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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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