RANGE OF YIELD CURVE SCALES CLOSE: 04/30/08 DELPHIS HANOVER CORPORATION Copyright (C) 1963-2008 * All Rights Reserved. INDEX 100 98 96 94 92 90 88 86 Aaa Aa A Baa -------------------------------------------------------------------- 2009 2.35 2.40 2.50 2.65 2.90 3.10 3.35 3.60 2010 2.55 2.60 2.70 2.90 3.15 3.40 3.60 3.85 2011 2.75 2.85 2.95 3.10 3.35 3.60 3.80 4.10 2012 2.90 2.95 3.05 3.25 3.50 3.70 3.95 4.20 2013 3.05 3.10 3.20 3.40 3.65 3.90 4.10 4.35 -------------------------------------------------------------------- 2014 3.25 3.30 3.40 3.65 3.90 4.15 4.35 4.65 2015 3.40 3.45 3.60 3.80 4.05 4.30 4.55 4.80 2016 3.55 3.60 3.75 3.95 4.20 4.45 4.70 4.95 2017 3.70 3.75 3.85 4.05 4.30 4.55 4.80 5.05 2018 3.85 3.90 4.00 4.20 4.45 4.70 4.95 5.20 -------------------------------------------------------------------- 2019 4.00 4.05 4.20 4.40 4.65 4.90 5.15 5.45 2020 4.10 4.15 4.30 4.50 4.75 5.00 5.25 5.55 2021 4.20 4.30 4.40 4.60 4.85 5.15 5.40 5.65 2022 4.30 4.35 4.50 4.70 4.95 5.20 5.45 5.70 2023 4.35 4.45 4.55 4.75 5.00 5.25 5.50 5.75 -------------------------------------------------------------------- 2024 4.50 4.55 4.70 4.90 5.15 5.35 5.60 5.85 2025 4.55 4.65 4.80 5.00 5.20 5.45 5.70 5.95 2026 4.55 4.65 4.80 5.05 5.25 5.50 5.70 5.95 2027 4.60 4.70 4.85 5.10 5.30 5.55 5.80 6.05 2028 4.65 4.75 4.90 5.10 5.35 5.55 5.80 6.05 -------------------------------------------------------------------- 2029 4.75 4.85 4.95 5.15 5.40 5.60 5.85 6.10 2030 4.80 4.85 5.00 5.20 5.45 5.70 5.95 6.15 2031 4.80 4.90 5.00 5.25 5.50 5.70 5.95 6.20 2032 4.85 4.95 5.05 5.30 5.55 5.75 6.00 6.25 2033 4.85 4.95 5.05 5.30 5.55 5.75 6.00 6.25 -------------------------------------------------------------------- 2038 4.90 5.00 5.10 5.35 5.60 5.85 6.10 6.35 2043 4.95 5.05 5.15 5.40 5.65 5.90 6.15 6.40 2048 5.00 5.10 5.20 5.45 5.70 5.95 6.20 6.45 High grades were firm but unchanged. Secondary market activity was light to moderate; new issue pricing steady. ON THE RUN TREASURY ISSUES TREAS DELPHIS Aaa/100 MATURITY COUPON YIELD Aaa/100 vs TREAS -------------------------------------------------------------------- 04/30/10 2 1/8 2.274 2.560 112.6% 05/15/10 4 1/2 0.000 2.569 0.0% 04/30/13 3 1/8 3.028 3.050 100.7% 02/15/15 4.000 3.311 3.367 101.7% 02/15/18 3 1/2 3.749 3.807 101.5% 02/15/38 4 3/8 4.486 4.908 109.4% Copyright (C) 1963-2008 * DELPHIS HANOVER CORPORATION * All Rights Reserved. (203) 262-1862