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					      Frankenfeld
      Associates                                                                                                                                                               605.348.8441
                                                ION
                                 SED BY PERMISS
F ORENSIC E CONOMICS                                                                                                                                              donlfrank@frankenfeld.com

      DISGUISED, U                                                                                            examination which would have enhanced her earning potential at Morgan and
                                                                                                              Moyle. It is reasonable to conclude that she would have received a one-time
                                                                                                              promotion within the next twelve months, leading to a one-time extraordinary
                                                                                                              increment in earnings. Therefore, I calculate base compensable income of
                                                                                                              $36,000, reflecting a promotion valued at $4,000.

                                                                                                              2. Determine after-tax compensable income by applying the average
                                                                                                              effective combined federal, state and local income tax rate for the victim’s
                                Diana Samuelson Davis                                                         income bracket currently applicable in the state of the victim’s domicile for
                                                                                                              tax purposes, state and locality.
          This analysis is based upon the actual circumstances of Diana Samuelson                             For this calculation, Table I was consulted, and an interpolated rate of 14.17%
          Davis, a victim of the World Trade Center disaster, and of her husband                              was derived.
          Joseph, who himself is a victim, owing to his inability to resume normal
          employment. The analysis is based upon personal interviews with Joseph
          Davis, a careful review of the VCF application and supporting documents,
          interviews with officials of Morgan and Moyle, and discussions with
          representatives of PriceWaterhouseCoopers, who provided guidance on the
          application of the nine-step formula of Special Master Kenneth Feinberg. I
          conclude that the economic and non-economic losses associated with Ms.
          Davis’s death, calculated according to the nine-step Special Master’s
          formula, are $1,909,625; that additional losses for the replacement cost of
          household services (a category not measured by the nine-step formula)
          total $247,455, and that Mr. Davis’s economic loss (measured over a five-
          year period) is $89,499. Detailed calculations are documented below, in the
          nine-step sequence of the Special Master’s formula with supplemental                                3. Add the value of employer provided benefits. These benefits will be set at
          calculations for household service replacement costs and for Mr. Davis’s                            actual levels if data are provided.
          loss. (Numbered steps below are extracted from the Special Master’s
          “Explanation of Process for Computing Presumed Economic Loss” as                                    For health care the $2,400 default figure of the Special Master’s formula
          are the numbered tables.)                                                                           closely approximates actual health/dental benefits, so that figure was adopted
                                                                                                              for this analysis. However, Ms. Davis’s documented retirement benefits justify
                                                                                                              a figure higher than the Special Master’s default rate of 4% because her actual
          1. Establish the victim’s age and compensable income.                                               retirement benefits totaled 8.47% of her income. As demonstrated in the
                                                                                                              detailed analysis below, retirement consists of three components: the employer
          Ms. Davis’s date of birth was June 23, 1976, and thus she was 25.2 years                            contribution to the Stock Investment Plan (3.58%), the employer contribution
          old when she died. Her annualized income at the time of her death was                               to the Stock Purchase Plan (.60%) and finally, the value of the employer’s
          $32,000, an amount that is    $45,000

                                              Compensable Earnings
                                                                                            $4000 Promotion
                                                                                                              contribution (or assumed liability) to fund a pension benefit of $14,234 per
                                        $40,000
          consistent with her earnings  $35,000
                                                                               Annualized

                                                                                                              year, payable starting at age 65. To be consistent with the Special Master’s
          of the prior three years. Ms. $30,000
                                                                                                              formula, I employed a pre-tax investment/discount rate of 5.1%, then computed
          Davis was due to complete     $25,000
                                                                                                              the annual payments necessary through the duration of Ms. Davis’s worklife
                                                  Partial Year
          her B.A. from City College    $20,000
                                                                                                              expectancy to fund payments from age 65 to the end of her life expectancy.
                                        $15,000
          within the next twelve        $10,000
          months, and was preparing to   $5,000

          take a paralegal licensing        $0
                                                    1998         1999   2000         2001            2002

                                                                                                                                                                                   Page 1
      Frankenfeld
      Associates                                                                                                                                                                                    605.348.8441
                                                                ION
                                                 SED BY PERMISS
F ORENSIC E CONOMICS                                                                                                                                                                   donlfrank@frankenfeld.com

      DISGUISED, U                                                                                                                4. Determine a measure of the victim’s expected remaining years of
                                                                                                                                  workforce participation...
           Detailed Analysis of Retirement Benefit
           Age at death                                          25.2
                                                                                                                                  Interpolating from the Special Master’s Table 2 (below), it was determined
           Life Expectancy
           Benefit
                                                                  80
                                                             $14,234
                                                                                                                                  that Ms. Davis’s worklife expectancy was 33.4 additional years.
           Discount rate from Special Master Table 5           5.10%
           Discount date                                    12/31/02
           Contribution Required                              $1,371
           Pension %                                           4.29%
           SIP Employer %                                      3.58%
           SPP Employer %                                      0.60%
           Total                                               8.47%
                                                                         Age at                            Discount
                                                                 Year   yearend   Contribution   Payment     Factor     Balance
                                                        1       2003     27.55        $1,371                 1.051      $1,371
                                                        2       2004     28.55        $1,371                 1.051      $2,813
                                                        3       2005     29.55        $1,371                 1.051      $4,328
                                                        4       2006     30.55        $1,371                 1.051      $5,920
                                                        5       2007     31.55        $1,371                 1.051      $7,593
                                                        6       2008     32.55        $1,371                 1.051      $9,351
                                                        7       2009     33.55        $1,371                 1.051     $11,200
                                                        8       2010     34.55        $1,371                 1.051     $13,142
                                                        9       2011     35.55        $1,371                 1.051     $15,184
                                                       10       2012     36.55        $1,371                 1.051     $17,330
                                                       11       2013     37.55        $1,371                 1.051     $19,585
                                                       12       2014     38.55        $1,371                 1.051     $21,955
                                                       13       2015     39.55        $1,371                 1.051     $24,446    5. Project compensable income and benefits through the victim’s
                                                       14
                                                       15
                                                                2016
                                                                2017
                                                                         40.55
                                                                         41.55
                                                                                      $1,371
                                                                                      $1,371
                                                                                                             1.051
                                                                                                             1.051
                                                                                                                       $27,064
                                                                                                                       $29,816
                                                                                                                                  expected work-life using growth rates which incorporate an annual
                                                       16       2018     42.55        $1,371                 1.051     $32,708    inflationary or cost-of-living component, an annual real overall
                                                       17       2019     43.55        $1,371                 1.051     $35,748
                                                       18       2020     44.55        $1,371                 1.051     $38,942    productivity or scale adjustment in excess of inflation, and an annual
                                                       19       2021     45.55        $1,371                 1.051     $42,299
                                                       20       2022     46.55        $1,371                 1.051     $45,828
                                                                                                                                  real lifecycle or age-specific increase...
                                                       21       2023     47.55        $1,371                 1.051     $49,537
                                                       22       2024     48.55        $1,371                 1.051     $53,434
                                                       23       2025     49.55        $1,371                 1.051     $57,531    This was done by referring to the Special Master’s Table 3, then
                                                       24       2026     50.55        $1,371                 1.051     $61,836
                                                       25       2027     51.55        $1,371                 1.051     $66,361    interpolating. The results, which vary year by year, appear in the
                                                       26
                                                       27
                                                                2028
                                                                2029
                                                                         52.55
                                                                         53.55
                                                                                      $1,371
                                                                                      $1,371
                                                                                                             1.051
                                                                                                             1.051
                                                                                                                       $71,117
                                                                                                                       $76,116
                                                                                                                                  comprehensive summary table later in this report.
                                                       28       2030     54.55        $1,371                 1.051     $81,369
                                                       29       2031     55.55        $1,371                 1.051     $86,890
                                                       30       2032     56.55        $1,371                 1.051     $92,693    6. To better reflect contingencies that the victims would have faced, all
                                                       31       2033     57.55        $1,371                 1.051     $98,792
                                                       32       2034     58.55        $1,371                 1.051    $105,201
                                                                                                                                  future earnings amounts are adjusted for a factor to account for the
                                                       33       2035     59.55        $1,371                 1.051    $111,938    risk of unemployment because lifetime jobs are not representative of
                                                                2036     60.55                               1.051    $117,647
                                                                2037     61.55                               1.051    $123,647    the modern economy.
                                                                2038     62.55                               1.051    $129,953
                                                                2039     63.55                               1.051    $136,580
                                                                2040
                                                                2041
                                                                         64.55
                                                                         65.55                    $7,829
                                                                                                             1.051
                                                                                                             1.051
                                                                                                                      $143,546
                                                                                                                      $143,038
                                                                                                                                  As reflected in the comprehensive summary sheet below, earnings,
                                                                2042     66.55                   $14,234     1.051    $136,099    retirement benefits, health care benefits and unemployment were all
                                                                2043     67.55                   $14,234     1.051    $128,806
                                                                2044     68.55                   $14,234     1.051    $121,141    reduced by 3% each year.
                                                                2045     69.55                   $14,234     1.051    $113,085
                                                                2046     70.55                   $14,234     1.051    $104,619
                                                                2047     71.55                   $14,234     1.051     $95,720    7. Subtract from annual projected compensable income and benefits,
                                                                2048     72.55                   $14,234     1.051     $86,368
                                                                2049     73.55                   $14,234     1.051     $76,539    the victim’s share of household expenditures or consumption as a
                                                                2050     74.55                   $14,234     1.051     $66,208
                                                                2051     75.55                   $14,234     1.051     $55,351    percentage of income...
                                                                2052     76.55                   $14,234     1.051     $43,940
                                                                2053     77.55                   $14,234     1.051     $31,947
                                                                2054     78.55                   $14,234     1.051     $19,342    Based on the Special Master’s Table 4, and the category “married, no
                                                                2055     79.55                   $14,234     1.051      $6,094
                                                                2056     80.55                    $6,405     1.051           $0   children,” the personal consumption figure of 26.7% was derived. Ms.
                                                                                                                                  Davis had been married relatively recently and the couple planned to start a
                                                                                                                                  family. The statistical likelihood is very great that they would have had
                                                                                                                                                                                                        Page 2
      Frankenfeld
      Associates                                                                                                                                                           605.348.8441
                                                 ION
                                  SED BY PERMISS
F ORENSIC E CONOMICS                                                                                                                                          donlfrank@frankenfeld.com

      DISGUISEin this U
        children, and
                      D, particular case, to assume no children is both
          speculative and statistically unrealistic. For this analysis I assumed the       out on most nights. For this and other household services I estimate a loss of 14
          birth of the couple’s first child after one year, and their second child after   hours per week, valued at $10 per hour and escalated at 2% per year. The
          three years. The resulting personal consumption figures were applied to          present value of this loss is $247,455, as shown in Appendix II.
          after-tax income, as dictated by the nine-step formula.
                                                                                           Joseph Davis

                                                                                           Ms. Davis’s husband Joseph continues to wrestle with deep and debilitating
                                                                                           depression, a direct consequence of losing his wife in the September 11, 2001
                                                                                           tragedy. He has resumed employment with Airborne Express, but his new
                                                                                           position pays $12.48 an hour instead of the $16 he earned formerly, and he now
                                                                                           works 18 hours per week instead of 35. Appendix III employing the same
                                                                                           growth formula, worklife and discount rates of the Special Master’s tables,
          8. Calculate the present value of projected compensable income and               indicates the present value of this additional loss, year by year. Over the balance
          benefits using discount rates based on current yields on mid- to long-           of his worklife expectancy, the present value of the resultant loss is $406,160.
          term U.S. Treasury securities, adjusted for income taxes using a mid-            Substantial time has passed since Mr. Davis lost his wife, leading to the
          range effective tax rate.                                                        conclusion that his disability may be permanent, yet it is possible his loss will
                                                                                           not extend over the full duration of his worklife. If his diminished capacity
          Using the Special Master’s Table 5, a discount rate of 4.2% was derived          should persist for another five years, the loss would be $89,499. The
          and applied to all losses arising after 12/31/02. Losses sustained prior to      spreadsheet supporting this analysis can be found in Appendix III.
          that date are not discounted.
                                                                                           Loss Summary
          9. ...when viewed in total, these assumptions are designed to benefit
          the claimants and are more favorable than the standard assumptions
          typically applied in litigation.
                                                                                                                                  2 Children     No Children
                                                                                                                                  $4000          $4000       No Children No
          In keeping with the particular methodology of the Special Master’s                            Loss Category             Promotion      Promotion   Promotion
          formula, tax rates have been held steady, consumption rates applied to                        Non-economic loss              $550,000     $350,000    $350,000
                                                                                                        Economic loss                $1,359,625   $1,224,619  $1,106,752
          after-tax income, and in general certain factors have been held static that                   Household Srv Replacement      $247,455     $247,455    $247,455
          might otherwise be expected to change dynamically as a function of age,                              Davis
                                                                                                        Mr. Costanza's loss              $89,499     $89,499     $89,499
                                                                                                        Total                      $2,246,579    $1,911,573    $1,793,705
          income, and family status.
                                                                                           Further Analysis
          Summary of Economic Loss Based on the Nine-Step Formula
                                                                                           I am happy to address any questions arising from this analysis. Alternatively,
          The spreadsheets summarizing economic loss appear below. Appendix I              my specialized website, www.vcf-estimator.com, provides access to a complete
          uses $36,000 as its compensable earnings base.                                   model of the nine-step formula in which any combination of assumptions may
                                                                                           be tested.
          Replacement Cost of Household Services

          Although not included in the nine-step formula, the replacement cost of
          household services is clearly an additional element of loss, and one which
          is widely recognized in most jurisdictions. My conversations with Mr.
          Davis indicate that Ms. Davis prepared most meals, and that now he dines

                                                                                                                                                                              Page 3
      Frankenfeld
      Associates                                                                                                                                           605.348.8441
                                                  ION
                                   SED BY PERMISS
F ORENSIC E CONOMICS                                                                                                                          donlfrank@frankenfeld.com

      DISGUISED, U                                                                                                        Non-economic Loss               $550,000
           Appendix I: Diana Davis, $36,000 earnings base reflecting                                                      Economic Loss                 $1,359,625
           one-time $4000 promotion for paralegal licensure                                                               Total Loss                    $1,909,625



                               Age at                                       After Tax                                      Con-
                                Year     Growth     Compensable            Compensable                Medical   3% Emp   sumption  Con-       Discount Present
                 Year           End       Rate        Income      Tax Rate   Income        Pension    Benefits    Adj      Rate    Sumption Factor     Value
                         1.0      26.2     8.383%         $39,018   14.17%       $33,490     $3,304      $2,448  -$1,177    -26.7%   -$10,468    1.000    $27,597
                         2.0      27.2     8.176%         $42,208   14.17%       $36,228     $3,575      $2,497  -$1,269    -16.9%    -$7,167    0.986    $33,379
                         3.0      28.2     7.971%         $45,572   14.17%       $39,116     $3,860      $2,547  -$1,366    -16.9%    -$7,713    0.940    $34,262
                         4.0      29.2     7.766%         $49,111   14.17%       $42,153     $4,159      $2,598  -$1,467    -12.4%    -$6,065    0.902    $37,334
                         5.0      30.2     7.561%         $52,825   14.17%       $45,340     $4,474      $2,650  -$1,574    -12.4%    -$6,506    0.866    $38,432
                         6.0      31.2     7.356%         $56,710   14.17%       $48,675     $4,803      $2,703  -$1,685    -12.4%    -$6,966    0.831    $39,496
                         7.0      32.2     7.151%         $60,765   14.17%       $52,156     $5,146      $2,757  -$1,802    -12.4%    -$7,447    0.797    $40,521
                         8.0      33.2     6.947%         $64,987   14.17%       $55,780     $5,504      $2,812  -$1,923    -12.4%    -$7,948    0.765    $41,501
                         9.0      34.2     6.744%         $69,370   14.17%       $59,541     $5,875      $2,868  -$2,049    -12.4%    -$8,467    0.735    $42,431
                        10.0      35.2     6.541%         $73,907   14.17%       $63,436     $6,259      $2,926  -$2,179    -12.4%    -$9,005    0.705    $43,307
                        11.0      36.2     6.338%         $78,592   14.17%       $67,457     $6,656      $2,984  -$2,313    -12.4%    -$9,560    0.676    $44,123
                        12.0      37.2     6.135%         $83,413   14.17%       $71,595     $7,064      $3,044  -$2,451    -12.4%   -$10,131    0.649    $44,875
                        13.0      38.2     5.933%         $88,363   14.17%       $75,843     $7,483      $3,105  -$2,593    -12.4%   -$10,718    0.623    $45,558
                        14.0      39.2     5.732%         $93,427   14.17%       $80,190     $7,912      $3,167  -$2,738    -12.4%   -$11,317    0.598    $46,169
                        15.0      40.2     5.531%         $98,594   14.17%       $84,625     $8,350      $3,230  -$2,886    -12.4%   -$11,929    0.574    $46,704
                        16.0      41.2     5.330%        $103,849   14.17%       $89,136     $8,795      $3,295  -$3,037    -12.4%   -$12,552    0.551    $47,161
                        17.0      42.2     5.130%        $109,177   14.17%       $93,708     $9,246      $3,361  -$3,189    -12.4%   -$13,183    0.529    $47,535
                        18.0      43.2     4.930%        $114,559   14.17%       $98,328     $9,702      $3,428  -$3,344    -12.4%   -$13,821    0.507    $47,826
                        19.0      44.2     4.730%        $119,977   14.17%      $102,979    $10,161      $3,496  -$3,499    -16.9%   -$19,763    0.487    $45,451
                        20.0      45.2     4.530%        $125,412   14.17%      $107,644    $10,621      $3,566  -$3,655    -16.9%   -$20,643    0.467    $45,562
                        21.0      46.2     4.331%        $130,844   14.17%      $112,306    $11,081      $3,638  -$3,811    -16.9%   -$21,523    0.448    $45,589
                        22.0      47.2     4.133%        $136,253   14.17%      $116,948    $11,539      $3,710  -$3,966    -26.7%   -$35,264    0.430    $39,999
                        23.0      48.2     3.935%        $141,615   14.17%      $121,551    $11,993      $3,785  -$4,120    -26.7%   -$36,632    0.413    $39,876
                        24.0      49.2     3.737%        $146,907   14.17%      $126,093    $12,442      $3,860  -$4,272    -26.7%   -$37,984    0.396    $39,681
                        25.0      50.2     3.540%        $152,107   14.17%      $130,557    $12,882      $3,937  -$4,421    -26.7%   -$39,313    0.380    $39,414
                        26.0      51.2     3.343%        $157,192   14.17%      $134,921    $13,313      $4,016  -$4,567    -26.7%   -$40,613    0.365    $39,076
                        27.0      52.2     3.146%        $162,137   14.17%      $139,166    $13,731      $4,097  -$4,710    -26.7%   -$41,878    0.350    $38,669
                        28.0      53.2     3.000%        $167,001   14.17%      $143,341    $14,143      $4,178  -$4,850    -26.7%   -$43,123    0.336    $38,214
                        29.0      54.2     3.000%        $172,011   14.17%      $147,641    $14,568      $4,262  -$4,994    -26.7%   -$44,406    0.323    $37,765
                        30.0      55.2     3.000%        $177,172   14.17%      $152,070    $15,005      $4,347  -$5,143    -26.7%   -$45,727    0.310    $37,320
                        31.0      56.2     3.000%        $182,487   14.17%      $156,632    $15,455      $4,434  -$5,296    -26.7%   -$47,087    0.297    $36,882
                        32.0      57.2     3.000%        $187,962   14.17%      $161,331    $15,919      $4,523  -$5,453    -26.7%   -$48,488    0.285    $36,448
                        33.0      58.2     3.000%        $193,600   14.17%      $166,171    $16,396      $4,613  -$5,615    -26.7%   -$49,930    0.274    $36,019
                        33.4      58.7     3.000%         $83,782   14.17%       $71,912     $7,096      $4,652  -$2,510    -26.7%   -$22,316    0.263    $15,450
                                                                                                                                                       $1,359,625




                                                                                                                                                             Page 4
                                                                                                                                              F ORENSIC E CONOMICS
                                                                                                                                                               Associates




                       Age at Year  Replacement     Discount     Present
                                                                                                                                                               Frankenfeld




         Year             End         Services       Factor       Value
                 1.0           26.2        $7,426        1.000      $7,426
                 2.0           27.2        $7,574        0.986      $7,466
                 3.0           28.2        $7,726        0.940      $7,263
                                                                                                                          DISGUISED, U




                 4.0           29.2        $7,880        0.902      $7,110
                 5.0           30.2        $8,038        0.866      $6,960
                 6.0           31.2        $8,198        0.831      $6,813
                 7.0           32.2        $8,362        0.797      $6,669
                 8.0           33.2        $8,530        0.765      $6,528
                 9.0           34.2        $8,700        0.735      $6,390
                10.0           35.2        $8,874        0.705      $6,255
                11.0           36.2        $9,052        0.676      $6,123
                12.0           37.2        $9,233        0.649      $5,994
                13.0           38.2        $9,417        0.623      $5,868
                14.0           39.2        $9,606        0.598      $5,744
                15.0           40.2        $9,798        0.574      $5,622
                16.0           41.2        $9,994        0.551      $5,504
                                                                                                                                    SED BY PERMISS




                17.0           42.2       $10,194        0.529      $5,387
                18.0           43.2       $10,398        0.507      $5,274
                19.0           44.2       $10,606        0.487      $5,162
                                                                                                                                                   ION




                20.0           45.2       $10,818        0.467      $5,053
                                                                             hold services, assuming 14 hours/week @ $10/hour




                21.0           46.2       $11,034        0.448      $4,947
                                                                             Appendix II: Diana Davis, Replacement cost of house-




                22.0           47.2       $11,255        0.430      $4,842
                23.0           48.2       $11,480        0.413      $4,740
                24.0           49.2       $11,709        0.396      $4,640
                25.0           50.2       $11,944        0.380      $4,542
                26.0           51.2       $12,182        0.365      $4,446
                27.0           52.2       $12,426        0.350      $4,352
                28.0           53.2       $12,675        0.336      $4,260
                29.0           54.2       $12,928        0.323      $4,170
                30.0           55.2       $13,187        0.310      $4,082
                31.0           56.2       $13,450        0.297      $3,996
                32.0           57.2       $13,719        0.285      $3,912
                33.0           58.2       $13,994        0.274      $3,829
                34.0           59.2       $14,274        0.252      $3,597
                35.0           60.2       $14,559        0.242      $3,521
                36.0           61.2       $14,850        0.232      $3,447
                37.0           62.2       $15,147        0.223      $3,374
                38.0           63.2       $15,450        0.214      $3,303
                39.0           64.2       $15,759        0.205      $3,233
                40.0           65.2       $16,075        0.197      $3,165
                41.0           66.2       $16,396        0.189      $3,098
                42.0           67.2       $16,724        0.181      $3,033
                43.0           68.2       $17,058        0.174      $2,969
                44.0           69.2       $17,400        0.167      $2,906
                45.0           70.2       $17,748        0.160      $2,845
                46.0           71.2       $18,103        0.154      $2,785
                47.0           72.2       $18,465        0.148      $2,726
                48.0           73.2       $18,834        0.142      $2,668
                49.0           74.2       $19,211        0.136      $2,612
                50.0           75.2       $19,595        0.130      $2,557
                51.0           76.2       $19,987        0.125      $2,503
                52.0           77.2       $20,386        0.120      $2,450
                53.0           78.2       $20,794        0.115      $2,398
                54.0           79.2       $21,210        0.111      $2,348
                55.0           80.2       $21,634        0.106      $2,298
Page 5




                56.0           80.2       $22,067        0.102      $2,249
                                                                                                                                              donlfrank@frankenfeld.com
                                                                                                                                                           605.348.8441
      Frankenfeld
      Associates                                                                                                                          605.348.8441
                                                   ION
                                    SED BY PERMISS
F ORENSIC E CONOMICS                                                                                                         donlfrank@frankenfeld.com

      DISGUISED, U
          Appendix III: Joseph Davis

             Name                   John Costanza
             DOB                       10/23/65
             Age                            36.9
             Worklife Expectancy            24.0
             Discount Factor                4.8%
             Pre Trauma earnings          $16.00
             Hours weekly                     35
             Annual                     $29,120
             Post Trauma earnings         $12.48
             Hours weekly                     18
             Annual                     $11,681



                                                                                       Discount
                                                    Year    Age    Growth       Loss     Factor Present Value   Cumulative
                                                      1    37.9   5.983%    $18,482      0.954      $17,636      $17,636
                                                      2    38.9   5.781%    $19,551      0.910      $17,801      $35,436
                                                      3    39.9   5.580%    $20,641      0.869      $17,933      $53,369
                                                      4    40.9   5.379%    $21,752      0.829      $18,032      $71,402
                                                      5    41.9   5.179%    $22,878      0.791      $18,097      $89,499
                                                      6    42.9   4.979%    $24,017      0.755      $18,128     $107,627
                                                      7    43.9   4.779%    $25,165      0.720      $18,125     $125,752
                                                      8    44.9   4.579%    $26,317      0.687      $18,086     $143,839
                                                      9    45.9   4.380%    $27,470      0.656      $18,014     $161,853
                                                     10    46.9   4.182%    $28,619      0.626      $17,908     $179,760
                                                     11    47.9   3.984%    $29,759      0.597      $17,768     $197,529
                                                     12    48.9   3.786%    $30,886      0.570      $17,596     $215,125
                                                     13    49.9   3.588%    $31,994      0.544      $17,393     $232,518
                                                     14    50.9   3.391%    $33,079      0.519      $17,159     $249,677
                                                     15    51.9   3.194%    $34,136      0.495      $16,896     $266,573
                                                     16    52.9   3.000%    $35,160      0.472      $16,606     $283,179
                                                     17    53.9   3.000%    $36,214      0.451      $16,321     $299,500
                                                     18    54.9   3.000%    $37,301      0.430      $16,040     $315,540
                                                     19    55.9   3.000%    $38,420      0.410      $15,765     $331,305
                                                     20    56.9   3.000%    $39,572      0.392      $15,494     $346,799
                                                     21    57.9   3.000%    $40,760      0.374      $15,228     $362,027
                                                     22    58.9   3.000%    $41,982      0.356      $14,966     $376,994
                                                     23    59.9   3.000%    $43,242      0.340      $14,709     $391,703
                                                     24    60.9   3.000%    $44,539      0.325      $14,457     $406,160




                                                                                                                                            Page 6
      Frankenfeld
      Associates                                                                                                                                                                                                                                                       605.348.8441
                                                                                      ION
                                                                       SED BY PERMISS
F ORENSIC E CONOMICS                                                                                                                                                                                                                                      donlfrank@frankenfeld.com

      DISGUISED, U
         Appendix IV: Supplemental Charts
             $160,000
                                                         A contribution of $1371 funds a pension of $14,234                                                                      $2,100

             $140,000                                        Balance                                                                                                                       Pension Contribution Per Centage
                                                                                                                                                                                 $2,050
                                                             Contribution




                                                                                                                                    Total Economic and Non-economic loss (000)
             $120,000                                        Payment
                                                                                                                                                                                 $2,000



                                                                                                                                                                                 $1,950
             $100,000

                                                                                                                                                                                                                                                                                    $2,126
                                                                                                                                                                                 $1,900
              $80,000

                                                                                                                                                                                 $1,850
                                                                                                                                                                                                                                                                 $1,959
              $60,000                                                                                                                                                                                                                            $1,931
                                                                                                                                                                                                                                $1,910
                                                                                                                                                                                 $1,800
                                                                                                                                                                                                             $1,847
              $40,000
                                                                                                                                                                                 $1,750      $1,793



              $20,000                                                                                                                                                            $1,700
                                                                                                                                                                                             0.10%           4.00%              8.47%            10.00%          12.00%             24.00%
                                                                                                                                                                                                                                     Pension Cont %
                                                  $0
                                                 29 5
                                                 31 5
                                                 33 5
                                                 35 5
                                                 37 5
                                                 39 5
                                                 41 5
                                                 43 5
                                                 45 5
                                                 47 5
                                                 49 5
                                                 51 5
                                                 53 5
                                                 55 5
                                                 57 5
                                                 59 5
                                                 61 5
                                                 63 5
                                                 65 5
                                                 67 5
                                                 69 5
                                                 71 5
                                                 73 5
                                                 75 5
                                                 77 5
                                                 79 5
                                                      5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                   .5
                                                27




                                                $2,100                                                                          Major elements of analysis, year by year
                                                         Calculated Losses and Compensable Income (000)
                                                                                                                    Thousands
                                                $2,050
                                                                                                                                                                    Medical Benefits                                         Pension
                                                                                                                    $200                                            3% Emp Adj                                               Con-sumption
                                                $2,000
                                                                                                                                                                    After Tax Compensable Income                             Compensable Income
               Economic and non-economic loss




                                                                                                                    $150
                                                $1,950




                                                $1,900                                                              $100
                                                                                                          $2,081


                                                $1,850
                                                                                                                     $50
                                                                                                $1,944
                                                $1,800                             $1,910
                                                                      $1,875
                                                                                                                     $0
                                                $1,750
                                                          $1,779


                                                $1,700                                                              -$50
                                                          $32,000     $35,000      $36,000      $37,000   $41,000      26.2   28.2 30.2                                            32.2   34.2   36.2   38.2 40.2     42.2   44.2   46.2   48.2 50.2   52.2   54.2   56.2   58.2
                                                                                  Base Income


                                                                                                                                                                                                                                                                                   Page 7

				
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