Donald L. Walford - Page 36

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                                      APPENDIX                                        
          I.   Discounted Receipts                                                    
          Year                     Projected Nominal        1980 Present              
                                        Receipts1                Value2               
          1980                          -0-                      -0-                  
          1981                          $12,035             $10,794                   
          1982                          16,524                   13,291               
          1983                          19,829                   14,305               
          1984                          23,795                   15,395               
          1985                          28,554                   16,569               
          1986                          34,264                   17,832               
          1987                          41,117                   19,191               
          1988                          49,341                   20,654               
          1989                          59,209                   22,229               
          1990                          71,051                   23,923               
          1991                          85,261                   25,747               
          1992                          102,313                  27,710               
          1993                          122,776                  29,822               
          1994                          147,331                  32,096               
          1995                          176,797                  34,542               
          1996                          212,156                  37,176               
          1997                          254,588                  40,010               
          1998                          305,505                  43,060               
          1999                          366,606                  46,342               
          2000                          439,927                  49,875               
          2001                          527,913                  53,677               
          2002                          633,495                  57,769               
          2003                          760,194                  62,173               
          2004                     1,328,433                     97,441               
          2005                        5,473,399                 360,069               
          Total receipts         11,292,413                 1,171,692                 

               1This figure takes into account management fees paid to CEF and        
          payments to Nisona on the nonrecourse note.  The amounts and timing         
          of the principal and interest payments to Nisona are based on the           
          projections contained in the PPM.                                           
               2A discount rate of 11.5 percent is assumed.                           











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