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									Dated date                               1/15/2009
Next interest payment date               7/15/2009                  181 no. of days this six months   unadjusted price           100.359375
Settlement date                          6/19/2009                  155 no. of days accrued           adjusted price              99.577575
coupon                                     0.02500
per                                           1,000                   25 annual interest              par purchased             1,000,000.00
                                                                    12.5 semiannual interest
                                        unrounded     0.06906077348066                                Inflation adjustment    -7,790.0000000
unadjusted accrued interest per $1000   rounded 5              10.70442
inflation index on settlement day                                          0.99221                    premium(discount)      3,565.75000000
adjusted accrued interest per $1000     rounded 5              10.62103

                                                                                                      Accrued interest             10,621.03

                                                                                                      Settlement cost           1,006,396.78




         Settlement Calculator for Coupon Notes and Bonds including TIPS
     Red values are your inputs
                Inputs                    example               Input Values                   Definitions
Unadjusted Price                             100.359375               100.359375               This is the price per $100 before multiplying by the index-ratio, ex
Coupon Interest Rate                             2.500%                   2.500%               This is the fixed-interest percentage at an annual rate expressed
Par purchased                                 $1,000,000               $1,000,000              This is the total amount of face value purchased expressed in $1
Index-ratio on settlement date                   0.99221                  0.99221              This is the inflation adjustment, above one is inflation and below
Settlement date                                6/19/2009                6/19/2009              This is the date payment is made expressed as mm/dd/yyyy
Next interest payment date                     7/15/2009                7/15/2009              This is the next interest payment date to calculate accrued intere

Adjusted Price                                99.577575                99.577575
Par purchased                             $1,000,000.00            $1,000,000.00
Inflation adjustment                         -$7,790.00               -$7,790.00 Tax Note:1    The change in Inflation adjustment is taxable annually.
Premium(Discount)                              $3,565.75                $3,565.75 Tax Note:2   The Premium(Discount) is subject to tax over the life of the secu
Gross Amount                                $995,775.75              $995,775.75
Accrued Interest                               10,621.03                10,621.03 Tax Note:3   Accrued Interest is tax deductible.
Total Settlement Cost                     $1,006,396.78            $1,006,396.78

Adjusted Par Holdings                       $992,210.00              $992,210.00               ***To find the index ratios, go to

Note: For unoffical use only

In versions of Excel prior to
Excel 2007, the EOMONTH
function is a part of the
Analysis Toolpak. If you get
an error when you try to
use the function, you can
make sure the toolpak is
loaded in this manner:

 1.   Choose Add-Ins from
 the Tools menu. Excel
 displays the Add-Ins
 dialog box.
2.  Make sure the
Analysis Toolpak check
box is selected.
3.  Click on OK.
 ing by the index-ratio, expressed to 6 decimal places.
n annual rate expressed to 3 decimal places.
 chased expressed in $100 increments.
ne is inflation and below one is deflation, expressed to 5 decimal places.***
 sed as mm/dd/yyyy
 calculate accrued interest expressed as mm/dd/yyyy

able annually.
over the life of the security. Note: for non-TIPS, use 1.00000

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