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PROOF OF ARBITRAGE YIELD
<br />
<br /> Eugene Water and Electric Board
<br /> Refunding 2000 Water Bonds
<br /> Preliminary Advance Refunding Plan
<br />
<br /> Present Value
<br /> to 08/02/2005
<br /> Date Debt Service ~ 4.3327453%
<br />
<br /> 02/01/2006 292,357.97 286,192.78
<br /> 08/01/2006 293,991.25 281,689.18
<br /> 02/01/2007 293,991.25 275,716.14
<br /> 08/01/2007 293,991.25 269,869.76
<br /> 02/01/2008 293,991.25 264,147.34
<br /> 08/01/2008 293,991.25 258,546.27
<br /> 02/01/2009 293,991.25 253,063.96
<br /> 08/01/2009 293,991.25 247,697.90
<br /> 02/01/2010 293,991.25 242,445.62
<br /> 08/01/2010 293,991.25 237,304.72
<br /> 02/01/2011 293,991.25 232,272.82
<br /> 08/01/2011 688,991.25 532,806.76
<br /> 02/01/2012 287,118.25 217,324.58
<br /> 08/01/2012 697,118.25 516,471.69
<br /> 02/01/2013 279,758.75 202,869.04
<br /> 08/01/2013 699,758.75 496,675.18
<br /> 02/01/2014 272,030.75 188,987.96
<br /> 08/01/2014 712,030.75 484,180.09
<br /> 02/01/2015 263,758.75 175,552.52
<br /> 08/01/2015 10,918,758.75 7,113,207.82
<br />
<br /> 18,051,594.72 12,777,022.14
<br />
<br /> Proceeds Summary
<br />
<br /> Delivery date 08/02/2005
<br /> Par Value 12,320,000.00
<br /> Premium (Discount) 555,811.60
<br /> Arbitrage expenses -98,789.46
<br />
<br /> Target for yield calculation 12,777,022.14
<br />
<br />Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 13
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