CALCULATION WORKSHEET #1 Securities Lending Revenue Estimate Worksheet #1 – (Assume Intrinsic Value Lending of at least 50 bps and invested Indemnified US Treasury REPO Overnight Basis Only) Asset Class Lendable Percent on Assets Intrinsic Rebate Re-invest Avg. SFERS Share of Net Assets Loan a on Spread Rate in Rate Spreads Income Revenue w/ Securities (US$) 12 month Loan (bps) bps (bps) Net (US$) Borrower Default Lending Income rolling (US$) (using a Rebate Indemnification (US$ millions) average) 12 and Fees (Percent) month (bps) rolling average) US Large Cap Eq US Mid & Small Cap Eq U.S. CorpBonds High Yield Mortgages U.S. Govt Bonds TIPS Non-US Equities TOTAL For example: $100 million loan outstanding for one year with a 0.20% net spread and a of 80/20 is equal to $160,000 ($100,000,000 x 0.002 x 0.80). CALCULATION WORKSHEET #2 Securities Lending Revenue Estimate Worksheet #2 –
CALCULATION WORKSHEET #1 Securities Lending Revenue Estimate Worksheet – #1 (Assume Intrinsic Value Lending of at least 50 bps and invested Indemnified US Treasury REPO Overnight Basis Only) Asset Class Lendable Assets (US$) Percent on Loan a 12 month rolling average) Assets on Loan (US$) Intrinsic Spread (bps) Rebate Rate in bps (using a 12 month rolling average) Re-invest Rate (bps) Avg. Spreads Net Rebate and Fees (bps) Income (US$) SFERS Share of Revenue w/ Borrower Default Indemnification (Percent) Net Securities Lending Income (US$ millions) US Large Cap Eq US Mid & Small Cap Eq U.S. CorpBonds High Yield Mortgages U.S. Govt Bonds TIPS Non-US Equities TOTAL For example: $100 million loan outstanding for one year with a 0.20% net spread and a of 80/20 is equal to $160,000 ($100,000,000 x 0.002 x 0.80). CALCULATION WORKSHEET #2 Securities Lending Revenue Estimate Worksheet – #2