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Project Revenue Account Flow of Funds Variable O&M Account EPMI Fin-Buy (“FB”) Buyside Swap Project Revenue Account Flow of Funds Variable O&M Account EPMI Fin-Buy (“FB”) Buyside Swap Payment Acct. e- FB Fixed O&M Acct. Buyside Swap Revenue Acct. Debt Service Pmt. Acct. Fixed-FB Sellside Swap Revenue Acct. e- FS Sellside Swap Pmt. Acct. EPMI Fin-Sell (“FS”) Fixed-FS Monthly - Blue Arrows Annually - Green Arrows Trustee Depository Acct. - Red Circle - EPMI Contract e- FS - Index Financial Sell Fixed-FS - Fixed Fin. Sell e-FB - Index Fin. Buy Fixed FB - Fixed Fin. Buy Amts owed under either swaps or Reimbursement Agreement Debt Service Reserve Acct. Working Capital Reserve Acct. Equity

Project Revenue Account Original Flow of Funds Variable O&M Account e- FB Fixed O&M Project Revenue Account Original Flow of Funds Variable O&M Account e- FB Fixed O&M Acct. Debt Service Pmt. Acct. Fixed-FB e- FS Fixed-FS Monthly - Blue Arrows Annually - Green Arrows Trustee Depository Acct. - Red Circle - EPMI Contract e- FS - Index Financial Sell Fixed-FS - Fixed Fin. Sell e-FB - Index Fin. Buy Fixed FB - Fixed Fin. Buy Amts owed under either swaps or Reimbursement Agreement Debt Service Reserve Acct. Working Capital Reserve Acct. Equity

Basic Contract Structure O&M EPMI Fin - Sell e. D/S $ Demand EPMI Fin Basic Contract Structure O&M EPMI Fin - Sell e. D/S $ Demand EPMI Fin - Sell $ Demand = D/S Fin - Sell e. Equity • Credit Contribution is from inserting contracts on either side of D/S in the Flow of Funds

Fee Sensitivity Analysis • TECO Base Case: – – 15 yea. Pro-forma Debt: T Fee Sensitivity Analysis • TECO Base Case: – – 15 yea. Pro-forma Debt: T + 450 bp Debt Ratio: 51. 0% Equity ROE: 20. 36% • Each 10 bp move equals. 98% of value • Fee (-) Credit (-) Risk Books Origination

Plant Valuation vs. Debt Service • Each $3. 00/k. W-yr. capacity assumption creates $27 Plant Valuation vs. Debt Service • Each $3. 00/k. W-yr. capacity assumption creates $27 /k. W of Value