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4/14/2015
<br />Date
<br />Fuel
<br />Recent Generation Power Plant Sales
<br />Dec -13
<br />Gas
<br />Apr -14
<br />Gas
<br />Aug -14 Aug -14
<br />60% Gas 40% Coal Gas &Coal
<br />Price $ 625,000,000 $ 1,570,000,000 5 3,450,000,000 $ 2,800,000,000
<br />rnW 1,050 3,498 6,357 6,143
<br />kW 1,050,000 3,498,000 6,357,000 6,143,000
<br />$ per kW $ 595 $ 449 $ 543 $ 456
<br />Seller Min Tex Power [alpine ECP Duke
<br />Locations TX Southeast & Northeast Northeast
<br />Midwest Midwest Midwest
<br />Estimated Estimated
<br />Date Dec -14 Dec -14 Jan -15 10015
<br />Fuel Coal 70% Nuke, 30% Coal Coal & Gas Coal & Gas
<br />Price 5 12,400,000 $ 1,200,000,000 5 3,600,000,000 $ 2,800,000,000
<br />mW 202 700 7,923 7,923
<br />kW 201,500 700,000 7,923,000 7,923,000
<br />$ per kW $ 62 $ 1,714 $ 454 $ 353
<br />Seller Dayton P&L NCEMPA AEP AEP
<br />locations Kentucky NC Northeast Northeast
<br />Description
<br />FMPA Project Value Based on Asset Sale
<br />2014
<br />Below shows the 5 FMPA generation projects. In yellow Is the possible sale value driven by the values input on the lead
<br />"Variable" worksheet. The sale value In yellow was calculated on the "FMPA Generation" worksheet. Cash and other
<br />assets, per the 9/30/14 FMPA Balance Sheet, are then added to the generation sales price less liabilities to arrive at
<br />positive or negative equity position per project.
<br />Nuke Coal Coal Coal Mixed
<br />5t Lucie Stanton I Stanton II 12) City ARP
<br />Owner FPI 0110 OK 00C FMPA
<br />Year built 1983 1987 1996 1987 Various
<br />Total generation at Ole plant 2014 984 441 453 441 Various
<br />FMPA share 8.8060% 14.819396 23,2367% 5.3012% Various
<br />FMPA mWs 87 65 105 23 1333
<br />$ Sale price per kW 2246 450 450 450 555
<br />ADD:
<br />LESS:
<br />Total
<br />1614
<br />Sale value of Generation Asset 5 194,618,236 $ 29,408,901 5 47,368,013 5 10,520,231 5 739,485,395 6 1,021,400,776
<br />Cash & Investments 248,573,000 30,358,000 51,912,000 8,819,000 289,874,000 629,536,000
<br />Other Assets 103,538,000 527,000 23,786,000 755,000 320,437,000 449,043,000
<br />Longterm 0951
<br />Other Liabeities
<br />FMPA Equity OR (Negative Value)
<br />Veros mW Share
<br />Vero's Equity (Negative value)
<br />(342,867,000) 139,310,000) (157,975,000) (15,771,000) (1,168,198,000) (1,724,121,000)
<br />(98,373,000) (24,514,000) (24,079,090) (6,802,000) (306,989,0001 (460,757,000)
<br />$ 105,489,236 5 (3,530,099) 5 (58,987,987) $ (2,478,769) $ (125,398,605) 5 (84,098,224)
<br />15.105 32.5% 16.5% 0.096 0.096
<br />5 16,028,884 5 (1,148,683) 5 19,712,881) $
<br />Cash, investments, Other assets, Debt and Lia Nies per 9/30/1,10004 CA99
<br />Oaes nor iacfude Agency rand
<br />5 - 5 5,167.319
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