NatLUST

Virginia's Historical Costs


Date		Total Reimb.Recv'd	Initial Payment	Advance Rate	Residual Payment	Residual As % of Claim	Implied Carrying Costs
4/29/2003	VRA	495,955.11	428,678.68	92%	21,198.72	4.55%	3.45%
5/30/2003	VRA	1,590,816.86	1,463,551.49	92%	71,489.75	4.49%	3.51%
6/24/2003	VRA	382,028.03	351,474.96	92%	17,196.16	4.50%	3.50%
7/2/2003	VRA	382,644.38	352,032.82	92%	17,665.54	4.62%	3.38%
7/30/2003	VRA	1,263,198.09	1,162,142.26	92%	58,077.88	4.60%	3.40%
8/25/2003	VRA	399,091.16	367,163.87	92%	18,456.87	4.63%	3.38%
10/2/2003	VRA	906,064.11	833,579.61	92%	41,613.97	4.59%	3.41%
10/29/2003	VRA	927,770.76	853,549.11	92%	44,341.95	4.78%	3.22%
11/25/2003	VRA	745,336.10	685,709.25	92%	45,651.31	6.12%	1.88%
12/31/2003	VRA	1,252,334.86	1,152,148.05	92%	82,193.15	6.56%	1.44%
1/26/2004	VRA	1,617,695.85	1,488,280.21	92%	108,795.44	6.73%	1.27%
2/26/2004	VRA	968,358.39	890,887.86	92%	66,743.39	6.89%	1.11%
3/31/2004	VRA	1,349,666.63	1,241,711.65	92%	94,581.51	7.01%	0.99%
4/27/2004	VRA	1,540,351.77	1,417,123.63	92%	109,119.85	7.08%	0.92%
5/27/2004	VRA	1,267,299.77	1,165,915.78	92%	90,560.53	7.15%	0.85%
6/30/2004	VRA	1,110,524.30	1,021,682.33	92%	79,096.64	7.12%	0.88%
7/27/2004	VRA	1,297,181.24	1,193,406.70	92%	93,474.66	7.21%	0.79%
8/27/2004	VRA	1,437,844.38	1,322,816.88	92%	104,310.20	7.26%	0.74%
9/28/2004	VRA	1,257,896.54	1,157,264.83	92%	91,825.24	7.30%	0.70%
10/28/2004	VRA	1,212,048.50	1,115,084.55	92%	88,820.49	7.33%	0.67%
11/29/2004	VRA	1,596,246.47	1,468,546.78	92%	119,555.02	7.49%	0.67%
12/29/2004	VRA	1,361,016.65	1,252,135.36	92%	102,507.81	7.53%	0.47%
1/31/2005	VRA	1,294,325.80	1,198,577.00	92%	95,748.80	7.40%	0.60%
2/28/2005	VRA	1,389,960.25	1,278,763.55	92%	104,301.26	7.50%	0.50%
3/30/2005	VRA	1,499,821.92	1,379,836.12	92%	113,462.18	7.57%	0.43%
4/21/2005	VRA	1,081,461.96	1,000,491.04	92%	80,970.92	7.48%	0.52%
4/21/2005	NAT	146,150.80	134,458.74	92%	10,924.72	7.47%	0.53%
5/26/2005	VRA	87,596.75	80,589.10	92%	4,889.77	5.58%	2.42%
5/26/2005	NAT	685,031.36	630,228.85	92%	50,002.71	7.29%	0.71%
6/30/05	NAT	1,143,558.11	1,014,991.55	88.75%	120,485.40	10.53%	0.72%
7/26/2005	NAT	1,066,245.26	979,463.72	92%	80,514.34	7.55%	.45%
8/30/2005	NAT	597,680.78	549,886.31	92%	44,442.80	7.43%	.57%
9/29/2005	NAT	910,583.38	837,736.71	92%	66,432.43	7.29%	.70%
10/27/2005	NAT	802,241.82	738,062.49	92%	60,099.01	7.49%	.51%
11/28/2005	NAT	1,582,399.17	1,455,807.25	92%	118,121.41	7.46%	.54%
12/29/2005	NAT	279,397.26	257,044.58	92%	20,854.06	7.46%	.54%
1/27/2006	NAT	764,051	702,927	92%	56,709	7.42%	.58%
2/27/2006	NAT	850,760	782,699	92%	63,450	7.46%	.53%
3/30/2006	NAT	702,001	728,641	92%	58,472	7.46%	.54%
4/27/2006	NAT	1,111,522	1,008,088	90.68%	97,419	7.76%	.54%
5/16/2006	NAT	345,804	318,1399	92%	25,480	7.36%	.63%
June 2006	NAT	743,118	691,436	92%	55,117	7.42	.58%
July 2006	NAT	238,278	219,215	92%	16,971	7.122	.88%
Aug 2006	NAT	746,294	686,591	92%	51,923	6.96%	1.04%
Sept 2006	NAT	878,009	807,768	92%	62,063	7.07	.93
Oct 2006	NAT	547,718	503,900	92%	39,667	7.24%	.76%
Nov 2006	NAT	1,071,350	985,642	92%	78,789	7.35%	.65%
Dec 2006	NAT	747,723	687,896	92%	53,075	7.10%	.90%
Jan 2007	NAT	683,653	628,960	92%	46,903	6.86%	1.13%
Feb 2007	NAT	479,079	440,753	92%	32,257	6.73%	1.27%
Mar 2007	NAT	558,048	513,404	92%	38,906	6.97%	1.03%
April 2007	NAT	481,372	442,862	92%	33,257	6.90%	1.10%
May 2007	NAT	1,579,277	1,452,935	92%	107,417	6.80%	1.20%
June 2007	NAT	636,703	585,767	92%	42,779	6.71%	1.29%
July 2007	NAT	869,697	800,121	92%	59,464	6.84%	1.16%
Aug 2007	NAT	799,147	735,216	92%	56,101	7.02%	.98%
Sept 2007	NAT	824,032	758,109	92%	58,360	7.08%	.92%
Oct 2007	NAT	614,140	565,088	92%	42,553	6.93%	1.07%
Nov 2007	NAT	731,008	672,527	92%	50,056	6.85%	1.15%
Dec 2007	NAT	1,447,559	1,331,754	92%	99,774	6.89%	1.11%
Jan 2008	NAT	961,930	884,976	92%	66,847	6.95%	1.05%
Feb 2008	NAT	518,483	477,004	92%	37,008	7.14%	.91%
Mar 2008	NAT	1,152,330	1,060,143	92%	81,686	7.09%	.99%
Apr 2008	NAT	753,585	693,868	92%	53,582	7.01%	.98%
May 2008	NAT	741,943	673,388	92%	52,082	7.02%	.98%
June 2008	NAT	1,243,624	1,144,134	92%	87,458	7.03%	.97%
July 2008	NAT	-0-	-0-	92%	-0-	N/A	N/A
Aug 2008	NAT	-0-	-0-	92%	-0-	N/A	N/A
Sept 2008	NAT	-0-	-0-	92%	-0-	N/A	N/A
Oct 2008	NAT	414,349	381,202	92%	23,411	5.65%	2.35%
Nov 2008	NAT	682,308	624,543	92%	41,270	6.05%	1.95%
DeC 2008	NAT	1,168,605	1,075,116	92%	65,229	5.58%	2.42%
Jan 2009	NAT	-0-	-0-	92%	-0-	N/A	N/A
Feb 2009	NAT	1,026,677	946,427	92%	61,249	5.97%	2.03%
March 2009	NAT	-0-	-0-	92%	-0-	N/A	N/A
April 2009	NAT	1,271,857	1,170,108	92%	83,278	6.55%	1.45%
May 2009	NAT	976,284	897,965	92%	64,755	6.63%	1.37%

NatLUST 5/22/2009 Commentary: Several factors converged to affect NatLUST's program in 2008. Beginning in June 2008, VA's Fund ('VPSTF') fell back into delayed payment, and for several months they did not issue any reimbursements. There is now a permanent backlog of unpaid claims, and the data suggests claim turnover is taking 90 to 120 days.

In addition, our cost of borrowed money surged in the fall of 2008 with collapse of the financial mrkets. One month Libor, which had been flat at about 2.5% through much of 2008, surged to over 4%. Libor rates have since fallen dramatically as a result of massive intervention in the markets by the Federal Reserve, and one month Libor has been averaging .50% (1/2 of 1%) since January. This has helped to bring our average carrying costs in-line in recent months.