Exhibit 12.2. The annual forward rate for period4is 4.72%. The period forward rate for period 4 is:   period forward rate = 4.72%´æ92ö 360ø = 1.2062%     Column (5) in Exhibit 12.4 shows the annual forward rate for all 12 peri- ods (reproduced from Exhibit 12.3) and Column (6) shows the period forward rate for all 12 periods. Note that the period forward rate for period 1 is 4.05%, the known rate for 3-month LIBOR. Also shown in Exhibit 12.4 is the forward discount factor for all 12 periods. These values are shown in the last column. Lets show how the forward discount factor is computed for periods 1, 2, and 3. For period 1, the forward discount factor is:   forward discount factor = ------------$---1-------------- (1.010125) = 0.98997649     For period 2,     forwarddiscountfactor=     $1 -       = 0.97969917 ----------------------------------------------------------- (1.010125)(1.010490)     For period 3,     forwarddiscountfactor=     $1 -