RECENT RESIDUAL PAYMENT HISTORY
     
                                 
     

Date of Reimburse-ment

Total Reimbursement VRA Received From DEQ

Initial Payment Previously Paid to Participants
Initial Payment as % of Claim
Residual Payment Paid to Participant
Residual Payment as % of Claim

Implied Cost

 
     

4/29/2003
$495,955.11
$428,678.68
92%
$21,198.72
4.550%
3.45%
  
     
5/30/2003
$1,590,816.86
$1,463,551.49
92%
$71,489.75
4.494%
3.51%
  
     
6/24/2003
$382,028.03
$351,474.96
92%
$17,196.16
4.501%
3.50%
  
   
7/2/2003
$382.644.38
$352,032.82
92%
$17,665.54
4.617%
3.38%
  
     
7/30/2003
$1,263,198.09
$1,162,142.26
92%
$58,077.88
4.598%
3.40%
  
     
8/25/2003
$399,091.16
$367,163.87
92%
$18,456.87
4.625%
3.38%
  
     
10/2/2003
$906,064.11
$833,579.61
92%
$41,613.97
4.593%
3.41%
  
     
10/29/2003
  
$927,770.76
$853,549.11
92%
$44,341.95
4.779%
3.22%
  
     
11/25/2003
  
$745,336.10
$685,709.25
92%
$45,651.31
6.12%
1.88%
  
     
12/31/2003
  
$1,252,334.86
$1,152,148.05
92%
$82,193.15
6.56%
1.44%
  
     
1/26/2004
  
$1,617,695.85
$1,488,280.21
92%
$108,795.44
6.73%
1.27%
  
     
2/26/2004
  
$968,358.39
$890,887.86
92%
$66,743.39
6.89%
1.11%
  
     
3/31/2004
  
$1,349,666.63
$1,241,711.65
92%
$94,581.51
7.01%
.99%
  
     
4/27/2004
  
$1,540,351.77
$1,417,123.63
92%
$109,119.85
7.08%
.92%
  
     
5/27/2004
  
$1,267,299.77
$1,165,915.78
92%
$90,560.53
7.15%
.85%
  
     
6/30/2004
  
$1,110,524.30
$1,021,682.33
92%
$79,096.64
7.12%
.88%
  
     
7/27/2004
  
$1,297,181.24
$1,193,406.70
92%
$93,474.66
7.21%
.79%
  
     
8/27/2004
  
$1,437,844.38
$1,322,816.88
92%
$104,310.20
7.26%
.74%
  
     
9/28/2004
  
$1,257,896.54
$1,157,264.83
92%
$91,825.24
7.30%
.70%
  
     
10/28/2004
  
$1,212,048.50
$1,115,084.55
92%
$88,820.49
7.33%
.67%
  
     
11/29/2004
  
$1,596,246.47
$1,468,546.78
92%
$119,555.02
7.49%
.67%
  
     
12/29/2004
  
$1,361,016.65
$1,252,135.36
92%
$102,507.81
7.53%
.47%
  
     
1/31/2005
  
$1,294,325.80
$1,198,577.00
92%
$95,748.80
7.40%
.60%
  
     
2/28/2005
  
$1,389,960.25
$1,278,763.55
92%
$104,301.26
7.50%
.50%
  
     
3/30/2005
  
$1,499,821.92
$1,379,836.12
92%
$113,462.18
7.57%
.43%
  
         
      Cost to participants can be calculated as follows: Face amount of claim (100%), less VRA initial payment (92%)  
     

less residual payment (xx %) = implied carrying cost. Participants should understand that because Virginia's backlog has declined to the point where VPSTF claims are being reimbursed in less than one year, the "annualized" cost is higher than the figures shown.

Carrying costs will fluctuate directly with (a) the length of time a claim is outstanding, which is a function of the size of the backlog, and (b) VRA's cost of borrowed money, which will fluctuate with overall market interest rates.