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CFC Update

CFC Stays Open in Blizzard. Maintained Normal Business HoursActivated and Tested Disaster/Virtual Recovery ProgramPersonal on VPN Connections Worked from Their HomesBackup Facilities Available If Needed . CFC FY10. Education FundFunds to promote the education of the cooperative way of doing busi

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CFC Update

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    1. CFC Update REMA CEO and Board Chair Conference

    2. CFC Stays Open in Blizzard Maintained Normal Business Hours Activated and Tested Disaster/Virtual Recovery Program Personal on VPN Connections Worked from Their Homes Backup Facilities Available If Needed

    3. CFC FY10 Education Fund Funds to promote the education of the cooperative way of doing business Historically a total of over $7.2 million $607,800 Presented Nationally in 2010 Minnesota received $28,400 Youth Education Fund – NCSC Minnesota received $4,000

    4. Integrity Fund Helps Protect Your Service Territories Annexation, Legislation, Takeover Attempts Financial Grant Assistance to Cooperatives Funded by Member Contributions 2009 Moratorium Continued No Solicitation of Contributions Again This Year Fund Has Healthy Balance of $7 million

    5. Cooperative Financial Professional Certificate Program Began in November Limited to 25 Participants Program combines accelerated educational seminars with case-study analysis One week in Madison, Wisconsin Online classes at home One week of case studies at CFC headquarters

    6. Co-op Financial Professional Cert. Second program Begins May 3 to 7 Fluno Center for Executive Education at University of Wisconsin in Madison To be followed by series of webinars and then week at CFC in Herndon, Va., September 27 to October 1 To learn more about program or to register, contact CFC’s John Penry or NRECA’s Joe McDonald

    7. CFC-NRECA Rate Guide Developing new guide that provides information on rate issues facing industry “21st Century Rate Strategies for 21st Century Challenges” Makes recommendations for cooperative action, discusses goals for rate process and provides guidelines for rate design Full rate guide will be available by June

    8. CFC and Partners Host Orientations CFC, NRECA and NRTC host orientation sessions for new electric cooperative CEOs and CFOs in 2010, as well as for new communicators New CFO Orientation held March 3 to 5 New Communicators orientation held March 17 to 19 New CEO Orientation held April 6 to 8

    9. $20 billion in outstanding loans Cooperative.com support: $400,000 Network event sponsorships: $500,000 CFC Forum: $800,000 Education Fund: $600,000 CFC Contributions to Co-op Network

    10. CFC Board Reorganizes

    11. February 25th Announced Settlement CoBank Employees Accessed Extranet Improperly accessed confidential and proprietary information Settlement Included: Monetary Payment Non-Monetary Commitments CFC Announcement Re: CoBank

    12. CFC Portfolio Overview High quality asset portfolio— 92% of the portfolio consists of loans to rural electric cooperatives and related entities.

    13. CFC Second Quarter November 30, 2009 Total Assets $20.4 Billion versus $21 billion prior YE Loans to Distribution Borrowers totaled $13.5 billion representing 69% of total portfolio Power Supply Borrowers totaled approximately $4 billion or 20% of the portfolio

    14. CFC Second Quarter November 30, 2009 Long Term Fixed-Rate loans $15.1 Billion 77.0% Long Term Variable loans $ 1.6 Billion 8.0% Short Term Loans $ 1.7 Billion 8.5%

    15. CFC FY 2010 November 2009 Moody’s affirmed CFC Rating: Outlook remains stable Senior Secured Debt A1 Subordinated Debt A3 March 2010 14 Banks committed to provide $1.3 billion in revolving credit to CFC March 26, 2010 Fitch Upgrades Short-term to an F1with a stable outlook Fitch affirms Long-term at “A-” with a Stable outlook

    16. Member Capital Securities $398 million total in member investments through January 2010 CFC distributed $34 million in interest earnings to its members in the semi-annual interest payments for the Capital Term Certificates (CTCs) and Member Capital Securities (MCS) Discuss MCS as member investment in to CFC.Discuss MCS as member investment in to CFC.

    17. InterNotes 2009 InterNotes Sales— National Rural has sold $858.4 million in InterNotes. National Rural is averaging $25.6 million in sales per week. The weighted average coupon is 4.202%. The weighted average term is 2.0-yrs.

    18. Patronage Capital Distribution 28th Consecutive Year Over $1.3 billion returned to Members Retired $41.4 million in cash of FY09’s allocation

    19. CFC PowerVision (Long term Shelf Financing) PowerVision Loans Nationally Outstanding loans over $5 Billion Unadvanced loans of $4 Billion CFC will continue to search for additional avenues and opportunities to meet future funding needs of our member systems

    20. Emergency Lines of Credit 68 systems are utilizing CFC ELOCs totaling $440.5 million outstanding with an additional $532 million available

    21. Interest Rate Outlook

    22. 2010 Federal Funds Rate Outlook The chart pretty much speaks for itself, with the market expecting the Fed to keep rates unchanged for all of 2009. Once the Fed sees signs of an economic recovery and a loosening of credit conditions, they are likely to begin raising rates. The Fed is expected to begin raising rates again in 2010. They will likely do so at a measured pace in order to not derail the expected recovery.The chart pretty much speaks for itself, with the market expecting the Fed to keep rates unchanged for all of 2009. Once the Fed sees signs of an economic recovery and a loosening of credit conditions, they are likely to begin raising rates. The Fed is expected to begin raising rates again in 2010. They will likely do so at a measured pace in order to not derail the expected recovery.

    23. CFC Forum – June 7-9 In Philadelphia PreForum Workshops – June 5-7 Operating Budget and Analysis Rates Workshop Cooperative Accounting Now Available to Register

    24. CFC Forum 2010 - Philadelphia Keynote speakers, June 7-9, include: Rudy Giuliani, former mayor of New York City Fareed Zakaria, Newsweek editor and CNN Host Mitch Albom, sports columnist and author Walter Isaacson, author and former Time and CNN executive Charlie Cook, political analyst and publisher of Cook Political Report

    25. CFC: We’re More than Just “Money” Integrity Fund Education Fund Key Ratio Trend Analysis (KRTA) Compass – 10 year financial forecast BudgetPro Director Training Cooperative Financial Professional Certificate CFC & NRECA Cooperative.Com CFC Financial Forum

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