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Libor Index <br />Taxable Bond Rates <br />8.0000% - <br />7.0000% <br />6.0000% <br />5.0000% <br />4.0000% I <br />3.0000% <br />2.0000% <br />1.0000% <br />0.0000% <br />N <br />O <br />O) <br />CO <br />m <br />O <br />O <br />0 <br />vestment Advisors <br />0 <br />0 <br />N <br />. (o co <br />O O O <br />O O O <br />N N N <br />—+— Series1 <br />Springstea <br />Who Uses Swaps? <br />• Fixed to Floating <br />— Entities who want floating rate exposure <br />— Who believe the short end of the curve is cheaper long term <br />— Who have the built -in hedge of short -term assets <br />— Entities who can't refund existing fixed rate debt but want to lower interest costs <br />— Entities with good access to fixed -rate debt who don't like the risks and costs of remarketing <br />and liquidity but want floating rate exposure <br />• <br />Floating to Fixed <br />— Entities who want to take advantage of better fixed -rate pricing offered by the swap curves <br />— Entities who want to lock in interest costs <br />— Entities with good access to floating rate debt but a desire to fix their interest costs <br />Entities with existing floating rate debt that want to lock in current long -term rates <br />— Entities who want to lock in fixed rates for future debt issuance <br />Springsted <br />3 <br />