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40 <br />FPL <br />Letter of Intent to Purchase City of Vero <br />Beach Electric System <br />Bart Gaetjens, External Affairs Manager <br />Florida Power & Light Company <br />May 16, 2017 <br />FPL is proposing a new offer of nearly $185 million for all <br />COVB electric utility customers and assets <br />Updated Offer for COVB Electric Utility <br />• Approximately $184.6 million cash offer for the COVB <br />Electric Utility includes: <br />— $108 million — FMPA power entitlements and additional risks <br />(Vero's share) <br />— $20 million — OUC agreement buyout <br />— —$20 million — COVB bond payoff <br />— $20 million — Cash payment to COVB <br />— $10 million — Pre -payment for 99 -year lease for substation land <br />— —$6.6 million — Cash funding of employee pension liability <br />• Allows for complete termination of all existing FMPA and <br />OUC contracts <br />• Benefits for both existing FPL customers and Vero Beach <br />customers through the completion of this transaction <br />2 <br />too <br />FPL <br />5J\ <br />5-16-17 <br />p1 <br />