Spreadsheet: benjamin_rogers__1061__Trachtebel_77000
Sheet: Summary

"Preliminary"  Bellingham & Sayreville Valuation (In Millions)
Baseline Valuation
 | 2001-12-31 00:00:00 | Equity | ExDebt | Total EV
 | 0.12
 | 0.11
 | 0.1
Assumptions:
1. Based off of information provided in ESI Tractebel Prospectus 424b1 filed 8/13/1998
2. Unlevered
3. Merchant Value of $0
Restructuring Analysis
 |  |  |  | 2000-12-31 00:00:00 | 2001-12-31 00:00:00 | 2002-12-31 00:00:00
Stranded Investment
Less: | Utility Premium
 | Steam Agreements
 | Gas Service Agreements
 | Management Agreements
 | Debt Outstanding
 | "Make-Whole" Premium on Debt
 | Energy Bank Balance - Projected
Plus: | Merchant Value
Pre-Tax Restructuring Value
Less Equity Value @ 11%
Net Restructuring Value
Base Restructuring Assumption:
1. Based off of information provided in ESI Tractebel Prospectus 424b1 filed 8/13/1998
2. That both New Jersey and Massachusetts securitize
3. Securitization Rate = 8% Based on Utility cost of debt
4. Utility Premium = 10% (Based on discussions with [NAME] and [NAME])
5. Values calculated based on Tractebel's 50% equity interest
6. BECO Energy Bank at 0
7. Fuel Agreements are discounted at suppliers cost of debt
8. Steam Plant is discounted using cost of equity of 11%
Sensitivities
 |  | Securitization/Utility Sensitivity
 |  | Securitization Rate
 |  | 0.0733 | 0.075 | 0.0775 | 0.08 | 0.0825 | 0.085
Utility Savings % | 0.1 | 93027 | 86540 | 77166 |  | 58987 | 50173
 | 0.11 | 85207 | 78793 | 69523 | 60442 | 51546 | 42829
 | 0.12 | 77387 | 71045 | 61879 | 52901 | 44104 | 35486
 | 0.13 | 69567 | 63297 | 54236 | 45359 | 36663 | 28142
 | 0.14 | 61748 | 55550 | 46592 | 37818 | 29221 | 20798
 | 0.15 | 53928 | 47802 | 38949 | 30276 | 21780 | 13455
 | Merchant Sensitivity Analysis |  |  | Mid/Offer Curve Analysis |  |  | BECO EBank Balance
 | Value/Kw | Restructuring Value |  | Curve | Restructuring Value |  | % of Balance 2000 | Restructuring Value
 | 122 | 67894 |  | Mid | 77469 |  | 0 | 67894
 | 150 | 76277 |  | Offer | 67894 |  | 0.25 | 56154
 | 175 | 83777 |  |  |  |  | 0.5 | 44324
 | 200 | 91277 |  |  |  |  | 0.75 | 32493
 | 225 | 98777 |  |  |  |  | 1 | 20663
 | 250 | 106277
Values Represent Restructuring Net Of Equity
Bold Represents Base Case
 |  |  |  |  |  | 2002-12-31 00:00:00
 |  |  |  |  | 2001-12-31 00:00:00 | 818928.0973146098
"Potential" Restructuring Valuation |  |  |  |  | 847494.0737714728
 |  |  |  |  |  | -81892.80973146099
 |  |  |  |  | -84749.40737714729 | -11317.64746333558
 |  |  |  | 2000-12-31 00:00:00 | -12233.58622572118 | -116948.1589984982
Stranded Investment |  |  |  | 867486.6849805198 | -120477.2102721382 | -10185.00971735276
 |  |  |  |  | -10543.95123413143 | -277307
Less: | Utility Premium |  |  | -86748.668498052 | -293616 | -28195.48973504636
 | Steam Agreements |  |  | -13091.40616459913 | -34490.64125947768 | -51369.63088629572
 | Gas Service Agreements |  |  | -121100.0365929432 | -57984.20470903658
 | Management Agreements |  |  | -10874.20067912872
 | Debt Outstanding |  |  | -309360
 | "Make-Whole" Premium on Debt |  |  | -40875.61439573365
 | Energy Bank Balance - Projected |  |  | -64598.77853177743
Plus: | Merchant Value
Pre-Tax Restructuring Value
Less Equity Value @ 11%
Net Restructuring Value
Assumptions:
1. Based off of information provided in ESI Tractebel Prospectus 424b1 filed 8/13/1998
2. Discount Rate = 7.5% (Based on 50/50 sharing of securitization)
3. Utility Premium = 10% (Based on discussions with [NAME]
4. Values calculated based on Tractebel's 50% equity interest
5. Merchant Value = $300/Kw