Financial Analysis NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION (Analysis of Public and Private Financial Information) By John Raynor Explanation: Tis dacumert simply analysis the publi nfonation and certain priate information of National Rua Lite Cooperate Finance Corporation, akla CFC. The analysis is rurbered baved with source numbers hypeticked ito the soises dscuments Tes to vious sections af= parsonal and reference canehusion autho dha te section [El orc ties consotiaated or combined financial statements ih Rural Teleprone sauRes: Finance Corporation, avs RTFC, and National Concerative Sees Corporation, abveNNCEC = sunk yu 7 1 18) ‘The Seetons that row U2 CFO 6 TECHNICALLY BapRGRUPT 3 CFs Response Davathos! 14, 6108s Maigin Tend 15 CFC Lending Business Onsetngincame uefoe Denvatves & Exta-Orhaty er 06 oc weLoanPoreonomas not cortleutedo poms eee May 31, 2003 O7 FCs risapogtatonofunss boning to ualelephone memaers oF TEC. 08 The Government is hvched na balaut of CFCthatexceeds he Crysler aout Dy ore is TECHNICALLY BANKRUPT. scunee: A Fal Vale of Loans Loans to members 48.950908 =o wp 3 Less: lanes for inan eases 14440) > Loans to member, net 77740,462 + som np FarvaueofLoons (5,709) 8 nwo OvetstementinCarpng Va Loans 2002722 conan ©. Aatustment nBoanee Sheet to Renect Far Vale of Loans Tota asente S99979601 208 hn! Less Flt Value agustrent A037) 9X00 Total Asset wit F¥.Astustrontte Loans $15,495,605 cataateLisoimee 2 Eau Lusmitos S164 FOL 298 0H 8 ‘Total mombare’suberdnae corbicaies 127.660 snp. id incr intrest 21,804 noe nea sunt 1E.981,648 —eaeaten otal Egulty re776 “+e lon 22 Fair Value Ad usimonto loans 2,003,733) are ‘agusted Eouly (1,905,757) cacusen Total Uses, Minor rros! & Eauly $18.485.589 caeue C. Subordinate Certificates & Adjusted Equity FV. of Loans) ‘Total members” subarainated sermeuts 1427.96 2m 0h y.32 lusiec Eauty 91575) Ace ‘Adjustea Eauty aner orseting mernbets:suvorsinate cenmoates wit92) Calan For the VFA instute’s postion on Far Value reporting se: > bia nse amgentibasthonstepertingta resaring hem) El cre’s response: verivatvest source Tetley BS1S18 + ops 2 Caring Value Geiaive Asses sreaaT Saint! doushret Fale Sarr FairValue oCevative isis 70737 cata Carina Yau: Dematva Linites css + aoa. souctment Far vaue + sono 09 Foi Value Comat Usbates (55195) —cxednen mty rove by Dette 29499 exten Toa Equty incur devine incaed aaa 223059 cnatnun S6ofTotalEauty wo deriaiesincued a Fir Value 5230% conn COMMUNE: leah, serwatvos are areas) renerted i equi attr value. Thus redueing inane FY wipes outa equty includ the FV. of detathe=) ieanna verge cere n equity hat eveee0s members’ subordinate cartel serresies[ores margin rena Fortre year ensea way 31 a0 zon aos eos a6 persis 1933597 4075310 1008856 1.030853 1,007.17 Grose Mash somsas 131,503 teat 104063 __ 65,256, Cos of Funds ann __qua7e7 ava __aon7on __ae2gse Express as & wih 2002 Base Yea: Operate cone somone 900% AaB HATH wa A oes ot Funes somos 15.70% 1m. 95% __t03.en% 17 1% crossstaon so0uu% __43/5% __2015% __34n% __15u5% Comment: CFC hae trometer ctternent Hh arte abow [Fl cre Lenaing susiness: overatna income hetore Derwatves& Eta. Ordnary tems Fortte year ensea way 31 206 20s aan Operating Marsh Gos) ease 477.092 (194.504) Less Toa gen bo) en dere are frig ery curetey aduvinerts 405 __GeaTH) 10455 pasting rexgh (os beor tte gan 25) an erated ora cere ashes 14s tose _ 0,220 Less Make whale fees -reicon of IFC loens fee) Operating reach (oss before deriv, reer arency aitats whut ase 4s 2hi21 9329 NoTE: There was a elution in TFC loan por of ver $16 Bilan dung 2005. “Senn. Sma “san kp 22 +m o 22 Sum impn et