| Benefit Offset 100.0% UltimateIA Contribution = 5.1%With Ultimate Real Trust Fund Interest Rate  3.0With Ultimate Real IA Net Yield Rate of: **4.03**With Offset Annuity Net Yield Rate of: **4.03**                                                       |
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| 2003                                                                                                                                                                                                                                                       | 10.89 | 12.70 | 1.81 | 288 |   | 12.40 |   |   |   |   |
| 2004                                                                                                                                                                                                                                                       | 10.82 | 12.69 | 1.88 | 309 |   | 12.40 |   |   |   |   |
| 2005                                                                                                                                                                                                                                                       | 10.73 | 8.41 | -2.32 | 330 | 35 | 8.11 | -40 | 1.51 | 4.29 |   |
| 2006                                                                                                                                                                                                                                                       | 10.65 | 8.16 | -2.50 | 326 | 35 | 7.85 | -46 | 1.61 | 4.55 |   |
| 2007                                                                                                                                                                                                                                                       | 10.67 | 8.08 | -2.58 | 320 | 35 | 7.77 | -50 | 1.66 | 4.63 |   |
| 2008                                                                                                                                                                                                                                                       | 10.73 | 8.02 | -2.71 | 312 | 35 | 7.69 | -57 | 1.70 | 4.71 |   |
| 2009                                                                                                                                                                                                                                                       | 10.84 | 7.96 | -2.88 | 303 | 35 | 7.62 | -68 | 1.74 | 4.78 |   |
| 2010                                                                                                                                                                                                                                                       | 10.99 | 7.91 | -3.07 | 292 | 35 | 7.55 | -81 | 1.79 | 4.85 |   |
| 2011                                                                                                                                                                                                                                                       | 11.16 | 7.91 | -3.25 | 280 | 35 | 7.51 | -94 | 1.82 | 4.89 |   |
| 2012                                                                                                                                                                                                                                                       | 11.33 | 7.89 | -3.44 | 267 | 35 | 7.47 | -111 | 1.84 | 4.93 |   |
| 2013                                                                                                                                                                                                                                                       | 11.53 | 7.87 | -3.66 | 252 | 35 | 7.43 | -131 | 1.86 | 4.97 |   |
| 2014                                                                                                                                                                                                                                                       | 11.75 | 7.86 | -3.88 | 236 | 35 | 7.40 | -153 | 1.87 | 5.00 |   |
| 2015                                                                                                                                                                                                                                                       | 11.97 | 7.85 | -4.12 | 218 | 35 | 7.37 | -178 | 1.88 | 5.03 |   |
| 2016                                                                                                                                                                                                                                                       | 12.23 | 7.86 | -4.37 | 199 | 35 | 7.36 | -206 | 1.88 | 5.04 |   |
| 2017                                                                                                                                                                                                                                                       | 12.49 | 7.87 | -4.62 | 178 | 35 | 7.35 | -238 | 1.88 | 5.05 |   |
| 2018                                                                                                                                                                                                                                                       | 12.76 | 7.88 | -4.88 | 156 | 35 | 7.34 | -272 | 1.87 | 5.06 |   |
| 2019                                                                                                                                                                                                                                                       | 13.02 | 7.90 | -5.12 | 132 | 35 | 7.33 | -308 | 1.87 | 5.07 |   |
| 2020                                                                                                                                                                                                                                                       | 13.29 | 10.51 | -2.78 | 107 | 35 | 9.93 | -348 | 1.86 | 5.07 | 2.60 |
| 2021                                                                                                                                                                                                                                                       | 13.56 | 11.73 | -1.83 | 100 | 35 | 11.12 | -391 | 1.84 | 5.08 | 3.80 |
| 2022                                                                                                                                                                                                                                                       | 13.81 | 11.95 | -1.86 | 100 | 35 | 11.32 | -435 | 1.83 | 5.08 | 4.00 |
| 2023                                                                                                                                                                                                                                                       | 14.01 | 12.17 | -1.84 | 100 | 35 | 11.52 | -477 | 1.81 | 5.08 | 4.20 |
| 2024                                                                                                                                                                                                                                                       | 14.19 | 12.38 | -1.81 | 100 | 35 | 11.71 | -520 | 1.79 | 5.09 | 4.40 |
| 2025                                                                                                                                                                                                                                                       | 14.36 | 12.50 | -1.86 | 100 | 35 | 11.81 | -565 | 1.76 | 5.09 | 4.50 |
| 2026                                                                                                                                                                                                                                                       | 14.49 | 12.62 | -1.88 | 100 | 35 | 11.91 | -608 | 1.73 | 5.09 | 4.60 |
| 2027                                                                                                                                                                                                                                                       | 14.61 | 12.73 | -1.88 | 100 | 35 | 12.01 | -653 | 1.70 | 5.09 | 4.70 |
| 2028                                                                                                                                                                                                                                                       | 14.70 | 12.85 | -1.85 | 100 | 35 | 12.11 | -697 | 1.66 | 5.09 | 4.80 |
| 2029                                                                                                                                                                                                                                                       | 14.76 | 12.97 | -1.79 | 100 | 35 | 12.20 | -740 | 1.63 | 5.10 | 4.90 |
| 2030                                                                                                                                                                                                                                                       | 14.77 | 12.98 | -1.79 | 100 | 35 | 12.20 | -780 | 1.58 | 5.10 | 4.90 |
| 2031                                                                                                                                                                                                                                                       | 14.76 | 12.89 | -1.86 | 100 | 35 | 12.10 | -817 | 1.54 | 5.10 | 4.80 |
| 2032                                                                                                                                                                                                                                                       | 14.71 | 12.80 | -1.90 | 100 | 35 | 12.00 | -851 | 1.49 | 5.10 | 4.70 |
| 2033                                                                                                                                                                                                                                                       | 14.62 | 12.91 | -1.71 | 100 | 35 | 12.10 | -882 | 1.44 | 5.10 | 4.80 |
| 2034                                                                                                                                                                                                                                                       | 14.51 | 12.72 | -1.79 | 100 | 35 | 11.90 | -909 | 1.38 | 5.10 | 4.60 |
| 2035                                                                                                                                                                                                                                                       | 14.38 | 12.63 | -1.75 | 100 | 35 | 11.80 | -935 | 1.33 | 5.10 | 4.50 |
| 2036                                                                                                                                                                                                                                                       | 14.22 | 12.54 | -1.68 | 100 | 35 | 11.70 | -956 | 1.27 | 5.10 | 4.40 |
| 2037                                                                                                                                                                                                                                                       | 14.04 | 12.44 | -1.60 | 100 | 35 | 11.60 | -974 | 1.20 | 5.10 | 4.30 |
| 2038                                                                                                                                                                                                                                                       | 13.84 | 12.35 | -1.49 | 100 | 35 | 11.50 | -987 | 1.13 | 5.10 | 4.20 |
| 2039                                                                                                                                                                                                                                                       | 13.62 | 12.06 | -1.57 | 100 | 35 | 11.20 | -997 | 1.06 | 5.10 | 3.90 |
| 2040                                                                                                                                                                                                                                                       | 13.39 | 11.86 | -1.53 | 100 | 35 | 11.00 | -1,003 | 0.99 | 5.10 | 3.70 |
| 2041                                                                                                                                                                                                                                                       | 13.15 | 11.86 | -1.29 | 100 | 35 | 11.00 | -1,007 | 0.91 | 5.10 | 3.70 |
| 2042                                                                                                                                                                                                                                                       | 12.91 | 11.57 | -1.34 | 100 | 35 | 10.70 | -1,008 | 0.83 | 5.10 | 3.40 |
| 2043                                                                                                                                                                                                                                                       | 12.66 | 11.47 | -1.18 | 100 | 35 | 10.60 | -1,007 | 0.74 | 5.10 | 3.30 |
| 2044                                                                                                                                                                                                                                                       | 12.41 | 11.28 | -1.13 | 100 | 35 | 10.40 | -1,005 | 0.65 | 5.10 | 3.10 |
| 2045                                                                                                                                                                                                                                                       | 12.17 | 11.19 | -0.98 | 100 | 35 | 10.30 | -1,005 | 0.56 | 5.10 | 3.00 |
| 2046                                                                                                                                                                                                                                                       | 11.95 | 11.09 | -0.86 | 100 | 35 | 10.20 | -1,008 | 0.47 | 5.10 | 2.90 |
| 2047                                                                                                                                                                                                                                                       | 11.73 | 10.90 | -0.83 | 100 | 35 | 10.00 | -1,009 | 0.37 | 5.10 | 2.70 |
| 2048                                                                                                                                                                                                                                                       | 11.50 | 10.81 | -0.70 | 100 | 35 | 9.90 | -1,009 | 0.27 | 5.10 | 2.60 |
| 2049                                                                                                                                                                                                                                                       | 11.25 | 10.62 | -0.63 | 100 | 35 | 9.70 | -1,001 | 0.15 | 5.10 | 2.40 |
| 2050                                                                                                                                                                                                                                                       | 11.01 | 10.52 | -0.48 | 100 | 35 | 9.60 | -995 | 0.04 | 5.10 | 2.30 |
| 2051                                                                                                                                                                                                                                                       | 10.79 | 10.53 | -0.26 | 100 | 35 | 9.60 | -995 | -0.07 | 5.10 | 2.30 |
| 2052                                                                                                                                                                                                                                                       | 10.59 | 10.44 | -0.15 | 100 | 35 | 9.50 | -999 | -0.18 | 5.10 | 2.20 |
| 2053                                                                                                                                                                                                                                                       | 10.46 | 10.35 | -0.11 | 100 | 35 | 9.40 | -1,019 | -0.26 | 5.10 | 2.10 |
| 2054                                                                                                                                                                                                                                                       | 10.34 | 10.36 | 0.02 | 100 | 35 | 9.40 | -1,043 | -0.34 | 5.10 | 2.10 |
| 2055                                                                                                                                                                                                                                                       | 10.22 | 10.37 | 0.15 | 100 | 35 | 9.40 | -1,063 | -0.42 | 5.10 | 2.10 |
| 2056                                                                                                                                                                                                                                                       | 10.10 | 10.28 | 0.18 | 100 | 35 | 9.30 | -1,084 | -0.50 | 5.10 | 2.00 |
| 2057                                                                                                                                                                                                                                                       | 9.98 | 10.29 | 0.31 | 100 | 35 | 9.30 | -1,107 | -0.57 | 5.10 | 2.00 |
| 2058                                                                                                                                                                                                                                                       | 9.87 | 10.20 | 0.32 | 100 | 35 | 9.20 | -1,132 | -0.64 | 5.10 | 1.90 |
| 2059                                                                                                                                                                                                                                                       | 9.77 | 10.21 | 0.44 | 100 | 35 | 9.20 | -1,157 | -0.71 | 5.10 | 1.90 |
| 2060                                                                                                                                                                                                                                                       | 9.67 | 10.21 | 0.54 | 100 | 35 | 9.20 | -1,185 | -0.77 | 5.10 | 1.90 |
| 2061                                                                                                                                                                                                                                                       | 9.59 | 10.22 | 0.64 | 100 | 35 | 9.20 | -1,216 | -0.83 | 5.10 | 1.90 |
| 2062                                                                                                                                                                                                                                                       | 9.51 | 10.13 | 0.62 | 100 | 35 | 9.10 | -1,253 | -0.89 | 5.10 | 1.80 |
| 2063                                                                                                                                                                                                                                                       | 9.45 | 10.14 | 0.69 | 100 | 35 | 9.10 | -1,298 | -0.94 | 5.10 | 1.80 |
| 2064                                                                                                                                                                                                                                                       | 9.40 | 10.15 | 0.75 | 100 | 35 | 9.10 | -1,349 | -1.00 | 5.10 | 1.80 |
| 2065                                                                                                                                                                                                                                                       | 9.33 | 10.15 | 0.82 | 100 | 35 | 9.10 | -1,390 | -1.04 | 5.10 | 1.80 |
| 2066                                                                                                                                                                                                                                                       | 9.27 | 10.16 | 0.89 | 100 | 35 | 9.10 | -1,437 | -1.09 | 5.10 | 1.80 |
| 2067                                                                                                                                                                                                                                                       | 9.23 | 10.16 | 0.94 | 100 | 35 | 9.10 | -1,492 | -1.13 | 5.10 | 1.80 |
| 2068                                                                                                                                                                                                                                                       | 9.19 | 10.17 | 0.97 | 100 | 35 | 9.10 | -1,556 | -1.17 | 5.10 | 1.80 |
| 2069                                                                                                                                                                                                                                                       | 9.17 | 10.28 | 1.10 | 100 | 35 | 9.20 | -1,627 | -1.20 | 5.10 | 1.90 |
| 2070                                                                                                                                                                                                                                                       | 9.16 | 10.18 | 1.02 | 101 | 35 | 9.10 | -1,707 | -1.23 | 5.10 | 1.80 |
| 2071                                                                                                                                                                                                                                                       | 9.15 | 10.19 | 1.03 | 100 | 35 | 9.10 | -1,795 | -1.26 | 5.10 | 1.80 |
| 2072                                                                                                                                                                                                                                                       | 9.16 | 10.29 | 1.14 | 100 | 35 | 9.20 | -1,893 | -1.28 | 5.10 | 1.90 |
| 2073                                                                                                                                                                                                                                                       | 9.17 | 10.40 | 1.23 | 100 | 35 | 9.30 | -2,000 | -1.30 | 5.10 | 2.00 |
| 2074                                                                                                                                                                                                                                                       | 9.18 | 10.30 | 1.12 | 101 | 35 | 9.20 | -2,117 | -1.32 | 5.10 | 1.90 |
| 2075                                                                                                                                                                                                                                                       | 9.21 | 10.41 | 1.20 | 100 | 35 | 9.30 | -2,244 | -1.34 | 5.10 | 2.00 |
| 2076                                                                                                                                                                                                                                                       | 9.23 | 10.42 | 1.18 | 100 | 35 | 9.30 | -2,381 | -1.35 | 5.10 | 2.00 |
| 2077                                                                                                                                                                                                                                                       | 9.27 | 10.52 | 1.25 | 100 | 35 | 9.40 | -2,527 | -1.36 | 5.10 | 2.10 |
| 2078                                                                                                                                                                                                                                                       | 9.30 | 10.53 | 1.22 | 100 | 35 | 9.40 | -2,686 | -1.37 | 5.10 | 2.10 |
|                                                                                                                                                                                                                                                       | Summarized |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                       | CostRateOASDI |  IncomeRateOASDI |  ActuarialBalanceOASDI |  Change inActuarialBalance |   |   |   |   |   |   |
| 2003-2077                                                                                                                                                                                                                                                  | 12.03 | 11.15 | -0.88 | 1.04 |   |   |   |   |   |   |
| 1 Net of Benefit Offset.2 Including borrowing from Individual Accounts in Form of Social Security Transition Bonds.3 Excluding reinvestment of interest in Social Security Transition Bonds.Based on Intermediate Assumptions of the 2003 Trustees Report. |
|                                                                                                                                                                                                                                                       | Office of the Chief ActuarySocial Security AdministrationSeptember 9, 2003 |

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