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Debt Composition: Average Debt Maturity Declining Since 2000, Combined With Declining Interest Rate, Leading to “Artificially Low” Interest Payments USA Inc. Debt Maturity vs. Short-Term Interest Rate, 1980 — 2010 Te 20% 7 iy! Average Treasury Securities Maturity Po oO 2 1 ih! =— = Short-Term Interest Rate > 4 = =, |," gleeelehtabieedeastent tehtenieatentteaeetemeahiemenieiaaienees, dante o> sate taconite 15% & E j ['? 30-Year Average ” & o | : £2 = } Maturity s ” av ” = i Fi 5 10% = e Q g ° i Flan ecw cee tere co all oe os ae Bip ae ee on me Fhe. 5% & w \ 7 7 & Vv / 5 \ \ 2 =. 7 \ 3 T T T T T T T T T T = = 0% 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 Source: Dept. of Treasury. (@ 4 www.kpcb.com USA Inc. | Income Statement Drilldown 169 Debt Composition: Maturity - Temporary High Mix (32%) of Short-Term Treasury Bills in 2009 Took Advantage of Historic Low Interest Rates to Reduce Interest Payments USA Inc. Outstanding Debt Breakdown by Type & Maturity, 2000 - 2010 i+) a ef 100% % aTIPS a Bonds Treasury Inflation 6% Protected Securities 5% - Long-Term (10+ Year Maturity) 4% a Notes - Medium-Term (2- 10 Year Maturity) 3% a Bills 2% - Short-Term (0-1 = — ‘ Year Maturity) 1% Short-Term Interest Rate (Fed Funds Rate) 0% emails : % — om = 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 10-Year Average Share of T-Bills Interest Rate (%) % of Total Marketable Debt Outstanding P Note: Data as of March each year; composition excludes nonmarketable securities. Source: Dept. of Treasury. (@ EB) www.kpcb.com USA Inc. | Income Statement Drilldown 170 HOUSE_OVERSIGHT_020926