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PARRS Rate Reset Calculation Illustrations

1999 Series A (TVE) Calculation

The coupon rate on the 1999 Series A ("TVE") PARRS may be reset downward, under certain conditions, on May 1 of each year. The coupon rate will be reset if the sum of the average of the U.S. Treasury 30-Year CMT rate for the week ending the last Friday in March, plus 0.84% (84 basis points), is less than the current coupon rate.

2009 Reset Calculation for TVE

Date   U.S. Treasury 30-YR CMT Rate (1)
03/23/2009   3.69%
03/24/2009   3.60%
03/25/2009   3.73%
03/26/2009   3.66%
03/27/2009   3.62%

  Average 3.660%
+84 Basis Points (2) 0.840%
= Calculated Rate(3) 4.500%
Current Rate 5.174%
(1) Per 1999 Series A Offering Circular, and 1999 Series A Legal Notice
(2) Per 1999 Series A Offering Circular
(3) Coupon rate will reset if Calculated Rate is below the Current Rate.




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