Spreadsheet: benjamin_rogers__1264__NewCo-7-15-00
Sheet: FPLE_Valuation Summary

 | FPLE Valuation Summary
 | ('000 $)
 | FPLE DCF Analysis
 |  |  |  |  |  |  | (a)
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Equity | State Tax |  | Weighted Average State Tax Rate
 |  |  |  |  |  |  | 2001 |  | DCF Value |  |  |  |  |  | Target |  |  |  | Levered |  | Tax Shield |  | Debt |  | % |  | Valuation is run |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Maine - Hydro |  | 0.089
 |  |  |  |  | Net MW |  | Net Income |  | Equity |  | Debt |  | Total |  | Unlevered IRR |  | $/KW |  | Plant Value |  | Allocation |  | Allocation |  | by Cash Flow |  | proof |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Maine - Thermal |  | 0.089
 | -  Operating Merchant Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Lamar |  | 0
 |  | Maine - Hydro |  |  | 373 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Marcus Hook 50 |  | 0.0999
 |  | Maine - Thermal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Doswell |  | 0.06
 |  | Lamar |  |  | 990 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Doswell CT |  | 0.06
 |  | Marcus Hook 50 |  |  | 50 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Segs |  | 0.05
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Bellingham/Sayreville |  | 0.09
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Cherokee |  | 0.05
 | -  Operating Contract Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | [NAME] |  | 0.12
 |  | Doswell |  |  | 665 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Southwest Mesa |  | 0
 |  | Doswell CT |  |  | 170 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Vansycle |  | 0.05
 |  | Wind |  |  | 482.6 |  |  |  |  |  |  |  |  |  | 0.09 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | [NAME] |  | 0.05
 |  | Segs |  |  | 80 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Pacific Crest (b) |  | 0.05
 |  | Bellingham/Sayreville |  |  | 300 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Sky River |  | 0.05
 |  | Cherokee |  |  | 50 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | [NAME] |  | 0.05
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Green Ridge |  | 0.05
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Mojave 16/17/18 (c) |  | 0.05
 | Core Portfolio Value - Unlevered |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Morwind |  | 0.05
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Victory Garden |  | 0.05
 | -  Corporate Leverage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | WPP 92 |  | 0.05
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | WPP 91-2 |  | 0.05
 | Core Portfolio Value - Levered |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | WPP 89 |  | 0.05
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | WPP 91 |  | 0.05
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | WPP 90 |  | 0.05
 | (a)  Assets are written up, income is net of interest expense, and major maintenance is expensed as incurred (equal to cash).
 | -  No trading, portfolio, real option, or contract restructuring value is shown.