January 8, 1982

NoMaturity

ClosedMaturity Face value

(year) (year) $ 1,000 1 6.8 $ 68 1982 n 99 15/32 $ 994.69 0 11.88 $ 936.33 2 8 $ 80 1983 n 94 3/4 $ 947.50 1 13.32 $ 925.93 3 13.87 $ 139 1983 n 99 29/32 $ 999.06 1 13.97 $ 878.19 4 7.25 $ 73 1984 n 85 21/32 $ 856.56 2 14.03 $ 932.40 5 8 $ 80 1985 n 85 15/16 $ 859.38 3 14.11 $ 925.93 6 13.5 $ 135 1986 n 97 17/32 $ 975.31 4 14.32 $ 881.06 7 9 $ 90 1987 n 81 3/4 $ 817.50 5 14.15 $ 917.43 8 12.75 $ 128 1987 n 94 1/2 $ 945.00 5 14.28 $ 886.92 9 6.75 $ 68 1993 60 23/32 $ 607.19 11 13.74 $ 936.77

10 10.5 $ 105 1995 77 15/16 $ 779.38 13 14.27 $ 904.98 11 11.75 $ 118 2001 83 1/4 $ 832.50 19 14.41 $ 894.85 12 14.25 $ 143 2002 98 5/16 $ 983.13 20 14.5 $ 875.27 13 7.63 $ 76 2002 7 59 15/16 $ 599.38 19.58 13.46 $ 929.11 14 11.75 $ 118 2005 10 83 11/16 $ 836.88 22.83 14.1 $ 894.85

Coupon

interest annual

payment Yeild to Maturity

0 5 10 15 20 250

0.02

0.04

0.06

0.08

0.1

0.12

0.14

0.16

Coupon

Coupon

he yield curve is a graph which plots time (from shortest to longest maturity date) on the horizontal access, and yield on the vertical access. It is used to show the relationship between yield and maturity.Yield curves work best when plotting different maturity dates for the same type of bond, meaning that the only major difference in the securities is their maturity date. On the horizontal axis of the yield curve we have the time to maturity going from 6 months to 30 years. On the yield curve’s Y axis, we have the yield to maturity going from 0 to as high a percentage as needed to incorporate the yields of all the maturities plotted.

he yield curve is a graph which plots time (from shortest to longest maturity date) on the horizontal access, and yield on the vertical access. It is used to show the relationship between yield and maturity.Yield curves work best when plotting different maturity dates for the same type of bond, meaning that the only major difference in the securities is their maturity date. On the horizontal axis of the yield curve we have the time to maturity going from 6 months to 30 years. On the yield curve’s Y axis, we have the yield to maturity going from 0 to as high a percentage as needed to incorporate the yields of all the maturities plotted.

1982

Closed Coupon

99.469% 6.38%94.750% 8.00%99.906% 13.88%85.656% 7.25%85.938% 8.00%97.531% 13.50%81.750% 9.00%94.500% 12.75%60.719% 6.75%77.938% 10.50%83.250% 11.75%98.313% 14.25%59.938% 7.63%83.688% 11.75%

0 5 10 15 20 250.000%

20.000%

40.000%

60.000%

80.000%

100.000%

120.000%

Closed Price

Closed

0 5 10 15 20 250

0.02

0.04

0.06

0.08

0.1

0.12

0.14

0.16

Coupon

Coupon

he yield curve is a graph which plots time (from shortest to longest maturity date) on the horizontal access, and yield on the vertical access. It is used to show the relationship between yield and maturity.Yield curves work best when plotting different maturity dates for the same type of bond, meaning that the only major difference in the securities is their maturity date. On the horizontal axis of the yield curve we have the time to maturity going from 6 months to 30 years. On the yield curve’s Y axis, we have the yield to maturity going from 0 to as high a percentage as needed to incorporate the yields of all the maturities plotted.

The yield curve is flat when yields of all maturities are close to one another. This happens when inflation expectations have decreased to the point where investors are demanding no premium for tying their money up for longer periods of time. Like with the inverted yield curve, when the yield curve moves from normal to flat, this is generally a sign of a pending, or ongoing economic slowdown.

1980 1985 1990 1995 2000 2005 20100

2

4

6

8

10

12

14

16

Yield Curve January 8, 1982

Yeild to Maturity

%

Years

he yield curve is a graph which plots time (from shortest to longest maturity date) on the horizontal access, and yield on the vertical access. It is used to show the relationship between yield and maturity.Yield curves work best when plotting different maturity dates for the same type of bond, meaning that the only major difference in the securities is their maturity date. On the horizontal axis of the yield curve we have the time to maturity going from 6 months to 30 years. On the yield curve’s Y axis, we have the yield to maturity going from 0 to as high a percentage as needed to incorporate the yields of all the maturities plotted.

The yield curve is flat when yields of all maturities are close to one another. This happens when inflation expectations have decreased to the point where investors are demanding no premium for tying their money up for longer periods of time. Like with the inverted yield curve, when the yield curve moves from normal to flat, this is generally a sign of a pending, or ongoing economic slowdown.

1980 1985 1990 1995 2000 2005 20100

2

4

6

8

10

12

14

16

Yield Curve January 8, 1982

Yeild to Maturity

%

January 7, 1983

No Coupon Maturity Closed Maturity Face value(year) (year) $ 1,000

2 8 $ 80.00 1983 n 100 5/16 $ 1,003 0 7.43 $ 925.93 3 13 7/8 $ 138.75 1983 n 100 27/32 $ 1,008 0 7.09 $ 878.16 4 7 1/4 $ 72.50 1984 n 98 9/16 $ 986 1 8.66 $ 932.40 5 8 $ 80.00 1985 n 97 25/32 $ 978 2 9.19 $ 925.93 6 13 1/2 $ 135.00 1986 n 109 3/8 $ 1,094 3 9.92 $ 881.06 7 9 $ 90.00 1987 n 97 15/32 $ 975 4 9.76 $ 917.43 8 12 3/4 $ 127.50 1987 n 106 9/16 $ 1,066 4 10.14 $ 886.92 9 10 1/8 $ 101.25 1988 n 100 5/8 $ 1,006 5 9.97 $ 908.06

14 9 $ 90.00 1994 91 5/8 $ 916 11 10.28 $ 917.43 15 10 1/2 $ 105.00 1995 100 5/8 $ 1,006 12 10.41 $ 904.98 18 11 3/4 $ 117.50 2001 107 19/32 $ 1,076 18 10.79 $ 894.85 19 14 1/4 $ 142.50 2002 126 3/4 $ 1,268 19 10.89 $ 875.27 20 7 5/8 $ 76.25 2002 7 76 3/4 $ 768 18.583333 10.24 $ 929.15 21 11 3/4 $ 117.50 2005 10 107 5/8 $ 1,076 21.833333 10.83 $ 894.85

interest annual

payment Yeild to

Maturity

0 2 4 6 8 10 12 14 160

2

4

6

8

10

12

Yield Curve January 7, 1983

Yeild to Maturity

%

0 2 4 6 8 10 12 14 160

2

4

6

8

10

12

Yield Curve January 7, 1983

Yeild to Maturity

years

%

January 6, 1984

No Coupon Maturity Closed Maturity Face value(year) (year) $ 1,000

1 7 1/4 $ 72.50 1984 n 99 7/8 $ 999 0 8.29 $ 932 2 8 $ 80.00 1985 n 98 7/32 $ 982 1 9.75 $ 926 3 13 1/2 $ 135.00 1986 n 105 5/32 $ 1,052 2 10.69 $ 881 4 9 $ 90.00 1987 n 94 13/16 $ 948 3 11.02 $ 917 5 12 3/4 $ 127.50 1987 n 104 3/8 $ 1,044 3 11.05 $ 887 6 10 1/8 $ 101.25 1988 n 96 7/32 $ 962 4 11.3 $ 908 7 11 3/8 $ 113.75 1989 n 99 11/16 $ 997 5 11.45 $ 898 8 14 5/8 $ 146.25 1992 n 114 11/32 $ 1,143 8 11.82 $ 872 9 6 3/4 $ 67.50 1993 74 21/32 $ 747 9 11.28 $ 937

10 9 $ 90.00 1994 84 1/2 $ 845 10 11.65 $ 917 11 10 1/2 $ 105.00 1995 92 5/8 $ 926 11 11.71 $ 905 12 11 3/4 $ 117.50 2001 93 11/32 $ 933 17 11.84 $ 895 13 14 1/4 $ 142.50 2002 117 17/32 $ 1,175 18 11.87 $ 875 14 7 5/8 $ 76.25 2002 7 68 21/32 $ 687 17.58333 11.53 $ 929 15 11 3/4 $ 117.50 2005 10 99 3/4 $ 998 20.83333 11.78 $ 895

interest annual

payment Yeild to

Maturity

Face value

0 2 4 6 8 10 12 14 16 180

2

4

6

8

10

12

14

Yield Curve January 6, 1984

Yeild to Maturity

years

%

12.75% COUPON BOND,Maturity Feb, 15 1987

Settlement date 1/8/1982 1/8/1982Maturity date 2/15/1987 6/3/1987Annual coupon rate 0.1275 0.1275Yeild to maturity 0.1428 0.1428Redemption value (% of face value) 1000 1000Coupon payment per year 2 1

Flat price (% of par) 539.76431 531.85396349Days since last coupon 146 36Days in coupon period 184 182Accured interest 5.0584239 1.260989011Invoice price 544.82274 533.1149525

Strategy Buy and Hold

Coupon Maturity date 8-Jan-82 9-Jul-82 7-Jan-83Closed Yield Closed Yield Closed

$ 127.50 2/15/1987 $ 945 14.28 $ 957.19 14.05 $ 1,065.63 $ 63.75 ANNUAL HPR 0.138358245149051 0.0725 0.262566138SEMMIANNUAL 0.0695740010181637 0.00875 0.08035714 0.179888998

103.44% 74.01%95.80% -65.20%

nilai wajar $ 754.801

Closed Price YieldDate

$ 945 14.28% 01/08/82 7.25% $ 1,065.63 10.14% 01/07/83 26.26% $ 1,043.75 11.05% 01/06/84 9.91% $ 1,046.88 10.22% 01/04/85 12.51% $ 1,052.50 7.71% 01/08/86 12.72% $ 1,006.88 4.80% 01/09/87 7.78%

12.75% COUPON BOND,Maturity Feb, 15 1987

Settlement date 1/8/1982Maturity date 7/9/1987Annual coupon rate 0.1275Yeild to maturity 0.1428Redemption value (% of face v 1000Coupon payment per year 2

Flat price (% of par) 515.616248Days since last coupon 183Days in coupon period 184Accured interest 6.34035326Invoice price 521.956601

Annual HPR

Date 8-Jan-82

7-Jan-83

6-Jan-84

4-Jan-85

8-Jan-86

9-Jan-87

0

0.05

0.1

0.15

0.2

0.25

0.3

Annual HPRYield

Date 8-Jan-82 7-Jan-83 6-Jan-84 4-Jan-85 8-Jan-86 $880 $900 $920 $940 $960 $980

$1,000 $1,020 $1,040 $1,060 $1,080

Closed Price

Closed Price

Strategy Buy and Hold7-Jan-83 1-Jul-83 6-Jan-84 29-Jun-84 4-Jan-85

Yield Closed Yield Closed Yield Closed Yield Closed 10.14 $ 1,060.31 10.7 $ 1,043.75 11.05 $ 989.06 13.26 $ 1,046.88

0.099120235 0.1251497010.05483871 0.044503389 0.00868263 0.122906793

Date

8-Jan-82 0.88%9-Jul-82 8.04%7-Jan-83 17.99%1-Jul-83 5.48%6-Jan-84 4.45%

29-Jun-84 0.87%4-Jan-85 12.29%2-Jul-85 7.58%8-Jan-86 5.06%3-Jun-86 4.84%9-Jan-87 2.98%

Semiannual HPR

Date 8-Jan-82

7-Jan-83

6-Jan-84

4-Jan-85

8-Jan-86

9-Jan-87

0

0.05

0.1

0.15

0.2

0.25

0.3

Annual HPRYield

1 2 3 4 5 6 7 8 9 10 110.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

20.00%

Semiannual HPR

Semiannual HPR

Date 8-Jan-82 7-Jan-83 6-Jan-84 4-Jan-85 8-Jan-86 $880 $900 $920 $940 $960 $980

$1,000 $1,020 $1,040 $1,060 $1,080

Closed Price

Closed Price

Strategy Buy and Hold4-Jan-85 2-Jul-85 8-Jan-86 3-Jun-86 9-Jan-87

Yield Closed Yield Closed Yield Closed Yield Closed Yield10.22 $ 1,062.50 8.55 $ 1,052.50 7.71 $ 1,039.69 5.99 $ 1,006.88 4.8

0.127164179 0.0777909740.075820896 0.050588235 0.048396675 0.029756537

1 2 3 4 5 6 7 8 9 10 110.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

20.00%

Semiannual HPR

Semiannual HPR

Annual Coupon $ 127.50 Return $ 63.75 Date Bond Price Date Bond Price

8-Jan-82 Closed $ 945 8-Jan-82 Closed 7-Jan-83 Closed $ 1,065.63 26.26% 9-Jul-82 Closed 6-Jan-84 Closed $ 1,043.75 9.91% 7-Jan-83 Closed 4-Jan-85 Closed $ 1,046.88 12.51% 1-Jul-83 Closed 8-Jan-86 Closed $ 1,052.50 12.72% 6-Jan-84 Closed 9-Jan-87 Closed $ 1,006.88 7.78% 29-Jun-84 Closed

4-Jan-85 Closed 2-Jul-85 Closed

8-Jan-86 Closed 3-Jun-86 Closed 9-Jan-87 Closed

Multiplier 10Coupon rate 12 3/4 $ 127.50 annually

6 3/8 $ 63.8 semiannualPar value $ 1,000

10 9 8 7 6 5 48-Jan-82 9-Jul-82 7-Jan-83 1-Jul-83 6-Jan-84 29-Jun-84 4-Jan-85

10 14.28 14.0516.37%

9 14.05 10.1450.76%

8 10.14 10.76.30%

7 10.7 11.058.62%

6 11.05 13.260.63%

5 13.26 10.2226.28%

4 10.2215.39%

3

2

1

AVERAGE 15.01%

Period Return1 0.0599 1.05992 0.094579 1.094579123 0.102497 1.10249704

Semiannual Coupon

buy 12 3/4 1987 on Jan 8 '82 and hold

4 0.153857 1.153857415 0.262819 1.262819156 0.006303 1.006302597 0.08623 1.086230448 0.062985 1.062985239 0.507638 1.50763784

10 0.16371 1.16370985HPR 14.28% SAMA DENGAN YIELD DALAM CASE 1/8/1982

$ 63.75 Return Bond Price

$ 945 $ 957.19 8.04% $ 1,065.63 17.99% $ 1,060.31 5.48% $ 1,043.75 4.45% $ 989.06 0.87% $ 1,046.88 12.29% $ 1,062.50 7.58% $ 1,052.50 5.06% $ 1,039.69 4.84% $ 1,006.88 2.98%

multiplier 10coupon 12 3/4 $ 127.50 annually

6 3/8 $ 63.75 semiannuallyPar value $ 1,000

3 2 1 0 close price2-Jul-85 8-Jan-86 3-Jun-86 9-Jan-87 8-Jan-82 9-Jul-82 7-Jan-83

10 $ 945.00 $ 957.19

16.37% 929.66781 914.54575.23%

9 $ 957.19 $ 1,065.63

50.76% 914.5457 1060.2722.90%

81065.625

6.30% 1060.27

78.62%

8.55615.39% 0.63%

8.55 7.71 10.25%

57.71 5.99 26.28%9.46%

5.99 4.845.99% 15.39%

15.01%

310.25%

29.46%

buy 12 3/4 1987 on Jan 8 '82 and

2

15.99%

AVERAGE 7.25%

close pricePeriod

1-Jul-83 6-Jan-84 29-Jun-84 4-Jan-85 2-Jul-85 8-Jan-86 3-Jun-86 9-Jan-871098765

1060.313 41053.93 3

5.41% 21060.313 1043.75 1

1053.93 1043.365.05%

1043.75 989.06251043.36 976.17

-0.33%989.0625 1046.875

976.17 1040.4613.12%

1046.875 1062.51040.46 1059.24

7.93%1062.5 1,052.50

1059.24 1050.515.19%

1052.5 1039.6881050.51 1039.07

Semiannual HPR Average

4.98%1039.688 1006.875

1039.07 1006.883.04%

7.25%

0.052307 1.0523070.229048 1.229048

0.05415 1.054150.05045 1.05045

-0.003295 1.0032950.131166 1.1311660.079323 1.0793230.051945 1.0519450.049788 1.0497880.030373 1.030373

0.071565

HPR semiannu

al

Semiannual HPR Average

Strategy Rolling Over a long term bond

Coupon Maturity date 8-Jan-82 9-Jul-82Closed Yield Closed

$ 105.00 2/15/1995 $ 779 14.27 $ 810.31 $ 52.50 ANNUAL HPR 21.17% -11.56%SEMMIANNUAL 10.55% -16.81% 10.71%

0.29527977

8-Jan-82 Closed $ 779 Yield 14.27

9-Jul-82 Closed $ 810.31 Yield 13.71

7-Jan-83 Closed $ 1,006.25 Yield 10.41

1-Jul-83 Closed $ 968.44 Yield 10.98

6-Jan-84 Closed $ 926.25 Yield 11.71

29-Jun-84 Closed $ 817.81 Yield 13.82

4-Jan-85 Closed $ 938.13 Yield 11.55

2-Jul-85 Closed $ 1,041.25 Yield 10.15

8-Jan-86 Closed $ 1,089.38 Yield 9.09

3-Jun-86 Closed $ 1,193.13 Yield 7.58

9-Jan-87 Closed $ 1,211.25 Yield 7.03

10 1/2 COUPON BOND, 10 1/2 COUPON BOND,Maturity Feb, 15 1987 Maturity Feb, 15 1987Settlement date 1/8/1982 Settlement date 6/9/1982Maturity date 6/9/1987 Maturity date 1/7/1983Annual coupon rate $ 105.00 Annual coupon rate $ 105.00 Yeild to maturity 14.27 Yeild to maturity 13.71Redemption value (% of fa 1000 Redemption value 1000Coupon payment per year 2 Coupon payment per year 2

Flat price (% of par) 185.583092604 Flat price (% of par) -46.0105637582Days since last coupon 30 Days since last coupon 153Days in coupon period 182 Days in coupon period 181Accured interest 865.384615385 Accured interest 4437.845303867Invoice price $ 1,050.97 Invoice price $ 4,391.83

7-Jan-83 1-Jul-83Yield Closed Yield Closed Yield

13.71 $ 1,006.25 10.41 $ 968.44 10.98

42.58%30.66% 1.46%

HPR FOR SEMIANNUALY

10 1/2 COUPON BOND,Maturity Feb, 15 1987

Settlement date 1/7/1983Maturity date 6/9/1987

Annual coupon rate $ 1,006.25 Yeild to maturity 10.98 10 1/2 COUPON BOND,Redemption value 1000 Maturity Feb, 15 1987Coupon payment per year 2 Settlement date

Maturity dateAnnual coupon rate

Flat price (% of par) 4432.5451815 Yeild to maturityDays since last coupon 29 Redemption valueDays in coupon period 182 Coupon payment per yearAccured interest 8016.8269231Invoice price 12449.372105

Flat price (% of par)Days since last couponDays in coupon periodAccured interestInvoice price

6-Jan-84 29-Jun-84 4-Jan-85 2-Jul-85 8-Jan-86Closed Yield Closed Yield Closed Yield Closed Yield Closed

$ 926.25 11.71 $ 817.81 13.82 $ 938.13 11.55 $ 1,041.25 10.15 $ 1,089.38

2.48% 12.62% 27.32%1.06% -6.04% 21.13% 16.59% 9.66%

10 1/2 COUPON BOND,Maturity Feb, 15 1987

1/8/19826/9/1987

$ 10.98 817.8125

10002

-84.9109955830

18290.4945054955.5835099146

3-Jun-86 9-Jan-87Yield Closed Yield Closed Yield

9.09 $ 1,193.13 7.58 $ 1,211.25 7.03

20.83%14.34% 5.92%

Multiplier 10Coupon rate 10 1/2 $ 105.00 annually

5 1/4 $ 52.5 semiannualPar value $ 1,000

10 9 8 7 6 58-Jan-82 9-Jul-82 7-Jan-83 1-Jul-83 6-Jan-84 29-Jun-84

1 14.27 13.7119.44%

2 13.71 10.4143.92%

3 10.41 10.986.50%

4 10.98 11.716.70%

5 11.71 13.821.73%

6 13.8223.37%

7

8

9

10

AVERAGE 14.80%

Period Return10 0.1944 1.194357499 0.4392 1.439198368 0.0650 1.065011357 0.0670 1.066990946 0.0173 1.017324275 0.2337 1.233714334 0.1586 1.158576713 0.1230 1.123009992 0.1062 1.106211941 0.0758 1.0758

HPR 0.1427 SAMA DENGAN YIELD DALAM CAS

buy 10 1/2s of 1995 on Jan 8 '82 and hold until July 9 '82

multipliercoupon

Par value

4 3 2 1 04-Jan-85 2-Jul-85 8-Jan-86 3-Jun-86 9-Jan-87

1019.44%

943.92%

86.50%

711.55 6.70%23.37%

11.55 10.15615.86% 1.73%

10.15 9.09 12.30%

59.09 7.58 23.37%10.62%

7.58 7.0347.58% 15.86%

14.80%

312.30%

210.62%

17.58%

AVERAGE

1/8/1982 No 15

buy 10 1/2s of 1995 on Jan 8 '82 and hold until July 9 '82

1010 1/2 $ 105.00 annually

5 1/4 $ 52.50 semiannually $ 1,000

close price8-Jan-82 9-Jul-82 7-Jan-83 1-Jul-83 6-Jan-84 29-Jun-84 4-Jan-85 2-Jul-85 8-Jan-86779.375 810

764.3879 778.67448.74%

810 1006.25778.6744 1001.03

35.30%1006.25 968.43751001.03 963.91

1.54%968.4375 926.25

963.91 925.291.44%

926.25 817.8125925.29 808.32

-6.97%817.8125 938.125

808.32 932.2021.82%

938.125 1041.25932.20 1037.42

16.92%1041.25 1,089.38 1037.42 1087.06

9.85%1089.375

1087.06

10.91%

close pricePeriod HPR semiannual

3-Jun-86 9-Jan-8710 0.08737242912183 1.087372429121839 0.35298130811996 1.352981308119968 0.01536057324804 1.015360573248047 0.0143991918705 1.01439919187056 -0.0696706154453 1.069670615445285 0.21819945032895 1.218199450328954 0.16919044783598 1.169190447835983 0.09846348032294 1.098463480322942 0.14502975174929 1.145029751749291 0.05999616343635 1.05999616343635

Semiannual HPR Average 11.90%

1193.1251192.2214.50%

1193.125 1211.251192.22 1211.25

6.00%10.91%

Strategy Rolling over with short-term notes

Type of Notes Duration Coupon rate Buy Rate Payment Closed

8s of 1983 1/8/1982 7/9/1982 0.08 $ 80 $ 998 8s of 1983 7/9/1982 1/7/1983 0.08 $ 80 $ 973 7 1/4s of 1984 1/7/1983 7/1/1983 0.0725 $ 73 $ 986 7 1/4s of 1984 7/1/1983 1/6/1984 0.0725 $ 73 $ 988 8s of 1985 1/6/1984 6/29/1984 0.08 $ 80 $ 982 8s of 1985 6/29/1984 1/4/1985 0.08 $ 80 $ 986 13 1/2s of 1986 1/4/1985 7/2/1985 0.135 $ 135 $ 1,042 13 1/2s of 1986 7/2/1985 1/8/1986 0.135 $ 135 $ 1,036 12 3/4s of 1987 1/8/1986 6/3/1986 0.1275 $ 128 $ 1,053 12 3/4s of 1987 6/3/1986 1/9/1987 0.1275 $ 128 $ 1,040

10 9 8 7 61/8/82 7/9/82 1/7/83 7/1/83 1/6/84

8s of 1983 13.32 13.3513.05%

8s of 1984 13.35 7.4374.10%

7 1/4s of 1984 8.66 9.43.62%

7 1/4s of 1984 9.4 8.2916.30%

8s of 1985 9.752.23%

8s of 1986

13 1/2s of 1986

13 1/2s of 1986

12 3/4s of 1987

12 3/4s of 1987

AVERAGE 17.91%

Strategy Rolling over with short-term notes Buy Hold

Yield Closed Yield13.32 $ 973 13.3513.35 $ 1,003 7.43 13.05%

$ 9 $ 988 $ 9 $ 9 $ 999 $ 8

9.75 $ 986 11.32 74.10%11.32 $ 1,006 7.16

$ 9 $ 1,036 $ 7 $ 7 $ 1,007 $ 7 3.62%

7.71 $ 1,040 5.995.99 $ 1,007 4.8

16.30%

5 4 3 2 1 06/29/84 1/4/85 7/2/85 1/8/86 6/3/86 1/9/87 2.23%

29.64%

15.42%

11.32 9.25%2.23%

11.32 7.1629.64% 9.46%

$ 9 7.4915.42%

7.49 $ 7 5.99%9.25%

7.71 5.999.46%

5.99 4.85.99%

17.91%

close price8-Jan-82 9-Jul-82 7-Jan-83 1-Jul-83 6-Jan-84 29-Jun-84 4-Jan-85 2-Jul-85 8-Jan-86

$ 948 $ 973 935.2231 910.571

5.92% $ 973 $ 1,003

910.571 1000.2318.63%

$ 986 $ 988 982.78 976.30

6.72% $ 988 $ 999

976.30 997.429.59%

$ 982 $ 986 980.88 971.76

7.23% $ 986 $ 1,006

971.76 1000.0711.15%

$ 1,042 $ 1,036 1035.47 1033.07

12.81% $ 1,036 $ 1,007

1033.07 1004.9710.35%

$ 1,053 1050.51

AVERAGE 10.26%

8s of 1983

8s of 1984

7 1/4s of 1984

7 1/4s of 1984

8s of 1985

8s of 1986

13 1/2s of 1986

13 1/2s of 1986

12 3/4s of 1987

12 3/4s of 1987

close pricePeriod HPR semiannual

3-Jun-86 9-Jan-8710 0.059181516 1.0591829 0.186317222 1.1863178 0.067184151 1.0671847 0.095885629 1.0958866 0.072268682 1.0722695 0.111450717 1.1114514 0.128052006 1.1280523 0.10348349 1.1034832 0.110472967 1.1104731 0.091726592 1.091727

Semiannual HPR Average 10.21%

$ 1,040 1039.0711.05%

$ 1,040 $ 1,007 1039.07 1006.88

9.17%10.26%

Tanggal Pelunasan 1/8/1982 7/9/1982 1/7/1983 7/1/1983 1/6/1984 6/29/1984Tanggal jatuh tempo 2/15/1987 2/15/1987 2/15/1987 2/15/1987 2/15/1987 2/15/1987Tarif kupon tahunan 0.1275 0.1275 0.1275 0.1275 0.1275 0.1275Harga obligasi (flat) 94 1/2 95 23/32 106 9/16 106 1/32 104 3/8 98 29/32Nilai pelunasan 100 100 100 100 100 100Pembayaran kupon per tahun 2 2 2 2 2 2YTM 14.29% 14.03% 10.72% 10.69% 11.04% 13.24%

Tanggal Pelunasan 1/8/1982 7/9/1982 1/7/1983 7/1/1983 1/6/1984 6/29/1984Tanggal jatuh tempo 2/15/1995 2/15/1995 2/15/1995 2/15/1995 2/15/1995 2/15/1995Tarif kupon tahunan 0.105 0.105 0.105 0.105 0.105 0.105Harga obligasi (flat) 77 15/16 81 1/32 100 5/8 96 27/32 92 5/8 81 25/32Nilai pelunasan 100 100 100 100 100 100Pembayaran kupon per tahun 2 2 2 2 2 2YTM 14.26% 13.70% 10.40% 10.98% 11.70% 13.81%

10 1/2

Strategy A Strategy B

Period HPR semiannual A $ 100,000 Period HPR semiannual B $ 100,000

10 0.052307 1.052307 1.6650359364 10 0.087372 1.087372 2.31091073749 0.229048 1.229048 6.3991157357 9 0.352981 1.352981 15.1923924468 0.05415 1.05415 1.5248223228 8 0.015361 1.015361 1.1296980137 0.05045 1.05045 1.4113277478 7 0.014399 1.014399 1.10525442396 -0.003295 1.003295 0.9803898384 6 -0.069671 1.069671 0.64836629545 0.131166 1.131166 1.8519593501 5 0.218199 1.218199 2.68282284624 0.079323 1.079323 1.3570832897 4 0.16919 1.16919 1.86870623333 0.051945 1.051945 1.1640704406 3 0.098463 1.098463 1.32543022092 0.049788 1.049788 1.1020554078 2 0.14503 1.14503 1.31109313241 0.030373 1.030373 1.0303733616 1 0.059996 1.059996 1.0599961634

7.16% 18.486233431 11.90% 28.634670512 $ 1,848,623 $ 2,863,467 $ 199,677 $ 307,823

Period HPR A HPR B HPR C 1 3.04% 6.00% 9.17%2 4.98% 14.50% 11.05%3 5.19% 9.85% 10.35%4 7.93% 16.92% 12.81%5 13.12% 21.82% 11.15%6 -0.33% -6.97% 7.23%7 5.05% 1.44% 9.59%8 5.41% 1.54% 6.72%9 22.90% 35.30% 18.63%

10 5.23% 8.74% 5.92%

Semiannual HPR Average

Semiannual HPR Average

Pe-riod

1 2 3 4 5 6 7 8 9

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

HPR AHPR B HPR C

Strategy C

Period HPR semiannual C $ 100,000

10 0.059182 1.059182 1.77706752749 0.186317 1.186317 4.65379788318 0.067184 1.067184 1.68234450387 0.095886 1.095886 1.8982640536 0.072269 1.072269 1.51992350135 0.111451 1.111451 1.69609842854 0.128052 1.128052 1.61925963313 0.103483 1.103483 1.34368515682 0.110473 1.110473 1.233150211 0.091727 1.091727 1.0917265915

10.21% 18.515317489 $ 1,851,532 $ 264,369

Semiannual HPR Average

Pe-riod

1 2 3 4 5 6 7 8 9

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

HPR AHPR B HPR C

Period Yield A Yield B Yield C1 5.99% 7.58% 5.99%2 9.46% 10.62% 9.46%3 10.25% 12.30% 9.25%4 15.39% 15.86% 15.42%5 26.28% 23.37% 29.64%6 0.63% 1.73% 2.23%7 8.62% 6.70% 16.30%8 6.30% 6.50% 3.62%9 50.76% 43.92% 74.10%

10 16.37% 19.44% 13.05%

Period HPR A HPR B HPR C 1 3.04% 6.00% 9.17%2 4.98% 14.50% 11.05%3 5.19% 9.85% 10.35%4 7.93% 16.92% 12.81%5 13.12% 21.82% 11.15%6 -0.33% -6.97% 7.23%7 5.05% 1.44% 9.59%8 5.41% 1.54% 6.72%9 22.90% 35.30% 18.63%

10 5.23% 8.74% 5.92%Pe-riod

1 2 3 4 5 6 7 8 90.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

Yield AYield BYield C

Pe-riod

1 2 3 4 5 6 7 8 9

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

Yield AHPR A

Pe-riod

1 2 3 4 5 6 7 8 90.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

Yield AYield BYield C

Pe-riod

1 2 3 4 5 6 7 8 9

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

HPR AHPR B HPR C

YTM

Bond Price

HPR YTM

Pe-riod

1 2 3 4 5 6 7 8 9

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

Yield AHPR A

Pe-riod

1 2 3 4 5 6 7 8 9

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

Yield BHPR B

1 2 3 4 5 6 7 8 9 100.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

HPR C Yield C

Pe-riod

1 2 3 4 5 6 7 8 9

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

HPR AHPR B HPR C

1 2 3 4 5 6 7 8 9 100.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

HPR C Yield C