EXHIBIT 1 Illustration of Full Valuation Approach to Assess the Interest Rate Risk of a Bond Position for Three Scenarios Current bond position: 9% coupon 20-year bond (option-free) Price: 134.6722 Yield to maturity: 6% Par value owned: $10 million Market value of position: $13,467,220.00 Yield New New Percentage change in market value (%) Scenario change (bp) yield price 1 50 6.5% 127.7606 -5.13% 2 100 7.0% 121.3551 -9.89% 3 200 8.0% 109.8964 -18.40% New market value ($) 12,776,050 12,135,510 10,989,640

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Treasury Market

On-the-run securities are the most recently issued securities in the market depth and are therefore traded at some premium. The off-the-run securities are the ones issued just before the most recent ones. The on-the-run securities have a lower yield to the investor than the off-the-run securities.