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SR pg2.SIGNED GEORGIA POWER (2 pag~s)

Department of EnergyWashington, DC 20585

Jan uary 1 5, 2 00 9G eo rg ia P ow er C ompa ny24 1 R alp h M cG ill B ou levard , N .E .A tla nta , GA 30308 -3 374A tte ntio n: E arl L ong, A ssis ta nt T re as ur erR e: U nited S tates D epartm ent of E nerg y eDOE ) L oan G \lal'atlteeDeal' Earl:We are pleased to pro vid e yo u w ith a cred it su bsidy co st estim ate relating to the V ogtleProject,B ased on the Term s and C onditions negotiated betw een G eorgia Pow er C om pany and theD OE Loan G uarantee Program O ffice (LG PO ), the LG PO has developed a range ofcred it su bsid y c ost estim ates fo r th e p ro po sed p ro ject.A t this tim e, the LO PO estim ate of the C redit Subsidy C ost associated ~requ ested lo an g uaran tee in the am ou nt of $ 3,46 2,40 9,1 17 ran ges fl'om _The center of that range is~lthough the central value is not necessarily anin dicatio n o f th e fin al estim ate. B ecau se o f'u ncerta in ty , b orrowers sh ou ld p lan to raisesufficient cap ital equ al to 9 5% of th e u pp er bo un d o f th e rang e estim ate prov id ed.This estim ate is not binding and m ay change based on a variety of factors, including butn ot lim ited to th e com pletion o f the LGPO's d ue d iligen ce, th e fin al credit ratin g, thete rm s o f th e d efin itiv e fin an cin g a gr eeme nts , a nd o th er p ro je ct-s pe cif ic fa cto rs .This estim ate is intended to provide you w ith inform ation to consider as you m ovefo rw ard in project deve lopment act iv it ie s. Indev elop ing this estim ate, th e L GPO hasrelied o n th e b est av ailab le in fo rm atio n at th is tim e. T here w ill u su ally b e d iffere ncesb etw een p relim in ary cred it su bsid y estim ates an d th e fin al d eterm in atio n o f cred itsu bsid y co st. T hese d ifferen ces m ay b e m aterial, T herefo re, th e ran ge estim ate p ro vid edabove is not binding and is subject to change as the LG PO proceeds through the dued ilig en ce , d oc umen ta tio n a nd fin al c re dit u nd erw ritin g p ro ce ss ,

P lln te d w ith s oy In k o n re cy c!e d p ap er

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We look forw ard to w orking w ith you on this im portant project.Be st Rega rd s,UNITED )fATES DEPARTMENT OF ENERGYBy~(jJyf:/)JJ ~Jonr han Silver " .J

E x cu tiv e D irecto rLoan P rogr amsU S D epartm ent of E nergy

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SR pg2.SIGNED MEAG LETTER (3 pages)

Department of EnergyWashington, DC 20585

J anuary 15 ,2009Munic ip al E le ctric Au th ority o f Geo rg ia1 47 0 R iveredg e P arkw ay, NWA tlan ta, GA 3 03 28A tten tio n: R ob ert P . Jo hn sto n, P resid en t an d Chief E xecu tiv e O fficerR e: U nited States D ep artm ent of E nergy (DOE ) L oan G uaranteeL ad ie s a nd Gen tleme n:W e are p leased to pro vid e y ou w ith credit su bsidy cost estim ates relating to th e V ogtleP roject. T he fo llow in g o utlin es th e cost sub sid y cost estim ates fO l'S PV l, S PV 2 an dSPV3,MEAGSPVl~B ased on the T erm s an d C ond itions neg otiated b etw een S PV 1, a sp ecial p urp ose lim itedliability comp any to b e form ed as a w holly -ow ned su bsidiary o f M un icipal E lectricA uth ority of G eo rg ia, and the DOE L oan G uaran tee P ro gram O ffice (LGPD), the L OPOh as dev elop ed a rang e of credit sub sidy cost estim ates for th e prop osed p roject.

A t this tim e, the LOPD estimate of the associated w ith yourrequested loan ing estim ated capitalizedinterest ~mount to ~ The center of thatrange is _ although centra value is not necessarily an indication of the finalestim ate, B ecau se o f u ncertain ty , b orrowers sh ou ld p lan to raise su fficien t cap ital eq ua l toIIf the up per bo un d o f tile ran ge estim ate p rov ided .This estim ate is not binding and m ay change based on a varlety of factors, including butno t lim ited to the com pletio n o f the LGPO~s d ue diligen ce, th e final credit rating , th ete rm s o f th e d ef in itiv e fin an cin g a gre eme nts , a nd o th er p ro je ct-s pe cif ic f ac to rs ,This estim ate is intended to provide you w ith inform ation to consider as you m ovefo rward in p ro je ct d ev elo pmen t a ctiv itie s. Indev elop ing th is estim ate, the L GPO hasrelied o n th e b est av ailab le in fo rm atio n at th is tim e, T here w ill u su ally b e d ifferen cesb etw een p relim in ary cred it su bsid y e stim ate s an d th e fin al d eterm in atio n o f cred itsu bsid y co st, T hese d ifferen ces m ay b e m aterial. T herefo re, th e ran ge e stim ate p ro vid edabove is not binding and is subject to change as the LG PO proceeds through the dued ilig en ce , d oc umen ta tio n a nd fin al c re dit u nd erw ritin g p ro ce ss ,

P rIn te d W ilh s oy In k o n re cy cle d p ap er

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MEAGSPV2:Based on the Term s and Conditions negotiated betw een SPV 2, a special purpose lim itedliability com pany to be form ed as a w holly-ow ned subsidiary of M unicipal E lectrloA uthority of G eorgia, and the DOE Loan G uarantee Program O ffice (LG PO ), the LO POhas developed a range of credit subsidy cost estim ates for the proposed project.A t this tim e, the LOPD estimate of the associated with yourrequested loan guarantee capitalizedinterest i!WJummmt of ranges The center of thatrange is_although the central value is not an indication of the finalestim ate, B ecause of uncertainty, borrow ers should plan to raise sufficient capital equal to_fthe upper bound of the range estimate provided,This estim ate is not binding and m ay change based on a variety of'factors, including butnot lim ited to the com pletion of the LO PO 's due diligence, the final credit rating, theterm s of the deflnltlve finan cing agreem ents, and other project-specific facto rs,T his estim ate is intended to provide you with inform ation to consider as you m ovefo rward in p ro jec t d ev elo pmen t a ctiv itie s, Indeveloping this estim ate, the LOPO hasrelied on the best available inform ation at this tim e, T here w ill usually be differencesbetw een prelim inary credit subsid y estim ates an d the final determ inatio n of creditsubsidy cost. T hese differences m ay be m aterial. T herefore, the range estim ate providedabove is not binding and is subject to change as the LOPO proceeds through the dued ilig en ce , d oc umen ta tio n a nd fin al c re dit u nd erw ritin g p ro ce ss,MEAGSPV3:Based on the Term s and Conditions negotiated betw een SPV 3, a special purpose lim itedliability com pany to be form ed as a w holly-ow ned subsidiary of M unicipal E lectricA uthority of G eorgia, and the DOE Loan G uarantee Program O ffice (LO PO ), the LG POhas developed a range of credit subsidy cost estim ates for the proposed project,At this time) the LGPO estimate of the Credit associated with yourrequested loan guarante~ lt _1din estimated capitalizedinterest in the amount ot_, ranges from ~ The center of thatrange is_ although the central value is not necessarily an III ication of th e finalestim ate, B ecau se of'uncertalnty , borrow ers sh ould plan to raise su fficient cap ital equal to_ r the upper bound of the range estim ate provided,This estim ate is not binding and m ay change based on a variety of factors) including butnot lim ited to the com pletion of the LG PO 's due diligence, the final credit rating, theterm s of the d efin itiv e fin an cing ag reem ents, and o ther project-sp eciflc factors,This estim ate is intended to provide yon w ith inform ation to consider as you m oveforw ard in project developm ent activities. In developing this estim ate, the LOPO has

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relied on the best available inform ation at this tim e. T here w ill usually be differencesbetw een prelim inary credit subsidy estim ates and the final determ ination of creditsubsidy cost. T hese differences m ay be m aterial. T herefore, the range estim ate providedabove is not binding and is subject to change as the LGPO proceeds through the dued ilig en ce , d oc umen ta tio n a nd fin al c re dit u nd erw ritin g p ro ce ss.

W e look forw ard to w orking w ith you on this im portant project.Best Regards,UNI'~EDS~ATESDEPAR NT OF ENERGY

Dan ProgramsUS Dep artm en t of Energy

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SR pg2.SIGNED OGLETHORPE LETTE~ (2 pages)Department of Energy

Washington, DC 20585

J anua ry 15,2010Ogletho rp e P ow er C orp oratio n (A n E lectric M embersh ip C orp oratio n)2100 E ast Exchange PlaceT uc ker, GA 30084 -5 336A tte ntio n: B etsy H ig gin s, Chie f F in an cial O ffice rR e: U nited States D epartm ent of E nergy (DOE ) Loan G tm ranteeLadies and Gentlemen:We are pleased to provide you w ith a credit subsidy cost estim ate relating to the V ogtleProject.B ased on the Term s and C onditions negotiated betw een O glethorpe Pow erC orporation and the DOE Loan G uarantee Program O ffice (LO PO ), the LO PD hasdeveloped a range of credit subsidy cost estim ates for the proposed project.A t this tim e, the LO PD estim ate of the C redit Subsidy C ost associated w ith yourrequested loan guarantee in the ,461 (including estimatedcap it al iz ed inte re st ) r anges TIllS ran ge reflects th e;n0,1'0">"'1'" , , , . 1 L oan amou nt

center of theCost range centra is not necessarily an indicationo f th e fin al estim ate. B ecau se o f un certain ty , b orrowers sho uld pJan to raise su fficien tcapital equal to 95% of the upper bound ofthe range estim ate provided.This estim ate is not binding and m ay change based on a variety of factors, including butnot lim ited to the com pletion of the LO PO 's due diligence, the final credit rating, theterm s o f th e d efin itiv e fin an cin g ag reem en ts, and o th er p ro ject-sp ecific facto rs.This estim ate is intended to provide you w ith inform ation to consider as you m ovefo rward in p ro je ct d ev elo pmen t ac tiv ities. Indeveloping this estim ate, the L GPO hasrelied o n th e b est av ailab le in fo rm atio n at th is tim e, T here w ill usually b e d ifferen cesb etw een prelim in ary cred it su bsidy estim ates an d the fin al d eterm in atio n o f cred itsu bsid y co st. T hese d ifferen ces m ay b e m aterial, T herefo re, th e ran ge estim ate pro videdabove is not binding and is subject to change as the LGPD proceeds through the dued ilig en ce, d ocumen tatio n an d fin al cre dit u nd erw ritin g p ro ces s.

@ PI lo ted wa h s oy In k o n re cy cle d p ap er

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We lo ok fo rward to working w ith y ou on this important project.Best Regards,UN;BD~AT~,DEP6F ENERGYBy: .-...~ ; ! J M } J : Y )

J on a h an S ilv erExe utive DirectorLoan Programs