Spreadsheet: benjamin_rogers__1173__Wilton_New - GE 7EA
Sheet: Project Assumptions

WILTON CENTER, Will County, IL
ASSUMPTIONS AND SUMMARY
SOURCES AND USES: |  |  |  | PROJECT DESCRIPTION: |  |  |  |  |  | VARIABLE OPERATING COSTS: |  |  |  |  |  |  | PROPERTY TAX ASSUMPTIONS:
 |  |  |  |  |  |  |  |  |  |  |  | Base Year | 1999 |  |  |  | Basis for Property Tax
Sources of Funds |  |  |  | Type of Turbines |  |  | 0 | GE 7EA |  |  | OEC #'s per 1200 hrs | MW'hrs | $/MWh |  | 2000-2003 Ave |  | Assessed Value Multiplier
Equity Capital |  |  |  | No. Turbines |  |  | 0 | 8 |  | Water Treatment | 60 |  |  |  |  |  | All-in Mileage Rate |  |  | 0.061154
Permanent Loan |  |  |  | ISO Capacity Rating (MW) |  |  | 0 | 665.9 |  | FERC Fee |  |  | 0.05 |  |  |  | Years of Tax Abatement |  |  | N/A
 |  |  |  | Net Project MW -  Site |  |  |  | 608 |  | Variable Maintenance | 533 |  |  |  |  |  | Avg. Property Tax
Total Sources |  |  |  | Degraded Capacity | 0.02 | On Merchant Hours Only |  |  |  | TOTAL VEP
 |  |  |  | Heat Rate (HHV) |  |  |  | 11973 |  |  |  |  |  |  |  |  | BOOK INCOME ASSUMPTIONS:
Uses of Funds |  |  |  | Power Capacity Factor |  |  |  |  |  | COST PER START: |  |  |  |  |  |  | P/E in Year 2000:
Hard Costs: |  |  |  | Annual Peak Operating Hours |  | 1200 | TVA hours | 0 |  |  | No of Starts (By 10's) | Cost/Start/Turbine | Cost/Start | $/Yr. (000's) | Escalation |  | Book Depreciation Period |  |  | 30
Turbines |  | 142064.94 |  | Project Life (Years) |  |  |  | 20 |  | Major [NAME] | 120 |  |  |  | 0.03 |  | Book Residual |  |  | 0.1
ABB (Transformer and Curcuit Breakers |  | 5916.048 |  | Start of Commercial Operation |  | 2000-06-01 00:00:00 | Fraction of Yr1 |  |  | Start Up Fuel | 120 |  |  |  |  |  | Avg Annual Int Rate Earned on EBITDA and Maint Res. |  |  | 0.01349095393898896
Sound Control |  | 9479.08 |  | End of Commercial Operation |  | 2020-05-30 00:00:00
EE&CC , Overhead and Fees |  | 940.2 |  | Installed Cost ($/kW) | W/Debt Res. |  | W/O Debt Res. |  |  |  |  |  |  |  |  |  | CHECKS:
[NAME], Overheads and Fees |  | 2824.8 |  |  |  |  |  |  |  | FIXED OPERATING COSTS:
Base Fee |  | 3066.7 |  | VARIABLE PAYMENTS: |  |  |  |  |  | Payroll and Burden |  |  | 727 |  |  |  | Does Balance Sheet Balance
NEPCO Scope (Reimbursable) |  | 46656.594 |  | Variable Energy Payment |  | $/ MW h |  | 0.03 |  | Other O&M expenses |  |  | 270 |  |  |  | Total Depreciable Base
[NAME] |  | 3355.857 |  | Start Up Payment / Turbine |  | $/Start/ Turbine |  |  |  | [NAME] ( $1M Prorated by Project MW's ) |  |  |  |  |  |  | Total Project Cost
Union Adders/Other |  | 12328.422 |  | Energy Margin | 1 | $/MWh | Capacity Factor | 0.02 |  | Marketing Fee (Merchant Only) | 0.07 | $/kw-mo |  |  |  |  | Undepreciated Cost
Spare Parts |  | 1253.881 |  |  |  |  |  |  |  | O&M Fees |  |  | 250 |  |  |  | Land
Land Acquisition |  | 2305.818 |  | PPA ASSUMPTIONS: |  |  |  |  |  | TOTAL FIXED O&M
Power and Water Interconnect |  |  |  | Term of ECT PPA (years) | 3 | Yrs. | End Month | 5
Gas Interconnection Costs |  | 6500 |  | Total PPA Capacity (MW) |  |  |  |  |  | FIXED [NAME]:
Sales and Use Tax on Equipment | 0.06 | 500 |  | Number of Hours Called under PPA |  |  |  |  |  |  |  | Base Year | 1999
Mobilization Fuel |  | 1500 |  | Capacity Rate |  |  |  | 4 |  | Insurance Costs: |  |  |  |  | 2000-2003 Ave
 |  |  |  | Capacity Rate Escalation |  |  |  | 0 |  | Liability Insurance |  |  | 70
Soft Costs: |  |  |  | Capacity Rate Escalation for Kaiser estimates |  |  |  | 0.03 |  | Bus Int Ins. |  |  | 0
EE&CC Project Management |  | 0 |  |  |  |  |  |  |  | Ops and Mach Ins |  |  | 221
Mobilization of O&M |  | 908.786 |  | DEBT FINANCING ASSUMPTIONS: |  |  |  |  |  | Total Insurance Cost
Environmental Permitting |  | 349.955 |  | Use Normal Debt Structure or Alternate? |  |  |  | Alternate |  | Utilities: Start Up Power |  |  | 64.4
Insurance During Construction |  | 266.249 |  |  |  |  |  |  |  | Utilities: Facilities Load |  |  | 286
Capitalized Salaries |  | 177.396 |  |  | Tranche A | Tranche B | Tranche C | Total |  | Interconnection Fees |  |  | 100
Plano Capitalized Expenses |  | 299.525 |  | [NAME] |  |  |  |  |  | Gas Pipeline Metering Station |  |  | 30
Development Expenses |  | 503.639 |  | [NAME] | 29573 | 54410 | 98814 |  |  | Miscellaneous |  |  | 75
Legal Expense |  | 246.752 |  | Term |  |  |  |  |  | TOTAL FIXED G&A
[NAME] Expensed |  | 276.901 |  | Interest Rate
Working Capital |  | 0 |  | DSCR | 1.5 | 2.5 | 2.5 |  |  | O&M Escalation |  |  | 0.03
 |  |  |  | Choose for Tranches B & C |  | Interest Only |  |  |  | Operating Cost Escalation |  |  | 0.03
 |  |  |  | Avg. Life (years)
Financing Costs: |  |  |  |  |  |  |  |  |  | OPERATING COST SUMMARY:
Lender's Engineer |  | 0 |  | DEBT RESERVE ASSUMPTIONS: |  |  |  |  |  |  | 1999  US$ |  |  |  | 2000-2003 Ave
Lender's Counsel |  | 0 |  | Fund from Operations or Financing? |  |  |  | Operations |  | Variable Operating Costs |  | $/YR |  | $/MWh
Financing Fee |  | 0 |  | Amount of Reserve Needed (6 mos DS)
Debt Reserves |  |  |  | Interest Rate Earned on Outstanding Debt Reserve Balance |  |  |  | 0 |  | Major [NAME] |  | $/YR |  | $/Start
 |  |  |  |  |  |  |  |  |  | Start Up Fuel |  | $/YR |  | $/Start
 |  |  |  | RETURNS TO EQUITY HOLDERS:
Capitalized Interest: |  |  |  | Preferred Equity |  | Term (yrs)
IDC on Project Cost | 0.064 |  |  |  |  | Coupon |  |  |  | Fixed Operating Costs |  | $/YR |  | $/KWm
 |  |  |  |  |  | Principal |  |  |  | Fixed G&A |  | $/YR |  | $/KWm
 |  |  |  |  |  |  |  |  |  | Property Tax ('02 Disc.) |  | $/YR |  | $/KWm
Contingency on Hard & Soft Costs | 0.03 | 0 |  | RETURN ON EQUITY: |  |  |  |  |  | Operating Taxes ('02 Disc.) |  | $/YR |  | $/KWm
Contingency on [NAME] | 0.05 | 0 |  |  |  | Required Return on Equity |  | 0.12
Total Contingency |  |  |  |  |  | Pre-Tax |  | After-Tax |  | Total  Operating Costs |  | $/YR
 |  |  |  | Years |  | XIRR |  | XIRR
Total Uses |  |  |  | 10 |  |  |  |  |  | Start Up Fuel (MMBTU/Turbine)
 |  |  |  | 15 |  |  |  |  |  | Startup Fuel Mmbtu/Turbine |  |  |  | MMBTU's
 |  |  |  | 20
MODEL TOGGLES: |  |  |  |  |  |  |  |  |  | STATE & FEDERAL TAX ASSUMPTIONS:
Fixed Price or Index Gas Curve? |  | Fixed |  |  |  |  |  |  |  | Federal Income Tax Rate |  |  | 0.35
Fixed Gas Price |  | 2.5 |  |  |  | Pre-Tax |  | After-Tax |  | State Income Tax Rate |  |  | 0.0718
Use Fed NOL Carryforward? |  | Yes |  | Years |  | XNPV |  | XNPV |  | Effective Income Tax Rate
Use State NOL Carryforward? |  | Yes |  | 10
[NAME] (years) |  | 15 |  | 15 |  |  |  |  |  | State Utility Gross Receipts Tax Rate (Gross Rev.) |  |  | 0
Assumed run hours or dispatched? |  | Assumed |  | 20 |  |  |  |  |  | State Franchise Tax Rate (Capital or BV of assets) Yr. 1 |  |  | 0.0015
Allow Merchant Energy Revenue? |  | No |  |  |  |  |  |  |  | State Franchise Tax Rate (Capital or BV of assets) Yr. 2 - 20 |  |  | 0.001
Allow Residual Capacity Value? |  | No |  |  |  |  |  |  |  | State Sales and Use Tax Rate on Fuel |  |  | 0
Residual Capacity Value ($/kWmo) |  | 0 |  |  |  |  |  |  |  | Excise Util tax (Net Income) |  |  | 0
Kaiser Capacity Curve
Base, Low, Mid or Percentage (1, 2, 3 or 4) |  | 1
Percentage for Option 4 |  | 0.5
Energy Curve Selector |  | Marginal Cost Curve
Pass through Variable O&M? |  | No
 |  |  | Multiples | Auction Value
 | TO DO |  | IPO Value
 | IDC amortized |  |  | Total Value
 | check util |  | * | Less Cost
 |  |  | ** | Net Value
 |  |  |  | IPO Equity Valuation* |  | REIT Equity  Value**
 |  |  |  | 12 | 16 | 8 | 10
 |  |  |  | IPO = NPV of 2001 Earnings*Multiple-Equity-Capacity Delta
 |  |  |  | Reit =NPV of 2001  EBT*Multiple-Equity-Capacity Delta
 |  |  |  |  |  |  |  |  |  | Checked and verified
 |  |  |  |  |  |  |  |  |  | Check with Tax
 |  |  |  |  |  |  |  |  |  | Modelling or Assumption # change needed
 |  |  |  |  |  |  |  |  |  | Need clarication of principle
 |  |  |  |  |  |  |  |  |  | Changed
 |  |  | *