Projects |  |  | 1.75 | 1.75
 | ENA: Salvage Value (2 x EBITDA) at the end of 20 years ($/kW) |  |  | 191.8791416309002 |  |  |  | FPLE: Salvage Value (2.5~5 x EBITDA) at the end of 13~20 years ($/kW) |  |  | 364.6308780830659
 |  | 2001 | 2002 | 2003 | 2004 | 2005
 | ENA: GenCo EBITDA (000 $) | 177680.3025633518 | 177096.433030753 | 176585.0899036404 | 208898.3000399329 | 219835.4857145982
 | ENA: GenCo Net Income (000 $) | 32647.55214293497 | 33025.69204899564 | 33751.5729365014 | 54372.65592769308 | 62521.77891891582
 | ENA: [NAME] (000 $) | 28108.53191952 | 27770.04591405702 | 27549.43490809431 | 115163.4393705284 | 121708.2944935168
 | ENA: GenCo After-Tax Cashflow (000 $) | 27812.04195175457 | 27472.90206530863 | 27251.61416134196 | 114623.2491967001 | 120920.1693493169
 | FPLE: GenCo EBITDA (000 $) | 370873.1312185593 | 333116.6368917417 | 341215.5670261264 | 365553.5761705711 | 367143.1322087016
 | FPLE: GenCo Net Income (000 $) | 89397.16138966611 | 68949.84509722193 | 76386.13181887176 | 93268.41263479725 | 97865.44599268472
 | FPLE: [NAME] (000 $) | 167142.0296068841 | 136440.4639786699 | 139871.7352824123 | 160651.6584442506 | 159803.0942949591
 | FPLE: GenCo After-Tax Cashflow (000 $) | 167142.0296068841 | 136440.4639786699 | 139871.7352824123 | 160651.6584442506 | 159803.0942949591
 | NewCo without Development Projects |  |  |  |  |  | NewCo with Development Projects |  | 2001 | 2002 | 2003 | 2004 | 2005
 | NewCo: EBITDA (000 $) | 533337.8766585783 | 494351.8955148725 | 500342.1621194509 | 555408.2368413939 | 566863.2064708885
 | NewCo: Net Income (000 $) | 98698.2647021214 | 77928.69485082355 | 85369.45719111721 | 122129.7735713067 | 134110.5910706814 | NewCo: Net Income (000 $) |  | 103155.6647021214 | 141850.5688108093 | 219721.5945060835 | 348735.9544538253 | 453721.2096575159
 | NewCo: Pre-Tax Cashflow (000 $) | 157250.5615264041 | 125070.5098927269 | 127106.9701905066 | 234291.4718147789 | 238742.0540084758 | NewCo: Net Income (CAGR) |  |  | 0.3751117713256527 | 0.4594520472180084 | 0.5008405248518721 | 0.4481848500043697
 | NewCo: After-Tax Cashflow (000 $) | 157250.5615264041 | 125070.5098927269 | 127106.9701905066 | 234291.4718147789 | 238742.0540084758 | NewCo: After-Tax Cashflow (000 $) |  | 160222.1615264041 | 219133.0930532456 | 318219.3320188255 | 520102.2469280923 | 600525.8879331683
 | NewCo: Total ISO MW | 7477.6 | 9693.6 | 13443.6 | 16443.6 | 19443.6
 | Corporate [NAME]
 | Cost Category |  |  | Notes
 | Development |  | 12000 | Expensed portion.
 | HR & Legal |  | 2000
 | Asset Management |  | 7000
 | Finance, Accounting, Tax |  | 5000
 | MIS |  | 2000
 | Executive |  | 1000
 | Corporate / Admin |  | 9000 | Rent, incentive compensation, depreciation, taxes/fees, phone, supplies, etc.
 | Total G&A |  | 38000
 | After-tax |  | 23370
 | Excludes trading and marketing.
 | Excludes cost of shared services; parts pooling and fleet team support.  Costs are included in the project models.
 | Operations and construction management are allocated to the projects.