mance. In addition, we believed the market may have been pricing in some concern that FE may consider "monetizing" the unregulated assets, much like PPL Energy Supply, which we view as unfounded. FE reported EBITDA of $1.9 billion for the six-months ended 6/30/15, up 48% from the same period last year. Interest

flow deficit of $890MM YTD 2Q 2015, but ended the quarter with a cash balance of $846MM. With the completion of the unregulated generation segment (PPL Energy Supply) on June lm, the company has completed its transformation into a globally diverse regulated utility with operations in PA, KY and the UK. - While t