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Presentation to Wyoming Natural Gas Pipeline Authority: Financing Natural Gas Pipeline Projects in Wyoming August 26, 2003

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Presentation to Wyoming Natural Gas Pipeline Authority: Financing Natural Gas Pipeline Projects in Wyoming. August 26, 2003. Merrill Lynch Qualifications. Dave Andersen Managing Director and Head of Syndicate Desk Paul Kuhns Managing Director. Underwriting Sales & Trading. - PowerPoint PPT Presentation

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  • Presentation toWyoming Natural Gas Pipeline Authority:Financing Natural Gas Pipeline Projects in Wyoming

    August 26, 2003

  • Merrill Lynch Qualifications

  • Merrill Lynch QualificationsWyoming Natural Gas Pipeline Authority Coverage TeamEd BurdettManaging Director & Head of the Western Region Greg DawleyJason Wong Vice President Associate Western Public Power GroupJohn Kohansion AnalystShouq Tarawneh AnalystAttending

  • Merrill Lynch QualificationsMerrill Lynchs capital base allows the Firm to:Commit large amounts of capital across all business linesAggressively underwrite our clients bonds and provide secondary market liquidity under all market conditions. The Firm routinely commits 20% to 30% of an issue size in capital, and on occasion up to 100%, depending upon market conditions at pricing.Take an aggressive position limit for municipal trading and underwriting of $1.5 billion, an amount we believe to be among the highest in the industry

    Capital Strength and StabilityMerrill Lynch RatingsAa3/P-1A+ /A-1AA-/F1The size and stability of Merrill Lynchs capital base allows the Firm to inventory when necessary rather than re-price

    Merrill Lynch Capital Position

    Total (Consolidated) Capital

    $96,200,000,000

    Stockholders Equity

    22,300,000,000

    Net Capital

    2,950,000,000

    Excess Net Capital

    2,800,000,000

    *Source: Merrill Lynch Quarterly Report.

  • Merrill Lynch QualificationsUtah Associated Municipal Power System Intermountain Power AgencyLos Angeles Department of Water and PowerSouthern California Public Power AuthorityNorthern California Power AgencyColorado Springs UtilitiesSalt River ProjectOklahoma Municipal Power AuthorityNebraska Public Power AgencySilicon Valley PowerTransmission Agency of Northern California Pedernales Electric CooperativeSouthern Minnesota Municipal Power AgencyMerrill Lynchs Bankers Have Extensive Experience Working with Public Power FinancingsSacramento Municipal Utility DistrictFlorida Municipal Power AgencyLower Colorado River AuthorityOmaha Public Power DistrictNew York Power AuthorityIllinois Municipal Power AgencyTurlock Irrigation DistrictM-S-R Public Power AgencyPiedmont Municipal Power AgencyCity Public Service, San AntonioAnaheim Public UtilitiesUtility Board of Key WestSantee CooperPublic Power Financings

  • Merrill Lynch QualificationsActively trading financially settled products for Natural GasNatural GasNYMEX forwards and swaps (prompt month to 10 years)NYMEX option structures (prompt month to 5+ years)Financial Basis Swaps - US and Canada (prompt month to 10 years)Physical forwards (All major locations)Developing infrastructure for:Crude Oil (within the month)Financial Swaps (1 month to 5 years)Options (Caps, Collars, Floors and Exotics)Outright and differentials to WTI and BrentOil Products (within the month)Heating Oil, Jet Fuel, Gasoline, Diesel, Residual Fuel Oil, NGL Swaps Forwards and futures Spot and termOptions (Avg price, zero cost collars, Exotics)Capabilities of Energy Markets and TradingElectricityCurrently trading in PJM/NY/NEPOOL MarketForwards and Strips (next day to 2+ years)Options (Daily, Monthly and Calendar)Heat Rate Swaps and Options

  • Merrill Lynch QualificationsMerrill Lynchs strong experience with energy companies provides the Authority with the expertise from both the corporate and public finance sectorsMerrill Lynchs 70 person Energy and Power Group has completed more transactions than any other firmLead manager on approximately $20 billion of midstream public debt offers since 1993Financial advisor on $68 billion (47%) of midstream M&A transactions since 1998Worked on transactions for such Rocky Mountain Region-involved companies such as:El Paso Natural Gas$15.7 billion sale of Costal Corp.$5.8 billion merger of El Paso/Sonat Inc.

    Northern Border Partners$190 million Equity OfferingQuestar$200 million Senior Notes$250 million Senior NotesEnbridge Energy Partners LLP$178 million sale of gathering and treating company$110 million acquisition of AltaGas stakeThe Williams Cos.$780 million divestiture of Trans Canada Pipelines-Midstream Assets$800 million Senior Notes$693 million Senior Notes$625 million Senior NotesCapabilities of Oil and Gas Investment BankingKinder Morgan Energy Partners$ 8.2 billion acquisition of Westcoast Energy$1 billion Notes$400 million floating rate and senior notes

  • Market and Industry Update

  • Market Update and Analyses(1)As of August 20, 2003Current and Historic (5-Year Average) Yield Curves(1)Rate

    Chart

    1.180.984.314633.10173

    1.721.394.615373.46396

    2.311.844.742173.68075

    2.772.314.871123.84386

    3.242.675.000053.99404

    3.683.375.116074.25965

    4.353.945.290094.52857

    4.444.165.323534.74085

    4.584.485.37375.00675

    4.84.865.45735.2649

    5.254.995.624515.36008

    1

    2

    3

    4

    5

    6

    7

    8

    9

    10

    12

    15

    20

    30

    UST

    AAA MMD

    Hist UST

    Hist AAA MMD

    Maturity

    Rate

    Data

    USTAAA MMDHist USTHist AAA MMDYearUSTAAA

    11.180.984.314633.10100.9800.0098

    21.721.394.615373.4639621.721.390.01720.0139

    32.311.844.742173.6807532.311.840.02310.0184

    42.772.314.871123.8438642.772.310.02770.0231

    53.242.675.000053.9940453.242.670.03240.0267

    73.683.375.116074.2596573.683.370.03680.0337

    104.353.945.290094.52857104.353.940.04350.0394

    124.444.165.323534.74085124.444.160.04440.0416

    154.584.485.37375.00675154.584.480.04580.0448

    204.84.865.45735.2649204.84.860.0480.0486

    305.254.995.624515.36008305.254.990.05250.0499

    MBD04CA25DE.xls

    Sheet1

    BMA`

    YearUSTSwap AskAAA

    11.251.41.18

    21.741.761.44

    32.172.211.83

    42.612.492.24

    53.042.82.66

    63.253.043.03

    73.463.223.31

    83.673.383.54

    93.883.513.71

    104.093.633.85

    124.183.864.1

    154.324.14.39

    204.544.344.77

    3054.474.89

    Sheet2

    Sheet3

  • Tax-Exempt Market UpdateInterest Rates are near Historical Lows(1)Tax-Exempt Market UpdateLow Interest Rates Have Compressed the Ratio Between Taxable and Tax-Exempt Debt(1)Rates as of August 18, 2003

    Chart

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    0.03910.05650.06990.056875

    0.03450.05550.06860.056875

    0.03990.05450.0680.05655

    0.04130.05450.06690.05655

    0.04150.0560.06730.056875

    0.03710.05450.06720.0565

    0.03450.0540.06560.0568

    0.03670.05350.06520.05665

    0.03690.0530.06460.0565

    0.03630.05350.06380.0565

    0.0340.05480.06520.0565

    0.03420.05450.06610.0563

    0.03340.0550.06570.05625

    0.03310.05480.06630.0564

    0.03510.05480.06610.056563

    0.03640.05450.06640.056563

    0.03790.05380.06430.056563

    0.04080.0540.06360.056563

    0.03720.05350.06350.0563

    0.0360.0540.06340.05625

    0.0360.0550.0640.05645

    0.03680.05430.06380.0565

    0.03640.05350.06220.0565

    0.03720.05380.0620.056563

    0.03940.05350.06120.056875

    0.03980.05330.06050.056875

    0.03890.0530.06060.06

    0.03610.05250.06040.06

    0.03720.0520.06070.05965

    0.03950.05180.05960.05965

    0.04120.05150.0590.0596

    0.03720.05150.05930.056875

    0.03360.05030.05750.055625

    0.03340.05030.05740.0561

    0.03350.05230.05870.05625

    0.03530.05130.05890.05615

    0.03180.05180.05890.05625

    0.02810.05130.05890.05625

    0.030.05150.05840.05625

    0.03190.0520.05940.056875

    0.03410.05280.06050.056875

    0.02910.05230.05930.056875

    0.02930.05180.05890.056875

    0.03480.05230.05920.056875

    0.03670.05150.05890.05625

    0.0360.05230.05860.056563

    0.03770.05230.0590.056563

    0.03990.05330.05950.056563

    0.04370.05330.06020.056563

    0.0410.05280.05960.056563

    0.03820.05230.05980.056563

    0.0390.0520.05920.056563

    0.0380.05180.05830.0565

    0.03870.05180.0580.056563

    0.0350.0510.05720.05645

    0.03580.05150.05670.056563

    0.03550.05180.05650.056563

    0.03530.05150.05630.056563

    0.03090.05150.05610.056563

    0.03040.0520.05710.056563

    0.03550.05180.05680.056563

    0.03570.0520.05730.056563

    0.03520.05160.05660.056563

    0.0310.05130.0560.056563

    0.0330.05090.05530.056563

    0.0330.05040.05420.05625

    0.03260.05050.05320.05625

    0.02970.05020.05260.0558

    0.0330.04990.05210.0558

    0.03810.04970.05140.05387

    0.03970.0480.050.0536

    0.03560.04860.04880.05375

    0.03210.04910.05020.051875

    0.03320.05070.05080.0522

    0.0310.05040.05120.0524

    0.03110.05130.05290.0529

    0.02990.05050.05270.05275

    0.03240.05020.05260.0503

    0.03430.05030.05210.0503

    0.03130.050.05050.0553

    0.02830.04980.050.05535

    0.03140.05020.05010.0556

    0.03450.05110.05160.05645

    0.03760.05050.05120.05065

    0.040.0510.0520.05025

    0.02860.05060.05170.0496

    0.02970.05020.05140.0494

    0.02890.04980.05120.0495

    0.02720.05050.05260.0495

    0.02230.05060.05350.0495

    0.02170.05060.05360.04935

    0.02790.0510.05490.049625

    0.02920.05150.05650.049625

    0.02680.05120.05560.0494

    0.03080.0510.0550.0494

    0.03090.05120.05580.0494

    0.03010.05150.05630.0494

    0.02980.05110.0550.0494

    0.02840.05120.05510.0494

    0.03150.05160.05560.04915

    0.0350.05190.05580.049

    0.03960.05240.05740.049063

    0.03650.05280.05830.0491

    0.03540.05250.05850.0492

    0.03350.0530.0580.04955

    0.03270.05340.05950.04955

    0.03170.05470.06030.05

    0.03370.05420.06050.0502

    0.03370.05510.06110.05166

    0.03620.05470.06030.05185

    0.03420.05470.06040.05185

    0.03820.05420.05910.0518

    0.02940.05450.05940.0518

    0.03150.05550.06050.05205

    0.03110.05660.06120.0525

    0.02960.05770.06190.05275

    0.03220.05780.06030.05295

    0.0320.0570.05930.05375

    0.03240.05740.06080.05375

    0.03140.05770.06070.05375

    0.03170.0580.06080.05375

    0.03470.05790.06060.0538

    0.03780.05870.06090.054

    0.03770.0590.06170.0540875

    0.03180.060.06280.0540875

    0.03390.06080.06340.0541

    0.03380.06030.0630.0581

    0.03470.05940.06120.0540375

    0.03340.05910.06060.0544375

    0.03680.05930.06110.0558875

    0.03840.05960.06220.0559375

    0.03870.060.0630.0647875

    0.03670.05970.06220.064625

    0.03290.06050.06320.064625

    0.03890.06080.06460.06615

    0.04660.06080.06460.0586

    0.05460.06130.06580.0582

    0.02970.06160.06660.0582

    0.02930.06190.06730.0582

    0.03170.06180.06570.0591

    0.0320.06120.06330.0593

    0.02970.06110.0630.0593

    0.03530.06060.06230.0591

    0.03840.06040.06130.0591

    0.03860.06010.06150.0595

    0.03770.05980.06170.0602

    0.03740.05950.06080.061

    0.03750.05850.05970.0613

    0.03720.05820.05940.0614

    0.03860.05770.05790.0614

    0.03540.0580.05780.0614

    0.03960.05850.05880.0618

    0.04470.05930.05950.0636

    0.05030.06120.0610.06495

    0.05710.06150.0620.0658

    0.05840.06190.06190.06645

    0.04250.06080.06140.06645

    0.0430.05970.060.0667

    0.04120.05920.0590.0667

    0.03810.05850.05910.0664

    0.04450.05880.05950.0665

    0.04620.05840.05940.0664

    0.04770.05770.05880.06625

    0.03210.05740.05870.06625

    0.03810.05740.05870.0662

    0.04230.05730.0580.0662

    0.04230.05670.05750.0662

    0.03990.05660.05720.06615

    0.04190.05640.05710.0662

    0.04190.05610.05690.0665

    0.04190.0560.05710.0665

    0.04230.0560.0570.0665

    0.03880.05690.05790.0665

    0.04140.05720.05940.0665

    0.04340.05740.05890.0664

    0.05520.05760.05920.0664

    0.04160.05730.05820.0663

    0.04210.05660.05770.0663

    0.04230.05640.05720.0663

    0.04330.05670.0580.0663

    0.04280.05690.05880.0665

    0.04390.05660.05790.06645

    0.04560.05620.05710.06645

    0.0430.05550.05660.0681

    0.04120.05450.05570.0675

    0.03670.05320.05490.0672

    0.04210.05270.05430.06645

    0.04630.05270.05440.0659

    0.04840.05130.05420.0587

    0.02980.05210.0550.0591

    0.01810.0520.05540.058

    0.01860.05330.05640.057

    0.04480.05260.05560.0558

    0.03970.05250.05470.0558

    0.03660.05310.05450.0557

    0.03180.05320.05490.0541

    0.03470.05240.05360.0525

    0.03150.05220.05340.0522

    0.02430.05180.0530.0508

    0.03260.05170.05280.05095

    0.03480.05260.05440.051

    0.03450.05260.05490.0506

    0.03190.05330.05590.0507

    0.03880.05440.05710.0455

    0.04450.05450.05760.0448

    0.04190.05380.05710.0429

    0.03970.05430.05740.0421

    0.03340.05410.05830.0409

    0.0290.05420.05810.0406

    0.03030.0540.0580.04045

    0.02950.05340.05690.0401

    0.02150.05310.05670.0396

    0.03050.05290.05660.0379

    0.02970.05350.05660.0387

    0.02680.05340.05740.0383

    0.02120.0530.05670.03855

    0.02680.05240.05550.03815

    0.02640.05220.05550.038

    0.02420.05180.05550.0373

    0.02190.05150.05550.036725

    0.02320.05130.05490.0361

    0.0210.05080.05440.03595

    0.02010.05070.0540.0359

    0.02150.05090.05450.0356

    0.0220.05090.05390.0354

    0.02110.05090.05550.0261375

    0.02280.05220.05510.0268

    0.02230.05090.05330.0259

    0.020.05150.0540.0257

    0.01950.05130.05350.0248

    0.02080.05140.05320.0238

    0.01970.04990.05020.0229

    0.01670.04980.04850.0207

    0.01710.05110.05120.02115

    0.01660.05220.05320.02105

    0.01490.05170.05330.0212

    0.0110.05360.05380.0203

    0.01190.05340.05540.0196

    0.01560.05360.05490.0196

    0.01610.05360.05510.0192

    0.01080.05340.05540.0189

    0.01270.05250.05460.0179

    0.01260.05180.05370.0175

    0.01260.05240.05450.0184

    0.01350.05210.05420.0186

    0.01220.05180.05380.0186

    0.01250.05210.05420.0187

    0.01230.05140.05560.0186

    0.01140.05170.05580.0186

    0.01120.05340.05750.0192

    0.01330.05380.05930.019

    0.01480.05410.05950.0191

    0.01480.05430.05950.0189

    0.01350.05360.05890.0186

    0.01430.0530.05830.0186

    0.01580.05340.05830.01855

    0.01680.05290.05770.0184

    0.01580.05280.05720.0184

    0.01550.05320.05750.0185

    0.01570.0540.05870.0185

    0.01530.05320.05650.0185

    0.0140.05280.0560.0185

    0.01150.05290.05330.0184

    0.01370.05260.05490.0184

    0.01380.05210.0540.01835

    0.01230.05210.05430.0183

    0.01090.05230.05450.0183

    0.01220.05160.05340.0184

    0.01330.05140.05450.01835

    0.01440.05090.05340.0183

    0.01330.05120.0530.01815

    0.01210.05090.05220.0178

    0.01310.04980.04930.0178

    0.01280.05050.05010.018

    0.01360.05030.05020.0183

    0.01290.0490.0480.0183

    0.01460.04920.04880.0182

    0.01540.04810.04740.0182

    0.01680.04760.04720.018

    0.01570.04760.04720.0179

    0.0150.04760.04660.018

    0.01760.04830.05010.0182

    0.01760.04830.05160.0183

    0.01850.05020.050260.01725

    0.01710.05060.05070.0135

    0.01380.04940.047950.01385

    0.01270.05030.049420.0139

    0.01160.0510.050970.0138

    0.01040.05040.050180.0144

    0.01010.04960.048610.0142

    0.01180.04990.049750.0141

    0.01520.04920.048660.0141

    0.01090.04870.04790.01375

    0.00950.04950.04920.0137

    0.00960.04880.04970.0137

    0.01080.04840.04870.0136

    0.01130.04870.04920.0134

    0.01020.04860.04850.0134

    0.01080.04830.04840.0134

    0.0110.04790.04820.0134

    0.01080.04730.04740.013375

    0.010.04680.04660.0133188

    0.01120.04630.04610.0127

    0.01140.04790.04920.013

    0.01150.04820.04920.0131

    0.01080.04770.04930.013

    0.01140.04740.0490.013081

    0.01240.04710.0490.0132938

    0.01360.04660.048890.0132

    0.01350.04610.04770.0132

    0.01230.04530.046890.0131

    0.01220.04380.045070.0131

    0.0120.04330.043470.0132

    0.01190.04370.04410.0132

    0.01030.04310.04360.0131

    0.01060.04240.04270.0122

    0.01040.04340.04390.011

    0.00980.04380.04454780.0102

    0.0080.04440.04583260.0112

    0.0070.0450.04704120.0111

    0.00790.04630.04892490.0110125

    0.00790.04740.05040.011

    0.00850.04950.05240.0110063

    0.00730.05010.0530.0111

    0.00820.05040.05390.0111

    01/05/1990

    03/01/1991

    04/24/1992

    06/18/1993

    08/12/1994

    10/06/1995

    11/29/1996

    01/23/1998

    03/19/1999

    05/12/2000

    07/06/2001

    08/28/2002

    08/18/2003

    BMA Index

    30-Year MMD

    30-Year Treasury Bond

    1-mo LIBOR

    Data

    BMA Index30-Year MMD30-Year Treasury Bond1-mo LIBOR

    1/5/905.90%6.85%8.12%8.38%

    1/12/905.59%6.85%8.12%8.25%

    1/19/905.56%7.00%8.29%8.38%

    1/26/905.57%7.05%8.40%8.31%

    2/2/905.64%7.05%8.50%8.31%

    2/9/905.49%6.95%8.51%8.31%

    2/16/905.46%6.95%8.43%8.31%

    2/23/905.41%7.00%8.61%8.31%

    3/2/905.46%7.00%8.53%8.38%

    3/9/905.67%7.05%8.60%8.44%

    3/16/905.97%7.15%8.63%8.44%

    3/23/906.11%7.15%8.49%8.44%

    3/30/906.26%7.15%8.53%8.44%

    4/6/906.17%7.15%8.56%8.44%

    4/13/906.29%7.15%8.58%8.38%

    4/20/906.46%7.20%8.80%8.44%

    4/27/906.54%7.35%9.00%8.50%

    5/4/906.43%7.35%8.98%8.44%

    5/11/906.25%7.10%8.80%8.31%

    5/18/906.07%7.10%8.64%8.31%

    5/25/906.01%7.00%8.63%8.25%

    6/1/905.97%7.00%8.56%8.31%

    6/8/905.73%7.00%8.44%8.25%

    6/15/905.68%7.00%8.42%8.25%

    6/22/905.73%7.05%8.49%8.31%

    6/29/905.76%7.10%8.49%8.31%

    7/6/905.48%7.10%8.44%8.38%

    7/13/905.41%7.00%8.53%8.25%

    7/20/905.42%7.00%8.51%8.13%

    7/27/905.47%7.00%8.54%8.13%

    8/3/905.50%7.00%8.44%8.06%

    8/10/905.51%7.10%8.82%8.06%

    8/17/905.64%7.15%8.84%8.19%

    8/24/905.69%7.15%9.03%8.25%

    8/31/906.03%7.25%9.00%8.13%

    9/7/906.13%7.15%8.97%8.13%

    9/14/906.14%7.10%8.97%8.19%

    9/21/906.22%7.20%9.06%8.31%

    9/28/906.66%7.25%9.10%8.31%

    10/5/906.23%7.20%8.83%8.19%

    10/12/905.85%7.25%9.02%8.19%

    10/19/905.78%7.20%8.88%8.19%

    10/26/905.63%7.15%8.77%8.00%

    11/2/905.50%7.10%8.77%8.00%

    11/9/905.29%7.10%8.67%8.00%

    11/16/905.30%6.90%8.51%7.94%

    11/23/905.68%6.90%8.47%7.94%

    11/30/906.05%6.90%8.44%9.13%

    12/7/906.22%6.90%8.32%8.19%

    12/14/906.30%6.90%8.13%8.25%

    12/21/907.09%7.00%8.20%8.81%

    12/28/907.89%7.00%8.31%7.63%

    1/4/915.48%6.90%8.18%7.44%

    1/11/914.82%7.00%8.38%7.19%

    1/18/914.54%6.90%8.31%7.31%

    1/25/914.66%6.85%8.22%6.88%

    2/1/914.71%6.80%8.19%6.75%

    2/8/914.08%6.65%8.01%6.50%

    2/15/913.79%6.60%7.97%6.50%

    2/22/913.72%7.60%8.03%6.56%

    3/1/913.99%6.85%8.16%7.06%

    3/8/914.09%6.90%8.27%6.69%

    3/15/914.80%6.90%8.24%6.31%

    3/22/914.97%6.95%8.36%6.44%

    3/29/914.90%6.95%8.28%6.31%

    4/5/914.40%6.85%8.22%6.19%

    4/12/914.42%6.80%8.21%5.94%

    4/19/914.50%6.75%8.16%6.19%

    4/26/914.82%6.80%8.25%6.13%

    5/3/914.65%6.75%8.19%6.00%

    5/10/914.42%6.70%8.25%5.94%

    5/17/914.38%6.75%8.32%5.94%

    5/24/914.12%6.75%8.29%5.94%

    5/31/913.99%6.80%8.26%5.94%

    6/7/913.62%6.90%8.39%6.13%

    6/14/913.47%7.00%8.50%6.13%

    6/21/914.05%7.00%8.50%6.06%

    6/28/914.16%6.95%8.49%6.06%

    7/5/913.59%6.95%8.45%6.06%

    7/12/913.25%6.90%8.50%6.00%

    7/19/914.12%7.05%8.47%6.00%

    7/26/914.58%7.05%8.43%6.00%

    8/2/914.74%7.00%8.35%5.88%

    8/9/914.44%6.95%8.21%5.88%

    8/16/914.52%6.90%8.13%5.75%

    8/23/914.49%6.90%8.09%5.69%

    8/30/914.69%7.25%8.08%5.75%

    9/6/914.56%6.90%8.06%5.69%

    9/13/914.88%6.85%7.99%5.50%

    9/20/915.16%6.85%7.92%5.56%

    9/27/915.19%6.80%7.88%5.50%

    10/4/914.70%6.75%7.82%5.44%

    10/11/913.97%6.75%7.88%5.31%

    10/18/913.90%6.72%7.93%5.38%

    10/25/914.15%6.80%8.07%5.38%

    11/1/914.28%6.75%7.94%5.06%

    11/8/913.91%6.70%7.96%4.94%

    11/15/913.86%6.75%7.84%4.94%

    11/22/913.90%6.80%7.92%4.81%

    11/29/914.00%6.80%7.96%5.19%

    12/6/914.06%6.85%7.86%5.00%

    12/13/914.22%6.80%7.79%4.88%

    12/20/914.73%6.70%7.71%4.81%

    12/27/915.82%6.70%7.52%4.88%

    1/3/923.78%6.60%7.45%4.25%

    1/10/922.63%6.35%7.43%4.13%

    1/17/922.19%6.60%7.57%4.19%

    1/24/922.31%6.65%7.65%4.19%

    1/31/922.97%6.68%7.74%4.19%

    2/7/922.73%6.80%7.77%4.06%

    2/14/922.50%6.80%7.84%4.13%

    2/21/922.56%6.85%7.94%4.25%

    2/28/922.33%6.77%7.88%4.25%

    3/6/922.27%6.75%7.92%4.38%

    3/13/922.57%6.80%7.97%4.38%

    3/20/923.00%6.85%8.03%4.38%

    3/27/923.62%6.75%7.97%4.31%

    4/3/923.27%6.70%7.92%4.25%

    4/10/923.23%6.60%7.89%4.00%

    4/17/923.39%6.60%7.89%4.06%

    4/24/923.71%6.65%8.04%4.00%

    5/1/924.08%6.70%8.06%3.94%

    5/8/923.65%6.65%7.98%3.81%

    5/15/923.63%6.60%7.86%3.88%

    5/22/923.48%6.83%7.81%3.94%

    5/29/923.23%6.55%7.89%4.00%

    6/5/922.85%6.50%7.87%3.94%

    6/12/922.50%6.50%7.87%3.94%

    6/19/922.33%6.50%7.83%3.88%

    6/26/922.47%6.50%7.82%3.88%

    7/3/922.10%6.35%7.74%3.56%

    7/10/921.89%6.15%7.62%3.44%

    7/17/922.25%6.20%7.66%3.38%

    7/24/922.23%6.05%7.61%3.38%

    7/31/922.25%6.10%7.46%3.38%

    8/7/922.28%6.15%7.43%3.44%

    8/14/922.26%6.15%7.34%3.38%

    8/21/922.34%6.35%7.34%3.38%

    8/28/922.68%6.30%7.44%3.44%

    9/4/922.80%6.15%7.37%3.25%

    9/11/922.87%6.20%7.26%3.19%

    9/18/923.11%6.35%7.32%3.25%

    9/25/923.55%6.35%7.41%3.25%

    10/2/923.37%6.35%7.34%3.13%

    10/9/922.41%6.45%7.44%3.19%

    10/16/922.23%6.50%7.52%3.25%

    10/23/922.35%6.60%7.62%3.25%

    10/30/922.84%6.65%7.63%3.25%

    11/6/922.53%6.55%7.69%3.19%

    11/13/922.49%6.40%7.64%3.25%

    11/20/922.51%6.35%7.54%3.19%

    11/27/922.44%6.35%7.56%4.13%

    12/4/922.35%6.35%7.56%4.00%

    12/11/922.45%6.30%7.44%3.69%

    12/18/923.00%6.35%7.44%3.00%

    12/25/923.92%6.30%7.36%3.44%

    1/1/933.92%6.30%7.39%3.31%

    1/8/931.64%6.35%7.38%3.31%

    1/15/931.64%6.25%7.43%3.13%

    1/22/932.00%6.25%7.31%3.19%

    1/29/932.68%6.20%7.23%3.13%

    2/5/932.22%6.10%7.21%3.19%

    2/12/932.18%6.05%7.18%3.19%

    2/19/932.16%5.85%7.07%3.13%

    2/26/931.88%5.70%6.89%3.19%

    3/5/931.84%5.70%6.79%3.25%

    3/12/932.09%5.90%6.76%3.19%

    3/19/932.32%5.85%6.85%3.19%

    3/26/932.54%5.80%6.83%3.19%

    4/2/932.43%6.00%6.95%3.19%

    4/9/932.29%5.85%6.96%3.19%

    4/16/932.50%5.75%6.77%3.19%

    4/23/932.56%5.75%6.76%3.13%

    4/30/932.49%5.70%6.89%3.13%

    5/7/932.37%5.75%6.83%3.13%

    5/14/932.55%5.75%6.88%3.13%

    5/21/932.90%5.90%7.00%3.13%

    5/28/932.91%5.90%6.97%3.25%

    6/4/932.55%5.75%6.88%3.25%

    6/11/932.20%5.75%6.87%3.25%

    6/18/931.85%5.75%6.82%3.19%

    6/25/932.16%5.90%6.76%3.19%

    7/2/932.04%5.90%6.68%3.19%

    7/9/931.69%5.65%6.67%3.19%

    7/16/932.10%5.65%6.58%3.13%

    7/23/932.48%5.75%6.61%3.19%

    7/30/932.89%5.60%6.63%3.19%

    8/6/932.70%5.60%6.54%3.19%

    8/13/932.51%5.60%6.42%3.19%

    8/20/932.52%5.50%6.26%3.19%

    8/27/932.52%5.60%6.16%3.19%

    9/3/932.40%5.60%6.06%3.19%

    9/10/932.27%5.30%5.90%3.13%

    9/17/932.37%5.35%5.98%3.19%

    9/24/932.97%5.35%6.09%3.19%

    10/1/933.09%5.35%5.99%3.19%

    10/8/932.56%5.30%5.99%3.19%

    10/15/932.40%5.20%5.87%3.19%

    10/22/932.39%5.30%5.89%3.19%

    10/29/932.51%5.25%5.99%3.19%

    11/5/932.40%5.65%6.12%3.19%

    11/12/932.40%5.55%6.19%3.19%

    11/19/932.41%5.60%6.22%3.13%

    11/26/932.32%5.33%6.31%3.56%

    12/3/932.19%5.55%6.26%3.50%

    12/10/931.78%5.45%6.17%3.31%

    12/17/932.23%5.50%6.28%3.19%

    12/24/932.95%5.45%6.27%3.25%

    12/31/933.12%5.30%6.28%3.25%

    1/7/941.70%5.45%6.36%3.13%

    1/14/941.86%5.24%6.24%3.13%

    1/21/942.04%5.45%6.29%3.13%

    1/28/942.25%5.40%6.29%3.13%

    2/4/942.10%5.45%6.30%3.38%

    2/11/942.36%5.50%6.42%3.38%

    2/18/942.48%5.44%6.51%3.44%

    2/25/942.45%5.80%6.68%3.56%

    3/4/942.39%6.05%6.79%3.63%

    3/11/942.27%6.05%6.87%3.56%

    3/18/942.15%6.00%6.87%3.56%

    3/25/941.98%6.05%6.92%3.69%

    4/1/942.29%6.40%7.06%3.69%

    4/8/942.16%6.40%7.29%3.75%

    4/15/941.99%6.35%7.26%3.75%

    4/22/942.87%6.30%7.31%3.88%

    4/29/943.24%6.35%7.22%4.00%

    5/6/942.77%6.45%7.38%4.31%

    5/13/943.04%6.45%7.56%4.38%

    5/20/942.98%6.25%7.31%4.31%

    5/27/942.87%6.19%7.40%4.38%

    6/3/942.60%6.02%7.36%4.38%

    6/10/942.19%6.05%7.27%4.31%

    6/17/942.36%6.20%7.38%4.31%

    6/24/942.72%6.40%7.46%4.44%

    7/1/942.45%6.50%7.55%4.63%

    7/8/941.87%6.45%7.63%4.63%

    7/15/942.10%6.35%7.64%4.50%

    7/22/942.83%6.30%7.53%4.50%

    7/29/942.90%6.25%7.52%4.50%

    8/5/942.74%6.30%7.43%4.56%

    8/12/942.74%6.35%7.54%4.69%

    8/19/942.88%6.35%7.46%4.88%

    8/26/943.12%6.30%7.52%4.81%

    9/2/943.11%6.10%7.48%4.88%

    9/9/943.02%6.40%7.61%4.94%

    9/16/943.13%6.50%7.70%4.94%

    9/23/943.38%6.55%7.78%5.06%

    9/30/943.67%6.30%7.83%5.06%

    10/7/943.10%6.65%7.91%5.19%

    10/14/942.74%6.55%7.86%5.00%

    10/21/943.06%6.65%7.92%5.00%

    10/28/943.41%6.75%8.03%5.06%

    11/4/943.22%6.69%8.08%5.25%

    11/11/943.37%7.20%8.13%5.38%

    11/18/943.65%7.25%8.10%5.63%

    11/25/943.72%7.15%8.04%5.63%

    12/2/943.61%6.85%7.99%6.13%

    12/9/942.95%6.90%7.88%6.13%

    12/16/944.19%6.85%7.87%6.13%

    12/23/945.24%6.80%7.85%6.00%

    12/30/945.53%6.75%7.83%6.00%

    1/6/953.47%6.70%7.89%5.88%

    1/13/952.79%6.46%7.86%5.81%

    1/20/952.81%6.55%7.82%6.00%

    1/27/953.61%6.45%7.86%6.06%

    2/3/953.43%6.30%7.72%6.13%

    2/10/953.80%6.25%7.66%6.13%

    2/17/954.08%6.25%7.60%6.13%

    2/24/954.04%6.20%7.56%6.06%

    3/3/953.83%6.25%7.49%6.13%

    3/10/953.57%6.20%7.56%6.13%

    3/17/953.77%6.10%7.37%6.13%

    3/24/953.97%6.15%7.43%6.13%

    3/31/954.15%6.15%7.40%6.13%

    4/7/953.75%6.05%7.38%6.13%

    4/14/954.17%6.00%7.37%6.13%

    4/21/954.34%6.00%7.37%6.06%

    4/28/954.65%6.20%7.33%6.06%

    5/5/954.59%6.10%7.22%6.06%

    5/12/954.75%6.00%6.98%6.06%

    5/19/954.33%5.90%6.90%6.06%

    5/26/954.05%5.85%6.81%6.06%

    6/2/953.67%5.70%6.62%6.00%

    6/9/952.73%5.85%6.57%6.06%

    6/16/954.03%6.05%6.61%6.06%

    6/23/954.23%5.90%6.53%6.06%

    6/30/954.10%6.10%6.58%6.13%

    7/7/953.17%5.95%6.57%5.88%

    7/14/952.87%5.85%6.56%5.88%

    7/21/953.76%6.10%6.82%5.88%

    7/28/953.81%6.10%6.88%5.88%

    8/4/953.60%6.15%6.89%5.88%

    8/11/953.83%6.25%6.92%5.88%

    8/18/953.84%6.25%6.92%5.94%

    8/25/953.66%6.10%6.85%5.88%

    9/1/953.57%5.95%6.68%5.88%

    9/8/953.36%5.90%6.59%5.88%

    9/15/953.84%5.85%6.51%5.81%

    9/22/954.02%6.05%6.53%5.81%

    9/29/954.34%5.95%6.57%5.88%

    10/6/953.49%5.90%6.45%5.88%

    10/13/953.62%5.70%6.40%5.88%

    10/20/953.78%5.75%6.32%5.88%

    10/27/953.92%5.75%6.35%5.81%

    11/3/953.76%5.70%6.30%5.81%

    11/10/953.85%5.70%6.29%5.81%

    11/17/953.95%5.65%6.27%5.81%

    11/24/953.82%5.65%6.26%5.69%

    12/1/953.67%5.45%6.19%5.94%

    12/8/953.37%5.35%6.04%5.94%

    12/15/954.31%5.50%6.07%5.88%

    12/22/954.94%5.45%6.12%5.75%

    12/29/955.10%5.35%6.00%5.69%

    1/5/963.41%5.40%6.00%5.63%

    1/12/963.28%5.50%6.12%5.63%

    1/19/963.19%5.35%6.01%5.56%

    1/26/963.20%5.45%6.06%5.50%

    2/2/963.17%5.40%6.08%5.38%

    2/9/963.15%5.30%6.13%5.33%

    2/16/963.29%5.40%6.11%5.31%

    2/23/963.33%5.50%6.39%5.31%

    3/1/963.27%5.55%6.45%5.31%

    3/8/963.09%5.80%6.47%5.31%

    3/15/963.15%6.00%6.68%5.41%

    3/22/963.31%5.80%6.67%5.38%

    3/29/963.37%5.85%6.65%5.44%

    4/5/963.09%5.95%6.68%5.44%

    4/12/963.45%5.95%6.88%5.50%

    4/19/963.67%5.90%6.80%5.44%

    4/26/964.11%5.85%6.79%5.43%

    5/3/964.04%6.10%6.96%5.46%

    5/10/964.01%6.00%7.02%5.44%

    5/17/963.95%5.90%6.87%5.44%

    5/24/963.69%5.90%6.84%5.43%

    5/31/963.60%6.05%6.93%5.44%

    6/7/963.11%6.10%6.99%5.44%

    6/14/963.28%6.10%7.13%5.46%

    6/21/963.44%6.05%7.10%5.44%

    6/28/963.34%5.90%7.02%5.46%

    7/5/962.47%6.10%7.00%5.46%

    7/12/962.45%5.95%7.11%5.50%

    7/19/963.46%5.85%7.00%5.50%

    7/26/963.57%5.85%7.02%5.45%

    8/2/963.60%5.65%6.94%5.40%

    8/9/963.49%5.60%6.75%5.43%

    8/16/963.62%5.70%6.77%5.42%

    8/23/963.47%5.80%6.84%5.44%

    8/30/963.46%5.90%7.03%5.48%

    9/6/963.30%5.90%7.11%5.47%

    9/13/963.45%5.75%7.07%5.44%

    9/20/963.59%5.85%7.01%5.50%

    9/27/963.85%5.70%6.95%5.44%

    10/4/963.26%5.60%6.85%5.40%

    10/11/963.40%5.75%6.83%5.38%

    10/18/963.53%5.70%6.83%5.38%

    10/25/963.55%5.75%6.83%5.38%

    11/1/963.55%5.65%6.71%5.38%

    11/8/963.25%5.60%6.57%5.38%

    11/15/963.50%5.60%6.45%5.38%

    11/22/963.47%5.55%6.43%5.38%

    11/29/963.55%5.50%6.41%5.38%

    12/6/963.12%5.60%6.43%5.58%

    12/13/963.52%5.60%6.56%5.56%

    12/20/963.93%5.60%6.63%5.65%

    12/27/964.11%5.55%6.58%5.66%

    1/3/973.02%5.65%6.67%5.50%

    1/10/973.35%5.75%6.80%5.48%

    1/17/973.40%5.70%6.81%5.44%

    1/24/973.39%5.75%6.84%5.44%

    1/31/973.53%5.70%6.89%5.44%

    2/7/973.24%5.60%6.74%5.42%

    2/14/973.26%5.50%6.65%5.38%

    2/21/973.26%5.55%6.60%5.38%

    2/28/973.30%5.65%6.75%5.44%

    3/7/973.07%5.70%6.85%5.44%

    3/14/973.05%5.75%6.89%5.46%

    3/21/973.26%5.80%6.97%5.63%

    3/28/973.46%5.85%7.00%5.70%

    4/4/973.33%5.90%7.10%5.69%

    4/11/973.59%5.90%7.12%5.70%

    4/18/973.87%5.85%7.10%5.69%

    4/25/974.57%5.90%7.10%5.69%

    5/2/974.49%5.75%6.98%5.69%

    5/9/974.11%5.70%6.91%5.69%

    5/16/974.18%5.65%6.90%5.69%

    5/23/973.94%5.65%6.96%5.69%

    5/30/973.91%5.65%6.99%5.69%

    6/6/973.45%5.55%6.86%5.69%

    6/13/973.99%5.45%6.80%5.66%

    6/20/974.13%5.45%6.69%5.66%

    6/27/974.15%5.60%6.73%5.69%

    7/4/973.71%5.45%6.72%5.65%

    7/11/973.45%5.40%6.56%5.68%

    7/18/973.67%5.35%6.52%5.67%

    7/25/973.69%5.30%6.46%5.65%

    8/1/973.63%5.35%6.38%5.65%

    8/8/973.40%5.48%6.52%5.65%

    8/15/973.42%5.45%6.61%5.63%

    8/22/973.34%5.50%6.57%5.63%

    8/29/973.31%5.48%6.63%5.64%

    9/5/973.51%5.48%6.61%5.66%

    9/12/973.64%5.45%6.64%5.66%

    9/19/973.79%5.38%6.43%5.66%

    9/26/974.08%5.40%6.36%5.66%

    10/3/973.72%5.35%6.35%5.63%

    10/10/973.60%5.40%6.34%5.63%

    10/17/973.60%5.50%6.40%5.65%

    10/24/973.68%5.43%6.38%5.65%

    10/31/973.64%5.35%6.22%5.65%

    11/7/973.72%5.38%6.20%5.66%

    11/14/973.94%5.35%6.12%5.69%

    11/21/973.98%5.33%6.05%5.69%

    11/28/973.89%5.30%6.06%6.00%

    12/5/973.61%5.25%6.04%6.00%

    12/12/973.72%5.20%6.07%5.97%

    12/19/973.95%5.18%5.96%5.97%

    12/26/974.12%5.15%5.90%5.96%

    1/2/983.72%5.15%5.93%5.69%

    1/9/983.36%5.03%5.75%5.56%

    1/16/983.34%5.03%5.74%5.61%

    1/23/983.35%5.23%5.87%5.63%

    1/30/983.53%5.13%5.89%5.62%

    2/6/983.18%5.18%5.89%5.63%

    2/13/982.81%5.13%5.89%5.63%

    2/20/983.00%5.15%5.84%5.63%

    2/27/983.19%5.20%5.94%5.69%

    3/6/983.41%5.28%6.05%5.69%

    3/13/982.91%5.23%5.93%5.69%

    3/20/982.93%5.18%5.89%5.69%

    3/27/983.48%5.23%5.92%5.69%

    4/3/983.67%5.15%5.89%5.63%

    4/10/983.60%5.23%5.86%5.66%

    4/17/983.77%5.23%5.90%5.66%

    4/24/983.99%5.33%5.95%5.66%

    5/1/984.37%5.33%6.02%5.66%

    5/8/984.10%5.28%5.96%5.66%

    5/15/983.82%5.23%5.98%5.66%

    5/22/983.90%5.20%5.92%5.66%

    5/29/983.80%5.18%5.83%5.65%

    6/5/983.87%5.18%5.80%5.66%

    6/12/983.50%5.10%5.72%5.65%

    6/19/983.58%5.15%5.67%5.66%

    6/26/983.55%5.18%5.65%5.66%

    7/3/983.53%5.15%5.63%5.66%

    7/10/983.09%5.15%5.61%5.66%

    7/17/983.04%5.20%5.71%5.66%

    7/24/983.55%5.18%5.68%5.66%

    7/31/983.57%5.20%5.73%5.66%

    8/7/983.52%5.16%5.66%5.66%

    8/14/983.10%5.13%5.60%5.66%

    8/21/983.30%5.09%5.53%5.66%

    8/28/983.30%5.04%5.42%5.63%

    9/4/983.26%5.05%5.32%5.63%

    9/11/982.97%5.02%5.26%5.58%

    9/18/983.30%4.99%5.21%5.58%

    9/25/983.81%4.97%5.14%5.39%

    10/2/983.97%4.80%5.00%5.36%

    10/9/983.56%4.86%4.88%5.38%

    10/16/983.21%4.91%5.02%5.19%

    10/23/983.32%5.07%5.08%5.22%

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    5/7/031.23%4.53%4.69%1.31%

    5/14/031.22%4.38%4.51%1.31%30yr MMDBMA IndexUST

    5/21/031.20%4.33%4.35%1.32%

    5/28/031.19%4.37%4.41%1.32%

    6/4/031.03%4.31%4.36%1.31%

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    6/25/030.98%4.38%4.45%1.02%

    7/2/030.80%4.44%4.58%1.12%

    7/9/030.70%4.50%4.70%1.11%08/018/20030.0082

    7/16/030.79%4.63%4.89%1.10%

    7/23/030.79%4.74%5.04%1.10%Date"uslib01m"_Rate

    7/30/030.85%4.95%5.24%1.10%3785112/31/99

    8/11/030.73%5.01%5.30%1.11%

    8/18/030.82%5.04%5.39%1.11%

    max7.89%7.60%9.10%9.13%

    min0.70%4.24%4.27%1.02%

    avg3.28%5.83%6.59%4.87%

    9.13%

    1.02%

    4.87%

    MBD0138BD86.xls

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    0.0140.05280.0560.0185

    0.01150.05290.05330.0184

    0.01370.05260.05490.0184

    0.01380.05210.0540.01835

    0.01230.05210.05430.0183

    0.01090.05230.05450.0183

    0.01220.05160.05340.0184

    0.01330.05140.05450.01835

    0.01440.05090.05340.0183

    0.01330.05120.0530.01815

    0.01210.05090.05220.0178

    0.01310.04980.04930.0178

    0.01280.05050.05010.018

    0.01360.05030.05020.0183

    0.01290.0490.0480.0183

    0.01460.04920.04880.0182

    0.01540.04810.04740.0182

    0.01680.04760.04720.018

    0.01570.04760.04720.0179

    0.0150.04760.04660.018

    0.01760.04830.05010.0182

    0.01760.04830.05160.0183

    0.01850.05020.050260.01725

    0.01710.05060.05070.0135

    0.01380.04940.047950.01385

    0.01270.05030.049420.0139

    0.01160.0510.050970.0138

    0.01040.05040.050180.0144

    0.01010.04960.048610.0142

    0.01180.04990.049750.0141

    0.01520.04920.048660.0141

    0.01090.04870.04790.01375

    0.00950.04950.04920.0137

    0.00960.04880.04970.0137

    0.01080.04840.04870.0136

    0.01130.04870.04920.0134

    0.01020.04860.04850.0134

    0.01080.04830.04840.0134

    0.0110.04790.04820.0134

    0.01080.04730.04740.013375

    0.010.04680.04660.0133188

    0.01120.04630.04610.0127

    0.01140.04790.04920.013

    0.01150.04820.04920.0131

    0.01080.04770.04930.013

    0.01140.04740.0490.013081

    0.01240.04710.0490.0132938

    0.01360.04660.048890.0132

    0.01350.04610.04770.0132

    0.01230.04530.046890.0131

    0.01220.04380.045070.0131

    0.0120.04330.043470.0132

    0.01190.04370.04410.0132

    0.01030.04310.04360.0131

    0.01060.04240.04270.0122

    0.01040.04340.04390.011

    0.00980.04380.04454780.0102

    0.0080.04440.04583260.0112

    0.0070.0450.04704120.0111

    0.00790.04630.04892490.0110125

    0.00850.04740.05037740.011

    01/05/1990

    04/05/1991

    07/03/1992

    10/01/1993

    12/30/1994

    03/29/1996

    06/27/1997

    09/25/1998

    12/24/1999

    03/23/2001

    06/19/2002

    07/23/2003

    BMA Index

    30-Year MMD

    30-Year Treasury Bond

    1-mo LIBOR

    Data

    BMA Index30-Year MMD30-Year Treasury Bond1-mo LIBOR

    1/5/905.90%6.85%8.12%8.38%

    1/12/905.59%6.85%8.12%8.25%

    1/19/905.56%7.00%8.29%8.38%

    1/26/905.57%7.05%8.40%8.31%

    2/2/905.64%7.05%8.50%8.31%

    2/9/905.49%6.95%8.51%8.31%

    2/16/905.46%6.95%8.43%8.31%

    2/23/905.41%7.00%8.61%8.31%

    3/2/905.46%7.00%8.53%8.38%

    3/9/905.67%7.05%8.60%8.44%

    3/16/905.97%7.15%8.63%8.44%

    3/23/906.11%7.15%8.49%8.44%

    3/30/906.26%7.15%8.53%8.44%

    4/6/906.17%7.15%8.56%8.44%

    4/13/906.29%7.15%8.58%8.38%

    4/20/906.46%7.20%8.80%8.44%

    4/27/906.54%7.35%9.00%8.50%

    5/4/906.43%7.35%8.98%8.44%

    5/11/906.25%7.10%8.80%8.31%

    5/18/906.07%7.10%8.64%8.31%

    5/25/906.01%7.00%8.63%8.25%

    6/1/905.97%7.00%8.56%8.31%

    6/8/905.73%7.00%8.44%8.25%

    6/15/905.68%7.00%8.42%8.25%

    6/22/905.73%7.05%8.49%8.31%

    6/29/905.76%7.10%8.49%8.31%

    7/6/905.48%7.10%8.44%8.38%

    7/13/905.41%7.00%8.53%8.25%

    7/20/905.42%7.00%8.51%8.13%

    7/27/905.47%7.00%8.54%8.13%

    8/3/905.50%7.00%8.44%8.06%

    8/10/905.51%7.10%8.82%8.06%

    8/17/905.64%7.15%8.84%8.19%

    8/24/905.69%7.15%9.03%8.25%

    8/31/906.03%7.25%9.00%8.13%

    9/7/906.13%7.15%8.97%8.13%

    9/14/906.14%7.10%8.97%8.19%

    9/21/906.22%7.20%9.06%8.31%

    9/28/906.66%7.25%9.10%8.31%

    10/5/906.23%7.20%8.83%8.19%

    10/12/905.85%7.25%9.02%8.19%

    10/19/905.78%7.20%8.88%8.19%

    10/26/905.63%7.15%8.77%8.00%

    11/2/905.50%7.10%8.77%8.00%

    11/9/905.29%7.10%8.67%8.00%

    11/16/905.30%6.90%8.51%7.94%

    11/23/905.68%6.90%8.47%7.94%

    11/30/906.05%6.90%8.44%9.13%

    12/7/906.22%6.90%8.32%8.19%

    12/14/906.30%6.90%8.13%8.25%

    12/21/907.09%7.00%8.20%8.81%

    12/28/907.89%7.00%8.31%7.63%

    1/4/915.48%6.90%8.18%7.44%

    1/11/914.82%7.00%8.38%7.19%

    1/18/914.54%6.90%8.31%7.31%

    1/25/914.66%6.85%8.22%6.88%

    2/1/914.71%6.80%8.19%6.75%

    2/8/914.08%6.65%8.01%6.50%

    2/15/913.79%6.60%7.97%6.50%

    2/22/913.72%7.60%8.03%6.56%

    3/1/913.99%6.85%8.16%7.06%

    3/8/914.09%6.90%8.27%6.69%

    3/15/914.80%6.90%8.24%6.31%

    3/22/914.97%6.95%8.36%6.44%

    3/29/914.90%6.95%8.28%6.31%

    4/5/914.40%6.85%8.22%6.19%

    4/12/914.42%6.80%8.21%5.94%

    4/19/914.50%6.75%8.16%6.19%

    4/26/914.82%6.80%8.25%6.13%

    5/3/914.65%6.75%8.19%6.00%

    5/10/914.42%6.70%8.25%5.94%

    5/17/914.38%6.75%8.32%5.94%

    5/24/914.12%6.75%8.29%5.94%

    5/31/913.99%6.80%8.26%5.94%

    6/7/913.62%6.90%8.39%6.13%

    6/14/913.47%7.00%8.50%6.13%

    6/21/914.05%7.00%8.50%6.06%

    6/28/914.16%6.95%8.49%6.06%

    7/5/913.59%6.95%8.45%6.06%

    7/12/913.25%6.90%8.50%6.00%

    7/19/914.12%7.05%8.47%6.00%

    7/26/914.58%7.05%8.43%6.00%

    8/2/914.74%7.00%8.35%5.88%

    8/9/914.44%6.95%8.21%5.88%

    8/16/914.52%6.90%8.13%5.75%

    8/23/914.49%6.90%8.09%5.69%

    8/30/914.69%7.25%8.08%5.75%

    9/6/914.56%6.90%8.06%5.69%

    9/13/914.88%6.85%7.99%5.50%

    9/20/915.16%6.85%7.92%5.56%

    9/27/915.19%6.80%7.88%5.50%

    10/4/914.70%6.75%7.82%5.44%

    10/11/913.97%6.75%7.88%5.31%

    10/18/913.90%6.72%7.93%5.38%

    10/25/914.15%6.80%8.07%5.38%

    11/1/914.28%6.75%7.94%5.06%

    11/8/913.91%6.70%7.96%4.94%

    11/15/913.86%6.75%7.84%4.94%

    11/22/913.90%6.80%7.92%4.81%

    11/29/914.00%6.80%7.96%5.19%

    12/6/914.06%6.85%7.86%5.00%

    12/13/914.22%6.80%7.79%4.88%

    12/20/914.73%6.70%7.71%4.81%

    12/27/915.82%6.70%7.52%4.88%

    1/3/923.78%6.60%7.45%4.25%

    1/10/922.63%6.35%7.43%4.13%

    1/17/922.19%6.60%7.57%4.19%

    1/24/922.31%6.65%7.65%4.19%

    1/31/922.97%6.68%7.74%4.19%

    2/7/922.73%6.80%7.77%4.06%

    2/14/922.50%6.80%7.84%4.13%

    2/21/922.56%6.85%7.94%4.25%

    2/28/922.33%6.77%7.88%4.25%

    3/6/922.27%6.75%7.92%4.38%

    3/13/922.57%6.80%7.97%4.38%

    3/20/923.00%6.85%8.03%4.38%

    3/27/923.62%6.75%7.97%4.31%

    4/3/923.27%6.70%7.92%4.25%

    4/10/923.23%6.60%7.89%4.00%

    4/17/923.39%6.60%7.89%4.06%

    4/24/923.71%6.65%8.04%4.00%

    5/1/924.08%6.70%8.06%3.94%

    5/8/923.65%6.65%7.98%3.81%

    5/15/923.63%6.60%7.86%3.88%

    5/22/923.48%6.83%7.81%3.94%

    5/29/923.23%6.55%7.89%4.00%

    6/5/922.85%6.50%7.87%3.94%

    6/12/922.50%6.50%7.87%3.94%

    6/19/922.33%6.50%7.83%3.88%

    6/26/922.47%6.50%7.82%3.88%

    7/3/922.10%6.35%7.74%3.56%

    7/10/921.89%6.15%7.62%3.44%

    7/17/922.25%6.20%7.66%3.38%

    7/24/922.23%6.05%7.61%3.38%

    7/31/922.25%6.10%7.46%3.38%

    8/7/922.28%6.15%7.43%3.44%

    8/14/922.26%6.15%7.34%3.38%

    8/21/922.34%6.35%7.34%3.38%

    8/28/922.68%6.30%7.44%3.44%

    9/4/922.80%6.15%7.37%3.25%

    9/11/922.87%6.20%7.26%3.19%

    9/18/923.11%6.35%7.32%3.25%

    9/25/923.55%6.35%7.41%3.25%

    10/2/923.37%6.35%7.34%3.13%

    10/9/922.41%6.45%7.44%3.19%

    10/16/922.23%6.50%7.52%3.25%

    10/23/922.35%6.60%7.62%3.25%

    10/30/922.84%6.65%7.63%3.25%

    11/6/922.53%6.55%7.69%3.19%

    11/13/922.49%6.40%7.64%3.25%

    11/20/922.51%6.35%7.54%3.19%

    11/27/922.44%6.35%7.56%4.13%

    12/4/922.35%6.35%7.56%4.00%

    12/11/922.45%6.30%7.44%3.69%

    12/18/923.00%6.35%7.44%3.00%

    12/25/923.92%6.30%7.36%3.44%

    1/1/933.92%6.30%7.39%3.31%

    1/8/931.64%6.35%7.38%3.31%

    1/15/931.64%6.25%7.43%3.13%

    1/22/932.00%6.25%7.31%3.19%

    1/29/932.68%6.20%7.23%3.13%

    2/5/932.22%6.10%7.21%3.19%

    2/12/932.18%6.05%7.18%3.19%

    2/19/932.16%5.85%7.07%3.13%

    2/26/931.88%5.70%6.89%3.19%

    3/5/931.84%5.70%6.79%3.25%

    3/12/932.09%5.90%6.76%3.19%

    3/19/932.32%5.85%6.85%3.19%

    3/26/932.54%5.80%6.83%3.19%

    4/2/932.43%6.00%6.95%3.19%

    4/9/932.29%5.85%6.96%3.19%

    4/16/932.50%5.75%6.77%3.19%

    4/23/932.56%5.75%6.76%3.13%

    4/30/932.49%5.70%6.89%3.13%

    5/7/932.37%5.75%6.83%3.13%

    5/14/932.55%5.75%6.88%3.13%

    5/21/932.90%5.90%7.00%3.13%

    5/28/932.91%5.90%6.97%3.25%

    6/4/932.55%5.75%6.88%3.25%

    6/11/932.20%5.75%6.87%3.25%

    6/18/931.85%5.75%6.82%3.19%

    6/25/932.16%5.90%6.76%3.19%

    7/2/932.04%5.90%6.68%3.19%

    7/9/931.69%5.65%6.67%3.19%

    7/16/932.10%5.65%6.58%3.13%

    7/23/932.48%5.75%6.61%3.19%

    7/30/932.89%5.60%6.63%3.19%

    8/6/932.70%5.60%6.54%3.19%

    8/13/932.51%5.60%6.42%3.19%

    8/20/932.52%5.50%6.26%3.19%

    8/27/932.52%5.60%6.16%3.19%

    9/3/932.40%5.60%6.06%3.19%

    9/10/932.27%5.30%5.90%3.13%

    9/17/932.37%5.35%5.98%3.19%

    9/24/932.97%5.35%6.09%3.19%

    10/1/933.09%5.35%5.99%3.19%

    10/8/932.56%5.30%5.99%3.19%

    10/15/932.40%5.20%5.87%3.19%

    10/22/932.39%5.30%5.89%3.19%

    10/29/932.51%5.25%5.99%3.19%

    11/5/932.40%5.65%6.12%3.19%

    11/12/932.40%5.55%6.19%3.19%

    11/19/932.41%5.60%6.22%3.13%

    11/26/932.32%5.33%6.31%3.56%

    12/3/932.19%5.55%6.26%3.50%

    12/10/931.78%5.45%6.17%3.31%

    12/17/932.23%5.50%6.28%3.19%

    12/24/932.95%5.45%6.27%3.25%

    12/31/933.12%5.30%6.28%3.25%

    1/7/941.70%5.45%6.36%3.13%

    1/14/941.86%5.24%6.24%3.13%

    1/21/942.04%5.45%6.29%3.13%

    1/28/942.25%5.40%6.29%3.13%

    2/4/942.10%5.45%6.30%3.38%

    2/11/942.36%5.50%6.42%3.38%

    2/18/942.48%5.44%6.51%3.44%

    2/25/942.45%5.80%6.68%3.56%

    3/4/942.39%6.05%6.79%3.63%

    3/11/942.27%6.05%6.87%3.56%

    3/18/942.15%6.00%6.87%3.56%

    3/25/941.98%6.05%6.92%3.69%

    4/1/942.29%6.40%7.06%3.69%

    4/8/942.16%6.40%7.29%3.75%

    4/15/941.99%6.35%7.26%3.75%

    4/22/942.87%6.30%7.31%3.88%

    4/29/943.24%6.35%7.22%4.00%

    5/6/942.77%6.45%7.38%4.31%

    5/13/943.04%6.45%7.56%4.38%

    5/20/942.98%6.25%7.31%4.31%

    5/27/942.87%6.19%7.40%4.38%

    6/3/942.60%6.02%7.36%4.38%

    6/10/942.19%6.05%7.27%4.31%

    6/17/942.36%6.20%7.38%4.31%

    6/24/942.72%6.40%7.46%4.44%

    7/1/942.45%6.50%7.55%4.63%

    7/8/941.87%6.45%7.63%4.63%

    7/15/942.10%6.35%7.64%4.50%

    7/22/942.83%6.30%7.53%4.50%

    7/29/942.90%6.25%7.52%4.50%

    8/5/942.74%6.30%7.43%4.56%

    8/12/942.74%6.35%7.54%4.69%

    8/19/942.88%6.35%7.46%4.88%

    8/26/943.12%6.30%7.52%4.81%

    9/2/943.11%6.10%7.48%4.88%

    9/9/943.02%6.40%7.61%4.94%

    9/16/943.13%6.50%7.70%4.94%

    9/23/943.38%6.55%7.78%5.06%

    9/30/943.67%6.30%7.83%5.06%

    10/7/943.10%6.65%7.91%5.19%

    10/14/942.74%6.55%7.86%5.00%

    10/21/943.06%6.65%7.92%5.00%

    10/28/943.41%6.75%8.03%5.06%

    11/4/943.22%6.69%8.08%5.25%

    11/11/943.37%7.20%8.13%5.38%

    11/18/943.65%7.25%8.10%5.63%

    11/25/943.72%7.15%8.04%5.63%

    12/2/943.61%6.85%7.99%6.13%

    12/9/942.95%6.90%7.88%6.13%

    12/16/944.19%6.85%7.87%6.13%

    12/23/945.24%6.80%7.85%6.00%

    12/30/945.53%6.75%7.83%6.00%

    1/6/953.47%6.70%7.89%5.88%

    1/13/952.79%6.46%7.86%5.81%

    1/20/952.81%6.55%7.82%6.00%

    1/27/953.61%6.45%7.86%6.06%

    2/3/953.43%6.30%7.72%6.13%

    2/10/953.80%6.25%7.66%6.13%

    2/17/954.08%6.25%7.60%6.13%

    2/24/954.04%6.20%7.56%6.06%

    3/3/953.83%6.25%7.49%6.13%

    3/10/953.57%6.20%7.56%6.13%

    3/17/953.77%6.10%7.37%6.13%

    3/24/953.97%6.15%7.43%6.13%

    3/31/954.15%6.15%7.40%6.13%

    4/7/953.75%6.05%7.38%6.13%

    4/14/954.17%6.00%7.37%6.13%

    4/21/954.34%6.00%7.37%6.06%

    4/28/954.65%6.20%7.33%6.06%

    5/5/954.59%6.10%7.22%6.06%

    5/12/954.75%6.00%6.98%6.06%

    5/19/954.33%5.90%6.90%6.06%

    5/26/954.05%5.85%6.81%6.06%

    6/2/953.67%5.70%6.62%6.00%

    6/9/952.73%5.85%6.57%6.06%

    6/16/954.03%6.05%6.61%6.06%

    6/23/954.23%5.90%6.53%6.06%

    6/30/954.10%6.10%6.58%6.13%

    7/7/953.17%5.95%6.57%5.88%

    7/14/952.87%5.85%6.56%5.88%

    7/21/953.76%6.10%6.82%5.88%

    7/28/953.81%6.10%6.88%5.88%

    8/4/953.60%6.15%6.89%5.88%

    8/11/953.83%6.25%6.92%5.88%

    8/18/953.84%6.25%6.92%5.94%

    8/25/953.66%6.10%6.85%5.88%

    9/1/953.57%5.95%6.68%5.88%

    9/8/953.36%5.90%6.59%5.88%

    9/15/953.84%5.85%6.51%5.81%

    9/22/954.02%6.05%6.53%5.81%

    9/29/954.34%5.95%6.57%5.88%

    10/6/953.49%5.90%6.45%5.88%

    10/13/953.62%5.70%6.40%5.88%

    10/20/953.78%5.75%6.32%5.88%

    10/27/953.92%5.75%6.35%5.81%

    11/3/953.76%5.70%6.30%5.81%

    11/10/953.85%5.70%6.29%5.81%

    11/17/953.95%5.65%6.27%5.81%

    11/24/953.82%5.65%6.26%5.69%

    12/1/953.67%5.45%6.19%5.94%

    12/8/953.37%5.35%6.04%5.94%

    12/15/954.31%5.50%6.07%5.88%

    12/22/954.94%5.45%6.12%5.75%

    12/29/955.10%5.35%6.00%5.69%

    1/5/963.41%5.40%6.00%5.63%

    1/12/963.28%5.50%6.12%5.63%

    1/19/963.19%5.35%6.01%5.56%

    1/26/963.20%5.45%6.06%5.50%

    2/2/963.17%5.40%6.08%5.38%

    2/9/963.15%5.30%6.13%5.33%

    2/16/963.29%5.40%6.11%5.31%

    2/23/963.33%5.50%6.39%5.31%

    3/1/963.27%5.55%6.45%5.31%

    3/8/963.09%5.80%6.47%5.31%

    3/15/963.15%6.00%6.68%5.41%

    3/22/963.31%5.80%6.67%5.38%

    3/29/963.37%5.85%6.65%5.44%

    4/5/963.09%5.95%6.68%5.44%

    4/12/963.45%5.95%6.88%5.50%

    4/19/963.67%5.90%6.80%5.44%

    4/26/964.11%5.85%6.79%5.43%

    5/3/964.04%6.10%6.96%5.46%

    5/10/964.01%6.00%7.02%5.44%

    5/17/963.95%5.90%6.87%5.44%

    5/24/963.69%5.90%6.84%5.43%

    5/31/963.60%6.05%6.93%5.44%

    6/7/963.11%6.10%6.99%5.44%

    6/14/963.28%6.10%7.13%5.46%

    6/21/963.44%6.05%7.10%5.44%

    6/28/963.34%5.90%7.02%5.46%

    7/5/962.47%6.10%7.00%5.46%

    7/12/962.45%5.95%7.11%5.50%

    7/19/963.46%5.85%7.00%5.50%

    7/26/963.57%5.85%7.02%5.45%

    8/2/963.60%5.65%6.94%5.40%

    8/9/963.49%5.60%6.75%5.43%

    8/16/963.62%5.70%6.77%5.42%

    8/23/963.47%5.80%6.84%5.44%

    8/30/963.46%5.90%7.03%5.48%

    9/6/963.30%5.90%7.11%5.47%

    9/13/963.45%5.75%7.07%5.44%

    9/20/963.59%5.85%7.01%5.50%

    9/27/963.85%5.70%6.95%5.44%

    10/4/963.26%5.60%6.85%5.40%

    10/11/963.40%5.75%6.83%5.38%

    10/18/963.53%5.70%6.83%5.38%

    10/25/963.55%5.75%6.83%5.38%

    11/1/963.55%5.65%6.71%5.38%

    11/8/963.25%5.60%6.57%5.38%

    11/15/963.50%5.60%6.45%5.38%

    11/22/963.47%5.55%6.43%5.38%

    11/29/963.55%5.50%6.41%5.38%

    12/6/963.12%5.60%6.43%5.58%

    12/13/963.52%5.60%6.56%5.56%

    12/20/963.93%5.60%6.63%5.65%

    12/27/964.11%5.55%6.58%5.66%

    1/3/973.02%5.65%6.67%5.50%

    1/10/973.35%5.75%6.80%5.48%

    1/17/973.40%5.70%6.81%5.44%

    1/24/973.39%5.75%6.84%5.44%

    1/31/973.53%5.70%6.89%5.44%

    2/7/973.24%5.60%6.74%5.42%

    2/14/973.26%5.50%6.65%5.38%

    2/21/973.26%5.55%6.60%5.38%

    2/28/973.30%5.65%6.75%5.44%

    3/7/973.07%5.70%6.85%5.44%

    3/14/973.05%5.75%6.89%5.46%

    3/21/973.26%5.80%6.97%5.63%

    3/28/973.46%5.85%7.00%5.70%

    4/4/973.33%5.90%7.10%5.69%

    4/11/973.59%5.90%7.12%5.70%

    4/18/973.87%5.85%7.10%5.69%

    4/25/974.57%5.90%7.10%5.69%

    5/2/974.49%5.75%6.98%5.69%

    5/9/974.11%5.70%6.91%5.69%

    5/16/974.18%5.65%6.90%5.69%

    5/23/973.94%5.65%6.96%5.69%

    5/30/973.91%5.65%6.99%5.69%

    6/6/973.45%5.55%6.86%5.69%

    6/13/973.99%5.45%6.80%5.66%

    6/20/974.13%5.45%6.69%5.66%

    6/27/974.15%5.60%6.73%5.69%

    7/4/973.71%5.45%6.72%5.65%

    7/11/973.45%5.40%6.56%5.68%

    7/18/973.67%5.35%6.52%5.67%

    7/25/973.69%5.30%6.46%5.65%

    8/1/973.63%5.35%6.38%5.65%

    8/8/973.40%5.48%6.52%5.65%

    8/15/973.42%5.45%6.61%5.63%

    8/22/973.34%5.50%6.57%5.63%

    8/29/973.31%5.48%6.63%5.64%

    9/5/973.51%5.48%6.61%5.66%

    9/12/973.64%5.45%6.64%5.66%

    9/19/973.79%5.38%6.43%5.66%

    9/26/974.08%5.40%6.36%5.66%

    10/3/973.72%5.35%6.35%5.63%

    10/10/973.60%5.40%6.34%5.63%

    10/17/973.60%5.50%6.40%5.65%

    10/24/973.68%5.43%6.38%5.65%

    10/31/973.64%5.35%6.22%5.65%

    11/7/973.72%5.38%6.20%5.66%

    11/14/973.94%5.35%6.12%5.69%

    11/21/973.98%5.33%6.05%5.69%

    11/28/973.89%5.30%6.06%6.00%

    12/5/973.61%5.25%6.04%6.00%

    12/12/973.72%5.20%6.07%5.97%