FIRST ENERGY CORP. (Nuclear Operating Co.

) Consolidated Statement of Income 2007 2008 2009 2010

For the Years Ended December 31, Revenues: Electric Utilities Unregulated Busineses Total Revenues * Expenses: Fuel Purchased Power Other Operating Expenses Provision For Depreciation** Amortization of Regulatory Assets Defferal of regulatory assets General Taxes Impairment of long-lived assets Total Expenses Operating Income *** Other Income (Expenses): Investment Income, net Interest Expense Capitalized Interest Total Other Expense INCOME BEFORE INCOME TAXES INCOME TAXES NET INCOME

11305 1497 12802

12061 1566 13627

11139 1834 12973

9815 3524 13339

1178 3836 3083 638 1019 -524 754 0 9984 2818

1340 4291 3045 677 1053 -316 778 0 10868 2759

1153 4730 2697 736 1155 -136 753 6 11094 1879

1432 4624 2850 746 722 0 776 384 11534 1805

120 -775 32 -623 2195 883 1312

59 -754 52 -643 2116 777 1339

204 -978 130 -644 1235 245 990

117 -845 165 -563 1242 482 760

Excise Tax Collections * Revenues net off excise tax collections *** Operating Income net off excise tax collections

425 12377 2393

432 13195 2327

395 12578 1484

428 12911 1377

** American Standard Deviation??

2011

2006 Ref.Value

11501

0 0

8895 2606

0 0

149 -721 26 -553 2053 795

1254

400 11101 2206

FIRST ENERGY CORP. (Nuclear Operating Co.) CONSOLIDATED BALANCE SHEETS As of 31 December, ASSETS Current Assets: Cash and Cash Equivalents Receivables:Customers, net of allowance for uncollectable accounts of $ 36M in 2007, $ 28M in 2008, $ 33M in 2009, $ 36M in 2010, and $ M in 2011 Other, net of allowance for uncollectable accounts of $ 22M in 2007, $ 9M in 2008, $ 7M in 2009, $ 8M in 2010, and $ M in 2011 Materials and supplies, at average cost Prepaid Taxes Other Property Plant and Equipment: In Service Less: Accumulated provision for depreciation Construction Work in Progress Investments: Nuclear Plant decommissioning trusts Investments in lease obligation bonds Other Deffered charges and other assets: Goodwill Regulatory assets Power purchased contract assets Other Pension assets 2007 2008 2009 2010

129

545

874

1019

1256

1304

1244

1392

165 521 32 127 2230 24619 10348 14271 1112 15383 2127 717 754 3598 5607 3973 215 605 700 11100 32311

167 605 283 149 3053 26482 10821 15661 2062 17723 1708 598 711 3017 5575 3140 434 579 0 9728 33521

153 647 248 154 3320 27826 11397 16429 2735 19164 1859 543 621 3023 5575 2356 200 666 0 8797 34304

176 638 199 274 3698 29451 11180 18271 1517 19788 1973 476 553 3002 5575 1826 122 794 0 8317 34805

Total: LIABILITIES AND CAPITALIZATION Current Liabilities: Currently payable long-term debt Short-term borrowings Accounts Payable Accrued Taxes Accrued Compensation and benefits Derivatives Other Capitalization: Common stockholders' equityCommon Stock, $0.10 par value, authorised 375,000,000 shares- 304,835,407 shares outstanding Other paid-in capital Accumulated other comprehensive loss Retained earnings Total common stochholders' equity Noncontrolling interest Total Equity Long-term debt and other long-term obligations Noncurrent Liabilities: Accumlated deferred income taxes Retirement benefits Asset retirement obligations Deferred gain on sale and leaseback transaction Power purchased contract liability Lease market valuation liability Other

2014 903 777 408 0 0 1046 5148

2476 2397 794 333 0 0 1098 7098

1834 1081 829 314 293 126 711 5188

1486 700 872 326 315 266 733 4698

31 5509 -50 3487 8977 8977 8869 17846 2671 894 1267 1060 1018 663 1744 9317 32311

31 5473 -1380 4159 8283 32 8315 9100 17415 2163 1884 1335 1027 766 308 1525 9008 33521 0

31 5448 -1415 4495 8559 -2 8557 12008 20565 2468 1534 1425 993 643 262 1226 8551 34304 0

31 5444 -1539 4609 8545 -32 8513 12579 21092 2879 1868 1407 959 466 217 1219 9015 34805 0

Diff.

2011

2006 Ref. Value

2083

0 0

14050 617 14667

3534

0 0

10912 31196

5255

0 0 0

9035

8535 17570

0 0 0

8371 31196 0

2007 PROFITABILITY ANALYSIS RATIOS: 1 ROCE 1A NP Margin GP Margin Operating Ratio 1B Asset Turnover WC Turnover Non-current Asset Turnover 2 ROE 13.514% 19.334% 34.580% 80.666%

2008

2009

2010

13.199% 17.635% 34.248% 82.365% 74.842%

7.815% 11.798% 31.786% 88.202%

6.611% 10.665% 31.020% 89.335%

PROFITABILITY ANALYSIS RATIOS FORMULAS: 1 = 1A x 1B 1 ROCE= Profit before interest and tax/Capital employed x 100 PBIT= Operating profit Avg. CE = Share capital + Reserves + Long-term loans OR "Capitalization" (Op. + Cl.)/2

Ai GP margin= GP / Sales Revenue Aii Operating Ratio = expenses / sales revenue Bi WC Turnover = Sales revenue/ Net WC Bii NC Assets Turn over = Sales Revenue / Non-current assets Net WC = CA - CL

1A

NP Margin =Net Profit / Sales Asset turnover = Sales Revenue / CE

1B

2 ROE= Profit after tax and preference dividends/ *Ordinary share capital + Reseves * Shareholders' funds Anamolies: a- Excise tax collections were included in revenue which have been excluded for the purpose of sales revenue

2011

RATIOS Profitability Ratios: Gross Profit Margin Operating Profit Margin Net Profit Margin ROCE Return on shareholders fund Liquidity Ratios: Current ratio Quick ratio

Efficiency Ratios: Accounts Payable Days Accounts Recievable Days Inventory Turnover Total Asset Turnover Ratio Gearing Ratios: Capital Gearing Earning per share Dividend per share Dividend Cover (Times)