Management's Estimate of Genco Lender and Noteholder Recoveries $GNK

"In materials presented to certain of the Company’s creditors in early April, the Company estimated that, in the transactions contemplated under the Support Agreement without giving effect to dilution from primary equity or warrants under the MIP and consideration to current equity holders, the holders of indebtedness under the 2007 Credit Facility would receive 89.7% of the primary equity in the reorganized Company and a 96.1% recovery on their claims, while holders of the Convertible Notes would receive 10.3% of such primary equity and an 85.0% recovery on their claims. After additionally taking into account the distribution of primary equity under the MIP, the Company estimated that holders of indebtedness under the 2007 Credit Facility would receive 88.1% of the primary equity in the reorganized Company and a 94.2% recovery on their claims, holders of the Convertible Notes would receive 10.1% of such primary equity and an 83.2% recovery on their claims, and management would receive 1.8% of such primary equity. The foregoing amounts assume conversion of debt into equity as well as participation in the rights offering."