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<br /> EXHIBIT 1 TO SCHEDULE 1
<br /> PRESENT VALUE ANALYSIS
<br />------------Es-timated--~-------se-mi Annual----.Cum-Liiative-
<br /> Tax P. V. P. V.
<br />Date Increment Balance Balance
<br />_._-,~""._.,...~..,~,.._._~,-,_.--,..,~,"._"".._-~,,.__._-,-~,,'.'-"--"._"-~"---'---'..'~.~
<br />12/01/97 - 0 0 0
<br />06/01/98 0 0 0
<br />12/01/98 0 0 0
<br />06/01/99 0 0 0
<br />12/01/99 0 0 0
<br />06/01/00 17,561 15,157 15,157
<br />12/01/00 17,561 14,609 29,766
<br />06/01/01 18,182 14,578 44,344
<br />12/01/01 18,182 14,051 58,395
<br />06/01/02 18,821 14,019 72,415
<br />12/01/02 18,821 13,513 85,927
<br />06/01/03 19,4 79 13,480 99,407
<br />12/01/03 19,479 12,993 112,400
<br />06/01/04 20,157 12,959 125,359
<br />12/01/04 20,157 12,490 137,849
<br />06/01/05 20,855 12.456 150,305
<br />12/01/05 20,855 12,006 162,311
<br />06/01106 21,574 11,971 174,282
<br />12/01/06 21,574 11,538 185,820
<br />06/01/07 22,315 11,503 197,323
<br />12/01/07 22,315 11,087 208,410
<br />06/01/08 23,078 11,052 219,462
<br />12/01/08 23,078 10,652 230,115
<br />06/01/09 23,864 10,617 240,732
<br />12/01109 23,864 10,233 250,965
<br />06/01/10 24,674 10,198 261,163
<br />12/01/10 24,674 9,829 270,993
<br />06/01/11 25,507 9,794 280,787
<br />12/01/11 25,507 9,440 290,228
<br />06/01/12 26,366 9,405 299,633
<br />12/01/12 26,366 9,066 308,699
<br />06/01/13 27,251 9,031 317,730
<br />12/01/13 27,251 8,705 326,434
<br />06/01/14 28,162 8,670 335,105
<br />12/01/14 28,162 8,357 343,462
<br />06/01/15 29,100 8,323 351 .785
<br />12/01/15 29,100 8,023 359,808
<br />06/01/16 30,067 7,989 367.797
<br />12/01/16 30,067 7,701 375,498
<br />06/01/17 31,062 7,668 383,166
<br />12/01/17 31,062 7,391 390,557
<br />06/01/18 32,088 7,359 397,916
<br />12/01/18 32,088 7,093 405,009
<br />06/01/19 33,144 7,062 412,070
<br />12/01/19 33,144 6,806 418,877
<br />06/01/20 34,232 6,776 425,652
<br />12/01/20 34,232 6,531 432,183
<br />06/01/21 35,352 6,501 438,684
<br />12/01/21 35,352 6,266 444,950
<br />06/01/22 36,507 6,237 451 ,186
<br />12101/22 36,507 6,011 457,197
<br />06/01/23 37,695 5,983 463,180
<br />12/01/23 37,695 5,766 468,946
<br />06/01/24 38,920 5,738 474,685
<br />12/01/24 38,920 5,531 480,216
<br /> ~----------...........--..~ 480,216
<br /> 1,352,028 __ 480,216
<br /> --- ---
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