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<font face="Verdana" size="5" color="#0000FF"><b><span style="font-family: Times">Future
School Needs Committee</span></b></font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin-top: 1; margin-bottom: 1">
<font face="Verdana" size="4"><b><span style="font-family: Times">
Enrollment Projections for School Years Beginning in 2003</span></b></font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin-top: 1; margin-bottom: 1">
<font face="Verdana" size="4"><b><span style="font-family: Times">
Discussion and Analysis</span></b></font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin-top: 1; margin-bottom: 1">
<font face="Verdana" size="4"><b><span style="font-family: Times">October
24, 2003</span></b></font></p>
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<p class="MsoBodyText" style="text-indent: 0; margin: 1 5" align="justify">
</p>
<p class="MsoNormal" style="margin:1 5; " align="center">
<b>
<font size="2" face="Verdana">
<a target="_blank" href="Documents/SchoolEnrollmentProjectionSpreadsheet.pdf">(Click here to view the Enrollment
Projection Spreadshe<span style="font-family: Times">et)</span></a></font></b></p>
<p class="MsoNormal" style="margin:1 5; "> </p>
<p style="margin:1 5; "><font face="Verdana" size="2">
<span style="font-family: Times">Each year the Future School Needs (FSN)
Committee projects school enrollment for the next ten years. The goal of
the projections is to both reflect an accurate picture of the next year's
enrollment and determine general trends over the longer term.
Historically, accurately projecting the number of students who will enter
kindergarten has been the most difficult part of the projection.</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><b><span style="font-family: Times">Accuracy
of Prior Year Projections</span></b></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoBodyText" style="margin:1 5; ">
<font face="Verdana" size="2">Last year we projected total enrollment of
4,611 for the 2003/2004 school year. Actual enrollment is 4,667 -- a
difference of 56 students. This represents a 1.2% understatement. We
have shown our projection results for the last 15 years below.</font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
Year Projected Actual %
Understated</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
(overstated)</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
2003 4,611
4,667 1.2%</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
2002 4,513
4,565 1.2%</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
2001 4,417
4,439 .5%</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
2000 4,411
4,374 (.8%)</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
1999 4,378
4,334 (1.0%)</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
1998 4,393
4,303 (2.1%)</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
1997 4,209
4,281 1.7%</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
1996 4,134
4,110 (.6%)</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
1995 3,980
4,049 1.7%</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
1994 3,808
3,891 2.2%</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
1993 3,774
3,796 .6%</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
1992 3,632
3,706 2.0%</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
1991 3,644
3,626 .5%</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
1990 3,615
3,598 (.5%)</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
1989 3,705
3,587 (3.2%)</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">Percent
understated reflects Actual/Projected in percentage terms.</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">The past
projections show that FSN usually projects annual enrollment for the next
year within 2.0% (12 of the last 15 years). In 7 of the last 15 years the
projections were within 1.0%. Since the new kindergarten methodology was
adopted 6 years ago (see below), only once (in 1998, the first year of the
new method) was the projection off by more than 2.0%. The past 5 years
the variance has been within 1.2% each year. However, despite better
accuracy, the historical results point to the fact that the projections
are <b>estimates</b> and in any given year there could be as much as a
3.0% (or greater) variance. </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
Kindergarten enrollment for 2003 was underestimated by 28 students. The
January 1, 2003 census (compared to January 1, 2002) does not have a
significant increase in the number of kindergarten eligible children for
the class beginning in September 2003. Therefore, it appears that the
percent of children attending public kindergarten (as opposed to private
kindergarten) increased significantly this year. </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">Elementary
enrollment was 42 more than expected (28 kindergarten and 14 grades 1-5).
First grade projected enrollment was actually 12 less than expected. We
believe this is due to the increased percentage of children attending
public kindergarten in September 2002 (about 85%). With a greater
percentage attending public kindergarten than prior years, there were
fewer students to transfer in at the first grade level in 2003. Grades
2-5 had 26 more students than expected possibly due to the reopening of
the Broadmeadow School.</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><b><span style="font-family: Times">General
Methodology</span></b></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">Projections
for grades 1-12 are determined based on the average of retention factors
for each grade for the past five years. A retention factor is the
enrollment in a given grade this year divided by the enrollment for the
preceding grade last year. A retention factor greater than one indicates
there are more children in a grade this year than were in the preceding
grade last year. For example, the current retention factor for third
grade is 1.0316 which equals 359 (third grade enrollment for 03/04 school
year) divided by 348 (second grade enrollment for 02/03 school year).
This factor is averaged with the factors from the prior four years to
produce the average retention factor this year for third grade of 1.0128.</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><b><span style="font-family: Times"> </span></b></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><b><span style="font-family: Times">Census
Data and Kindergarten Methodology</span></b></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><b><span style="font-family: Times"> </span></b></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">Six years
ago, we began using annual census data to project kindergarten enrollment.
The prior methodology used the annual birth rates to project the number of
kindergarteners 5 years later. We found the prior methodology to be
generally reasonable but inconsistent from year to year. The new
methodology uses the annual census to track pre-school age children in
town to help estimate the number who will be kindergarten eligible each
year. We then estimate the percentage who will attend public school upon
entering kindergarten. Our prior results clearly indicate that this
methodology has significantly improved kindergarten accuracy. We believe
the increasing trend of public kindergarten attendance (estimated 87% -
89% for 2003, 85% in 2002, 80% in 2001 and 77% in 2000) accounts for our
understatements the past 2 years. Three years ago our kindergarten
projection matched exactly and the year before that there was a 2 student
difference between projected and actual.</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><b><span style="font-family: Times"> </span></b></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">We analyze
census data each year in determining our projections. We continue to
track the census until January 1 of the year following the entrance of
kindergarten (we assume for this purpose that the number of children in a
grade will be the same on a given September 1 and the following January
1). </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">As noted
above, the percentage of students attending public kindergarten has been
increasing the past 4 years. We expect this figure to be 87% - 89% this
year. For our projections this year we assumed the figure to be 87% going
forward to reflect this changing trend.</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">Our
methodology reflects our best estimate for the projected number of
children eligible for kindergarten in September 2004. We assumed that the
children eligible for kindergarten in September 2004 would increase to 475
(net 19 increase from current level of 456 as of 1/1/03). This estimate
is based on our analysis of town census data (net in-migration) over the
past five years at the pre-school ages. Assuming 87% attend public school
and there are 9 METCO kindergartners (see below), there would be 422
kindergartners in 2004 (475 x .87 +9=422). </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">We used a
similar methodology to estimate the number of children entering
kindergarten in 2005 and 2006 as shown below.</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">Date
of Yr Enter 03 Census Projected Projected
Projected</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
Birth Kind. Count K Eligible K
Public* plus METCO**</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
9/99-8/00 2005 402 440
383 391</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">
9/00-8/01 2006 427 487
424 434</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">* assumed
to be 87% of Kindergarten eligible</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">** assumes
8 METCO students for 2005 and 10 for 2006 </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">For years
beyond 2006, we used a factor of 1.01 times the number of births to
estimate the number of kindergarten students. This factor is based on a
5-year average.</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><b><span style="font-family: Times">Effect
of Alternative Kindergarten and Future Birth Assumptions</span></b></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">The assumed
values for kindergarten enrollment each year have a significant impact on
the long term projections. We become less confident of our kindergarten
estimates (and correspondingly our total estimates) as we move further
away from the January 1, 2003 data. By the time we reach the kindergarten
estimate for the school year 2009/2010 and beyond, the children have not
yet been born and our calculation is based entirely on estimates of future
births. Therefore we have estimated an expected range for enrollment in 5
years and in 10 years based on alternative assumptions. The ranges are
intended to show a reasonable range in future years (both above and below
our estimate), but there is no guarantee that the actual enrollment in 10
years will be within the ranges shown. It is much more likely (but again
certainly not guaranteed) that the enrollment 5 years from now will be
within the ranges shown.</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">For
alternative kindergarten assumptions, we assumed low end enrollment would
be 409, 377, and 421 for school years beginning in 2004, 2005, and 2006.
We assumed it would be 20 students lower than expected in 2007 and
beyond. For the high end assumption, we assumed enrollment would be 435,
405, and 447 for the school years beginning in 2004, 2005, and 2006 and 20
students greater than expected in 2007 and beyond.</span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times">The range
for kindergarten was coupled with birth assumptions after 2002 of 350
children each year (low end) and 400 children each year (high end). This
was approximated as a difference of 25 (plus or minus) from the estimated
births beyond 2002 of 372<i>.</i></span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; "> </p>
<p class="MsoNormal" style="margin:1 5; " align="center">
<font face="Verdana" size="2"><b><span style="font-family: Times">Total
</span></b></font></p>
<div align="center">
<center>
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<font face="Verdana"><span style="font-family: Times"> Year</span></font><!--mstheme--></font></td>
<td width="90" valign="top" style="width:67.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
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<font face="Verdana"><u>
<span style="text-decoration: none; font-family: Times"> </span></u></font><!--mstheme--></font></td>
<td width="120" valign="top" style="width:89.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><u><span style="font-family: Times">08/09</span></u></font><!--mstheme--></font></td>
<td width="66" valign="top" style="width:49.8pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
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<font face="Verdana"><u><span style="font-family: Times">13/14</span></u></font><!--mstheme--></font></td>
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<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">Low end of
range</span></font><!--mstheme--></font></td>
<td width="90" valign="top" style="width:67.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times"> </span></font><!--mstheme--></font></td>
<td width="120" valign="top" style="width:89.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">4,844</span></font><!--mstheme--></font></td>
<td width="66" valign="top" style="width:49.8pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">4,808</span></font><!--mstheme--></font></td>
</tr>
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times">FSN
projection</span></b></font><!--mstheme--></font></td>
<td width="90" valign="top" style="width:67.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times"> </span></b></font><!--mstheme--></font></td>
<td width="120" valign="top" style="width:89.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times">4,930</span></b></font><!--mstheme--></font></td>
<td width="66" valign="top" style="width:49.8pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times">5,114</span></b></font><!--mstheme--></font></td>
</tr>
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">High end of
range</span></font><!--mstheme--></font></td>
<td width="90" valign="top" style="width:67.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times"> </span></font><!--mstheme--></font></td>
<td width="120" valign="top" style="width:89.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">5,011</span></font><!--mstheme--></font></td>
<td width="66" valign="top" style="width:49.8pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">5,441</span></font><!--mstheme--></font></td>
</tr>
</table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
</center>
</div>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><span style="font-family: Times"> </span></font></p>
<p class="MsoNormal" style="margin:1 5; " align="center">
<font face="Verdana" size="2"><b><span style="font-family: Times">K-5</span></b></font></p>
<div align="center">
<center>
<!--mstheme--></font><table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times"> Year</span></font><!--mstheme--></font></td>
<td width="90" valign="top" style="width:67.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><u>
<span style="text-decoration: none; font-family: Times"> </span></u></font><!--mstheme--></font></td>
<td width="120" valign="top" style="width:89.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><u><span style="font-family: Times">08/09</span></u></font><!--mstheme--></font></td>
<td width="66" valign="top" style="width:49.8pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><u><span style="font-family: Times">13/14</span></u></font><!--mstheme--></font></td>
</tr>
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">Low end of
range</span></font><!--mstheme--></font></td>
<td width="90" valign="top" style="width:67.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times"> </span></font><!--mstheme--></font></td>
<td width="120" valign="top" style="width:89.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">2,342</span></font><!--mstheme--></font></td>
<td width="66" valign="top" style="width:49.8pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">2,066</span></font><!--mstheme--></font></td>
</tr>
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times">FSN
projection</span></b></font><!--mstheme--></font></td>
<td width="90" valign="top" style="width:67.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times"> </span></b></font><!--mstheme--></font></td>
<td width="120" valign="top" style="width:89.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times">2,428</span></b></font><!--mstheme--></font></td>
<td width="66" valign="top" style="width:49.8pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times">2,307</span></b></font><!--mstheme--></font></td>
</tr>
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">High end of
range</span></font><!--mstheme--></font></td>
<td width="90" valign="top" style="width:67.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times"> </span></font><!--mstheme--></font></td>
<td width="120" valign="top" style="width:89.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">2,509</span></font><!--mstheme--></font></td>
<td width="66" valign="top" style="width:49.8pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">2,575</span></font><!--mstheme--></font></td>
</tr>
</table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
</center>
</div>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><b><span style="font-family: Times"> </span></b></font></p>
<p class="MsoNormal" style="margin:1 5; " align="center">
<font face="Verdana" size="2"><b><span style="font-family: Times">6-8</span></b></font></p>
<div align="center">
<center>
<!--mstheme--></font><table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times"> Year</span></font><!--mstheme--></font></td>
<td width="84" valign="top" style="width:63.0pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times"> </span></font><!--mstheme--></font></td>
<td width="126" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><u><span style="font-family: Times">08/09</span></u></font><!--mstheme--></font></td>
<td width="66" valign="top" style="width:49.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><u><span style="font-family: Times">13/14</span></u></font><!--mstheme--></font></td>
</tr>
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">Low end of
range</span></font><!--mstheme--></font></td>
<td width="84" valign="top" style="width:63.0pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times"> </span></font><!--mstheme--></font></td>
<td width="126" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">1,097</span></font><!--mstheme--></font></td>
<td width="66" valign="top" style="width:49.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times"> 1,168</span></font><!--mstheme--></font></td>
</tr>
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times">FSN
projection</span></b></font><!--mstheme--></font></td>
<td width="84" valign="top" style="width:63.0pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times"> </span></b></font><!--mstheme--></font></td>
<td width="126" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times">1,097</span></b></font><!--mstheme--></font></td>
<td width="66" valign="top" style="width:49.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times">1,217</span></b></font><!--mstheme--></font></td>
</tr>
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">High end of
range</span></font><!--mstheme--></font></td>
<td width="84" valign="top" style="width:63.0pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times"> </span></font><!--mstheme--></font></td>
<td width="126" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">1,097</span></font><!--mstheme--></font></td>
<td width="66" valign="top" style="width:49.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">1,262</span></font><!--mstheme--></font></td>
</tr>
</table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
</center>
</div>
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana" size="2"><b><span style="font-family: Times"> </span></b></font></p>
<p class="MsoNormal" style="margin:1 5; " align="center">
<font face="Verdana" size="2"><b><span style="font-family: Times">9-12</span></b></font></p>
<div align="center">
<center>
<!--mstheme--></font><table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times"> Year</span></font><!--mstheme--></font></td>
<td width="84" valign="top" style="width:63.0pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><u>
<span style="text-decoration: none; font-family: Times"> </span></u></font><!--mstheme--></font></td>
<td width="123" valign="top" style="width:92.55pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><u><span style="font-family: Times">08/09</span></u></font><!--mstheme--></font></td>
<td width="69" colspan="2" valign="top" style="width:51.45pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><u><span style="font-family: Times">13/14</span></u></font><!--mstheme--></font></td>
</tr>
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">Low end of
range</span></font><!--mstheme--></font></td>
<td width="84" valign="top" style="width:63.0pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times"> </span></font><!--mstheme--></font></td>
<td width="126" colspan="2" valign="top" style="width:94.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">1,405</span></font><!--mstheme--></font></td>
<td width="66" valign="top" style="width:49.5pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">1,574</span></font><!--mstheme--></font></td>
</tr>
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times">FSN
projection</span></b></font><!--mstheme--></font></td>
<td width="84" valign="top" style="width:63.0pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times"> </span></b></font><!--mstheme--></font></td>
<td width="123" valign="top" style="width:92.55pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times">1,405</span></b></font><!--mstheme--></font></td>
<td width="69" colspan="2" valign="top" style="width:51.45pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><b><span style="font-family: Times">1,590</span></b></font><!--mstheme--></font></td>
</tr>
<tr>
<td width="145" valign="top" style="width:108.9pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">High end of
range</span></font><!--mstheme--></font></td>
<td width="84" valign="top" style="width:63.0pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times"> </span></font><!--mstheme--></font></td>
<td width="123" valign="top" style="width:92.55pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">1,405</span></font><!--mstheme--></font></td>
<td width="69" colspan="2" valign="top" style="width:51.45pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin:1 5; ">
<font face="Verdana"><span style="font-family: Times">1,604</span></font><!--mstheme--></font></td>
</tr>
<![if !supportMisalignedColumns]>
<tr height="0">
<td width="145" style="border:none"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin:1 5; "> <!--mstheme--></font></td>
<td width="84" style="border:none"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin:1 5; "> <!--mstheme--></font></td>
<td width="123" style="border:none"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin:1 5; "> <!--mstheme--></font></td>
<td width="3" style="border:none"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin:1 5; "><!--mstheme--></font></td>
<td width="66" style="border:none"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin:1 5; "> <!--mstheme--></font></td>
</tr>
<![endif]>
</table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
</center>
</div>
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<font face="Verdana" size="2"><span style="font-family: Times">The
Committee welcomes any comments regarding these projections.</span></font></p>
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