RANGE OF YIELD CURVE SCALES CLOSE: 12/31/01 DELPHIS HANOVER CORPORATION Copyright (C) 1963-2001 * All Rights Reserved. INDEX 100 98 96 94 92 90 88 86 Aaa Aa A Baa -------------------------------------------------------------------- 2002 1.95 2.00 2.10 2.20 2.35 2.45 2.60 2.75 2003 2.55 2.60 2.70 2.80 2.95 3.05 3.20 3.35 2004 3.00 3.05 3.15 3.25 3.40 3.50 3.65 3.80 2005 3.35 3.40 3.50 3.60 3.75 3.85 4.00 4.15 2006 3.65 3.70 3.80 3.90 4.05 4.15 4.30 4.45 -------------------------------------------------------------------- 2007 3.95 4.00 4.10 4.20 4.35 4.45 4.60 4.75 2008 4.15 4.20 4.30 4.40 4.55 4.65 4.80 4.95 2009 4.25 4.35 4.40 4.55 4.65 4.80 4.90 5.05 2010 4.40 4.45 4.55 4.65 4.75 4.90 5.00 5.15 2011 4.50 4.55 4.65 4.75 4.85 5.00 5.15 5.30 -------------------------------------------------------------------- 2012 4.60 4.65 4.75 4.85 5.00 5.10 5.25 5.40 2013 4.70 4.75 4.85 4.95 5.10 5.20 5.35 5.50 2014 4.80 4.85 4.95 5.05 5.20 5.30 5.45 5.60 2015 4.85 4.95 5.05 5.15 5.25 5.40 5.55 5.70 2016 4.95 5.00 5.10 5.20 5.35 5.45 5.60 5.75 -------------------------------------------------------------------- 2017 5.00 5.10 5.20 5.30 5.40 5.55 5.70 5.85 2018 5.05 5.15 5.25 5.35 5.45 5.60 5.75 5.90 2019 5.10 5.20 5.25 5.40 5.50 5.60 5.75 5.90 2020 5.15 5.20 5.30 5.40 5.50 5.65 5.80 5.95 2021 5.20 5.25 5.30 5.45 5.55 5.65 5.80 5.95 -------------------------------------------------------------------- 2022 5.20 5.25 5.35 5.45 5.60 5.70 5.85 6.00 2023 5.25 5.30 5.35 5.50 5.60 5.70 5.85 6.00 2024 5.25 5.30 5.40 5.50 5.60 5.75 5.85 6.00 2025 5.25 5.30 5.40 5.50 5.60 5.75 5.90 6.05 2026 5.25 5.35 5.40 5.50 5.65 5.75 5.90 6.05 -------------------------------------------------------------------- 2031 5.30 5.35 5.45 5.55 5.65 5.75 5.90 6.05 2036 5.30 5.35 5.45 5.55 5.65 5.80 5.95 6.10 2041 5.30 5.40 5.45 5.55 5.70 5.80 5.95 6.10 High grades were unchanged. Secondary market activity was light. Dollar bonds closed unchanged to up 1/8. The market opened flat; was quoted up a couple of ticks at Noon EST and closed early. ON THE RUN TREASURY ISSUES TREAS DELPHIS Aaa/100 MATURITY COUPON YIELD Aaa/100 vs TREAS -------------------------------------------------------------------- 12/31/03 3 1/4 3.039 2.550 83.9% 08/15/04 6.000 3.496 2.831 81.0% 11/15/06 3 1/2 4.303 3.604 83.8% 11/15/08 4 3/4 4.803 4.105 85.5% 08/15/11 5.000 5.020 4.442 88.5% 02/15/31 5 3/8 5.463 5.286 96.8% Copyright (C) 1963-2001 * DELPHIS HANOVER CORPORATION * All Rights Reserved. (203) 262-1862