DISCLAIMERS

PRELIMINARY DRAFT SUBJECT TO FRE 408

The forecast is based on various assumptions, many of which are subject to changing market conditions.

EMEHC continues to explore ways to address its near term liquidity needs.

Case:

Projections as of 3/9/12 - Spring Outage Scenario

($ millions)

Feb 2012

Mar 2012

Apr 2012

May 2012

Jun 2012

Jul 2012

Aug 2012

Sep 2012

Oct 2012

Nov 2012

Dec 2012

Operating Statistics

Generation (GWh)

855

873

776

442

741

943

946

757

792

779

869

Realized Market Price ($/MWh)

$

29.98

$

28.71

$

28.59

$

31.15

$

34.22

$

37.47

$

36.70

$

32.84

$

31.63

$

31.85

$

34.86

Revenue

Prior Month Revenue True-up

$

—

$

(1.7

)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

MTD Realized Energy

$

26.3

$

3.3

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

MTD Realized Transmission Revenue

$

0.2

$

0.1

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

BOM Forecasted Energy

$

—

$

21.8

$

21.9

$

13.7

$

25.2

$

35.3

$

34.6

$

24.7

$

25.0

$

24.7

$

30.1

BOM Forecasted Trans Revenue

$

—

$

0.2

$

0.8

$

0.5

$

0.5

$

1.2

$

1.2

$

1.2

$

0.5

$

0.5

$

0.5

Current Month Revenue Repayment

$

(53.4

)

$

(38.2

)

$

(28.5

)

$

(20.2

)

$

(32.2

)

$

(43.2

)

$

(42.5

)

$

(32.4

)

$

(32.2

)

$

(31.7

)

$

(37.3

)

Prompt Month Revenue Prepayment

$

38.2

$

28.5

$

20.2

$

32.2

$

43.2

$

42.5

$

32.4

$

32.2

$

31.7

$

37.3

$

45.2

Current Month Capacity Revenue

$

5.6

$

6.0

$

5.8

$

6.0

$

6.5

$

6.7

$

6.7

$

6.5

$

6.7

$

6.5

$

6.7

Total Net Revenue (1)

$

16.8

$

19.9

$

20.2

$

32.2

$

43.2

$

42.5

$

32.4

$

32.2

$

31.7

$

37.3

$

45.2

Revenue Account

Ending Balance from Prior Month (2)

$

0.3

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Plus: Transfer of Total Net Revenue (3)

$

19.9

$

20.2

$

32.2

$

43.2

$

42.5

$

32.4

$

32.2

$

31.7

$

37.3

$

45.2

Plus: Transfer of Excess Available from Equity Account (4)

$

19.0

$

0.7

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Cash Available to Fund Operating Account

$

39.3

$

20.9

$

32.2

$

43.2

$

42.5

$

32.4

$

32.2

$

31.7

$

37.3

$

45.2

Less: Transfer to Operating Account

$

(30.0

)

$

(20.9

)

$

(32.2

)

$

(43.2

)

$

(42.5

)

$

(32.4

)

$

(32.2

)

$

(31.7

)

$

(37.3

)

$

(37.8

)

Cash Available to Fund Senior Rent Reserve Requirement

$

9.2

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

7.4

Less: Transfer to Senior Rent Payment Account

$

(8.5

)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

(7.4

)

Cash Available to Fund Equity Rent Account

$

0.7

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Less: Transfer to Equity Account

$

(0.7

)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Ending Balance for Current Month

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Operating Account

Ending Balance from Prior Month (2)

$

28.2

$

31.1

$

20.9

$

9.1

$

17.3

$

27.7

$

24.5

$

15.7

$

16.5

$

21.0

Less: Paid Expenses

$

(5.0

)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Less: Invoiced/Yet to be Paid Expenses

$

(4.9

)

$

(4.1

)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Less: Forecasted Coal Expenses

$

(11.3

)

$

(4.7

)

$

(18.0

)

$

(16.8

)

$

(18.8

)

$

(23.5

)

$

(21.5

)

$

(18.6

)

$

(20.1

)

$

(21.2

)

Less: Forecasted Planned Overhaul & CapEx

$

(3.6

)

$

(11.1

)

$

(16.4

)

$

(10.2

)

$

(5.2

)

$

(3.7

)

$

(4.8

)

$

(4.7

)

$

(3.9

)

$

(2.4

)

Less: Forecasted Other O&M Expenses & Lag

$

(2.3

)

$

(11.2

)

$

(9.6

)

$

(8.0

)

$

(8.1

)

$

(8.4

)

$

(14.6

)

$

(7.5

)

$

(8.8

)

$

(7.7

)

Balance Before End-of-Month Transfer

$

1.0

$

—

$

(23.1

)

$

(25.9

)

$

(14.8

)

$

(7.9

)

$

(16.4

)

$

(15.1

)

$

(16.3

)

$

(10.2

)

Plus: Transfer from Revenue Account

$

30.0

$

20.9

$

32.2

$

43.2

$

42.5

$

32.4

$

32.2

$

31.7

$

37.3

$

37.8

Ending Balance for Current Month

$

31.1

$

20.9

$

9.1

$

17.3

$

27.7

$

24.5

$

15.7

$

16.5

$

21.0

$

27.6

Senior Rent Payment Account

Ending Balance from Prior Month (2)

$

39.9

$

48.4

$

—

$

—

$

—

$

—

$

—

$

—

$

(47.7

)

$

(47.7

)

Less: Senior Rent Payment

$

—

$

(48.4

)

$

—

$

—

$

—

$

—

$

—

$

(47.7

)

$

—

$

—

Plus: Transfer from Revenue Account

$

8.5

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

7.4

Ending Balance for Current Month

$

48.4

$

—

$

—

$

—

$

—

$

—

$

—

$

(47.7

)

$

(47.7

)

$

(40.3

)

Equity Account

Ending Balance from Prior Month (2)

$

19.0

$

0.7

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Less: Transfer to Revenue Account

$

(19.0

)

$

(0.7

)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Balance Before End-of-Month Transfer

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Plus: Transfer from Revenue Account

$

0.7

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Ending Balance for Current Month

$

0.7

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Total Funding Shortfall (5)

$

—

$

—

$

(23.1

)

$

(25.9

)

$

(14.8

)

$

(7.9

)

$

(16.4

)

$

(62.9

)

$

(64.0

)

$

(50.5

)

Senior Rent Schedule

Senior Rent Payment

$

—

$

48.4

$

—

$

—

$

—

$

—

$

—

$

47.7

$

—

$

—

Senior Rent Reserve Requirement

$

8.0

$

7.8

$

7.8

$

7.8

$

7.8

$

7.8

$

7.8

$

7.0

$

7.0

$

7.0

Senior Rent Fees and Expenses

$

0.5

$

—

$

—

$

—

$

—

$

—

$

0.7

$

—

$

—

$

—

Target End-of-Month Senior Rent Reserve Balance

$

47.9

$

7.8

$

15.7

$

23.5

$

31.4

$

39.2

$

47.0

$

7.0

$

14.1

$

21.1

(1)

All netting of revenues takes place at EMMT before Total Net Revenue is transferred to the Revenue Account.

(2)

Starting cash balance as of 3/1/2012.

(3)

Assumes continued prepayment of revenues by EMMT.

(4)

Amounts available in Equity Account can be used to fund Revenue Account.

(5)

Sum of Operating Account Shortfall (Balance Before End-of-Month Transfer from Revenue Account), if any, and Senior Rent Payment Account shortfall, if any.

DISCLAIMERS

PRELIMINARY DRAFT SUBJECT TO FRE 408

($ millions)

Feb 2012

Mar 2012

Apr 2012

May 2012

Jun 2012

Jul 2012

Aug 2012

Sep 2012

Oct 2012

Nov 2012

Dec 2012

Operating Statistics

Generation (GWh)

855

873

1,041

575

723

922

925

740

575

567

869

Realized Market Price ($/MWh)

$

29.98

$

28.71

$

28.58

$

31.17

$

34.23

$

37.48

$

36.70

$

32.85

$

31.76

$

32.00

$

34.86

Revenue

Prior Month Revenue True-up

$

—

$

(1.7

)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

MTD Realized Energy

$

26.3

$

3.3

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

MTD Realized Transmission Revenue

$

0.2

$

0.1

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

BOM Forecasted Energy

$

—

$

21.8

$

29.7

$

17.9

$

24.6

$

34.5

$

33.9

$

24.2

$

18.2

$

18.1

$

30.1

BOM Forecasted Trans Revenue

$

—

$

0.2

$

0.8

$

0.5

$

0.5

$

1.2

$

1.2

$

1.2

$

0.5

$

0.5

$

0.5

Current Month Revenue Repayment

$

(53.4

)

$

(38.2

)

$

(36.3

)

$

(24.4

)

$

(31.6

)

$

(42.4

)

$

(41.8

)

$

(31.9

)

$

(25.4

)

$

(25.0

)

$

(37.3

)

Prompt Month Revenue Prepayment

$

38.2

$

36.3

$

24.4

$

31.6

$

42.4

$

41.8

$

31.9

$

25.4

$

25.0

$

37.3

$

45.2

Current Month Capacity Revenue

$

5.6

$

6.0

$

5.8

$

6.0

$

6.5

$

6.7

$

6.7

$

6.5

$

6.7

$

6.5

$

6.7

Total Net Revenue (1)

$

16.8

$

27.8

$

24.4

$

31.6

$

42.4

$

41.8

$

31.9

$

25.4

$

25.0

$

37.3

$

45.2

Revenue Account

Ending Balance from Prior Month (2) 

$

0.3

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Plus: Transfer of Total Net Revenue (3) 

$

27.8

$

24.4

$

31.6

$

42.4

$

41.8

$

31.9

$

25.4

$

25.0

$

37.3

$

45.2

Plus: Transfer of Excess Available from Equity Account (4) 

$

19.0

$

16.6

$

—

$

—

$

—

$

—

$

—