<SEC-DOCUMENT>0000950123-11-094035.txt : 20111101
<SEC-HEADER>0000950123-11-094035.hdr.sgml : 20111101
<ACCEPTANCE-DATETIME>20111101173013
ACCESSION NUMBER:		0000950123-11-094035
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20111101
DATE AS OF CHANGE:		20111101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN AXLE & MANUFACTURING HOLDINGS INC
		CENTRAL INDEX KEY:			0001062231
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				383161171
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-175508
		FILM NUMBER:		111172355

	BUSINESS ADDRESS:	
		STREET 1:		ONE DAUCH DRIVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48211-1198
		BUSINESS PHONE:		3137583600

	MAIL ADDRESS:	
		STREET 1:		ONE DAUCH DRIVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48211-1198

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN AXLE & MANUFACTURING INC
		CENTRAL INDEX KEY:			0001084331
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				383138388
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-175508-01
		FILM NUMBER:		111172354

	BUSINESS ADDRESS:	
		STREET 1:		1840 HOLBROOK AVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48212
		BUSINESS PHONE:		3139742000

	MAIL ADDRESS:	
		STREET 1:		1840 HOLBROOK AVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48212
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>f50523b5e424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: helvetica,arial">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Title of each class of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>offering price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>securities to be registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>registered</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>per unit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>offering price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>registration fee</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.75% Senior Notes due 2019</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">200,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">200,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">22,920</TD>
    <TD nowrap>(1)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The filing fee of $22,920 is calculated in accordance with Rule
457(r) of the Securities Act of 1933, as amended. Pursuant to
Rule&nbsp;457(p), the filing fee is offset by the $21,778.74
previously paid for unsold securities in connection with the
filing of the registrants&#146; registration statement on Form S-3,
filed with the Securities and Exchange Commission in December
2009 (File No.&nbsp;333-162550).</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">Prospectus
    supplement</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 11pt; font-family: Arial, Helvetica">
    Filed Pursuant to Rule 424(b)(5)</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <I><FONT style="font-size: 11pt; font-family: Arial, Helvetica">To
    prospectus dated July&#160;12, 2011</FONT></I></TD>
    <TD nowrap align="right">    <FONT style="font-size: 11pt; font-family: Arial, Helvetica">
    <B>Registration No. 333-175508-01<BR>
    Registration No. 333-175508</B>
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <IMG src="f50523b5f5052301.gif" alt="(AMERICAN AXLE AND MANUFACTURING LOGO)"><B><FONT style="font-size: 11pt">
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B><FONT style="font-size: 24pt">American Axle&#160;&#038;
    Manufacturing, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B><I><FONT style="font-size: 18pt">$200,000,000<BR>
    7.75% Senior Notes due 2019</FONT></I></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B><FONT style="font-size: 11pt">Guaranteed by American
    Axle&#160;&#038; Manufacturing Holdings, Inc. and certain of our
    subsidiaries</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Interest on the notes will be payable semiannually on
    May&#160;15 and November&#160;15 of each year, beginning
    May&#160;15, 2012. The notes will mature on November&#160;15,
    2019.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    American Axle&#160;&#038; Manufacturing, Inc. (&#147;AAM
    Inc.&#148;) may redeem the notes in whole or in part at any time
    prior to their maturity at a specified make-whole premium. See
    &#147;Description of the notes&#151;Optional redemption.&#148;
    If we experience specific kinds of changes in control, we must
    offer to purchase the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The notes will be AAM Inc.&#146;s senior unsecured obligations
    and will rank equally with all of AAM Inc.&#146;s other existing
    and future senior unsecured indebtedness. AAM Inc.&#146;s
    obligations under the notes will be guaranteed on a senior
    unsecured basis, jointly and severally, by American
    Axle&#160;&#038; Manufacturing Holdings, Inc.
    (&#147;Holdings&#148;), AAM Inc.&#146;s parent corporation, and
    certain of AAM Inc.&#146;s current and future subsidiaries (the
    &#147;Subsidiary Guarantors,&#148; and, together with Holdings,
    the &#147;Guarantors&#148;). The notes will be effectively
    junior to AAM Inc.&#146;s existing and future secured
    indebtedness and structurally subordinated to the liabilities of
    AAM Inc.&#146;s
    <FONT style="white-space: nowrap">non-guarantor</FONT>
    subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B>Investing in the notes involves risks. See &#147;Risk
    factors&#148; beginning on
    <FONT style="white-space: nowrap">page&#160;S-13.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of the notes
    or determined that this prospectus supplement or the
    accompanying prospectus is accurate or complete. Any
    representation to the contrary is a criminal offense.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="78%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Per note</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total</B>
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
<TR style="line-height: 8pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public offering
    price<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    200,000,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting discounts&#160;&#038; commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,000,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to
    us<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    196,000,000
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD colspan="8" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <FONT style="font-size: 8pt">(1)&#160;Plus accrued interest from
    November&#160;3, 2011 if settlement occurs after that date.
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We expect that delivery of the notes will be made to investors
    in book-entry form through The Depository Trust Company on or
    about November&#160;3, 2011.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="37%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="26%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>Joint book-running managers</I>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 16pt">J.P. Morgan</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="bottom">
    <B><FONT style="font-size: 16pt">BofA Merrill Lynch</FONT></B>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>Senior co-managers</I>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 13pt">KeyBanc Capital
    Markets</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 13pt">RBC&#160;Capital&#160;Markets</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 13pt">US&#160;Bancorp</FONT></B>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>Co-manager</I>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 13pt">Huntington Investment Company
    </FONT></B>
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <FONT style="font-size: 11pt">The date of this prospectus
    supplement is October&#160;31, 2011
    </FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B>In making your investment decision, you should rely only on
    the information contained or incorporated by reference in this
    prospectus supplement and the accompanying prospectus. We and
    the underwriters have not authorized anyone to provide you with
    any other information. If you receive any other information, you
    should not rely on it.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B>We and the underwriters are offering to sell the notes only
    in places where offers and sales are permitted.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B>You should not assume that the information contained or
    incorporated by reference in this prospectus supplement or the
    accompanying prospectus is accurate as of any date other than
    the date on the front cover of this prospectus supplement.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></DIV></CENTER>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="F50523tocpage"></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Table of
    contents</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="94%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">Page</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus Supplement</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#F50523101'>About this prospectus supplement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523102'>Forward-looking statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-iii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523104'>Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523105'>The offering</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523106'>Summary consolidated financial data</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523107'>Risk factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523108'>Use of proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-26
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523109'>Ratio of earnings to fixed charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-26
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523110'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523112'>Description of certain other indebtedness</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523111'>Description of the notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523113'>Certain U.S. federal income tax considerations
    for non-U.S. holders</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-46
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523114'>Underwriting (Conflicts of interest)</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-49
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523115'>Legal matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-54
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#F50523116'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-54
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">Page</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Where you can find more information
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    American Axle and Manufacturing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Use of proceeds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Prospectus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Prospectus supplement or term sheet
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Forward-looking statements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Description of debt securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Description of debt warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Description of common stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Description of preferred stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Special provisions relating to foreign currency notes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Plan of distribution
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Legal matters
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Experts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></DIV></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In this prospectus supplement, except as otherwise indicated or
    the context otherwise requires, &#147;the company&#148;,
    &#147;we&#148;, &#147;us&#148; and &#147;our&#148; refer to
    collectively (i)&#160;American Axle&#160;&#038; Manufacturing,
    Inc., or AAM Inc., the issuer, a Delaware corporation, and its
    direct and indirect subsidiaries, including the Subsidiary
    Guarantors, and (ii)&#160;American Axle&#160;&#038;
    Manufacturing Holdings, Inc., or Holdings, a Delaware
    corporation and the direct parent corporation of the issuer.
    Holdings has no material operations or assets other than its
    ownership of 100% of the issued and outstanding common stock of
    AAM Inc., the issuer of the notes; and &#147;underwriters&#148;
    refers to the firms listed in the section entitled
    &#147;Underwriting (Conflicts of interest)&#148; herein.
</DIV>

<A name='F50523101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">About this
    prospectus supplement</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    This prospectus supplement and the accompanying prospectus are
    part of a registration statement that we filed with the
    Securities and Exchange Commission, or SEC, utilizing a
    &#147;shelf&#148; registration process. In this prospectus
    supplement, we provide you with specific information about the
    notes that we are selling in this offering and about the
    offering itself. Both this prospectus supplement and the
    accompanying prospectus include or incorporate by reference
    important information about us, the notes and other information
    you should know before investing in the notes. This prospectus
    supplement also adds, updates and changes information contained
    in or incorporated by reference into the accompanying
    prospectus. To the extent that any statement that we make in
    this prospectus supplement is inconsistent with the statements
    made in the accompanying prospectus, the statements made in the
    accompanying prospectus are deemed modified or superseded by the
    statements made in this prospectus supplement. You should read
    both this prospectus supplement and the accompanying prospectus
    as well as additional information described under &#147;Where
    you can find more information&#148; in the prospectus before
    investing in the notes.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-ii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='F50523102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Forward-looking
    statements</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Certain statements in this prospectus supplement and the
    accompanying prospectus, including the documents incorporated by
    reference herein, are forward-looking in nature and relate to
    trends and events that may affect our future financial position
    and operating results. Such statements are made pursuant to the
    safe harbor provisions of the Private Securities Litigation
    Reform Act of 1995. The terms &#147;will,&#148;
    &#147;expect,&#148; &#147;anticipate,&#148; &#147;intend,&#148;
    &#147;project&#148; and similar words or expressions are
    intended to identify forward-looking statements. These
    statements speak only as of their date. The statements are based
    on our current expectations, are inherently uncertain, are
    subject to risks and should be viewed with caution. Actual
    results and experience may differ materially from the
    forward-looking statements as a result of many factors,
    including, but not limited to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    global economic conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    reduced purchases of our products by General Motors Company
    (&#147;GM&#148;), Chrysler Group LLC (&#147;Chrysler&#148;) or
    other customers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    reduced demand for our customers&#146; products (particularly
    light trucks and sport utility vehicles (&#147;SUVs&#148;)
    produced by GM and Chrysler);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    availability of financing for working capital, capital
    expenditures, research and development (&#147;R&#038;D&#148;) or
    other general corporate purposes, including our ability to
    comply with financial covenants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our customers&#146; and suppliers&#146; availability of
    financing for working capital, capital expenditures, R&#038;D or
    other general corporate purposes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our ability to achieve cost reductions through ongoing
    restructuring actions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our ability to achieve the level of cost reductions required to
    sustain global cost competitiveness;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our ability to maintain satisfactory labor relations and avoid
    future work stoppages;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our suppliers&#146;, our customers&#146; and their
    suppliers&#146; ability to maintain satisfactory labor relations
    and avoid work stoppages;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    additional restructuring actions that may occur;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our ability to continue to implement improvements in our
    U.S.&#160;labor cost structure;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    supply shortages or price increases in raw materials, utilities
    or other operating supplies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our ability to consummate and integrate acquisitions and joint
    ventures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our ability or our customers&#146; and suppliers&#146; ability
    to successfully launch new product programs on a timely basis;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our ability to realize the expected revenues from our new and
    incremental business backlog;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our ability to attract new customers and programs for new
    products;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our ability to develop and produce new products that reflect
    market demand;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    <FONT style="white-space: nowrap">lower-than-anticipated</FONT>
    market acceptance of new or existing products;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-iii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our ability to respond to changes in technology, increased
    competition or pricing pressures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    price volatility in, or reduced availability of, fuel;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    adverse changes in laws, government regulations or market
    conditions affecting our products or our customers&#146;
    products (such as the Corporate Average Fuel Economy
    (&#147;CAFE&#148;) regulations);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    risks inherent in our international operations (including
    adverse changes in the political stability, taxes and other law
    changes, potential disruption of production and supply, and
    currency rate fluctuations);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    liabilities arising from warranty claims, product recall,
    product liability and legal proceedings to which we are or may
    become a party;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    changes in liabilities arising from pension and other
    postretirement benefit obligations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    risks of noncompliance with environmental regulations or risks
    of environmental issues that could result in unforeseen costs at
    our facilities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our ability to attract and retain key associates;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    other unanticipated events and conditions that may hinder our
    ability to compete.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    It is not possible to foresee or identify all such factors and
    we make no commitment to update any forward-looking statement or
    to disclose any facts, events or circumstances after the date
    hereof that may affect the accuracy of any forward-looking
    statement.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-iv
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<A name='F50523104'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Summary</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>The following summary is qualified in its entirety by, and
    should be read in conjunction with, the more detailed
    information and financial statements (including the notes
    thereto) appearing elsewhere or incorporated by reference in
    this prospectus supplement and the accompanying prospectus.
    Because this is a summary it may not contain all the information
    that may be important to you. You should read the entire
    prospectus supplement and the accompanying prospectus, as well
    as the information incorporated by reference, before making an
    investment decision. Some of the statements in this
    &#147;Summary&#148; are forward-looking statements. Please see
    &#147;Forward-looking statements&#148; for more information
    regarding these statements.</I>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Our
    business</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are a Tier&#160;I supplier to the automotive industry. We
    manufacture, engineer, design and validate driveline and
    drivetrain systems and related components and chassis modules
    for light trucks, SUVs, passenger cars, crossover vehicles and
    commercial vehicles. Driveline and drivetrain systems include
    components that transfer power from the transmission and deliver
    it to the drive wheels. Our driveline, drivetrain and related
    products include axles, chassis modules, driveshafts, power
    transfer units, transfer cases, chassis and steering components,
    driveheads, crankshafts, transmission parts and metal-formed
    products. In addition to locations in the United&#160;States
    (Michigan, New York, Ohio, Indiana and Pennsylvania), we also
    have offices or facilities in Brazil, China, Germany, India,
    Japan, Luxembourg, Mexico, Poland, Scotland, South&#160;Korea,
    Sweden and Thailand.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are the principal supplier of driveline components to GM for
    its rear-wheel drive (&#147;RWD&#148;) light trucks and SUVs
    manufactured in North America, supplying substantially all of
    GM&#146;s rear axle and front four-wheel drive (&#147;4WD&#148;)
    and all-wheel drive (&#147;AWD&#148;) axle requirements for
    these vehicle platforms. Sales to GM were approximately 75% of
    our total net sales in 2010, 78% in 2009 and 74% in 2008; and
    73% in the first nine&#160;months of 2011 as compared to 76% in
    the first nine&#160;months of 2010.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are the sole-source supplier to GM for certain axles and
    other driveline products for the life of each GM vehicle program
    covered by a Lifetime Program Contract (&#147;LPC&#148;).
    Substantially all of our sales to GM are made pursuant to the
    LPCs. The LPCs have terms equal to the lives of the relevant
    vehicle programs or their respective derivatives, which
    typically run 6 to 10&#160;years, and require us to remain
    competitive with respect to technology, design and quality.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are also the principal supplier of driveline system products
    for Chrysler&#146;s heavy-duty Dodge Ram full-size pickup trucks
    (&#147;Dodge Ram program&#148;) and its derivatives. Sales to
    Chrysler were approximately 9% of our total net sales in 2010,
    8% in 2009 and 10% in 2008; and approximately 8% in the first
    nine&#160;months of 2011 as compared to 9% in the first
    nine&#160;months of 2010. In addition to GM and Chrysler, we
    supply driveline systems and other related components to
    Volkswagen AG (&#147;Volkswagen&#148;), Audi AG, Scania AB, Mack
    Trucks Inc. (&#147;Mack Truck&#148;), PACCAR Inc., Nissan Motor
    Co., Ltd. (&#147;Nissan&#148;), Harley-Davidson Inc., Tata
    Motors, Ford Motor Company (&#147;Ford&#148;), Deere&#160;&#038;
    Company, and other original equipment manufacturers
    (&#147;OEM&#148;) and Tier&#160;I supplier companies. Our net
    sales to customers other than GM were $563.0&#160;million in
    2010 as compared to $331.2&#160;million in 2009 and
    $544.6&#160;million in 2008; and $535.0&#160;million in the
    first nine months of 2011 as compared to $406.4&#160;million in
    the first nine months of 2010.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Our principal served market of $35&#160;billion, as estimated
    based on information available at the end of 2010, is the global
    driveline market, which consists of driveline, drivetrain and
    related components and chassis modules for light trucks, SUVs,
    passenger cars, crossover vehicles and commercial vehicles.
</DIV>
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</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Business
    strategy</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are focused on profitably growing our net sales and
    strengthening our balance sheet by providing exceptional value
    to our customers, capitalizing on our competitive strengths and
    continuing to diversify our customer, product, and geographic
    sales mix. Over the past several years, we have implemented a
    Restructuring, Resizing and Profit Recovery plan that allowed us
    to achieve a cost structure in line with current and projected
    levels of customer demand and market requirements. The plan has
    proven successful, yielding significant, permanent structural
    cost reductions and has allowed us to drive down our operating
    breakeven level. These actions have positioned us to
    significantly improve our profitability and free cash flow
    performance. We expect to continue to benefit from these actions
    in 2011 and beyond as global economic conditions and the
    strength of the automotive industry continue to improve.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    While continuing to emphasize our track record of operational
    excellence, we are focused on accelerating progress on three
    critical business objectives: profitable growth, business
    diversification and strengthening our balance sheet. These
    critical business objectives include the following actions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Advancing the diversification and innovation of our product
    portfolio to increase our total global served market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    We have invested over $995&#160;million in R&#038;D since 1994,
    resulting in the development of products with industry leading
    technology for driveline and drivetrain systems and related
    components for light trucks, SUVs, passenger cars, crossover
    vehicles and commercial vehicles.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    We have accelerated the development and launch of products for
    passenger cars and crossover vehicles and the global light truck
    and commercial vehicle markets. As of October&#160;28, 2011, we
    had approximately $1.1&#160;billion of new business backlog
    launching from 2012 to 2014, of which approximately
    <FONT style="white-space: nowrap">two-thirds</FONT>
    relates to AWD and RWD applications for passenger cars,
    crossover vehicles and driveline applications for the commercial
    vehicle market.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    In 2010, we entered into a joint venture with Saab Automobile AB
    (&#147;Saab&#148;). The new company,
    <FONT style="white-space: nowrap">e-AAM</FONT>
    Driveline Systems AB
    <FONT style="white-space: nowrap">(&#147;e-AAM&#148;),</FONT>
    will launch electric all-wheel-drive (&#147;eAWD&#148;) systems
    designed to improve fuel efficiency up to 30&#160;percent,
    reduce carbon dioxide
    (&#147;CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>&#148;)
    emissions and provide all-wheel-drive capability.
    <FONT style="white-space: nowrap">e-AAM</FONT>
    engineers and develops eAWD hybrid driveline systems to be
    commercialized for passenger cars and crossover vehicles that
    can be easily integrated into existing platforms, minimizing
    vehicle architecture changes.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    We have also won an industry-first order for our
    EcoTrac<SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>

    disconnecting AWD technology. AAM&#146;s
    EcoTrac<SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>

    AWD system is a fuel-efficient and environmentally friendly
    driveline system that further enhances our technology leadership
    position by providing OEMs the option of an AWD system that
    disconnects when not needed to improve the fuel efficiency and
    reduce
    CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
    emissions compared to conventional AWD systems. AAM&#146;s
    EcoTrac<SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>

    AWD system will be featured on major global passenger car and
    crossover vehicle programs beginning in 2013. The
    EcoTrac<SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>

    brand includes an AWD fuel economy optimization system, eAWD
    systems and a full range of high-efficiency axles.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Growing new customer relationships to continue the
    diversification of our customer base and product portfolio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    We have focused on generating profitable growth with new and
    existing global OEM customers, as well as commercial vehicle,
    off-road and emerging market OEMs. As a result, new business
    launches in 2011 through 2013 include business with Chrysler,
    Mahindra Navistar Automotives Ltd., Volkswagen, Audi AG, Nissan,
    Mack Truck, Tata&#160;Motors, Brilliance China Automotive Co.,
    Ltd. and Chery Automobile Co., Ltd.
</TD>
</TR>

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    <BR>
    S-2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    As of October&#160;28, 2011, approximately 75% of the awards in
    our new business backlog launching from 2012 to 2014 is for
    customers other than GM. In addition, we are quoting on over
    $1&#160;billion in new business opportunities to continue the
    diversification and expansion of our customer base, product
    portfolio and global footprint. Over 90% of these opportunities
    are for customers other than GM.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Increasing our presence in global growth markets to support our
    customers&#146; global platforms and establish regional cost
    competitiveness.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Over the past few years, we have more than doubled our global
    installed capacity to support current and future opportunities.
    Specific actions include expanding facilities in Mexico, Brazil
    and Poland, increasing our investment in our China joint venture
    and constructing new facilities in India and Thailand.
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    As of October&#160;28, 2011, approximately 50% of our
    $1.1&#160;billion of new business backlog launching from 2012 to
    2014 is for end use markets outside of North America and
    approximately 70% has been sourced to our manufacturing
    facilities outside the U.S.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Sustaining our operational excellence and focus on cost
    management to deliver exceptional value to our customers and
    enhance profitability.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Our focus on cost management has led to sustainable structural
    cost reductions in AAM Inc.&#146;s fixed cost structure and
    reduced our operating breakeven to a U.S.&#160;Seasonally
    Adjusted Annual Rate of sales (&#147;SAAR&#148;) equivalent of
    approximately 10&#160;million vehicle units.
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    We successfully extended our stand alone United Automobile,
    Aerospace and Agricultural Implement Workers of America
    (&#147;UAW&#148;) agreement that covers hourly associates at our
    Three Rivers Manufacturing Facility to ensure market
    competitiveness at AAM&#146;s largest U.S.&#160;facility through
    2017.
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    We have consistently reduced the costs of warranty claims
    associated with our products and have achieved our annual goals
    of 20% reduction in both cost per vehicle and incidents per
    thousand vehicles, as measured by our largest customer, since
    2006.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Competition and
    strengths</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We compete with a variety of independent suppliers and
    distributors, as well as with the in-house operations of certain
    OEMs. Our principal competitors include ArvinMeritor, Dana
    Holding Corporation, GKN plc, Magna International Inc., ZF
    Friedrichshafen AG and the in-house operations of various global
    OEMs, such as Chrysler and Ford. The sector is also attracting
    new competitors from Asia, some of whom are entering both of our
    product lines through acquisition of OEM non-core operations.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    With a focus on engineering and manufacturing, we support our
    business strategy and differentiate ourselves through the
    following strengths:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Outstanding long-term daily track records on quality,
    reliability, delivery and launch performance&#151;We reduced our
    discrepant parts per million (&#147;PPM&#148;) performance, as
    measured by our largest customer, from 13,441 PPM in 1994 to
    less than 10&#160;PPM as of September&#160;30, 2011. We also
    have a strong track record of successfully supporting new
    product, process and facility launches.
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Demonstrated ability to achieve cost savings&#151;We reduced
    fixed operating costs by more than 50% through our multi-year
    Restructuring, Resizing and Profit Recovery plan. This has
    reduced our operating breakeven to a SAAR equivalent of
    approximately 10&#160;million vehicle units.
</TD>
</TR>

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    <BR>
    S-3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We continuously evaluate the need to rationalize excess capacity
    through consolidation, divestiture, idling or closing facilities
    to maximize productivity and capacity utilization and further
    minimize operating and overhead costs. This is evidenced by the
    following actions:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Cost competitive, operationally flexible global manufacturing,
    engineering and sourcing footprint&#151;We have re-aligned our
    global installed capacity to increase our presence in global
    growth markets, support global product development initiatives
    and establish regional cost competitiveness. This includes
    having manufacturing facilities in the U.S., Mexico, Brazil,
    China, India, Scotland, Thailand and Poland.
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    In 2010, we idled our Salem Manufacturing Facility (part of our
    Colfor Manufacturing operations) and consolidated its operations
    within our two remaining facilities in Ohio. We also idled and
    consolidated certain administrative and engineering facilities
    in Michigan. In 2011, we closed our Spurrier Manufacturing
    Facility in England.
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    In the third quarter of 2011, we notified the International UAW
    of our decision to close the Cheektowaga Manufacturing Facility
    (&#147;CKMF&#148;) on or after February&#160;26, 2012, the
    expiration of our current collective bargaining agreement with
    the International UAW. We had previously notified the
    International UAW of our decision to close the Detroit
    Manufacturing Complex (&#147;DMC&#148;) on or after
    February&#160;26, 2012 in the second quarter of 2011.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    All of our global facilities utilize the AAM Manufacturing
    System, a business philosophy focused on lean manufacturing
    designed to facilitate cost reductions, improve quality, reduce
    inventory and improve our operating flexibility. This philosophy
    is demonstrated through the following:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Ability to drive home the benefits of market cost
    competitiveness and productivity initiatives&#151;Our Three
    Rivers Manufacturing Facility was named one of the 10 best
    plants in North&#160;America by Industry Week Magazine in 2010,
    which recognizes North American manufacturing facilities that
    foster productive and competitive work environments and optimize
    customer satisfaction. The AAM Manufacturing System and
    associate involvement were noted as key enablers for the plant
    to be awarded new business.
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Recognition for demonstrating outstanding achievements in
    manufacturing processes, quality enhancements, productivity
    improvement and customer satisfaction&#151;In 2010, our
    Guanajuato Manufacturing Complex was awarded the &#147;Shingo
    Prize&#148; for Manufacturing Excellence, which focuses on lean
    manufacturing techniques and promotes world-class business
    performance through continuous improvements in core
    manufacturing and business processes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Industry
    trends</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    There are a number of significant trends affecting the highly
    competitive automotive industry. Most notably, the gradual
    recovery of the U.S.&#160;domestic automotive industry in 2010
    after suffering a severe downturn over the past few years,
    highlighted by an unprecedented drop in industry volumes that
    hit its lowest annual selling rate in over 25&#160;years in
    2009. As general economic and industry specific conditions
    continue to stabilize and improve, the global automotive
    industry continues to experience intense competition, volatile
    fuel, steel, metallic and other commodity prices and significant
    pricing pressures. At the same time, the industry is focused on
    investing in future products that will incorporate the latest
    technology, meet customer demands and comply with government
    regulations.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Recovery of
    the U.S. domestic automotive industry</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In the past few years, the collapse of the U.S.&#160;housing
    market, the global financial crisis, declining domestic market
    share, rising unemployment and the lowest consumer confidence
    levels in a quarter century all contributed to the fragile
    financial state of the U.S.&#160;domestic
</DIV>
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    <BR>
    S-4
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<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    OEMs. Uncertain industry conditions and the stringent credit
    markets had greatly reduced the ability of companies to obtain
    essential financing. In 2009, both GM and Chrysler entered and
    exited bankruptcy with assistance from the U.S.&#160;government
    and numerous domestic automotive suppliers either filed for
    bankruptcy protection or liquidated. In response to these
    industry conditions, the U.S.&#160;domestic OEMs and their
    suppliers undertook wide-scale domestic capacity reduction
    initiatives, workforce reductions and other restructuring
    actions to reduce costs. These restructuring actions reduced
    fixed operating costs and increased the variability of their
    cost structures, which better positioned the industry to manage
    through reduced production levels.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In 2010, the SAAR increased to 11.6&#160;million from
    10.4&#160;million in 2009. Current industry SAAR estimates for
    2011 range from 12.7&#160;million to 13&#160;million. While the
    increase in production levels represents a significant
    <FONT style="white-space: nowrap">year-over-year</FONT>
    improvement, these production levels are still depressed in
    comparison to the 16.1&#160;million SAAR experienced in 2007. It
    is also likely that domestic production levels will remain at
    relatively low levels until general economic conditions and
    consumer confidence significantly improve. Factors such as the
    depressed U.S.&#160;housing market and continued high
    unemployment rates may still hinder a full recovery of the
    domestic automotive industry over the next few years. However,
    as a result of the significant restructuring actions that were
    implemented over the previous years, we expect that the
    U.S.&#160;domestic OEMs and their suppliers will be able to
    capitalize on these increased volumes and provide improved
    financial performance as the industry continues to recover.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Change in
    product mix shift and increase in demand for alternative energy
    sources and electronic integration</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In the U.S., consumer demand for full-frame light trucks and
    SUV-type vehicles shifted to smaller AWD passenger cars and
    crossover vehicles with smaller displacement engines and higher
    fuel economy. Over the past several years, the volatility of
    fuel prices has caused a shift in market demand to passenger
    cars and crossover vehicles, away from full-frame pickup trucks
    and SUVs. A significant portion of our current revenue stream is
    tied to full-size pickup trucks and SUVs. As demand has softened
    for these products, our revenue streams have been adversely
    impacted.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    With a rapid shift towards aggressive, environmentally focused
    legislation in the U.S., we have observed an increased demand
    for technologies designed to help reduce emissions, increase
    fuel economy and minimize the environmental impact of vehicles.
    In 2010, the U.S.&#160;Congress enacted new CAFE regulations
    that would increase the U.S.&#160;fuel-economy standard industry
    average for passenger cars to 35&#160;miles per gallon by year
    2016, while light trucks will be required to meet nearly
    28&#160;miles per gallon by 2016. As a result, OEMs and
    suppliers are competing intensely to develop and market new and
    alternative technologies, such as electric vehicles, hybrid
    vehicles, fuel cells, diesel engines and efficiency improvements
    of driveline systems to improve fuel economy and emissions.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The electronic content of vehicles continues to expand, largely
    driven by consumer demand for greater vehicle performance,
    functionality, and affordable convenience options. This demand
    is a result of increased communication abilities in vehicles as
    well as increasingly stringent regulatory standards for energy
    efficiency, emissions reduction and increased safety. As these
    electronics continue to become more reliable and affordable, we
    expect this trend to continue. The increased use of electronics
    provides greater flexibility in vehicles and enables the OEMs to
    better control vehicle stability, fuel efficiency, and safety
    while improving the overall driving experience. Suppliers with
    enhanced capability in electronic integration have greater
    sourcing opportunities with OEMs and may be able to obtain more
    favorable pricing for these products.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are responding to the change in vehicle mix in the North
    American market as well as expected increases in CAFE
    regulations, with ongoing R&#038;D efforts that focus on fuel
    economy, emission reduction and environmental improvements.
    These efforts position us to compete as this product
</DIV>
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    <BR>
    S-5
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    mix shift continues and have led to new business awards for
    products that support AWD and RWD passenger cars and crossover
    vehicles. We are continuing to invest in the development of
    advanced products focused on fuel economy, mass reductions,
    vehicle safety and performance leveraging electronics and
    technology. We have increased our focus on alternative energy
    and electronics by investing in product development that is
    consistent with the expected shift in market demand.
    Approximately
    <FONT style="white-space: nowrap">two-thirds</FONT>
    of AAM Inc.&#146;s new business backlog launching from 2012 to
    2014, which is an estimated $1.1&#160;billion, relates to our
    newest AWD systems for passenger cars, crossover vehicles and
    driveline applications for the commercial vehicle market. In
    2010, we entered into a joint venture with Saab in which the new
    company,
    <FONT style="white-space: nowrap">e-AAM,</FONT>
    engineers and develops eAWD hybrid driveline systems to be
    commercialized for passenger cars and crossover vehicles. We
    have also developed and commercialized a disconnecting AWD
    system and established our new
    EcoTrac<SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>

    brand of fuel-efficient and environment-friendly driveline
    products, which strengthens AAM Inc.&#146;s position as a leader
    in global driveline systems technology. The
    EcoTrac<SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>

    brand includes the eAWD systems, the disconnecting AWD systems
    and a full range of high-efficiency axles. Through our
    establishment of
    <FONT style="white-space: nowrap">e-AAM</FONT> and
    the development of our
    EcoTrac<SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>

    brand, we made great progress on our focus to improve fuel
    efficiency and ride and handling performance while reducing
    emissions.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Global
    automotive production</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The trend toward the globalization of automotive production
    continues to intensify in regions such as Asia (particularly
    China, India, South Korea and Thailand), Eastern Europe and
    South&#160;America. Automotive production in these regions is
    expected to continue to grow while production in the traditional
    automotive production centers such as North America, Western
    Europe and Japan are looking to stabilize from recent declines.
    We have more than doubled our global installed capacity to
    support current and future opportunities while significantly
    reducing our installed capacity in the U.S.&#160;We have
    expanded our facilities in Mexico, Brazil and Poland, invested
    in our China joint venture and are constructing new facilities
    in India and Thailand. We also have offices in Germany, India,
    China, South Korea, Brazil and Sweden to support these
    developing markets. We expect our business activity in these
    markets to increase significantly over the next several years.
    Approximately 50% of our new business backlog is for end use
    markets outside of North America and approximately 70% has been
    sourced to our manufacturing facilities outside the U.S.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Steel and
    other metallic commodities</FONT></I></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Worldwide commodity market conditions have resulted in volatile
    steel and other metallic material prices. As general economic
    conditions have improved and production levels increased since
    2009, demand for these commodities has grown and prices have
    risen. We have taken actions to mitigate the impact of this
    trend through commercial agreements with our customers,
    strategic sourcing arrangements with suppliers and technology
    advancements that result in using less metallic content or less
    expensive metallic content in the manufacturing of our products.
    The majority of our sales contracts with our largest customers
    provide price adjustment provisions for metal market price
    fluctuations. We do not have metal market price provisions with
    all of our customers for all of the parts that we sell. We also
    have agreed to share in the risk of metal market price
    fluctuations in certain customer contracts. As a result, we may
    experience higher net costs for raw materials. These cost
    increases would come in the form of metal market adjustments and
    base price increases. We have contracts with our steel suppliers
    that ensure continuity of supply. We also have validations and
    testing capabilities that enable us to strategically utilize
    steel sources on a global basis.
</DIV>
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    <BR>
    S-6
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Recent
    developments</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In the third quarter of 2011 we notified the International UAW
    of our decision to close the CKMF on or after February&#160;26,
    2012, the expiration of our current collective bargaining
    agreement with the International UAW. We had previously notified
    the International UAW of our decision to close the DMC on or
    after February&#160;26, 2012 in the second quarter of 2011.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In the third quarter of 2011, we recorded asset impairment
    charges and indirect inventory obsolescence of $8.7&#160;million
    as a result of the announced closure of CKMF. We also incurred
    asset redeployment and other non-recurring operating costs
    associated with the closure of DMC and CKMF of $1.6&#160;million
    in the third quarter of 2011. We expect to incur approximately
    $20&#160;million of additional asset redeployment and other
    plant closure related costs and approximately $30&#160;million
    of capital expenditures associated with the completion of these
    plant closures.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    On June&#160;30, 2011, AAM Inc. amended and restated the Credit
    Agreement dated as of January&#160;9, 2004 (as amended and
    restated, the &#147;Revolving Credit Agreement&#148; and the
    facility thereunder, the &#147;Revolving Credit Facility&#148;),
    among Holdings, as guarantor, AAM Inc., as borrower, the lenders
    party thereto, and JPMorgan Chase Bank, N.A., as administrative
    agent. The Revolving Credit Agreement, among other things,
    increased the aggregate commitments by approximately
    $79&#160;million and provided for a new loan facility of
    approximately $235&#160;million of the aggregate commitments
    which mature on June&#160;30, 2016 (the &#147;class&#160;D
    facility&#148;). The class&#160;D facility includes loans held
    by lenders that agreed to extend and increase their respective
    commitments and new lenders to the facility. The Revolving
    Credit Agreement also includes a class&#160;A loan facility of
    approximately $53&#160;million, which matures on
    December&#160;31, 2011, and a class&#160;C loan facility of
    approximately $87&#160;million, which matures on June&#160;30,
    2013. See &#147;Description of certain other indebtedness.&#148;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    As part of the 2009 Settlement and Commercial Agreement with GM,
    we entered into certain agreements which, among other things,
    provided us with expedited payment terms of &#147;net
    10&#160;days&#148; in exchange for a 1% early payment discount
    and a Second Lien Term Loan Agreement (the &#147;GM Credit
    Agreement&#148;) through December&#160;31, 2013. Pursuant to the
    terms of such agreements, we elected to terminate the expedited
    payment terms as well as the GM Credit Agreement, effective
    June&#160;30, 2011. As a result of these terminations, our
    Access and Security Agreement with GM expired on
    September&#160;28, 2011.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    On June&#160;6, 2011, AAM Inc. voluntarily redeemed
    $42.5&#160;million principal amount of its 9.25%&#160;Senior
    Secured Notes due 2017 (the &#147;9.25%&#160;Notes&#148;),
    pursuant to the terms of such 9.25%&#160;Notes.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Our executive offices are located at One Dauch Drive, Detroit,
    Michigan
    <FONT style="white-space: nowrap">48211-1198,</FONT>
    and our telephone number is
    <FONT style="white-space: nowrap">(313)&#160;758-2000.</FONT>
</DIV>
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    <BR>
    S-7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='F50523105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">The
    offering</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>The following is a brief summary of the terms of this
    offering of the notes and the guarantees. For a more complete
    description, see &#147;Description of the notes&#148; in this
    prospectus supplement and the accompanying prospectus.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="25%"></TD>
    <TD width="1%"></TD>
    <TD width="74%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Issuer</B></TD>
    <TD></TD>
    <TD valign="bottom">
    American Axle&#160;&#038; Manufacturing, Inc.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Notes Offered</B></TD>
    <TD></TD>
    <TD valign="bottom">
    $200.0&#160;million aggregate principal amount of
    7.75%&#160;senior notes due November&#160;15, 2019.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Maturity</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will mature on November&#160;15, 2019 unless redeemed
    earlier by us as described in &#147;Description of the
    notes&#151;Optional redemption.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Interest Payment Dates</B></TD>
    <TD></TD>
    <TD valign="bottom">
    May&#160;15 and November&#160;15 of each year, beginning on
    May&#160;15, 2012. Interest will accrue from November&#160;3,
    2011.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Guarantees</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will be unconditionally guaranteed on a senior
    unsecured basis, jointly and severally, by Holdings, each of our
    subsidiaries that is, on the date the notes are issued, a
    guarantor of our obligations under the Revolving Credit
    Agreement and the 9.25% Notes (each as defined under
    &#147;Description of certain other indebtedness&#148;), and
    certain of our future subsidiaries. See &#147;Description of the
    notes&#151;Guarantees&#148; and &#147;Description of the
    notes&#151;Material covenants&#151;Future subsidiary
    guarantors.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    At the time the notes are assigned an investment grade rating by
    Standard&#160;&#038; Poor&#146;s Ratings Group, Inc.
    (&#147;Standard &#038; Poor&#146;s&#148;) and Moody&#146;s
    Investors Services, Inc. (&#147;Moody&#146;s Investors
    Services&#148;) and no default or event of default has occurred
    or is continuing, we may elect to suspend the subsidiary
    guarantees. If either rating on the notes should subsequently
    decline to below investment grade, the subsidiary guarantees
    will be reinstated.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Ranking</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will be our senior unsecured obligations and, as
    guaranteed, will rank equally in right of payment to the senior
    unsecured indebtedness of AAM Inc. and the Guarantors,
    effectively junior to all of the secured indebtedness (including
    obligations with respect to the Revolving Credit Agreement and
    the 9.25% Notes) of AAM Inc., Holdings and the Subsidiary
    Guarantors, to the extent of the assets securing that
    indebtedness, and effectively junior to all indebtedness and
    other liabilities of our non-guarantor subsidiaries. See
    &#147;Description of the notes&#151;Ranking.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    As of September&#160;30, 2011, Holdings had
    $1,050.6&#160;million of consolidated indebtedness. As of
    September&#160;30, 2011, after giving effect to the offering of
    the notes and the application of proceeds therefrom, there would
    have been outstanding:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;$1,128.7&#160;million of senior indebtedness of AAM
    Inc., of which $378.8&#160;million is secured (exclusive of
    $345.0&#160;million of unused commitments under the Revolving
    Credit Agreement);</DIV>
</TD>
</TR>

</TABLE>
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    <BR>
    S-8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="25%"></TD>
    <TD width="1%"></TD>
    <TD width="74%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;$6.0&#160;million of senior indebtedness of the
    Guarantors, all of which is secured; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;$45.9&#160;million of total indebtedness and
    $108.6&#160;million of other liabilities (net of intercompany
    receivables) of the non-guarantor subsidiaries of AAM Inc.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Optional Redemption</B></TD>
    <TD></TD>
    <TD valign="bottom">
    We have the option to redeem some or all of the notes for cash
    at a specified make-whole premium (as described in this
    prospectus supplement under &#147;Description of the
    notes&#151;Optional redemption&#148;) plus accrued and unpaid
    interest to the redemption date.</TD>
</TR>
    <FONT style="font-size: 10pt; font-family: Arial, Helvetica">
    </FONT>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Change of Control</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Upon the occurrence of a change of control, you will have the
    right, as holders of the notes, to require us to repurchase some
    or all of your notes equal to 101% of their principal amount,
    plus accrued and unpaid interest to the repurchase date. See
    &#147;Description of the notes&#151;Change of control&#148; in
    this prospectus supplement.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Covenants</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The terms of the notes contain covenants for your benefit. These
    covenants restrict Holdings&#146; and our ability, with certain
    exceptions, to:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;engage in consolidations and mergers or sell or
    transfer assets;</DIV>
</TD>
</TR>




<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;incur debt secured by certain liens; and</DIV>
</TD>
</TR>




<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#149;&#160;engage in certain sale and leaseback transactions.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    See &#147;Description of the notes&#151;Material covenants&#148;
    in this prospectus supplement and the accompanying prospectus.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Use of Proceeds</B></TD>
    <TD></TD>
    <TD valign="bottom">
    We intend to use the net proceeds from this offering for general
    corporate purposes, including the repayment of certain amounts
    outstanding under our Revolving Credit Facility, which we may
    reborrow from time to time. See &#147;Use of proceeds.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Form and Denomination</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will be issued in minimum denominations of $1,000 and
    any integral multiples thereof.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Risk Factors</B></TD>
    <TD></TD>
    <TD valign="bottom">
    See &#147;Risk factors&#148; and other information included or
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus for a discussion of certain factors you
    should carefully consider before deciding to invest in the notes.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Conflicts of Interest</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Affiliates of the underwriters are lenders under our Revolving
    Credit Facility and will receive their pro rata portion of the
    net proceeds from this offering through the repayment of the
    borrowings they have extended under the Revolving Credit
    Facility. Because 5% or more of the net proceeds of this
    offering, not including underwriting compensation, may be paid
    to affiliates of certain of the underwriters, this offering will
    be made in accordance with Rule&#160;5121 of the Financial
    Industry Regulatory Authority (&#147;FINRA&#148;), which
    requires that a qualified independent underwriter (a
    &#147;QIU&#148;) participate in the preparation of this
    prospectus supplement and perform the usual standards of due
    diligence with respect thereto. KeyBanc Capital </TD>
</TR>
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    <BR>
    S-9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TR>
    <TD width="25%"></TD>
    <TD width="1%"></TD>
    <TD width="74%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Markets Inc. is assuming the responsibilities of acting as QIU
    in connection with this offering. We have agreed to indemnify
    KeyBanc Capital Markets Inc. against certain liabilities
    incurred in connection with it acting as QIU in this offering,
    including liabilities under the Securities Act of 1933. For more
    information, see &#147;Underwriting (Conflicts of
    interest).&#147;</TD>
</TR>

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    <BR>
    S-10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<A name='F50523106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Summary
    consolidated financial data</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The summary consolidated financial data for Holdings for each of
    the years ended December&#160;31, 2008, 2009, and 2010 have been
    derived from our audited consolidated financial statements
    included in our
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010, which is incorporated
    by reference herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The summary consolidated financial data for Holdings for each of
    the nine months ended September&#160;30, 2010 and 2011 have been
    derived from our unaudited consolidated financial statements
    included in our
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 2011, which is
    incorporated by reference herein. Such unaudited financial
    information has been prepared on a basis consistent with our
    annual audited financial statements. In the opinion of
    management, such unaudited financial information reflects all
    adjustments consisting exclusively of normal and recurring
    adjustments necessary for a fair presentation of the results for
    those periods. The results for any interim period are not
    necessarily indicative of the results that may be achieved for a
    full fiscal year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The summary consolidated financial data for the twelve months
    ended September&#160;30, 2011 has been derived by adding our
    consolidated financial data for the year ended December&#160;31,
    2010 to our consolidated interim financial data for the nine
    months ended September&#160;30, 2011 and subtracting our
    consolidated interim financial data for the nine months ended
    September&#160;30, 2010. The data for the twelve-month period
    ended September&#160;30, 2011 is for information purposes only
    and is not necessarily representative of our results of
    operations for any future period or our financial condition at
    any future date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    This financial data should be read in conjunction with the
    consolidated financial statements and related notes incorporated
    by reference in this prospectus supplement and the accompanying
    prospectus. See &#147;Where you can find more information&#148;
    in the accompanying prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="46%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="24" nowrap align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Twelve<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
    <B>Nine months ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Twelve months ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>(in millions, except per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="24" nowrap align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Statement of operations data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Net sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,109.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,521.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,283.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,699.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,979.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,562.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Gross profit (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (865.2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (31.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    401.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    300.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    349.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    451.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Operating income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,050.6
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (203.8
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    204.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    153.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    174.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    225.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Net interest expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (67.9
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (82.5
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (85.2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (66.0
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (60.6
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (79.8
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Income (loss) before income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,121.3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (297.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    111.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    144.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,224.6
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(a)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (253.3
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(a)(b)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    114.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    107.1
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(a)(b)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    141.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Net income (loss) attributable to AAM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,224.3
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(a)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (253.1
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(a)(b)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    115.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    111.7
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(a)(b)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    146.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Diluted earnings (loss) per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (23.73
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (4.81
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Diluted shares outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <B>Balance sheet data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    198.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    178.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    244.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    240.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    114.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    GM postretirement cost sharing asset
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    221.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    219.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    244.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    214.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    240.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Net property, plant&#160;&#038; equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,064.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    946.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    936.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    922.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    942.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,247.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,986.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,114.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,071.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,232.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Postretirement benefits and other long-term liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    842.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    834.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    881.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    821.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    848.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Total long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,139.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,071.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,010.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,011.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,050.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="46%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="24" nowrap align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Twelve<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
    <B>Nine months ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Twelve months ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>(in millions, except per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="24" nowrap align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Total AAM stockholders&#146; equity (deficit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (435.7
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (560.2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (479.5
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (469.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (380.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <B>Other data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    EBITDA<SUP style="font-size: 85%; vertical-align: top">(c)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (851.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (77.7
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    340.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    251.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    281.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    370.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Cash provided by (used in) operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (163.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    240.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    193.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (65.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (18.6
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Cash used in investing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (231.7
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (74.6
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (107.0
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (66.7
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (103.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (143.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Cash provided by (used in) financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    254.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (66.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (64.3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Capital expenditures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    147.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    137.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    108.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    111.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    157.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="25" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="25" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <I><FONT style="font-size: 8pt">(a) </FONT></I></TD>
    <TD></TD>
    <TD valign="bottom">
    <I><FONT style="font-size: 8pt">Includes special charges, asset
    impairments, and other non-recurring costs and tax refunds of
    $11.9&#160;million in 2011 (including $0.5&#160;million related
    to the non-controlling interests portion of a $1.6&#160;million
    asset impairment recorded by
    <FONT style="white-space: nowrap">e-AAM),</FONT>
    $120.5&#160;million in 2009 and $985.4&#160;million in 2008,
    primarily related to restructuring actions.</FONT></I></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <I><FONT style="font-size: 8pt">(b) </FONT></I></TD>
    <TD></TD>
    <TD valign="bottom">
    <I><FONT style="font-size: 8pt">Includes charges of
    $3.1&#160;million in 2011 and $7.7&#160;million in 2009, net of
    tax, related to debt refinancing and redemption costs.</FONT></I></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <I><FONT style="font-size: 8pt">(c) </FONT></I></TD>
    <TD></TD>
    <TD valign="bottom">
    <I><FONT style="font-size: 8pt">The following table reconciles
    our net income (loss) attributable to AAM to EBITDA for each
    period presented. EBITDA is a non-GAAP financial measure. The
    reconciliations are intended to facilitate analysis of our
    business and our operating performance. We use EBITDA to
    evaluate our operating performance and liquidity and they are
    among the primary measures used by management for planning and
    forecasting of future periods. We believe the presentation of
    these matters is relevant and useful for investors because it
    allows investors to view results in a manner similar to the
    method used by management and makes it easier to compare our
    results with other companies that have different financing and
    capital structures. This information is not and should not be
    viewed as a substitute for financial measures determined under
    GAAP. Other companies may calculate EBITDA financial measures
    differently.</FONT></I></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="51%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="24" nowrap align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Twelve<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
    <B>Nine months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="right" valign="bottom">
    <B>Twelve months ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
    <B>ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>(in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="24" nowrap align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Net income (loss) attributable to AAM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,224.3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (253.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    115.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    80.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    111.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    146.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Interest expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    84.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    89.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    83.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Income tax expense (benefit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (43.8
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    199.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    134.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    131.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    137.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="23" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="23" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    EBITDA, as defined
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (851.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (77.7
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    340.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    251.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    281.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    370.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="25" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="25" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

</DIV>
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    S-12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='F50523107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Risk
    factors</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>You should carefully consider the specific risk factors set
    forth below as well as the other information contained or
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus before deciding to invest in the notes.
    See Item&#160;1A &#147;Risk Factors&#148; in our Annual Report
    on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2010 and
    Item&#160;1A &#147;Risk Factors&#148; in our Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2011. Some factors in this
    section are &#147;forward-looking statements.&#148; For a
    discussion of those statements and of other factors for
    investors to consider, see &#147;Forward-Looking
    Statements.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Risks relating to
    our business</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">General
    economic conditions may have an adverse impact on our operating
    performance and results of operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The global financial crisis in 2008 and 2009 greatly impacted
    our business and our customers&#146; business in the
    U.S.&#160;and globally. The SAAR declined significantly over
    this period. During 2009, the automotive industry experienced
    its lowest U.S.&#160;domestic selling rate in over
    25&#160;years. While the SAAR increased to 11.6&#160;million
    units in 2010, the automotive industry is still recovering from
    the effects of the unprecedented declines in consumer demand.
    Weakness or deteriorating conditions in the U.S.&#160;or global
    economy that results in another reduction or continued depressed
    levels of automotive production and sales by our largest
    customers may adversely affect our business, financial condition
    and results of operations. Additionally, in a down-cycle
    economic environment, we may experience the negative effects of
    increased competitive pricing pressure and customer turnover.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our business
    is significantly dependent on sales to GM and
    Chrysler.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are the principal supplier of driveline components to GM for
    its RWD light trucks and SUVs manufactured in North America,
    supplying substantially all of GM&#146;s RWD and 4WD/AWD axle
    requirements for these vehicle platforms. Sales to GM were
    approximately 75% of our total net sales in 2010, 78% in 2009
    and 74% in 2008 and approximately 73% in the first
    nine&#160;months  of 2011 as compared with 76% in the first
    nine&#160;months of 2010. A reduction in our sales to GM or a
    reduction by GM of its production of RWD light trucks or SUVs,
    as a result of market share losses of GM or otherwise, could
    have a material adverse effect on our results of operations and
    financial condition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are also the principal supplier of driveline system products
    for Chrysler&#146;s Dodge Ram program and its derivatives. Sales
    to Chrysler accounted for approximately 9% of our total net
    sales in 2010, 8% in 2009 and 10% in 2008 and approximately 8%
    in the first nine&#160;months of 2011 as compared with 9% in the
    first nine&#160;months of 2010. A reduction in our sales to
    Chrysler or a reduction by Chrysler of its production of the
    Dodge Ram program, as a result of market share losses of
    Chrysler or otherwise, could have a material adverse effect on
    our results of operations and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our business
    is dependent on the rear-wheel drive light truck and SUV market
    segments in North&#160;America.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    A substantial portion of our revenue is derived from products
    supporting RWD light truck and SUV platforms in North America.
    Sales and production levels of light trucks and SUVs are being
</DIV>
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    <BR>
    S-13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    affected by many factors, including changes in consumer demand;
    product mix shifts favoring other types of light vehicles, such
    as front-wheel drive based crossover vehicles and passenger
    cars; fuel prices; and government regulation, such as the CAFE
    regulations and related emissions standards promulgated by
    federal and state regulators. In 2010, U.S.&#160;Congress
    enacted new CAFE regulations that would increase the
    U.S.&#160;fuel-economy standard industry average to
    35&#160;miles per gallon by year 2016, while light trucks will
    be required to meet nearly 28&#160;miles per gallon by 2016. Our
    customers are currently reacting to these regulations, including
    the potential impact on consumer preferences and demand for
    vehicles. A reduction in the market segment we currently supply
    could have a material adverse impact on our results of
    operations and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our financial
    condition and operations may be adversely affected by a
    violation of financial and other covenants.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Our Revolving Credit Facility, as amended, contains financial
    covenants related to secured indebtedness leverage and interest
    coverage. The Revolving Credit Facility and our 9.25%&#160;Notes
    impose limitations on our ability to make certain investments,
    loans and guarantees, declare dividends or distributions on
    capital stock, redeem or repurchase capital stock and certain
    debt obligations, incur liens, incur indebtedness, enter into
    certain restrictive agreements, merge, make acquisitions or sell
    all or substantially all of our assets. The Revolving Credit
    Facility and the 9.25%&#160;Notes also significantly restrict
    our ability to incur additional secured debt. The Revolving
    Credit Facility, 9.25%&#160;Notes and the indentures governing
    our senior unsecured notes also include customary events of
    default. Obligations under the Revolving Credit Facility and the
    9.25%&#160;Notes are required to be guaranteed by most of our
    U.S.&#160;subsidiaries. In addition, the Revolving Credit
    Facility and the 9.25%&#160;Notes are secured on a first
    priority basis by all or substantially all of our assets and
    each Subsidiary Guarantor&#146;s assets, including a pledge of
    all capital stock of AAM Inc. and the Subsidiary Guarantors and
    a portion of the capital stock of the first tier foreign
    subsidiaries of Holdings, AAM Inc. and the Subsidiary
    Guarantors. A violation of any of these covenants or agreements
    could result in a default under these contracts, which could
    permit the lenders or note holders to accelerate repayment of
    any borrowings or notes outstanding at that time and levy on the
    collateral granted in connection with these contracts. A default
    or acceleration under the Revolving Credit Facility, the
    9.25%&#160;Notes or the indentures governing our senior
    unsecured notes may result in increased capital costs and
    defaults under our other debt agreements and may adversely
    affect our ability to operate our business, our
    subsidiaries&#146; and guarantors&#146; ability to operate their
    respective businesses and our results of operations and
    financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our company
    may not realize all of the revenue expected from our new
    business backlog.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The realization of incremental revenues from awarded business is
    inherently subject to a number of risks and uncertainties,
    including the accuracy of customer estimates relating to the
    number of vehicles to be produced in new and existing product
    programs and the timing of such production. It is also possible
    that our customers may choose to delay or cancel a product
    program for which we have been awarded new business. Our
    revenues, operating results and financial position could be
    adversely affected relative to our current financial plans if we
    do not realize substantially all the revenue from our new
    business backlog.
</DIV>
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    <BR>
    S-14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our company or
    our customers may not be able to successfully launch new product
    programs on a timely basis.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Certain of our customers are preparing to launch new product
    programs for which we will supply newly developed driveline
    system products and related components. Some of these new
    product program launches have required, and will continue to
    require, substantial capital investment. We may not be able to
    install and certify the equipment needed to produce products for
    these new product programs in time for the start of production.
    There can be no assurance that we will successfully complete the
    transition of our manufacturing facilities and resources to
    support these new product programs or any other future product
    programs. Accordingly, the launch of new product programs may
    adversely affect production rates or other operational
    efficiency and profitability measures at our facilities. In
    addition, our customers may delay the launch or fail to
    successfully execute the launch of these product programs, or
    any additional future product program for which we will supply
    products.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">We may incur
    material losses and costs as a result of product recall, product
    liability and warranty claims, litigation and other disputes and
    claims.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are exposed to warranty, product recall and product liability
    claims in the event that our products fail to perform as
    expected, and we may be required to participate in a recall of
    such products. Historically, we have experienced negligible
    warranty charges from our customers due to our contractual
    arrangements and the quality, warranty, reliability and
    durability performance of our products. As part of the 2009
    Settlement and Commercial Agreement, AAM Inc. agreed to expanded
    warranty cost sharing with GM starting on January&#160;1, 2011.
    In addition, as we continue to diversify our customer base, we
    will also be obligated to share in the cost of providing
    warranties as part of our agreements with new customers. Costs
    and expenses associated with warranties, product recalls and
    product liability claims could have a material adverse impact on
    our results of operations and financial condition and may differ
    materially from the estimated liabilities that we have recorded
    in our consolidated financial statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are also involved in various legal proceedings incidental to
    our business. Although we believe that none of these matters is
    likely to have a material adverse effect on our results of
    operations or financial condition, there can be no assurance as
    to the ultimate outcome of any such legal proceeding or any
    future legal proceedings.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our business
    could be adversely affected if we fail to maintain satisfactory
    labor relations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Substantially all of our hourly associates worldwide are members
    of industrial trade unions employed under the terms of
    collective bargaining agreements. Substantially all of our
    hourly associates in the U.S.&#160;are represented by the UAW.
    Approximately 325 of our UAW represented associates are covered
    by labor agreements that expire on February&#160;25, 2012.
    Approximately 3,150 of our hourly associates at our facilities
    in Mexico and Brazil are also covered by collective bargaining
    agreements which expire annually. There can be no assurance that
    future negotiations with our labor unions will be resolved
    favorably or that we will not experience a work stoppage that
    could have a material adverse impact on our results of
    operations and financial condition. In addition, there can be no
    assurance that such future negotiations will not result in labor
    cost increases or other terms and conditions that could
    adversely affect our results of operations and financial
    condition or our ability to compete for future business.
</DIV>
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    <BR>
    S-15
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">We may
    undertake further restructuring actions.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We have taken restructuring actions in recent years in order to
    realign and resize our production capacity and cost structure to
    meet current and projected operational and market requirements.
    If we are required to take further restructuring actions, the
    charges related to these actions may have a material adverse
    effect on our results of operations and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our business
    could be adversely affected by the cyclical nature of the
    automotive industry.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Our operations are cyclical because they are directly related to
    worldwide automotive production, which is itself cyclical and
    dependent on general economic conditions and other factors, such
    as credit availability, interest rates, fuel prices and consumer
    confidence. Our business may be further adversely affected by
    another economic decline that results in a further reduction of
    automotive production and sales by our largest customers. Our
    business may also be adversely affected by reduced demand for
    the product programs we currently support, or if we do not
    obtain sales orders for new or redesigned products that replace
    our current product programs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our business
    could be adversely affected by disruptions in our supply
    chain.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We depend on a limited number of suppliers for certain key
    components and materials needed for our products. We rely upon,
    and expect to continue to rely upon, certain suppliers for
    critical components and materials that are not readily available
    in sufficient volume from other sources. As we expand our global
    manufacturing footprint, we will need to rely on suppliers in
    local markets that have not yet proven their ability to meet our
    requirements. These supply chain characteristics make us
    susceptible to supply shortages and price increases. In
    addition, in recent years, several of our direct material
    suppliers have filed for bankruptcy protection and restructured
    their operations to significantly reduce their installed
    capacity. If production volumes increase rapidly, there can be
    no assurance that the suppliers of critical components and
    materials will be able or willing to meet our future needs on a
    timely basis. A significant disruption in the supply of these
    materials could have a material adverse effect on our results of
    operations and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our business
    could be adversely affected by volatility in the price of raw
    materials.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Worldwide commodity market conditions have resulted in
    volatility in the cost of steel and other metallic materials in
    recent years. As general economic conditions and customer demand
    increase, the cost of such steel and metallic materials needed
    for our products has increased. If we are unable to pass cost
    increases on to our customers, this could have a material
    adverse effect on our results of operations and financial
    condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our
    company&#146;s global operations are subject to risks and
    uncertainties.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We have business and technical offices and manufacturing
    facilities in many countries, including Mexico, Brazil, the
    U.K., China, Poland, India, Thailand and Sweden. At
    December&#160;31, 2010, approximately 5,075 of our 7,850
    associates are located outside of the U.S.&#160;International
    operations are subject to certain risks inherent in conducting
    business outside the U.S., such as changes in currency exchange
    rates, tax laws, price and currency exchange controls, import
    restrictions, nationalization, expropriation and other
    governmental action. Our global operations may also be adversely
    affected by political events and domestic or international
    terrorist events and hostilities. These uncertainties could have
    a material adverse effect on the continuity
</DIV>
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    <BR>
    S-16
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    of our business and our results of operations and financial
    condition. As we continue to expand our business globally, our
    success will depend, in part, on our ability to anticipate and
    effectively manage these and other risks.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our business
    faces substantial competition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The automotive industry is highly competitive. Our competitors
    include the driveline component manufacturing facilities
    controlled by certain existing OEMs, as well as many other
    domestic and foreign companies possessing the capability to
    produce some or all of the products we supply. Some of our
    competitors are affiliated with OEMs and others have economic
    advantages as compared to our business, such as patents,
    existing underutilized capacity and lower wage and benefit
    costs. Technology, design, quality, delivery and cost are the
    primary elements of competition in our industry segment. As a
    result of these competitive pressures and other industry trends,
    OEMs and suppliers are developing strategies to reduce costs.
    These strategies include supply base consolidation and global
    sourcing. Our business may be adversely affected by increased
    competition from suppliers benefiting from OEM affiliate
    relationships, bankruptcy reorganization or financial and other
    resources that we do not possess. Our business may also be
    adversely affected if we do not sustain our ability to meet
    customer requirements relative to technology, design, quality,
    delivery and cost.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">We may be
    unable to consummate and successfully integrate acquisitions and
    joint ventures.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    As we continue to expand globally, we have, and may continue to,
    engage in acquisitions and joint ventures that involve potential
    risks, including failure to successfully integrate and realize
    the expected benefits of such acquisitions and joint ventures.
    Integrating acquired operations is a significant challenge and
    there is no assurance that we will be able to manage the
    integrations successfully. Failure to successfully integrate
    acquired operations or to realize the expected benefits of such
    acquisitions may have an adverse impact on our results of
    operations and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our company
    faces rising costs for pension and other postretirement benefit
    obligations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We have significant pension and other postretirement benefit
    obligations to certain of our associates and retirees. Our
    ability to satisfy the funding requirements associated with
    these obligations will depend on our cash flow from operations
    and our ability to access credit and the capital markets. The
    funding requirements of these benefit plans, and the related
    expense reflected in our financial statements, are affected by
    several factors that are subject to an inherent degree of
    uncertainty and volatility, including governmental regulation.
    Key assumptions used to value these benefit obligations and the
    cost of providing such benefits, funding requirements and
    expense recognition include the discount rate, the expected
    long-term rate of return on pension assets and the health care
    cost trend rate. If the actual trends in these factors are less
    favorable than our assumptions, this could have an adverse
    affect on our results of operations and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">We are under
    continuing pressure from our customers to reduce our
    prices.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Annual price reductions are a common practice in the automotive
    industry. The majority of our products are sold under long-term
    contracts with prices scheduled at the time the contracts are
    established. Many of our contracts require us to reduce our
    prices in subsequent years and most
</DIV>
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    <BR>
    S-17
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    of our contracts allow us to adjust prices for engineering
    changes. If we must accommodate a customer&#146;s demand for
    higher annual price reductions and are unable to offset the
    impact of any such price reductions through continued technology
    improvements, cost reductions and other productivity
    initiatives, our results of operations and financial condition
    could be adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our business
    is subject to costs associated with environmental, health and
    safety regulations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Our operations are subject to various federal, state, local and
    foreign laws and regulations governing, among other things,
    emissions to air, discharge to waters and the generation,
    handling, storage, transportation, treatment and disposal of
    waste and other materials. We believe that our operations and
    facilities have been and are being operated in compliance, in
    all material respects, with such laws and regulations, many of
    which provide for substantial fines and criminal sanctions for
    violations. The operation of our manufacturing facilities
    entails risks in these areas, however, and there can be no
    assurance that we will not incur material costs or liabilities.
    In addition, potentially significant expenditures could be
    required in order to comply with evolving environmental, health
    and safety laws, regulations or other pertinent requirements
    that may be adopted or imposed in the future by governmental
    authorities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our
    company&#146;s ability to operate effectively could be impaired
    if we lose key personnel.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Our success depends, in part, on the efforts of our executive
    officers and other key associates. In addition, our future
    success will depend on, among other factors, our ability to
    continue to attract and retain qualified personnel. The loss of
    the services of our executive officers or other key associates,
    or the failure to attract or retain associates, could have a
    material adverse effect on our results of operations and
    financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Risks relating to
    this offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">The notes do
    not restrict our ability to incur additional debt, including
    debt of our subsidiaries, or prohibit us from taking other
    action that could negatively impact holders of the notes and the
    notes will be structurally subordinated to the debt and other
    liabilities of subsidiaries that do not guarantee the
    notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are not restricted under the terms of the indenture or the
    notes from incurring additional indebtedness, including
    indebtedness of our subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Not all of our subsidiaries will guarantee the notes. In the
    event of a bankruptcy, liquidation or reorganization of any of
    our non-guarantor subsidiaries, including any of our foreign
    subsidiaries, holders of their indebtedness and their trade
    creditors will generally be entitled to payment of their claims
    from the assets of those entities before any assets are made
    available for distribution to us. As a result, the notes will
    effectively be subordinated to the prior payment of all of the
    liabilities of our non-guarantor subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    As of September&#160;30, 2011, the non-guarantor subsidiaries of
    AAM Inc. had total assets of $1,161.6&#160;million and total
    liabilities (net of intercompany receivables) of
    $154.5&#160;million (including indebtedness of $45.9 million).
    For the nine&#160;months ended September&#160;30, 2011, the
    non-guarantor subsidiaries of AAM, Inc. had net sales of
    $1,238.0&#160;million and generated net income attributable to
    AAM, Inc. of $80.5&#160;million. See note&#160;13 to
    Holdings&#146; consolidated financial
</DIV>
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    <BR>
    S-18
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    statements as of and for the three and nine months ended
    September&#160;30, 2011, as included in our Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarterly period ended September&#160;30, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The terms of the indenture limit our ability to secure
    additional debt without also securing the notes and to enter
    into sale and leaseback transactions. However, these limitations
    are subject to numerous exceptions. See &#147;&#151;The notes
    are unsecured and effectively subordinated to our existing and
    future secured indebtedness&#148; and &#147;Description of the
    notes&#151;Material covenants&#148; in the prospectus supplement
    and the accompanying prospectus. In addition, the notes do not
    require us to achieve or maintain any minimum financial results
    relating to our financial position or results of operations. Our
    ability to recapitalize, incur additional debt, secure existing
    or future debt or take a number of other actions that are not
    limited by the terms of the indenture and the notes, could have
    the effect of diminishing our ability to make payments on the
    notes when due.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">The notes are
    unsecured and effectively subordinated to our existing and
    future secured indebtedness.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Our obligations under the notes will not be secured by any of
    our assets, while our obligations under the Revolving Credit
    Facility and the 9.25% Notes are secured on a first priority
    basis by all or substantially all of our assets and each
    Subsidiary Guarantor&#146;s assets, including a pledge of all
    capital stock of AAM Inc. and the Subsidiary Guarantors and a
    portion of the capital stock of the first tier foreign
    subsidiaries of Holdings, AAM Inc. and the Subsidiary
    Guarantors. Therefore, the lenders under the Revolving Credit
    Facility and the holders of the 9.25% Notes and holders of any
    other secured debt that we or our subsidiaries may incur in the
    future, will have claims with respect to these assets that have
    priority over the claims of the holders of the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In the event that we are declared bankrupt, become insolvent or
    are liquidated or reorganized, holders of secured obligations
    will be entitled to be paid to the extent of the assets securing
    such debt. Thereafter, holders of the notes will participate
    ratably with all holders of our other senior unsecured
    indebtedness, based upon the respective amounts owed to each
    holder or creditor, in our remaining assets. In any of the
    foregoing events, we cannot assure you that there will be
    sufficient assets to pay amounts due on the notes. As a result,
    holders of the notes may receive less, ratably, than holders of
    our secured indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    As of September&#160;30, 2011, after giving effect to the
    offering of the notes and the application of proceeds therefrom,
    we would have had $378.8&#160;million of secured indebtedness.
    We had approximately $346.5&#160;million of secured debt
    available for additional borrowing under our Revolving Credit
    Facility as of October&#160;31, 2011. See &#147;Description of
    certain other indebtedness.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our
    significant indebtedness could adversely affect our financial
    health and prevent us from fulfilling our
    obligations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We have now and will continue to have a significant amount of
    indebtedness. As of September&#160;30, 2011, after giving effect
    to this offering and the application of the net proceeds
    therefrom as described under &#147;Use of proceeds,&#148; our
    total outstanding indebtedness, including the notes offered
    hereby, would have been approximately $1,180.6&#160;million, of
    which $378.8&#160;million would have been secured, and we would
    have had $345.0&#160;million available for additional secured
    borrowing under our Revolving Credit Facility.
</DIV>
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    <BR>
    S-19
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Our significant indebtedness could have material consequences.
    For example, it could:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    make it more difficult for us to satisfy our debt obligations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    increase our vulnerability to general adverse economic and
    industry conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    impair our ability to obtain additional financing in the future
    for working capital needs;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    capital expenditures, and other activities, including
    acquisitions and general corporate purposes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    require us to dedicate a substantial portion of our cash flows
    from operations to the payment of principal and interest on our
    indebtedness, thereby reducing the availability of our cash
    flows to fund working capital needs, capital expenditures,
    acquisitions and other general corporate purposes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    limit our flexibility in planning for, or reacting to, changes
    in our business and the industry in which we operate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    place us at a disadvantage compared to our competitors that have
    less indebtedness; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    expose us to higher interest expense in the event of increases
    in interest rates to the extent any of our indebtedness bears
    interest at a variable rate.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Any of these risks could impact our ability to fund our
    operations or limit our ability to expand our business, which
    could have a material adverse effect on our business, financial
    condition and results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">To service our
    indebtedness and fund our working capital and capital
    expenditures, we will require a significant amount of cash. Our
    ability to generate cash depends on many factors beyond our
    control.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Our ability to make payments on our indebtedness will depend
    upon our future operating performance and our ability to
    generate cash flow in the future, which are subject to general
    economic, financial, competitive, legislative, regulatory and
    other factors that are beyond our control. We cannot assure you
    that our business will generate sufficient cash flow from
    operations, or that future borrowings will be available to us,
    in an amount sufficient to enable us to pay our indebtedness or
    to fund our other liquidity needs. If the cash flow from our
    operating activities is insufficient, we may take actions, such
    as delaying or reducing capital expenditures, attempting to
    restructure or refinance our indebtedness prior to maturity,
    selling assets or operations or seeking additional equity
    capital. Any or all of these actions may be insufficient to
    allow us to service our debt obligations. Further, we may be
    unable to take any of these actions on commercially reasonable
    terms, if at all.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">We may be
    unable to refinance our outstanding debt securities, including
    the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We may need to refinance all or a portion of our indebtedness
    before the maturity date of the notes, including indebtedness
    under the indentures governing our senior notes. Our
    5.25%&#160;senior unsecured notes are due in 2014 (the
    &#147;5.25%&#160;Notes&#148;), our 7.875%&#160;senior unsecured
    notes are due in 2017 (the &#147;7.875%&#160;Notes&#148;), and
    our 9.25%&#160;Notes are due in 2017. There can be no assurance
    that we will be able to obtain sufficient funds to enable us to
    repay or refinance our debt obligations on commercially
    reasonable terms or at all.
</DIV>
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    <BR>
    S-20
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Covenants in
    our revolving credit agreement, indentures and other indentures
    and agreements that we may enter into in the future may limit
    our ability to operate our business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The Revolving Credit Agreement and the 9.25%&#160;Notes contain
    covenants that restrict our ability to make distributions or
    other payments to our investors. In addition, these agreements
    include covenants restricting the ability, among other things,
    of AAM Inc. to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    make certain investments;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    declare or pay dividends or distributions on capital stock;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    redeem or repurchase capital stock and certain debt obligations;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    incur liens;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    incur indebtedness;&#160;and
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    merge, make acquisitions and sell assets.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    These restrictions could limit our ability to make borrowings,
    obtain debt financing, repurchase stock, refinance or pay
    principal or interest on our outstanding indebtedness, complete
    acquisitions for cash or debt or react to changes in our
    operating environment. Any credit agreement or indenture that we
    may enter into in the future may have similar restrictions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If we default under the Revolving Credit Agreement or any of our
    indentures because of a covenant breach or otherwise, all
    outstanding amounts thereunder could become immediately due and
    payable. We cannot assure you that we will be able to obtain a
    waiver under any credit agreement, indenture or similar
    instrument in the future should a default occur. We cannot
    assure you that we would have sufficient funds to repay all of
    the outstanding amounts under the Revolving Credit Agreement,
    indenture governing our senior secured notes, indentures
    governing our unsecured senior notes and convertible senior
    notes and the notes offered hereby, and any acceleration of
    amounts due would have a material adverse effect on our
    liquidity and financial condition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">A significant
    portion of our assets consists of goodwill and intangible
    assets.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    As of September&#160;30, 2011, 7.6% of our assets consisted of
    goodwill and intangible assets. The value of our assets, and in
    particular, our intangible assets, will depend on market
    conditions, the availability of buyers and similar factors. By
    their nature, our intangible assets may not have a&#160;readily
    ascertainable market value or may not be readily saleable or, if
    saleable, there may be substantial delays in their liquidation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">We depend on
    cash from our subsidiaries to service our debt. If we do not
    receive cash distributions, dividends or other payments from our
    subsidiaries, we may be unable to make payments on the
    notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We are dependent upon the earnings and cash flows of, and cash
    distributions, dividends and other payments from, our
    subsidiaries to provide the funds necessary to meet our debt
    service obligations, including the required payments on the
    notes. If we do not receive such cash distributions, dividends
    or other payments from our subsidiaries, we may be unable to pay
    the principal or interest on the notes. In addition, the
    Subsidiary Guarantors will rely on subsidiaries of their own as
    a source of funds to meet any obligations that might arise under
    their guarantees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Generally, the ability of a subsidiary to make cash available to
    its parent is affected by its own operating results and is
    subject to applicable laws and contractual restrictions
    contained in its debt instruments and other agreements.
</DIV>
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    <BR>
    S-21
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Although the indenture governing the 9.25%&#160;Notes and the
    Revolving Credit Agreement limit the extent to which our
    subsidiaries may restrict their ability to make dividend and
    other payments to us, these limitations are subject to
    significant qualifications and exceptions. As a result, although
    our subsidiaries may have cash, we or our Subsidiary Guarantors
    may be unable to obtain that cash to satisfy our obligations
    under the notes or the guarantees, as applicable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Holdings&#146;
    guarantee provides little, if any, additional credit support for
    the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Holdings is a holding company whose only material asset is AAM
    Inc. capital stock. Therefore, Holdings&#146; sole source of
    operating income and cash flow is currently derived from AAM
    Inc. Accordingly, Holdings is dependent upon the earnings and
    cash flows of, and cash distributions, dividends and other
    payments from, AAM Inc. to provide the funds necessary to meet
    its obligations under its guarantee. As a result, Holdings&#146;
    guarantee provides little, if any, additional credit support for
    the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">We may be
    unable to repurchase the notes upon a change of
    control.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Under the indenture governing the notes offered hereby, each
    holder of notes may require us to repurchase all of such
    holder&#146;s notes at a purchase price equal to 101% of the
    principal amount of the notes offered hereby, plus accrued and
    unpaid interest, if certain &#147;change of control&#148; events
    occur. See &#147;Description of notes&#151;Change of
    control.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    However, it is possible that we will not have sufficient funds
    when required under the indenture to make the required
    repurchase of the notes. If we fail to repurchase notes in that
    circumstance, we will be in default under the indenture
    governing the notes. If we are required to repurchase a
    significant portion of the notes, we may require third party
    financing. We cannot be sure that we would be able to obtain
    third party financing on acceptable terms, or at all.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The agreements governing our other indebtedness contain, and
    future agreements may contain, prohibitions of certain events,
    including events that would constitute a change of control or an
    asset sale and including repurchases of or other prepayments in
    respect of the notes. The exercise by the holders of notes of
    their right to require us to repurchase the notes pursuant to a
    change of control offer could cause a default under these other
    agreements, even if the change of control itself does not, due
    to the financial effect of such repurchases on us. In the event
    a change of control offer is required to be made at a time when
    we are prohibited from purchasing notes, we could attempt to
    refinance the borrowings that contain such prohibition. If we do
    not obtain a consent or repay those borrowings, we will remain
    prohibited from purchasing notes. In that case, our failure to
    purchase tendered notes would constitute an event of default
    under the indenture which could, in turn, constitute a default
    under the other indebtedness. Finally, our ability to pay cash
    to the holders of notes upon a repurchase may be limited by our
    then existing financial resources.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">There may be
    no public trading market for the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We have not applied and do not intend to apply for listing of
    the notes on any securities exchange or any automated quotation
    system. As a result, a market for the notes may not develop or,
    if one does develop, it may not be maintained. If an active
    market for the notes fails to develop or be sustained, the
    trading price and liquidity of the notes could be adversely
    affected.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">If you are
    able to resell your notes, many other factors may affect the
    price you receive, which may be lower than you believe to be
    appropriate.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If you are able to resell your notes, the price you receive will
    depend on many other factors that may vary over time, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    our financial performance;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the amount of indebtedness we have outstanding;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the market for similar securities;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    market interest rates;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the redemption (if any) and repayment features of the notes to
    be sold;&#160;and
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the time remaining to maturity of your notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    As a result of these factors, you may only be able to sell your
    notes at prices below those you believe to be appropriate,
    including prices below the price you paid for them.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Our financial
    performance and other factors could adversely impact our ability
    to make payments on the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Our ability to make scheduled payments with respect to our
    indebtedness, including the notes, will depend on our financial
    and operating performance, which, in turn, is subject to
    prevailing economic conditions and to financial, business and
    other factors beyond our control.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">An adverse
    rating of the notes may cause their trading price to
    fall.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If a rating agency rates the notes, it may assign a rating that
    is lower than the ratings assigned to our other debt. Rating
    agencies also may lower ratings on the notes or our other debt
    in the future. If rating agencies assign a
    <FONT style="white-space: nowrap">lower-than-expected</FONT>
    rating or reduce, or indicate that they may reduce, their
    ratings of our debt in the future, the trading price of the
    notes could significantly decline.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">The indenture
    governing the notes will not include many of the covenants
    typically associated with comparably rated debt
    securities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Although the notes are expected to be rated below investment
    grade at the time of this offering by both Standard&#160;&#038;
    Poor&#146;s and Moody&#146;s Investors Service, they lack the
    protection for holders of a number of restrictive covenants
    typically associated with comparably rated public debt
    securities, including limitations on the incurrence of
    additional indebtedness, payment of dividends and other
    restricted payments, sale of assets and the use of proceeds
    therefrom, transactions with affiliates and dividend and other
    payment restrictions affecting subsidiaries. The primary
    restrictive covenants contained in the indenture under which the
    notes will be issued will limit only our ability, Holdings&#146;
    ability and the Subsidiary Guarantors&#146; ability to create
    certain liens, enter into certain sale-leaseback transactions
    and consolidate, merge or transfer assets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">Federal and
    state statutes allow courts, under specific circumstances, to
    void guarantees and require note holders to return payments
    received from guarantors.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    AAM Inc.&#146;s creditors or the Subsidiary Guarantors&#146;
    creditors could challenge the issuance of the notes and the
    related guarantees as fraudulent conveyances or on other
    grounds. Under federal bankruptcy law and comparable provisions
    of state fraudulent transfer laws, the delivery of the
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-23
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    notes or the guarantees could be found to be a fraudulent
    transfer and declared void if a&#160;court determined that AAM
    Inc. or the relevant Subsidiary Guarantor, at the time it
    incurred the indebtedness evidenced by the note or its
    guarantee, as applicable, (1)&#160;delivered the note or
    guarantee, as applicable, with the intent to hinder, delay or
    defraud its existing or future creditors; or (2)&#160;received
    less than reasonably equivalent value or did not receive fair
    consideration for the delivery of the note or guarantee, as
    applicable, and any of the following three conditions apply:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    AAM Inc. or the guarantor was insolvent or rendered insolvent by
    reason of delivering the note&#160;or guarantee;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    AAM Inc. or the guarantor was engaged in a business or
    transaction for which AAM Inc.&#146;s or the guarantor&#146;s
    remaining assets constituted unreasonably small capital;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    AAM Inc. or the guarantor intended to incur, or believed that it
    would incur, debts beyond its ability to pay such debts at
    maturity.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In addition, any payment by AAM Inc. or that guarantor pursuant
    to the notes or its guarantee, as applicable, could be voided
    and required to be returned to AAM Inc. or the guarantor, or to
    a fund for the benefit of the creditors of AAM Inc. or the
    guarantor, as applicable. In any such case, the right of
    noteholders to receive payments in respect of the notes from AAM
    Inc. or any such guarantor, as applicable, would be effectively
    subordinated to all indebtedness and other liabilities of AAM
    Inc. or that guarantor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The indenture governing the notes will limit the liability of
    each Subsidiary Guarantor of AAM Inc. on its guarantee to the
    maximum amount that such Subsidiary Guarantor can incur without
    risk that its guarantee will be subject to avoidance as a
    fraudulent transfer. We cannot assure you that this limitation
    will protect such guarantees from fraudulent transfer challenges
    or, if it does, that the remaining amount due and collectible
    under the guarantees would suffice, if necessary, to pay the
    notes in full when due.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If a court declares the notes or guarantees to be void, or if
    the notes or guarantees must be limited or voided in accordance
    with their terms, any claim a noteholder may make against us or
    amounts payable on the notes would, with respect to amounts
    claimed against AAM Inc. or the guarantors, be subordinated to
    our indebtedness and the indebtedness of our guarantors,
    including trade payables. The measures of insolvency for
    purposes of these fraudulent transfer laws will vary depending
    upon the law applied in any proceeding to determine whether a
    fraudulent transfer has occurred. Generally, however, AAM Inc.
    or a guarantor would be considered insolvent if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the sum of its debts, including contingent liabilities, was
    greater than the fair saleable value of all of its assets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the present fair saleable value of its assets was less than the
    amount that would be required to pay its probable liability on
    its existing debts, including contingent liabilities, as they
    become absolute and mature;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    it could not pay its debts as they become due.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    On the basis of historical financial information, recent
    operating history and other factors, we believe that AAM Inc. on
    a consolidated basis, after giving effect to the issuance of the
    notes and the guarantee of the notes, will not be insolvent,
    will not have unreasonably small capital for the business in
    which it is engaged and will not have incurred debts beyond its
    ability to pay
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-24
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<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    such debts as they mature. We cannot assure you, however, as to
    what standard a court would apply in making these determinations
    or that a court would agree with our conclusions in this regard.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">A financial
    failure by any Subsidiary Guarantor may hinder payment on the
    notes, as well as the enforcement of remedies under any
    subsidiary guarantees.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If any of the Subsidiary Guarantors subsequently becomes a
    debtor subject to insolvency proceedings under the bankruptcy
    code, it may result in delays in the payment of the notes and in
    the exercise of enforcement remedies under the notes or any
    subsidiary guarantees. Provisions under the bankruptcy code or
    general principles of equity that could result in the impairment
    of your rights include the automatic stay, avoidance of
    preferential transfers by a trustee or a
    <FONT style="white-space: nowrap">debtor-in-possession,</FONT>
    limitations of collectability of unmatured interest or
    attorneys&#146; fees and forced restructuring of the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">An increase in
    market interest rates could result in a decrease in the value of
    the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In general, as market interest rates rise, notes bearing
    interest at a fixed rate generally decline in value because the
    premium, if any, over market interest rates will decline.
    Consequently, if you purchase the notes and market interest
    rates increase, the market value of your notes may decline. We
    cannot predict the future level of market interest rates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: Arial, Helvetica">If the notes
    are rated investment grade at any time by both
    Standard&#160;&#038; Poor&#146;s and Moody&#146;s Investors
    Services and no default or event of default has occurred or is
    continuing, AAM Inc. may elect to suspend the guarantees of the
    Subsidiary Guarantors, and the holders of the notes will lose
    the protection of these guarantees.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The indenture governing the notes contains guarantees by the
    Subsidiary Guarantors that may, at the election of AAM Inc., be
    suspended and cease to have any effect from and after the first
    date when the notes are rated investment grade by both
    Standard&#160;&#038; Poor&#146;s and Moody&#146;s Investors
    Services. See &#147;Description of notes&#151;Material
    covenants&#151;Future subsidiary guarantors.&#148;
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-25
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='F50523108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Use of
    proceeds</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We expect that our net proceeds from this offering will be
    approximately $195&#160;million, after deducting underwriting
    discounts and commissions and estimated offering expenses. We
    intend to use the net proceeds from this offering for general
    corporate purposes, including the repayment of certain amounts
    outstanding under our Revolving Credit Facility, which we may
    reborrow from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    As of October&#160;31, 2011, the outstanding balance under our
    Revolving Credit Facility was $60.0&#160;million, bearing an
    effective interest rate of 3.5%. Class&#160;A of our Revolving
    Credit Facility matures on December&#160;31, 2011, class&#160;C
    matures on June&#160;30, 2013 and class&#160;D matures on
    June&#160;30,&#160;2016.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Affiliates of the underwriters are lenders under our Revolving
    Credit Facility and, accordingly, will receive their pro rata
    portion of a&#160;portion of the net proceeds from this offering
    through repayment of the borrowings they have extended under the
    Revolving Credit Facility. See &#147;Underwriting (Conflicts of
    interest).&#148;
</DIV>

<A name='F50523109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Ratio of earnings
    to fixed charges</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The following table sets forth our consolidated ratio of
    earnings to fixed charges on a historical basis for the periods
    indicated. For purposes of computing the ratio of earnings to
    fixed charges, earnings represent income before taxes and fixed
    charges. Fixed charges consist of interest expense, one-third of
    rental expense, which we believe to be representative of the
    interest portion of rent expense, and preferred stock dividends.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="14" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="9" align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Nine<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="9" align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="9" align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="9" align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 9pt">(unaudited)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2006</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2009</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2010</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">2011</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="14" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Ratio of earnings (loss) to fixed charges</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    (a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.15
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    (a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    (a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.23
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="15" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="15" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Earnings/(Loss) for the years ended
    December&#160;31, 2006, 2008 and 2009 were inadequate to cover
    fixed charges by $363.5&#160;million, $1,127.2&#160;million and
    $304.5&#160;million, respectively.
    </FONT></TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-26
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='F50523110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Capitalization</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The following table sets forth our consolidated cash and cash
    equivalents and actual capitalization as of September&#160;30,
    2011 and our cash and cash equivalents and capitalization as
    adjusted to give effect to the sale of the notes offered hereby
    and the application of the net proceeds therefrom. See &#147;Use
    of proceeds.&#148; This table should be read in conjunction with
    our historical financial statements included in our Quarterly
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 2011, which are
    incorporated by reference herein.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="79%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="right" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>As of September&#160;30, 2011</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 9pt">(dollars in millions)<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">As<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>(unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>Historical</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B>adjusted</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    114.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    239.4
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <B>Long-term debt:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Revolving Credit
    Facility<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    9.25%&#160;Senior Secured Notes Due 2017
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    378.8
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    378.8
</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    7.75%&#160;Senior Notes Due 2019 offered hereby
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#150;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    5.25% Senior Notes Due 2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    249.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    249.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    7.875% Senior Notes Due 2017
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    300.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    300.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Foreign and other debt agreements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Total long-term debt and capital lease obligations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,050.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,180.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <B>Stockholders&#146; deficit:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Common Stock; par value $.01 per share; 150.0&#160;million
    shares authorized; 75.3&#160;million shares issued and
    outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    596.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    596.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Accumulated deficit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (674.6
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (674.6
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Treasury stock at cost; 5.5&#160;million shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (176.2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (176.2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Accumulated other comprehensive loss, net of tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (127.0
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (127.0
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Noncontrolling interest in subsidiaries
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Total stockholders&#146; deficit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (373.3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (373.3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 24pt">
    Total capitalization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    677.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    807.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="9" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="9" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">As of October&#160;31, 2011, we had
    $60&#160;million outstanding under the Revolving Credit
    Facility. A portion of the net proceeds from the offering of the
    notes will be used to repay the amounts borrowed. After the
    repayment, we will have $346.5&#160;million of availability
    under the Revolving Credit Facility. This availability reflects
    a reduction of $28.5&#160;million for stand-by letters of credit
    against the facility.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Net of issue discount of
    $3.7&#160;million.
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='F50523112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    certain other indebtedness</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Revolving Credit
    Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Under the Revolving Credit Agreement, AAM Inc. has access to a
    revolving loan facility comprised of a class&#160;A loan
    facility, a class&#160;C loan facility, and after giving effect
    to a June&#160;30, 2011 amendment and restatement of the
    Revolving Credit Agreement, a class&#160;D loan facility. The
    Revolving Credit Agreement provides up to $375&#160;million of
    revolving bank financing commitments through December 2011,
    $322&#160;million of such revolving bank financing commitments
    through June 2013 and $235&#160;million of such revolving bank
    financing commitments through June 2016. AAM Inc. may borrow on
    each class in dollars or alternate currencies, as defined in the
    agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Under the Revolving Credit Agreement, we are required to comply
    with financial covenants related to secured indebtedness
    leverage, total net leverage, and cash interest expense
    coverage. The Revolving Credit Agreement limits our ability to
    make certain investments, declare or pay dividends or
    distributions on capital stock, redeem or repurchase capital
    stock and certain debt obligations, incur liens, incur
    indebtedness, or merge, make acquisitions and sell assets. The
    Revolving Credit Facility includes customary events of default
    for a facility of its type. Borrowings under the Revolving
    Credit Agreement bear interest at rates based on adjusted LIBOR
    or an alternate base rate, in each case plus an applicable
    margin that is tied to our credit ratings. The applicable margin
    for a LIBOR-based loan for lenders is currently between 3.00%
    and 6.75%, with interest rates differing between the three
    classes of loans under the Revolving Credit Facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The Revolving Credit Agreement is secured on a first priority
    basis by substantially all of the assets of Holdings, AAM Inc.
    and each Subsidiary Guarantor, including a pledge of all capital
    stock of AAM Inc. and the Subsidiary Guarantors and a portion of
    the capital stock of the first tier foreign subsidiaries of
    Holdings, AAM Inc. and the Subsidiary Guarantors (the
    &#147;Collateral&#148;). In addition, obligations under the
    Revolving Credit Agreement are guaranteed by Holdings and the
    Subsidiary Guarantors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In the event that AAM Inc. has a corporate family credit rating
    of at least BBB- (with a stable outlook) or better from
    Standard&#160;&#038; Poor&#146;s and Baa3 (with a stable
    outlook) or better from Moody&#146;s Investors Services (the
    &#147;minimum ratings requirement&#148;) and no default shall
    have occurred and be continuing, AAM Inc. may elect to have the
    liens on the Collateral released. Liens on the Collateral
    securing the 9.25% Notes and any other permitted second lien
    indebtedness (as defined in the Revolving Credit Agreement) must
    have already been released or be released simultaneously with
    the release of the Collateral under the Revolving Credit
    Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    AAM Inc. is permitted to prepay any outstanding loans under the
    Revolving Credit Agreement without any penalty or premium
    subject only to the obligation to pay breakage costs. In certain
    circumstances, if the aggregate outstanding amount of the total
    revolving credit exposure of any class of loans exceeds 105% of
    the total commitments of such class, AAM Inc. must make a
    prepayment so that the aggregate outstanding amount of such
    loans does not exceed the total commitments of such loans.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">9.25%
    Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The 9.25%&#160;Notes are senior secured obligations due January
    2017. The 9.25%&#160;Notes are guaranteed by Holdings and the
    Subsidiary Guarantors. As of September&#160;30, 2011,
    $382.5&#160;million of the 9.25%&#160;Notes remain outstanding.
</DIV>
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    <BR>
    S-28
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The 9.25%&#160;Notes share the collateral package equally and
    ratably with the Revolving Credit Facility as described above.
    The indenture governing the 9.25%&#160;Notes limits our ability
    to make certain investments, declare or pay dividends or
    distributions on capital stock, redeem or repurchase capital
    stock and certain debt obligations, incur liens, incur
    indebtedness, transact with affiliates or merge, make
    acquisitions and sell assets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">7.875%
    Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The 7.875%&#160;Notes are senior unsecured obligations due March
    2017. The 7.875%&#160;Notes are guaranteed by Holdings but are
    not guaranteed by any subsidiary of&#160;AAM&#160;Inc. As of
    September&#160;30, 2011, $300.0&#160;million of the
    7.875%&#160;Notes remain outstanding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">5.25%
    Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The 5.25%&#160;Notes are senior unsecured obligations due
    February 2014. The 5.25%&#160;Notes are guaranteed by Holdings
    but are not guaranteed by any subsidiary of AAM Inc. As of
    September&#160;30, 2011, $250.0&#160;million of the
    5.25%&#160;Notes remain outstanding.
</DIV>
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    <BR>
    S-29
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<A name='F50523111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    the notes</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We will issue the notes pursuant to an indenture to be dated as
    of November&#160;3, 2011 between American Axle&#160;&#038;
    Manufacturing, Inc., as issuer, American Axle&#160;&#038;
    Manufacturing Holdings, Inc., as guarantor, the Subsidiary
    Guarantors (as defined herein), and U.S.&#160;Bank National
    Association, as trustee. The terms of the notes include those
    stated in the indenture and those made part of the indenture by
    reference to the Trust&#160;Indenture Act of 1939.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The following description is only a summary of the material
    provisions of the notes and the indenture. This description does
    not purport to be complete, and is subject to, and is qualified
    in its entirety by reference to, all of the provisions of the
    notes and the indenture. We urge you to read the indenture and
    the form of the notes, which you may obtain from us upon
    request. You will find the definitions of capitalized terms used
    in this description under the heading &#147;&#151;Certain
    definitions&#148;. As used in this description, all references
    to the &#147;Issuer&#148;, &#147;we&#148;, &#147;us&#148; or
    &#147;our&#148; mean American Axle&#160;&#038; Manufacturing,
    Inc., excluding, unless otherwise expressly stated or the
    context otherwise requires, its subsidiaries, and all references
    to &#147;Holdings&#148; mean American Axle&#160;&#038;
    Manufacturing Holdings, Inc., our parent corporation, excluding,
    unless otherwise expressly stated or the context otherwise
    requires, its subsidiaries. Holdings has no material operations
    or assets other than its ownership of 100% of the issued and
    outstanding common stock of the Issuer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The notes initially will be limited to $200.0&#160;million
    aggregate principal amount. The indenture will provide that we
    will have the ability to issue additional notes in series,
    including additional notes of the same series, having the same
    ranking and the same interest rate, maturity and other terms, as
    the notes issued hereby. Any additional notes having the same
    terms as the notes offered hereby and designated as the same
    series and class of notes will, together with the notes offered
    hereby, constitute a single series of the notes under the
    indenture. The notes will mature on November&#160;15, 2019. The
    notes will be payable at the office of the paying agent, which
    initially will be an office or agency of the trustee, or an
    office or agency maintained by us for such purpose, in the
    Borough of Manhattan, The City of New York.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The notes will bear interest at the rate of 7.75% per year on
    the principal amount from the issue date, or from the most
    recent date to which interest has been paid or provided for,
    until November&#160;15, 2019. Interest will be payable
    semiannually in arrears on May&#160;15 and November&#160;15 of
    each year, commencing on May&#160;15, 2012, to holders of record
    at the close of business on the May&#160;1 or November&#160;1
    immediately preceding such interest payment date. Each payment
    of interest on the notes will include interest accrued from the
    period commencing on and including the immediately proceeding
    interest payment day (or, if none, November&#160;3, 2011)
    through the day before the applicable interest payment date (or
    redemption date, as the case may be). Any payment required to be
    made on any day that is not a business day will be made on the
    next succeeding business day.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Interest will cease to accrue on a note upon its maturity or
    redemption. We may not reissue a note that has matured or been
    redeemed or otherwise canceled, except for registration of
    transfer, exchange or replacement of such note.
</DIV>
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    S-30
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Guarantees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Holdings and each of the Subsidiary Guarantors will, jointly and
    severally, fully and unconditionally guarantee on a senior
    unsecured basis the Issuer&#146;s obligations under the notes
    and the indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Each guarantee by a Subsidiary Guarantor will provide by its
    terms that it will be automatically, fully and unconditionally
    released and discharged upon:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (1)&#160;any sale, exchange or transfer (by merger or otherwise)
    of the Capital Stock of such Subsidiary Guarantor, or the sale
    or disposition of all the assets of such Subsidiary Guarantor,
    which sale, exchange, transfer or disposition is made in
    compliance with the applicable provisions of the indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (2)&#160;the exercise by the Issuer of its legal defeasance
    option or covenant defeasance option or the discharge of the
    Issuer&#146;s obligations under the indenture in accordance with
    the terms of the indenture;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (3)&#160;the election of the Issuer to effect such a release
    following the Suspension Date as described under
    &#147;&#151;Material covenants&#151;Future subsidiary
    guarantors&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Holdings and the Subsidiaries of the Issuer that guarantee the
    obligations under the Revolving Credit Agreement as of the Issue
    Date will initially guarantee the notes. The obligations of each
    Subsidiary Guarantor under its guarantee will be limited as
    necessary to prevent that guarantee from constituting a
    fraudulent conveyance or fraudulent transfer under applicable
    law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Ranking</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The indebtedness evidenced by the notes and the guarantees will
    be unsecured and will rank <I>pari passu </I>in right of payment
    to the senior indebtedness of the Issuer and the Guarantors,
    respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The notes are unsecured obligations of the Issuer. Secured debt
    and other secured obligations of the Issuer (including
    obligations with respect to the Revolving Credit Agreement and
    the Existing Senior Secured Notes) will be effectively senior to
    the notes to the extent of the value of the assets securing such
    debt or other obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    As of September&#160;30, 2011, after giving effect to the
    offering of the notes and the application of proceeds therefrom,
    there would have been outstanding:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    $1,128.7&#160;million of senior indebtedness of the Issuer, of
    which $378.8&#160;million is secured (exclusive of unused
    commitments under the Revolving Credit Facility);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    $6.0&#160;million of senior indebtedness of the Guarantors, all
    of which is secured;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    $45.9&#160;million of total indebtedness and $108.6&#160;million
    of other liabilities (net of intercompany receivables) of the
    non-guarantor Subsidiaries of the Issuer.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Not all of our Subsidiaries will guarantee the notes. In the
    event of a bankruptcy, liquidation or reorganization of any of
    our non-guarantor Subsidiaries, including any of our foreign
    Subsidiaries, holders of their indebtedness and their trade
    creditors will generally be entitled to payment of their claims
    from the assets of those entities before any assets are made
    available for distribution to us. As a result, the notes will
    effectively be subordinated to the prior payment of all of the
    liabilities of our non-guarantor Subsidiaries.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    As of September&#160;30, 2011, the non-guarantor subsidiaries of
    AAM Inc. had total assets of $1,161.6&#160;million and total
    liabilities (net of intercompany receivables) of
    $154.5&#160;million (including indebtedness of $45.9 million).
    For the nine&#160;months ended September&#160;30, 2011, the
    non-guarantor subsidiaries of AAM Inc. had net sales of
    $1,238.0&#160;million and generated net income attributable to
    AAM, Inc. of $80.5&#160;million. See note&#160;13 to
    Holdings&#146; consolidated financial statements as of and for
    the three and nine months ended September&#160;30, 2011, as
    included in our Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarterly period ended September&#160;30, 2011.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Optional
    redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We may redeem the notes at our option at any time in whole or
    from time to time in part. If we elect to redeem the notes, we
    will pay a redemption price equal to the greater of the
    following amounts, plus, in each case, accrued and unpaid
    interest thereon to but excluding the redemption date:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    100% of the aggregate principal amount of the notes to be
    redeemed or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the sum of the present values of the Remaining Scheduled
    Payments.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In determining the present values of the Remaining Scheduled
    Payments, we will discount such payments to the redemption date
    on a semi-annual basis (assuming a 360-day year consisting of
    twelve 30-day months) using a discount rate equal to the
    Treasury Rate plus 0.50%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We will mail notice of any redemption at least 30&#160;days, but
    not more than 60&#160;days, before the date of redemption to
    each holder of the notes to be redeemed. If less than all the
    notes are to be redeemed at any time, the trustee will select
    notes to be redeemed on a <I>pro rata </I>basis or by any other
    method the trustee deems fair and appropriate. Unless we default
    in payment of the redemption price, on and after the date of
    redemption, interest will cease to accrue on the notes or
    portions thereof called for redemption.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Change of
    control</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Upon the occurrence of a Change of Control, the Issuer will make
    an offer (a &#147;Change of Control Offer&#148;) to each holder
    to repurchase all or any part of each holder&#146;s notes at a
    purchase price (the &#147;Change of Control Purchase
    Price&#148;) equal to 101% of the principal amount thereof, plus
    accrued and unpaid interest, if any, to the repurchase date.
    Within 30&#160;days following any Change of Control, the Issuer
    will (i)&#160;cause a notice of the Change of Control Offer to
    be sent at least once to the Dow Jones News Service or similar
    business news service in the United States; and (ii)&#160;send,
    by first-class mail, with a copy to the trustee, a notice to
    each registered holder stating: (1)&#160;that a Change of
    Control has occurred and a Change of Control Offer is being made
    pursuant to the indenture and that all notes timely tendered
    will be accepted for payment; (2)&#160;the Change of Control
    Purchase Price and the repurchase date, which shall be, subject
    to any contrary requirements of applicable law, a business day
    no earlier than 30&#160;days nor later than 60&#160;days from
    the date such notice is mailed (the &#147;Change of Control
    Payment Date&#148;); (3)&#160;the circumstances and relevant
    facts regarding the Change of Control (including information
    with respect to <I>pro forma</I> historical income, cash flow
    and capitalization after giving effect to the Change of Control)
    and (4)&#160;the procedures that holders of notes must follow in
    order to tender their notes (or portions thereof) for payment,
    and the procedures that holders of notes must follow in order to
    withdraw an election to tender notes (or portions thereof) for
    payment.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The Issuer shall comply with the requirements of Rule&#160;14e
    of the Securities Exchange Act of 1934 (the &#147;Exchange
    Act&#148;) and any other securities laws or regulations
    thereunder to the extent such laws and regulations are
    applicable in connection with the repurchase of notes in
    connection with a Change of Control Offer. To the extent that
    the provisions of any securities laws or regulations conflict
    with the terms of the notes, the Issuer will comply with the
    applicable securities laws and regulations and will not be
    deemed to have breached its obligations under the indenture by
    virtue of such compliance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    On the Change of Control Payment Date, the Issuer will, to the
    extent lawful, (1)&#160;accept for payment all notes or portions
    thereof properly tendered pursuant to the Change of Control
    Offer; (2)&#160;deposit with the paying agent an amount equal to
    the Change of Control Purchase Price in respect of all notes or
    portions thereof properly tendered and (3)&#160;deliver or cause
    to be delivered to the trustee the notes properly accepted
    together with an officers&#146; certificate stating the
    aggregate principal amount of notes or portions thereof being
    purchased by the Issuer. The paying agent will promptly mail to
    each registered holder of notes properly tendered the Change of
    Control Purchase Price for such notes, and the trustee will
    promptly authenticate and mail (or cause to be transferred by
    book entry) to each holder a new note equal in principal amount
    to any unpurchased portion of the notes surrendered by such
    holder, if any; <I>provided</I>, that each such new note will be
    in a principal amount of $1,000 or an integral multiple thereof.
    The Issuer will publicly announce the results of the Change of
    Control Offer on or as soon as practicable after the Change of
    Control Payment Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The Issuer will not be required to make a Change of Control
    Offer upon a Change of Control if a third party makes the Change
    of Control Offer in the manner, at the times and otherwise in
    compliance with the requirements set forth herein and all other
    provisions of the indenture and terms of the notes applicable to
    a Change of Control Offer made by the Issuer and purchases all
    notes validly tendered and not withdrawn under such Change of
    Control Offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Material
    covenants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>Consolidation, merger, sale or
    conveyance.</I>&#160;(a)&#160;The indenture provides that
    neither the Issuer nor Holdings may consolidate with or merge
    into any other entity or convey, transfer or lease their
    properties and assets substantially as an entirety to any
    entity, unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the successor or transferee entity, if other than the Issuer or
    Holdings, as the case may be, is a corporation organized and
    existing under the laws of the United States, any state thereof
    or the District of Columbia and expressly assumes by a
    supplemental indenture executed and delivered to the trustee, in
    form reasonably satisfactory to the trustee, the due and
    punctual payment of the principal of, any premium on and any
    interest on, all the outstanding notes and the performance of
    every covenant and obligation in the indenture to be performed
    or observed by the Issuer or Holdings, as the case may be;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    immediately after giving effect to the transaction, no Event of
    Default, as defined in the indenture, and no event which, after
    notice or lapse of time or both, would become an Event of
    Default, has happened and is continuing;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the Issuer or Holdings, as the case may be, has delivered to the
    trustee an officers&#146; certificate and an opinion of counsel,
    each in the form required by the indenture and stating that such
    consolidation, merger, conveyance, transfer or lease and, if a
    supplemental indenture is required in connection with such
    transaction, such supplemental indenture comply with the
    foregoing provisions relating to such transaction.
</TD>
</TR>

</TABLE>
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    <BR>
    S-33
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In case of any such consolidation, merger, conveyance or
    transfer, the successor entity will succeed to and be
    substituted for the Issuer or Holdings, as the case may be, as
    obligor or guarantor on the notes, as the case may be, with the
    same effect as if it had been named in the indenture as the
    Issuer or Holdings, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (b)&#160;No Subsidiary Guarantor may consolidate with or merge
    into any other entity or convey, transfer or lease their
    properties and assets substantially as an entirety to any
    entity, unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the successor or transferee entity, if not a Subsidiary
    Guarantor prior to such merger, conveyance, transfer or lease,
    shall be a Person organized and existing under the laws of the
    jurisdiction under which such Subsidiary was organized or under
    the laws of the United States of America, or any State thereof
    or the District of Columbia, and expressly assumes, by a
    supplemental indenture, all the obligations of such Subsidiary
    under its guarantee; <I>provided</I>, <I>however</I>, that the
    foregoing shall not apply in the case of a Subsidiary Guarantor
    (x)&#160;that has been, or will be as a result of the subject
    transaction, disposed of in its entirety to another Person
    (other than to the Issuer, Holdings or an affiliate of the
    Issuer or Holdings), whether through a merger, consolidation or
    sale of Capital Stock or assets or (y)&#160;that, as a result of
    the disposition of all or a portion of its Capital Stock, ceases
    to be a Subsidiary;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    immediately after giving effect to the transaction, no Event of
    Default, as defined in the indenture, and no event which, after
    notice or lapse of time or both, would become an Event of
    Default, has happened and is continuing;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the Issuer has delivered to the trustee an officers&#146;
    certificate and an opinion of counsel, each in the form required
    by the indenture and stating that such consolidation, merger,
    conveyance, transfer or lease and, if a supplemental indenture
    is required in connection with such transaction, such
    supplemental indenture comply with the foregoing provisions
    relating to such transaction.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>Limitation on liens.</I>&#160;The Issuer and Holdings will
    not, and will not permit any Restricted Subsidiary to, create,
    incur, issue, assume or guarantee any indebtedness for money
    borrowed (&#147;Debt&#148;) secured by a Mortgage upon any
    Operating Property, or upon shares of Capital Stock or Debt
    issued by any Restricted Subsidiary and owned by the Issuer or
    Holdings or any Restricted Subsidiary, whether owned at the date
    of the indenture or thereafter acquired, without effectively
    providing concurrently that the notes of each series then
    outstanding under the indenture are secured equally and ratably
    with or, at our option, prior to such Debt so long as such Debt
    shall be so secured.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The foregoing restriction shall not apply to, and there shall be
    excluded from Debt in any computation under such restriction,
    Debt secured by:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (1)&#160;Mortgages on any property existing at the time of the
    acquisition thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (2)&#160;Mortgages on property of a corporation existing at the
    time such corporation is merged into or consolidated with the
    Issuer or Holdings or a Restricted Subsidiary or at the time of
    a sale, lease or other disposition of the properties of such
    corporation (or a division thereof) as an entirety or
    substantially as an entirety to us, Holdings or a Restricted
    Subsidiary; provided that any such Mortgage does not extend to
    any property owned by us, Holdings or any Restricted Subsidiary
    immediately prior to such merger, consolidation, sale, lease or
    disposition;
</DIV>
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    <BR>
    S-34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (3)&#160;Mortgages on property of a corporation existing at the
    time such corporation becomes a Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (4)&#160;Mortgages in favor of the Issuer, Holdings or a
    Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (5)&#160;Mortgages to secure all or part of the cost of
    acquisition, construction, development or improvement of the
    underlying property, or to secure debt incurred to provide funds
    for any such purpose; provided that the commitment of the
    creditor to extend the credit secured by any such Mortgage shall
    have been obtained no later than 360&#160;days after the later
    of (a)&#160;the completion of the acquisition, construction,
    development or improvement of such property or (b)&#160;the
    placing in operation of such property;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (6)&#160;Mortgages in favor of the United States of America or
    any State thereof, or any department, agency or instrumentality
    or political subdivision thereof, to secure partial, progress,
    advance or other payments; and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (7)&#160;Mortgages existing on the date of the indenture or any
    extension, renewal, replacement or refunding of any Debt secured
    by a Mortgage existing on the date of the indenture or referred
    to in clauses&#160;(1) to (3)&#160;or (5); <I>provided </I>that
    any such extension, renewal, replacement or refunding of such
    Debt shall be created within 360&#160;days of repaying the Debt
    secured by the Mortgage referred to in clauses&#160;(1) to
    (3)&#160;or (5)&#160;and the principal amount of the Debt
    secured thereby and not otherwise authorized by clauses&#160;(1)
    to (3)&#160;or (5)&#160;shall not exceed the principal amount of
    Debt, plus any premium or fee payable in connection with any
    such extension, renewal, replacement or refunding, so secured at
    the time of such extension, renewal, replacement or refunding;
    <I>provided further </I>that this clause&#160;(7) shall not
    include Mortgages securing Debt incurred under the Existing
    Senior Secured Notes or the Revolving Credit Agreement or any
    extension, renewal, replacement or refunding thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Notwithstanding the restrictions described above, the Issuer,
    Holdings and any Restricted Subsidiaries may create, incur,
    issue, assume or guarantee Debt secured by Mortgages without
    equally and ratably securing the notes of each series then
    outstanding if, at the time of such creation, incurrence,
    issuance, assumption or guarantee, after giving effect thereto
    and to the retirement of any Debt which is concurrently being
    retired, the aggregate amount of all such Debt secured by
    Mortgages which would otherwise be subject to such restrictions
    (other than any Debt secured by Mortgages permitted as described
    in clauses&#160;(1) through (7)&#160;of the immediately
    preceding paragraph) plus all Attributable Debt of the Issuer,
    Holdings and the Restricted Subsidiaries in respect of Sale and
    Leaseback Transactions with respect to Operating Properties
    (with the exception of such transactions which are permitted
    under clauses&#160;(1) through (4)&#160;of the first sentence of
    the first paragraph under &#147;&#151;Limitation on sale and
    leaseback transactions&#148; below) does not exceed 10% of
    Consolidated Net Tangible Assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>Limitation on sale and leaseback transactions.</I>&#160;The
    Issuer and Holdings will not, and will not permit any Restricted
    Subsidiary to, enter into any Sale and Leaseback Transaction
    with respect to any Operating Property unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (1)&#160;the Sale and Leaseback Transaction is solely with the
    Issuer, Holdings or another Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (2)&#160;the lease is for a period not in excess of
    24&#160;months, including renewals;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (3)&#160;the Issuer, Holdings or such Restricted Subsidiary
    would (at the time of entering into such arrangement) be
    entitled as described in clauses&#160;(1) through (7)&#160;of
    the second
</DIV>
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    <BR>
    S-35
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    paragraph under the heading &#147;&#151;Limitation on
    liens&#148;, without equally and ratably securing the notes then
    outstanding under the indenture, to create, incur, issue, assume
    or guarantee Debt secured by a Mortgage on such Operating
    Property in the amount of the Attributable Debt arising from
    such Sale and Leaseback Transaction;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (4)&#160;the Issuer, Holdings or such Restricted Subsidiary
    within 360&#160;days after the sale of such Operating Property
    in connection with such Sale and Leaseback Transaction is
    completed, applies an amount equal to the greater of
    (A)&#160;the net proceeds of the sale of such Operating Property
    or (B)&#160;the fair market value of such Operating Property to
    (i)&#160;the retirement of notes, other Funded Debt of the
    Issuer or Holdings ranking on a parity with the notes or Funded
    Debt of a Restricted Subsidiary or (ii)&#160;the purchase of
    Operating Property; or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (5)&#160;the Attributable Debt of the Issuer, Holdings and our
    Restricted Subsidiaries in respect of such Sale and Leaseback
    Transaction and all other Sale and Leaseback Transactions
    entered into after the date of the indenture (other than any
    such Sale and Leaseback Transaction as would be permitted as
    described in clauses&#160;(1) through (4)&#160;of this
    sentence), plus the aggregate principal amount of Debt secured
    by Mortgages on Operating Properties then outstanding (not
    including any such Debt secured by Mortgages described in
    clauses&#160;(1) through (7)&#160;of the second paragraph under
    the heading &#147;&#151;Limitation on liens&#148;) which do not
    equally and ratably secure such outstanding notes (or secure
    such outstanding notes on a basis that is prior to other Debt
    secured thereby), would not exceed 10% of Consolidated Tangible
    Net Assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>Future subsidiary guarantors.</I>&#160;The Issuer will cause
    each of its Subsidiaries that is not a Subsidiary Guarantor and
    that guarantees any Guarantee Indebtedness of the Issuer or any
    Guarantor to execute and deliver to the trustee a supplemental
    indenture pursuant to which such Subsidiary will unconditionally
    guarantee, on a joint and several basis, the full and prompt
    payment of the principal of, premium, if any, and interest in
    respect of the notes on an unsecured and unsubordinated basis
    and all other obligations under the indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The guarantee of the notes by any Subsidiary Guarantor will be
    released and discharged as described under
    &#147;&#151;Guarantees&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The obligations of each Subsidiary Guarantor will be limited to
    the maximum amount as will, after giving effect to all other
    contingent and fixed liabilities of such Subsidiary Guarantor
    and after giving effect to any collections from or payments made
    by or on behalf of any other Guarantor in respect of the
    obligations of such other Guarantor under its guarantee or
    pursuant to its contribution obligations under the indenture,
    result in the obligations of such Subsidiary Guarantor under its
    guarantee not constituting a fraudulent conveyance or fraudulent
    transfer under federal or state law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Following the first day (the &#147;Suspension Date&#148;):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (1)&#160;the notes have an Investment Grade Rating from both of
    the Ratings Agencies; and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (2)&#160;no Default has occurred and is continuing under the
    indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Holdings, the Issuer and their Subsidiaries will not be subject
    to the provisions of this covenant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In addition, upon the occurrence of a Suspension Date, the
    Issuer may elect, by delivering written notice thereof to the
    trustee, to suspend the guarantees of the Subsidiary Guarantors.
</DIV>
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    <BR>
    S-36
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If at any time the notes&#146; credit rating is downgraded from
    an Investment Grade Rating by any Ratings Agency or if a Default
    or Event of Default occurs and is continuing, then (i)&#160;this
    covenant will thereafter be reinstated (the &#147;Reinstatement
    Date&#148;), unless and until the notes subsequently attain an
    Investment Grade Rating and no Default or Event of Default is in
    existence (in which event this covenant shall no longer be in
    effect for such time that the notes maintain an Investment Grade
    Rating and no Default or Event of Default is in existence) and
    (ii)&#160;the guarantees of the Subsidiary Guarantors previously
    suspended will be reinstated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    There can be no assurance that the notes will ever achieve or
    maintain an Investment Grade Rating.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Events of
    default; waiver and notice</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    An event of default is defined in the indenture as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (a)&#160;default for 30&#160;days in payment of any interest on
    the notes when it becomes due and payable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (b)&#160;default in payment of principal of or any premium on
    the notes at maturity or redemption or repurchase price when the
    same becomes due and payable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (c)&#160;default by the Issuer or Holdings in the performance of
    any other covenant contained in the indenture for the benefit of
    the notes that has not been remedied by the end of a period of
    60&#160;days after notice is given as specified in the indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (d)&#160;the guarantee of (i)&#160;Holdings or (ii)&#160;any
    Subsidiary Guarantor that is a Significant Subsidiary or a group
    of Subsidiary Guarantors which collectively (as of the latest
    audited consolidated financial statements for Holdings) would
    constitute a Significant Subsidiary, in each case, ceases to be
    in full force and effect or is declared null and void or
    Holdings or any such Subsidiary Guarantor denies that it has any
    further liability under its guarantee to the note holders, or
    has given notice to such effect (other than by reason of the
    termination of the indenture or the release of such guarantee in
    accordance with the indenture), and such condition shall have
    continued for a period of 30&#160;days after notice is given as
    specified in the indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (e)&#160;default in the payment of principal when due or
    resulting in acceleration of other indebtedness of the Issuer,
    Holdings or any Significant Subsidiary for borrowed money where
    the aggregate principal amount with respect to which the default
    or acceleration has occurred exceeds $100&#160;million and such
    acceleration has not been rescinded or annulled or such
    indebtedness repaid within a period of 30&#160;days after
    written notice to us by the trustee or to us and the trustee by
    the holders of at least 25% in principal amount at maturity of
    the notes; <I>provided </I>that if any such default is cured,
    waived, rescinded or annulled, then the event of default by
    reason thereof would be deemed not to have occurred;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (f)&#160;failure by Holdings, the Issuer or any Significant
    Subsidiary to pay final and nonappealable judgments aggregating
    in excess of $100&#160;million (net of any amounts that are
    covered by insurance issued by a reputable and creditworthy
    insurance company), which judgments are not paid, discharged or
    stayed for a period of 30&#160;days after such judgment becomes
    final; and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (g)&#160;certain events of bankruptcy, insolvency and
    reorganization of the Issuer, Holdings or a Significant
    Subsidiary.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-37
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    When we refer to a &#147;Significant Subsidiary,&#148; we mean
    any Subsidiary that would constitute a &#147;significant
    subsidiary&#148; within the meaning of Article&#160;1 of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    of the Securities Act of 1933 as in effect on the date of the
    indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The indenture provides that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    if an event of default described in clause (a), (b), (c), (d),
    (e)&#160;or (f)&#160;above has occurred and is continuing,
    either the trustee or the holders of not less than 25% in
    aggregate principal amount of the notes may declare the
    principal amount of the notes then outstanding, and any accrued
    and unpaid interest through the date of such declaration, to be
    due and payable immediately;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    upon certain conditions such declarations may be annulled and
    past defaults (except for defaults in the payment of principal
    of, any premium on or interest on, the notes and in compliance
    with certain covenants) may be waived by the holders of a
    majority in aggregate principal amount of the notes then
    outstanding;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    if an event of default described in clause&#160;(g) occurs and
    is continuing, then the principal amount of all notes issued
    under the indenture and then outstanding, together with any
    accrued interest through the occurrence of such event, shall
    become and be due and payable immediately, without any
    declaration or other act by the trustee or any other holder.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Under the indenture, the trustee must give to the holders of
    notes notice of all uncured defaults known to it with respect to
    the notes within 90&#160;days after such a default occurs (the
    term default to include the events specified above without
    notice or grace periods); <I>provided </I>that, except in the
    case of default in the payments of principal of, any premium on,
    any of the notes, the trustee will be protected in withholding
    such notice if it in good faith determines that the withholding
    of such notice is in the interests of the holders of the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    No holder of any notes may institute any action under the
    indenture unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    such holder has given the trustee written notice of a continuing
    event of default with respect to the notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the holders of not less than 25% in aggregate principal amount
    of the notes then outstanding have requested the trustee to
    institute proceedings in respect of such event of default;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    such holder or holders have offered the trustee such reasonable
    indemnity as the trustee may require;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the trustee has failed to institute an action for 60&#160;days
    thereafter;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    no inconsistent direction has been given to the trustee during
    such <FONT style="white-space: nowrap">60-day</FONT>
    period by the holders of a majority in aggregate principal
    amount of notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The holders of a majority in aggregate principal amount of the
    notes affected and then outstanding will have the right, subject
    to certain limitations, to direct the time, method and place of
    conducting any proceeding for any remedy available to the
    trustee or exercising any trust or power conferred on the
    trustee with respect to the notes. The indenture provides that,
    if an event of default occurs and is continuing, the trustee, in
    exercising its rights and powers under the indenture, will be
    required to use the degree of care of a prudent man in the
    conduct of his own affairs. The indenture further provides that
    the trustee shall not be required to expend or risk its own
    funds or otherwise incur any financial liability in the
    performance of any
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-38
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<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    of its duties under the indenture unless it has reasonable
    grounds for believing that repayment of such funds or adequate
    indemnity against such risk or liability is reasonably assured
    to&#160;it.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We must furnish to the trustee within 120&#160;days after the
    end of each fiscal year a statement of the Issuer signed by one
    of the officers of the Issuer to the effect that a review of our
    activities during such year and our performance under the
    indenture and the terms of the notes has been made, and, to the
    knowledge of the signatories based on such review, we have
    complied with all conditions and covenants of the indenture or,
    if we are in default, specifying such default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Modification of
    the indenture</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The Issuer and the trustee may, without the consent of the
    holders of the notes issued under the indenture, enter into
    supplemental indentures for, among others, one or more of the
    following purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    to evidence the succession of another corporation to the Issuer,
    and the assumption by such successor of our obligations under
    the indenture and the notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    to add covenants of the Issuer, or surrender any rights of the
    Issuer, or add any rights for the benefit of the holders of
    notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    to cure any ambiguity, omission, defect or inconsistency in such
    indenture;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    to establish the form or terms of any other series of debt
    securities, including any subordinated securities;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    to evidence and provide the acceptance of any successor trustee
    with respect to the notes or one or more other series of debt
    securities or to facilitate the administration of the trusts
    thereunder by one or more trustees in accordance with such
    indenture;&#160;and
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    to provide any additional events of default.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    With certain exceptions, the indenture, the Holdings guarantee
    or the rights of the holders of the notes may be modified by us
    and the trustee with the consent of the holders of a majority in
    aggregate principal amount of the notes then outstanding, but no
    such modification may be made without the consent of the holder
    of each outstanding note affected thereby that would:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    change the maturity of any payment of principal of, or any
    premium on, any notes, or change any place of payment where, or
    the coin or currency in which, any note or any premium is
    payable, or impair the right to institute suit for the
    enforcement of any such payment on or after the maturity thereof
    (or, in the case of redemption, on or after the redemption date);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    reduce the percentage in principal amount of the outstanding
    notes, the consent of whose holders is required for any such
    modification, or the consent of whose holders is required for
    any waiver of compliance with certain provisions of the
    indenture or certain defaults thereunder and their consequences
    provided for in the indenture;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    modify any of the provisions of certain sections of the
    indenture, including the provisions summarized in this
    paragraph, except to increase any such percentage or to provide
    that certain other provisions of the indenture cannot be
    modified or waived without the consent of the holder of each
    outstanding notes affected thereby.
</TD>
</TR>

</TABLE>
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    <BR>
    S-39
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<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Discharge of the
    indenture</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The Issuer may satisfy and discharge its obligations under the
    indenture by delivering to the trustee for cancelation all
    outstanding notes or by depositing with the trustee or the
    paying agent after the notes have become due and payable,
    whether at stated maturity, or any redemption date, or
    otherwise, cash sufficient to pay all of the outstanding notes
    and paying all other sums payable under the indenture by the
    Issuer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Governing
    law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The indenture, the notes and the guarantee are governed by and
    construed in accordance with the laws of the State of New York.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Book-entry
    system</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The notes will be represented by one or more global securities.
    Each global security will be deposited with, or on behalf of,
    The Depository Trust&#160;Company (&#147;DTC&#148;), and be
    registered in the name of a nominee of DTC. Except circumstances
    described below, the notes will not be issued in definitive form.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Upon the issuance of a global security, DTC will credit on its
    book-entry registration and transfer system the accounts of
    persons designated by the initial purchasers with the respective
    principal amounts of the notes represented by the global
    security. Ownership of beneficial interests in a global security
    will be limited to persons that have accounts with DTC or its
    nominee (&#147;participants&#148;) or persons that may hold
    interests through participants. Owners of beneficial interests
    in the notes represented by the global securities will hold
    their interests pursuant to the procedures and practices of DTC.
    Ownership of beneficial interests in a global security will be
    shown on, and the transfer of that ownership will be effected
    only through, records maintained by DTC or its nominee (with
    respect to interests of persons other than participants). The
    laws of some states require that certain purchasers of
    securities take physical delivery of such securities in
    definitive form. Such limits and such laws may impair the
    ability to transfer beneficial interests in a global security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    So long as DTC or its nominee is the registered owner of a
    global security, DTC or its nominee, as the case may be, will be
    considered the sole owner or holder of the notes presented by
    that global security for all purposes under the indenture.
    Except as provided below, owners of beneficial interests in a
    global security will not be entitled to have notes represented
    by that global security registered in their names, will not
    receive or be entitled to receive physical delivery of notes in
    definitive form and will not be considered the owners or holders
    thereof under the indenture. Beneficial owners will not be
    holders and will not be entitled to any rights provided to the
    holders of notes under the global securities or the indenture.
    Payment of principal amounts on notes registered in the name of
    DTC or its nominee will be made to DTC or its nominee, as the
    case may be, as the registered owner of the relevant global
    security. None of the Issuer, Holdings, the trustee, any paying
    agent or the registrar for the notes will have any
    responsibility or liability for any aspect of the records
    relating to or payment made on account of beneficial interests
    in a global security or for maintaining, supervising or
    reviewing any records relating to such beneficial interests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We expect that DTC or its nominees, upon receipt of any payment
    of the principal amount, will credit immediately
    participants&#146; accounts with payments in amounts
    proportionate to their
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    respective beneficial interests in the principal amount of the
    relevant global security as shown on the records of DTC or its
    nominee. We also expect that payments by participants to owners
    of beneficial interests in a global security held through such
    participants will be governed by standing instructions and
    customary practices, as is the case with securities held for the
    accounts of customers in bearer form or registered in
    &#147;street name&#148;, and will be the responsibility of such
    participants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If DTC is at any time unwilling or unable to continue as a
    depository and a successor depository is not appointed by us
    within 90&#160;days or if an event of default has occurred and
    is continuing, we will issue notes in definitive form in
    exchange for the entire global security for the notes. In any
    such instance, an owner of a beneficial interest in a global
    security will be entitled to physical delivery in definitive
    form of notes represented by such global security equal in
    principal amount to such beneficial interest and to have such
    notes registered in its name. Notes so issued in definitive form
    will be issued as registered notes in denominations of $1,000
    principal amount and integral multiples thereof, unless
    otherwise specified by the Issuer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Certain
    definitions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Attributable Debt&#148;</I> in respect of any Sale and
    Leaseback Transaction, means, as of the time of determination,
    the total obligation (discounted to present value at the rate
    per annum equal to the discount rate which would be applicable
    to a capital lease obligation with like term in accordance with
    GAAP) of the lessee for rental payments (other than amounts
    required to be paid on account of property taxes, maintenance,
    repairs, insurance, water rates and other items which do not
    constitute payments for property rights) during the remaining
    portion of the initial term of the lease included in such Sale
    and Leaseback Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Board of Directors&#148;</I> means the board of
    directors of Holdings or any committee thereof duly authorized
    to act on behalf of the board of directors of Holdings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Capital Stock&#148;</I> of any Person means
    (i)&#160;with respect to any Person that is a corporation, any
    and all shares, interests, rights to purchase, warrants,
    options, participations or other equivalents of or interests in
    (however designated) equity of such Person, including any Common
    Stock or Preferred Stock, and (ii)&#160;with respect to any
    Person that is not a corporation, any and all partnership,
    limited liability company, membership or other equity interests
    of such Person, but in each case excluding any debt securities
    convertible into such equity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Change of Control&#148;</I> means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (a)&#160;any &#147;person&#148; or &#147;group&#148; of related
    persons (as such terms are used in Sections 13(d) and 14(d) of
    the Exchange Act) becomes the beneficial owner (as defined in
    Rules <FONT style="white-space: nowrap">13d-3</FONT>
    and <FONT style="white-space: nowrap">13d-5</FONT>
    under the Exchange Act, except that such person or group shall
    be deemed to have &#147;beneficial ownership&#148; of all shares
    that any such person or group has the right to acquire, whether
    such right is exercisable immediately or only after the passage
    of time), directly or indirectly, of 50% of the total voting
    power of the voting stock of Holdings or the Issuer (or their
    successors by merger, consolidation or purchase of all or
    substantially all of their assets);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (b)&#160;during any period of two consecutive years, individuals
    who at the beginning of such period constituted the Board of
    Directors of Holdings (together with any new directors whose
    election to such board or whose nomination for election by the
    stockholders of Holdings was approved by a vote of a majority of
    the directors then still in office who were
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    either directors at the beginning of such period or whose
    election or nomination for election was previously so approved),
    cease for any reason to constitute a majority of such Board of
    Directors then in office;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (c)&#160;the sale, assignment, lease, transfer, conveyance or
    other disposition (other than by way of merger or
    consolidation), in one or a series of related transactions, of
    all or substantially all of the assets of Holdings and its
    Subsidiaries, taken as a whole, or of the Issuer and its
    Subsidiaries, taken as a whole, to any &#147;person&#148; (as
    such term is used in Sections&#160;13(d) and 14(d) of the
    Exchange Act);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (d)&#160;the adoption by the stockholders of Holdings or the
    Issuer of a plan or proposal for the liquidation or dissolution
    of Holdings or the Issuer; or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (e)&#160;Holdings ceases to own, directly or indirectly, all of
    the Capital Stock of the Issuer (other than in connection with a
    merger of Holdings into the Issuer permitted by the indenture).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Common Stock&#148;</I> means, with respect to any
    Person, any and all shares, interest or other participations in,
    and other equivalents (however designated and whether voting or
    nonvoting) of, such Person&#146;s common stock whether or not
    outstanding on the Issue Date, and includes, without limitation,
    all series and classes of such common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Comparable Treasury Issue&#148;</I> means the United
    States Treasury security selected by the Quotation Agent as
    having an actual or interpolated maturity comparable to the
    remaining term of the notes to be redeemed that would be
    utilized, at the time of selection and in accordance with
    customary financial practice, in pricing new issues of corporate
    debt securities of comparable maturity to the remaining term of
    such notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Comparable Treasury Price&#148; </I>means, with respect
    to any redemption date the average of three, or such lesser
    number as is obtained by the Quotation Agent, Reference Treasury
    Dealer Quotations for such redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Consolidated Current Liabilities&#148;</I> means the
    aggregate of the current liabilities of Holdings appearing on
    the most recent available consolidated balance sheet of
    Holdings, all in accordance with GAAP. In no event shall
    Consolidated Current Liabilities include any obligation of
    Holdings or its Subsidiaries issued under a revolving credit or
    similar agreement if the obligation issued under such agreement
    matures by its terms within 12&#160;months from the date thereof
    but by the terms of such agreement such obligation may be
    renewed or extended or the amount thereof reborrowed or refunded
    at the option of Holdings, the Issuer or any Subsidiary for a
    term in excess of 12&#160;months from the date of determination.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Consolidated Net Tangible Assets&#148;</I> means
    Consolidated Tangible Assets after deduction of Consolidated
    Current Liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Consolidated Tangible Assets&#148;</I> means the
    aggregate of all assets of Holdings (including the value of all
    existing Sale and Leaseback Transactions and any assets
    resulting from the capitalization of other long-term lease
    obligations in accordance with GAAP) appearing on the most
    recent available consolidated balance sheet of Holdings at their
    net book values, after deducting related depreciation,
    applicable allowances and other properly deductible items, and
    after deducting all goodwill, trademarks, tradenames, patents,
    unamortized debt discount and expenses and other like
    intangibles, all prepared in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Default&#148;</I> means any event or condition that is,
    or after notice or passage of time or both would be, an Event of
    Default.
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Existing Senior Secured Notes&#148;</I> means the
    9.25%&#160;senior secured notes due 2017 issued pursuant to the
    Indenture, dated as of December&#160;18, 2009, among the Issuer,
    the guarantors party thereto and U.S.&#160;Bank National
    Association, as trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Funded Debt&#148;</I> means all Debt having a maturity
    of more than 12&#160;months from the date as of which the
    determination is made or having a maturity of 12&#160;months or
    less but by its terms being renewable or extendable beyond
    12&#160;months from such date at the option of the borrower, but
    excluding any such Debt owed to the Issuer, Holdings or a
    Subsidiary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;GAAP&#148;</I> means generally accepted accounting
    principles set forth in the opinions and pronouncements of the
    Accounting Principles Board of the American Institute of
    Certified Public Accountants and statements and pronouncements
    of the Financial Accounting Standards Board or in such other
    statements by such other entity as have been approved by a
    significant segment of the accounting profession which are in
    effect on the Issue Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Guarantee Indebtedness&#148;</I> means, with respect to
    any Person on any date of determination (without duplication):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (1)&#160;the principal of and premium (if any) in respect of
    indebtedness of such Person for borrowed money;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (2)&#160;the principal of and premium (if any) in respect of
    obligations of such Person evidenced by bonds, debentures, notes
    or other similar instruments;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (3)&#160;the principal component of all obligations of such
    Person in respect of letters of credit, bankers&#146;
    acceptances or other similar instruments (including
    reimbursement obligations with respect thereto, except to the
    extent such reimbursement obligation relates to a trade payable
    or similar obligation to a trade creditor in each case incurred
    in the ordinary course of business and such obligation is
    satisfied within 30&#160;days of incurrence) other than
    obligations with respect to letters of credit securing
    obligations (other than obligations described in
    clauses&#160;(1) and (2)&#160;above) entered into in the
    ordinary course of business of such Person to the extent such
    letters of credit are not drawn upon or, to the extent drawn
    upon, such drawing is reimbursed no later than the fifth
    business day following receipt by such Person of a demand for
    reimbursement following payment on the letter of credit;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (4)&#160;the principal component or liquidation preference of
    all obligations of any Subsidiary that is not a Subsidiary
    Guarantor with respect to the redemption, repayment or other
    repurchase of any Preferred Stock (but excluding, in each case,
    any accrued dividends);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (5)&#160;the principal component of all Guarantee Indebtedness
    of other Persons secured by a lien on any asset of such Person,
    whether or not such Guarantee Indebtedness is assumed by such
    Person; <I>provided</I>, <I>however</I>, that the amount of such
    Guarantee Indebtedness will be the lesser of (a)&#160;the fair
    market value of such asset at such date of determination and
    (b)&#160;the amount of such Guarantee Indebtedness of such other
    Persons; and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (6)&#160;the principal component of Guarantee Indebtedness of
    other Persons to the extent guaranteed by such Person (whether
    or not such items would appear on the balance sheet of the
    guarantor or obligor).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Guarantors&#148;</I> means Holdings and the Subsidiary
    Guarantors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Investment Grade Rating&#148;</I> means a rating equal
    to or higher than Baa3 (or the equivalent) by Moody&#146;s
    Investors Service, Inc. and BBB- (or the equivalent) by
    Standard&#160;&#038; Poor&#146;s Ratings Group,
</DIV>
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    <BR>
    S-43
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Inc., in each case, with a stable or better outlook; <I>provided
    </I>that a change in outlook shall not by itself constitute a
    loss of an Investment Grade Rating.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Issue Date&#148;</I> means the original issue date of
    the notes under the indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Mortgage&#148;</I> means, with respect to any property
    or assets, any mortgage or deed of trust, pledge, hypothecation,
    assignment, security interest, lien, encumbrance, or any other
    security arrangement of any kind or nature whatsoever on or with
    respect to such property or assets (including any conditional
    sale or other title retention agreement having substantially the
    same economic effect as any of the foregoing).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Operating Property&#148;</I> means any real property or
    equipment located in the United States owned by, or leased to,
    the Issuer, Holdings or any Subsidiary that has a market value
    in excess of 1.0% of Consolidated Net Tangible Assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Person&#148;</I> means any individual, corporation,
    partnership, joint venture, trust, unincorporated organization
    or government or any agency or political subdivision thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Preferred Stock&#148;</I> means, as applied to the
    Capital Stock of any corporation, Capital Stock of any class or
    classes (however designated) that is preferred as to the payment
    of dividends, or as to the distribution of assets upon any
    voluntary or involuntary liquidation or dissolution of such
    Person, over shares of Capital Stock of any other class of such
    Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Quotation Agent&#148;</I> means J.P.&#160;Morgan
    Securities LLC, which we refer to as JPMorgan Securities, or
    another Reference Treasury Dealer appointed by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Ratings Agencies&#148;</I> means Standard&#160;&#038;
    Poor&#146;s Ratings Group, Inc. and Moody&#146;s Investors
    Service, Inc. or if Standard&#160;&#038; Poor&#146;s Ratings
    Group, Inc. or Moody&#146;s Investors Service, Inc. or both
    shall not make a rating on the notes publicly available, a
    nationally recognized statistical Ratings Agency or agencies, as
    the case may be, selected by Holdings (as certified by a
    resolution of the Board of Directors) which shall be substituted
    for Standard&#160;&#038; Poor&#146;s Ratings Group, Inc. or
    Moody&#146;s Investors Service, Inc. or both, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Reference Treasury Dealer&#148;</I> means each of
    J.P.&#160;Morgan Securities LLC and Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated and any other dealer
    selected by J.P.&#160;Morgan Securities LLC, and the respective
    successors of the foregoing; <I>provided</I>, <I>however</I>,
    that, if any of the foregoing shall cease to be a primary
    U.S.&#160;Government securities dealer in New York City (a
    &#147;Primary Treasury Dealer&#148;), we shall substitute
    another Primary Treasury Dealer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Reference Treasury Dealer Quotations&#148;</I> means,
    with respect to each Reference Treasury Dealer and any date of
    redemption, the average, as determined by the Quotation Agent,
    of the bid and asked prices for the Comparable Treasury Issue
    (expressed in each case as a percentage of its principal amount)
    quoted in writing to the Quotation Agent by that Reference
    Treasury Dealer at 5:00&#160;p.m., New York City time, on the
    third business day preceding that date of redemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Remaining Scheduled Payments&#148;</I> means, with
    respect to any note to be redeemed, the remaining scheduled
    payments of the principal and interest thereon that would be due
    after the related redemption date but for such redemption;
    <I>provided, however</I>, that, if such redemption date is not
    an interest payment date with respect to such note, the amount
    of the next scheduled interest payment thereon will be reduced
    by the amount of interest accrued thereon to such redemption
    date.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Restricted Subsidiary&#148;</I> means any Subsidiary
    (excluding the Issuer) that owns Operating Property.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Revolving Credit Agreement&#148;</I> means the Amended
    and Restated Credit Agreement dated as of January&#160;9, 2004,
    as amended and restated as of June&#160;30, 2011, among the
    Issuer, Holdings, the lenders party thereto and JPMorgan Chase
    Bank, N.A., as administrative agent, as amended, restated,
    supplemented, replaced or refinanced from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Sale and Leaseback Transaction&#148;</I> means any
    arrangement with any Person providing for the leasing to the
    Issuer, Holdings or any Subsidiary of any Operating Property,
    which Operating Property has been or is to be sold or
    transferred by the Issuer, Holdings or such Subsidiary to such
    Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Subsidiary&#148;</I> means any corporation of which at
    least a majority of the outstanding stock having by the terms
    thereof ordinary voting power for the election of directors of
    such corporation (irrespective of whether or not at the time
    stock of any other class or classes of such corporation shall
    have or might have voting power by reason of the happening of
    any contingency) is at the time directly or indirectly owned by
    the Issuer or Holdings, or by one or more other Subsidiaries, or
    by the Issuer or Holdings and one or more other Subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Subsidiary Guarantor&#148;</I> means each Subsidiary in
    existence on the Issue Date that provides a guarantee of the
    notes on the Issue Date (and any other Subsidiary that provides
    a guarantee of the notes in accordance with the indenture);
    <I>provided </I>that upon release or discharge of such
    Subsidiary from its guarantee in accordance with the indenture,
    such Subsidiary ceases to be a Subsidiary Guarantor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>&#147;Treasury Rate&#148; </I>means, with respect to any
    redemption date, the rate per annum equal to the semi-annual
    equivalent yield to maturity (computed as of the third business
    day immediately preceding that redemption date) of the
    Comparable Treasury Issue. In determining this rate, we assume a
    price for the Comparable Treasury Issue (expressed as a
    percentage of its principal amount) equal to the Comparable
    Treasury Price for such redemption date.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='F50523113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Certain U.S.
    federal income tax considerations for non-U.S. holders</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <I>Prospective investors should consult their professional
    advisors on the possible tax consequences of buying, holding or
    selling any notes under the laws of their country of
    citizenship, residence or domicile.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The following discussion summarizes certain U.S.&#160;federal
    income tax considerations that may be relevant to the
    acquisition, ownership and disposition of the notes by a
    <FONT style="white-space: nowrap">non-U.S.&#160;person</FONT>
    who purchases the notes in the initial offering. This discussion
    is based upon the provisions of the Internal Revenue Code of
    1986, as amended (the &#147;Code&#148;), applicable U.S.
    Treasury regulations promulgated thereunder, judicial authority
    and administrative interpretations, as of the date hereof, all
    of which are subject to change, possibly with retroactive effect
    or are subject to different interpretations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In this discussion, we do not purport to address all tax
    considerations that may be important to you in light of your
    particular circumstances, or to certain categories of investors
    that may be subject to special rules, such as financial
    institutions, insurance companies, regulated investment
    companies, tax-exempt organizations, dealers in securities or
    currencies, persons whose functional currency is not the
    U.S.&#160;dollar, partnerships or other pass-through entities
    for U.S.&#160;federal income tax purposes, U.S.&#160;expatriates
    or investors who hold the notes as part of a hedge, conversion
    transaction, straddle or other risk reduction transaction. This
    discussion is limited to initial investors who purchase the
    notes for cash at the original offering price and who hold the
    notes as capital assets (generally for investment purposes). If
    a partnership holds notes, the tax treatment of a partner
    generally will depend upon the status of the partner and the
    activities of the partnership. This summary does not consider
    any tax consequences arising under the laws of any foreign,
    state, local or other jurisdiction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <B>Investors considering the purchase of notes should consult
    their own independent tax advisors regarding the application of
    the U.S.&#160;federal tax laws to their particular situations
    and the applicability and effect of state, local or foreign tax
    laws and applicable income tax treaties.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    You are a
    <FONT style="white-space: nowrap">&#147;Non-U.S.&#160;Holder&#148;</FONT>
    for purposes of this discussion if you are a beneficial owner of
    a note and you are for U.S.&#160;federal income tax purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    an individual who is not a citizen or resident of the United
    States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    a corporation or other entity treated as a corporation for
    U.S.&#160;federal income tax purposes organized or created under
    laws outside of the United States;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    an estate or trust that is not subject to U.S.&#160;federal
    income taxation on its worldwide income.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Interest on the
    notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Subject to the discussion below concerning backup withholding,
    payments of interest on the notes to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    generally will be exempt from U.S.&#160;federal income tax and
    withholding tax under the &#147;portfolio interest&#148;
    exemption if you properly certify as to your foreign status (as
    described below) and:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    you do not conduct a trade or business within the United States
    to which the interest income is effectively connected;
</TD>
</TR>

</TABLE>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    you do not own, actually or constructively, 10% or more of the
    combined voting power of all classes of our stock entitled to
    vote;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    you are not a &#147;controlled foreign corporation&#148; that is
    related to us through stock ownership;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    you are not a bank that receives such interest in a transaction
    described in section 881(c)(3)(A) of the Code.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The portfolio interest exemption and several of the special
    rules for
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    described below generally apply only if you appropriately
    certify as to your foreign status. You can generally meet this
    certification requirement by providing a properly executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or appropriate substitute form to us or our paying agent
    certifying under penalty of perjury that you are not a
    U.S.&#160;person. If you hold the notes through a securities
    clearing organization, financial institution or other agent
    acting on your behalf, you may be required to provide
    appropriate certifications to the agent. Your agent will then
    generally be required to provide appropriate certifications to
    us or our paying agent, either directly or through other
    intermediaries. Special rules apply to foreign partnerships,
    estates and trusts and other intermediaries, and in certain
    circumstances certifications as to the foreign status of
    partners, trust owners or beneficiaries may have to be provided.
    In addition, special rules apply to qualified intermediaries
    that enter into withholding agreements with the IRS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If you cannot satisfy the requirements described above for the
    portfolio interest exemption, payments of interest made to you
    on the notes will be subject to the 30% U.S.&#160;federal
    withholding tax, unless you provide us either with (1)&#160;a
    properly executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or successor form) claiming an exemption from (or a reduction
    of) withholding under the benefit of an applicable income tax
    treaty or (2)&#160;a properly executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    (or successor form) stating that interest paid on the note is
    not subject to withholding tax because the interest is
    effectively connected with your conduct of a trade or business
    in the United States and you meet the certification requirements
    described below. See &#147;&#151;Income or Gain Effectively
    Connected with a U.S.&#160;Trade or Business.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Disposition of
    notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Subject to the discussion below concerning backup withholding,
    you generally will not be subject to U.S.&#160;federal income
    tax (and generally no tax will be withheld) on any gain realized
    on the sale, redemption, exchange, retirement or other taxable
    disposition of a note unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the gain is effectively connected with the conduct by you of a
    U.S.&#160;trade or business;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    you are an individual who has been present in the United States
    for 183&#160;days or more in the taxable year of disposition and
    certain other requirements are met.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If you are described in the first bullet point above, see
    &#147;&#151;Income or Gain Effectively Connected with a
    U.S.&#160;Trade or Business&#148; below. If you are described in
    the second bullet point above, any gain realized by you from the
    sale, exchange, retirement or other taxable disposition of the
    notes, which may be offset by certain U.S.&#160;source capital
    losses, will be subject to U.S.&#160;federal income tax at a 30%
    rate (or lower applicable treaty rate).
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Income or gain
    effectively connected with a U.S. trade or business</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If any interest on the notes or gain from the sale, exchange or
    other taxable disposition of the notes is effectively connected
    with a U.S.&#160;trade or business conducted by you (and in the
    case of an applicable income tax treaty, attributable to your
    permanent establishment in the United States), then the income
    or gain will be subject to U.S.&#160;federal income tax at
    regular graduated U.S. federal income tax rates, but will not be
    subject to U.S.&#160;withholding tax if certain certification
    requirements are satisfied. You can generally meet these
    certification requirements by providing a properly executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    or appropriate substitute form to us or our paying agent. If you
    are a corporation, the portion of your earnings and profits that
    is effectively connected with your U.S.&#160;trade or business
    (and, in the case of an applicable income tax treaty,
    attributable to your permanent establishment in the United
    States) also may be subject to an additional &#147;branch
    profits tax&#148; at a 30% rate, although an applicable income
    tax treaty may provide for a lower rate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Information
    reporting and backup withholding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Payments to
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    of interest on a note, and amounts withheld from such payments,
    if any, generally will be required to be reported to the IRS and
    to you. Backup withholding tax generally will not apply to
    payments of interest and principal on a note to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    if certification of foreign status such as an IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    described in &#147;Interest on the Notes&#148; is duly provided
    by the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    or such holder otherwise establishes an exemption, provided that
    we do not have actual knowledge or reason to know that the
    holder is a U.S.&#160;person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Payment of the proceeds of a sale of a note effected by the
    U.S.&#160;office of a U.S.&#160;or foreign broker will be
    subject to information reporting requirements and backup
    withholding unless you properly certify under penalties of
    perjury as to your foreign status and certain other conditions
    are met or you otherwise establish an exemption. Information
    reporting requirements and backup withholding generally will not
    apply to any payment of the proceeds of the sale of a note
    effected outside the United States by a foreign office of a
    broker. However, unless such a broker has documentary evidence
    in its records that you are a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    and certain other conditions are met, or you otherwise establish
    an exemption, information reporting will apply to a payment of
    the proceeds of the sale of a note effected outside the United
    States by certain brokers with substantial connections to the
    United States.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Backup withholding is not an additional tax. Any amount withheld
    under the backup withholding rules may be credited against your
    U.S.&#160;federal income tax liability and any excess may be
    refundable if the proper information is provided to the IRS on a
    timely basis.
</DIV>
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<A name='F50523114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Underwriting
    (Conflicts of interest)</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Subject to the terms and conditions in the underwriting
    agreement between us and the underwriters, we have agreed to
    sell to each underwriter, and each underwriter has severally
    agreed to purchase from us, the principal amount of notes set
    forth opposite that underwriter&#146;s name.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
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    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
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<!-- TableOutputHead -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="4" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 9pt">Underwriter</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">Principal amount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="4" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    J.P.&#160;Morgan Securities LLC&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    67,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -55pt; margin-left: 55pt">
    Merrill Lynch, Pierce, Fenner&#160;&#038; Smith<BR>
    Incorporated
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    KeyBanc Capital Markets Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    RBC Capital Markets, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    U.S. Bancorp Investments, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Huntington Investment Company
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <B>Total</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    200,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The underwriting agreement provides that the underwriters will
    purchase all the notes if any of them are purchased.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The underwriters initially propose to offer the notes to the
    public at the public offering price that appears on the cover
    page of this prospectus supplement. The underwriters may offer
    the notes to selected dealers at the public offering price minus
    a concession of up to 0.375% of the principal amount. In
    addition, the underwriters may allow, and those selected dealers
    may reallow, a concession of up to 0.250% of the principal
    amount to certain other dealers. After the initial offering, the
    underwriters may change the public offering price and any other
    selling terms. The underwriters may offer and sell notes through
    certain of their affiliates. The expenses of the offering, not
    including the underwriting discount, are estimated to be
    approximately $1&#160;million, and are payable by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In the underwriting agreement, we have agreed that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    We will not offer or sell any of our debt securities (other than
    the notes) for a period of 45&#160;days after the date of this
    prospectus supplement without the prior consent of
    J.P.&#160;Morgan Securities LLC.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    We will indemnify the underwriters against certain liabilities,
    including liabilities under the Securities Act of 1933, or
    contribute to payments that the underwriters may be required to
    make in respect of those liabilities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The notes are a new issue of securities, and there is currently
    no established trading market for the notes. We do not intend to
    apply for the notes to be listed on any securities exchange or
    to arrange for the notes to be quoted on any quotation system.
    The underwriters have advised us that they intend to make a
    market in the notes, but they are not obligated to do so. The
    underwriters may discontinue any market making in the notes at
    any time at their sole discretion. Therefore, we cannot assure
    you that a liquid trading market will develop for the notes,
    that you will be able to sell your notes at a particular time or
    that the prices that you receive when you sell will be favorable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In connection with this offering of the notes, the underwriters
    may engage in overallotment, stabilizing transactions and
    syndicate covering transactions in accordance with
    Regulation&#160;M
</DIV>
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    <BR>
    S-49
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    under the Securities Exchange Act of 1934. Overallotment
    involves sales in excess of the offering size, which creates a
    short position for the underwriters. Stabilizing transactions
    involve bids to purchase the notes in the open market for the
    purpose of pegging, fixing or maintaining the price of the
    notes, as applicable. Syndicate covering transactions involve
    purchases of the notes in the open market after the distribution
    has been completed in order to cover short positions.
    Stabilizing transactions and syndicate covering transactions may
    cause the price of the notes to be higher than it would
    otherwise be in the absence of those transactions. If any
    underwriter engages in stabilizing or syndicate covering
    transactions, it may discontinue them at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The underwriters, together with their respective affiliates, are
    full service financial institutions engaged in various
    activities, which activities may include securities trading,
    commercial and investment banking, financial advisory,
    investment management, investment research, principal
    investment, hedging, financing and brokerage activities. The
    underwriters and their respective affiliates have provided, and
    in the future may provide, certain investment banking,
    commercial banking and financial advisory services to us and our
    affiliates, for which they have received, and in the future
    would receive, customary fees. JPMorgan Chase Bank, N.A., an
    affiliate of J.P.&#160;Morgan Securities LLC, is the
    administrative agent and a lender under the Revolving Credit
    Agreement and affiliates of the other underwriters are lenders
    under the Revolving Credit Agreement. Also, J.P.&#160;Morgan
    Securities LLC and Merrill Lynch, Pierce, Fenner&#160;&#038;
    Smith Incorporated are joint lead arrangers and joint
    bookrunners under the Revolving Credit Agreement. In addition,
    the underwriters and their respective affiliates may effect
    transactions for their own account or the account of customers,
    and hold on behalf of themselves or their customers, long or
    short positions in our debt or equity securities or loans, and
    may do so in the future. In the ordinary course of their various
    business activities, the underwriters and their respective
    affiliates may make or hold a broad array of investments and
    actively trade debt and equity securities (or related derivative
    securities) and financial instruments (including bank loans) for
    their own account and for the accounts of their customers, and
    such investment and securities activities may involve securities
    <FONT style="white-space: nowrap">and/or</FONT>
    instruments of the issuer. The underwriters and their respective
    affiliates may also make investment recommendations
    <FONT style="white-space: nowrap">and/or</FONT>
    publish or express independent research views in respect of such
    securities or instruments and may at any time hold, or recommend
    to clients that they acquire, long
    <FONT style="white-space: nowrap">and/or</FONT> short
    positions in such securities and instruments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    If any of the underwriters or their affiliates has a lending
    relationship with us, certain of those underwriters or their
    affiliates routinely hedge and certain others of those
    underwriters or their affiliates may hedge their credit exposure
    to us consistent with their customary risk management policies.
    Typically, these underwriters and their affiliates would hedge
    such exposure by entering into transactions that consist of
    either the purchase of credit default swaps or the creation of
    short positions in our securities, including potentially the
    notes offering hereby. Any such short credit default swap or
    positions could adversely affect future trading prices of the
    notes offered hereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In compliance with guidelines of FINRA, the maximum
    consideration or discount to be received by any FINRA member
    will not exceed 8% of the aggregate amount of the securities
    offered pursuant to this prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Conflicts of
    interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    We intend to use at least 5% of the net proceeds of this
    offering to repay indebtedness owed by us to affiliates of
    certain of the underwriters who are lenders under our Revolving
    Credit Facility. See &#147;Use of proceeds.&#148; Consequently,
    J.P.&#160;Morgan Securities LLC and Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated each have a conflict of
    interest within the meaning of
</DIV>
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    <BR>
    S-50
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    FINRA Rule&#160;5121. Accordingly, this offering is being made
    in compliance with the requirements of Rule&#160;5121. This rule
    provides that if at least five percent of the net offering
    proceeds from the sale of debt securities, not including
    underwriting compensation, are used to reduce or retire the
    balance of a loan or credit facility extended by any underwriter
    or its affiliates, a &#147;qualified independent
    underwriter,&#148; or QIU, meeting certain standards must
    participate in the preparation of the registration statement and
    the prospectus and exercise the usual standards of due diligence
    with respect thereto. KeyBanc Capital Markets Inc. is assuming
    the responsibilities of acting as the QIU in connection with
    this offering. We have agreed to indemnify KeyBanc Capital
    Markets Inc. against certain liabilities incurred in connection
    with it acting as a QIU for this offering, including liabilities
    under the Securities Act of 1933.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Offering
    restrictions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The Notes are offered for sale in the United States and in
    jurisdictions outside the United States, subject to applicable
    law.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">European Economic
    Area</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    In relation to each Member State of the European Economic Area
    which has implemented the Prospectus Directive (each, a
    &#147;Relevant Member State&#148;), with effect from and
    including the date on which the Prospectus Directive is
    implemented in that Relevant Member State (the &#147;Relevant
    Implementation Date&#148;), each underwriter agrees that it has
    not made and will not make an offer of the Notes to the public
    in that Relevant Member State prior to the publication of a
    prospectus in relation to the Securities which has been approved
    by the competent authority in that Relevant Member State or,
    where appropriate, approved in another Relevant Member State and
    notified to the competent authority in that Relevant Member
    State, all in accordance with the Prospectus Directive, except
    that it may, with effect from and including the Relevant
    Implementation Date, make an offer of Securities to the public
    in that Relevant Member State at any time:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (a)&#160;to &#147;qualified investors&#148; as defined in the
    Prospectus Directive;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (b)&#160;to fewer than 100 (or, in the case of if the Relevant
    Member State has implemented the relevant provisions of the 2010
    PD Directive, 150)&#160;natural or legal persons (other than
    &#147;qualified investors&#148; as defined in the Prospectus
    Directive), as permitted in the Prospectus Directive, subject to
    obtaining the prior consent of the representatives for any such
    offer;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (c)&#160;in any other circumstances falling within
    Article&#160;3(2) of the Prospectus Directive, provided that no
    such offer of Notes shall result in a requirement for the
    publication of a prospectus pursuant to Article&#160;3 of the
    Prospectus Directive or of a supplement to a prospectus pursuant
    to Article&#160;16 of the Prospectus Directive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    For the purposes of this provision, the expression an
    &#147;offer of securities to the public&#148; in relation to any
    securities in any Relevant Member State means the communication
    in any form and by any means of sufficient information on the
    terms of the offer and the securities to be offered so as to
    enable an investor to decide to purchase or subscribe for the
    securities, as the same may be varied in that Member State by
    any measure implementing the Prospectus Directive in that Member
    State, the expression &#147;Prospectus Directive&#148; means
    Directive 2003/71/EC (and amendments thereto, including the 2010
    PD Amending Directive, to the extent implemented in the Relevant
    Member State) and includes any relevant implementing measure
</DIV>
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    <BR>
    S-51
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    in each Relevant Member State and the expression &#147;2010 PD
    Amending Directive&#148; means Directive 2010/73/EU.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">United
    Kingdom</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Each underwriter has represented and agreed that it and each of
    its affiliates:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (a)&#160;has only communicated or caused to be communicated and
    will only communicate or cause to be communicated an invitation
    or inducement to engage in investment activity, within the
    meaning of Section&#160;21 of the Financial Services and Markets
    Act 2000 (the &#147;FSMA&#148;) received by it in connection
    with the issue or sale of the Notes, in circumstances in which
    Section&#160;21(1) of the FSMA does not apply to the Company or
    the Guarantors;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    (b)&#160;has complied with, and will comply with, all applicable
    provisions of the FSMA with respect to anything done by it in
    relation to the Notes in, from or otherwise involving the United
    Kingdom.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Hong
    Kong</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The Notes may not be offered or sold by means of any document
    other than (i)&#160;in circumstances which do not constitute an
    offer to the public within the meaning of the Companies
    Ordinance (Cap.32, Laws of Hong Kong), or (ii)&#160;to
    &#147;professional investors&#148; within the meaning of the
    Securities and Futures Ordinance (Cap.571, Laws of Hong Kong)
    and any rules made thereunder, or (iii)&#160;in other
    circumstances which do not result in the document being a
    &#147;prospectus&#148; within the meaning of the Companies
    Ordinance (Cap.32, Laws of Hong Kong), and no advertisement,
    invitation or document relating to the Notes may be issued or
    may be in the possession of any person for the purpose of issue
    (in each case whether in Hong Kong or elsewhere), which is
    directed at, or the contents of which are likely to be accessed
    or read by, the public in Hong Kong (except if permitted to do
    so under the laws of Hong Kong) other than with respect to Notes
    which are or are intended to be disposed of only to persons
    outside Hong Kong or only to &#147;professional investors&#148;
    within the meaning of the Securities and Futures Ordinance
    (Cap.571, Laws of Hong Kong) and any rules made thereunder.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Japan</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The Notes have not been and will not be registered under the
    Securities and Exchange Law of Japan (the &#147;Securities and
    Exchange Law&#148;) and each underwriter has agreed that it will
    not offer or sell any Notes, directly or indirectly, in Japan or
    to, or for the benefit of, any resident of Japan (which term as
    used herein means any person resident in Japan, including any
    corporation or other entity organized under the laws of Japan),
    or to others for re-offering or resale, directly or indirectly,
    in Japan or to a resident of Japan, except pursuant to an
    exemption from the registration requirements of, and otherwise
    in compliance with, the Securities and Exchange Law and any
    other applicable laws, regulations and ministerial guidelines of
    Japan.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Singapore</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    This prospectus supplement has not been registered as a
    prospectus with the Monetary Authority of Singapore.
    Accordingly, this prospectus supplement and any other document
    or material
</DIV>
<!-- XBRL Paragraph Pagebreak -->
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    <BR>
    S-52
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<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    in connection with the offer or sale, or invitation for
    subscription or purchase, of the Notes may not be circulated or
    distributed, nor may the Notes be offered or sold, or be made
    the subject of an invitation for subscription or purchase,
    whether directly or indirectly, to persons in Singapore other
    than (i)&#160;to an institutional investor under
    Section&#160;274 of the Securities and Futures Act,
    Chapter&#160;289 of Singapore (the &#147;SFA&#148;),
    (ii)&#160;to a relevant person, or any person pursuant to
    Section&#160;275(1A), and in accordance with the conditions,
    specified in Section&#160;275 of the SFA or (iii)&#160;otherwise
    pursuant to, and in accordance with the conditions of, any other
    applicable provision of the SFA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    Where the Notes are subscribed or purchased under
    Section&#160;275 by a relevant person which is: (a)&#160;a
    corporation (which is not an accredited investor) the sole
    business of which is to hold investments and the entire share
    capital of which is owned by one or more individuals, each of
    whom is an accredited investor; or (b)&#160;a trust (where the
    trustee is not an accredited investor) whose sole purpose is to
    hold investments and each beneficiary is an accredited investor,
    shares, debentures and units of shares and debentures of that
    corporation or the beneficiaries&#146; rights and interest in
    that trust shall not be transferable for 6&#160;months after
    that corporation or that trust has acquired the Notes under
    Section&#160;275 except: (1)&#160;to an institutional investor
    under Section&#160;274 of the SFA or to a relevant person, or
    any person pursuant to Section&#160;275(1A), and in accordance
    with the conditions, specified in Section&#160;275 of the SFA;
    (2)&#160;where no consideration is given for the transfer; or
    (3)&#160;by operation of law.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-53
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<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='F50523115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Legal
    matters</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The validity of the Holdings and AAM Inc. securities will be
    passed upon for us by Shearman&#160;&#038; Sterling LLP, 599
    Lexington Avenue, New York, New York 10022. Richard G. Raymond,
    who is General Counsel of Holdings and AAM Inc., will give us an
    opinion about the validity of the guarantees by the Subsidiary
    Guarantors. Mr.&#160;Raymond owns Holdings common stock and
    options to purchase shares of Holdings common stock. The
    underwriters have been represented by Cravath,
    Swaine&#160;&#038; Moore LLP.
</DIV>

<A name='F50523116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: Arial, Helvetica">Experts</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    The financial statements, and the related financial statement
    schedule, incorporated in this prospectus supplement and the
    accompanying prospectus by reference from the Holdings&#146;
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2010, and the
    effectiveness of Holdings&#146; internal control over financial
    reporting have been audited by Deloitte&#160;&#038; Touche LLP,
    an independent registered public accounting firm, as stated in
    their report, which is incorporated herein by reference. Such
    financial statements and financial statement schedule have been
    so incorporated in reliance upon the report of such firm given
    upon their authority as experts in accounting and auditing.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
    <BR>
    S-54
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt">PROSPECTUS</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="f50523b5k5052301.gif" alt="(AMERICAN AXLE AND MANUFACTURING LOGO)"><B><FONT style="font-size: 9pt">
    </FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 20pt">AMERICAN AXLE&#160;&#038;
    MANUFACTURING, INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 17pt">AMERICAN AXLE&#160;&#038;
    MANUFACTURING HOLDINGS, INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">AAM International Holdings,
    Inc.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">AccuGear, Inc.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Colfor Manufacturing,
    Inc.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">DieTronik, Inc.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">MSP Industries
    Corporation</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Oxford Forge, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Debt Securities</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Guarantees</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Warrants to Purchase Debt
    Securities</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Warrants to Purchase Common
    Stock</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Common Stock</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will provide the specific terms of these securities in
    supplements or term sheets to this prospectus and whether an
    offer will be made by us, a selling security holder or both. You
    should read this prospectus, the prospectus supplements and term
    sheets carefully before you invest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will not use this prospectus to confirm sales of any
    securities unless it is attached to a prospectus supplement or a
    term sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    American Axle &#038; Manufacturing Holdings, Inc.&#146;s common
    stock is listed on the New York Stock Exchange under the symbol
    &#147;AXL.&#148;
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or passed upon the adequacy or accuracy of this
    prospectus. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE DATE OF THIS PROSPECTUS IS JULY 12, 2011.
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="K50523tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523117'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523101'>WHERE YOU CAN FIND MORE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523102'>AMERICAN AXLE&#160;&#038; MANUFACTURING</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523103'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523104'>PROSPECTUS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523105'>PROSPECTUS SUPPLEMENT OR TERM SHEET</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523106'>FORWARD-LOOKING STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523107'>DESCRIPTION OF DEBT SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523113'>DESCRIPTION OF GUARANTEES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523108'>DESCRIPTION OF DEBT WARRANTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523109'>DESCRIPTION OF WARRANTS TO PURCHASE COMMON
    STOCK</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523110'>DESCRIPTION OF COMMON STOCK</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523111'>DESCRIPTION OF PREFERRED STOCK</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523112'>SPECIAL PROVISIONS RELATING TO FOREIGN CURRENCY
    DEBT SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523114'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523115'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#K50523116'>EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should rely only on the information contained or
    incorporated by reference in this prospectus and in any
    accompanying prospectus supplement. No one has been authorized
    to provide you with different information.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>The securities are not being offered in any jurisdiction
    where the offer is not permitted.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should not assume that the information contained in or
    incorporated by reference in this prospectus or any prospectus
    supplement is accurate as of any date other than the date on the
    front of the documents.</B>
</DIV>
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    <BR>
    i
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<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='K50523117'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your investment in the securities involves certain risks. In
    consultation with your own financial and legal advisers, you
    should carefully consider whether an investment in the
    securities is suitable for you. The securities are not an
    appropriate investment for you if you do not understand the
    terms of the securities or financial matters generally. Risks
    relating to the securities will be set forth in the relevant
    prospectus supplement for the offering of such securities. In
    addition, certain factors that may adversely affect the business
    of AAM Inc. (as defined below) or Holdings (as defined below)
    are discussed in our periodic reports referred to in &#147;Where
    You Can Find More Information,&#148; below. For example,
    Holdings&#146; Annual Report on Form&#160;10-K for the fiscal
    year ended December&#160;31, 2010 contains a discussion of
    significant risks that could be relevant to an investment in the
    securities. You should not purchase the securities described in
    this prospectus unless you understand and know you can bear all
    of the investment risks involved.
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<A name='K50523101'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are required to comply with the reporting requirements of the
    Securities Exchange Act of 1934, as amended (the &#147;Exchange
    Act&#148;), and, in accordance with those requirements, we file
    combined reports, proxy statements and other information with
    the Securities and Exchange Commission (the &#147;SEC&#148;).
    Unless the context otherwise requires, references in this
    prospectus to the &#147;company,&#148; &#147;we,&#148;
    &#147;our,&#148; and &#147;us&#148; shall mean collectively
    (i)&#160;American Axle&#160;&#038; Manufacturing, Inc., or AAM
    Inc., a Delaware corporation, and its direct and indirect
    subsidiaries and (ii)&#160;American Axle&#160;&#038;
    Manufacturing Holdings, Inc., or Holdings, a Delaware
    corporation and the direct parent corporation of AAM Inc.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You can call the SEC&#146;s toll-free number at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information. The SEC maintains a website at
    www.sec.gov that contains reports, proxy and information
    statements and other information regarding companies like ours
    that file with the SEC electronically. The documents can be
    found by searching the EDGAR archives at the SEC&#146;s website
    or can be inspected and copied at the Public Reference Section
    of the SEC located at 100&#160;F&#160;Street, NE,
    Washington,&#160;D.C. 20549. Our SEC filings and other
    information about us may also be obtained from our website at
    www.aam.com, although information on our website does not
    constitute a part of this prospectus. Material that we have
    filed may also be inspected at the library of the New York Stock
    Exchange, 20&#160;Broad Street, New York, New York 10005.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The SEC allows us to &#147;incorporate by reference&#148; the
    information we file with them, which means that we can disclose
    important information to you by referring you to those documents
    that are considered part of this prospectus. Later information
    that we file will automatically update and supersede this
    information. We incorporate by reference the documents listed
    below and any future filings we make with the SEC under
    Section&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act
    (i)&#160;after the date of the filing of this registration
    statement and prior to effectiveness and (ii)&#160;until the
    offering of the particular securities covered by a prospectus
    supplement or term sheet has been completed. This prospectus is
    part of a registration statement filed with the SEC.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are incorporating by reference into this prospectus the
    following documents filed with the SEC (excluding any portions
    of such documents that have been &#147;furnished&#148; but not
    &#147;filed&#148; for purposes of the Exchange Act):
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Holdings&#146; annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2010 filed with the
    SEC on February&#160;9, 2010 (including information specifically
    incorporated by reference into the annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    from Holdings&#146; proxy statement on Schedule&#160;14A filed
    with the SEC on March&#160;21, 2011).
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Holdings&#146; quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2011 filed with the SEC on
    April&#160;29, 2011.
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Holdings&#146; current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the SEC on January&#160;7, 2011, February&#160;8,
    2011 (excluding Item&#160;2.02), May&#160;4, 2011 and
    July&#160;1, 2011.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The documents incorporated by reference in this prospectus are
    available from us upon request. We will provide a copy of any
    and all of the information that is incorporated by reference in
    this prospectus to any person, without charge, upon written or
    oral request. Requests for such copies should be directed to the
    following:
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    American Axle&#160;&#038; Manufacturing Holdings, Inc.
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Attention: Investor Relations
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    One Dauch Drive
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Detroit, Michigan
    <FONT style="white-space: nowrap">48211-1198</FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Telephone Number:
    <FONT style="white-space: nowrap">(313)&#160;758-4814</FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as provided above, no other information, including, but
    not limited to, information on our websites is incorporated by
    reference in this prospectus.
</DIV>
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    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='K50523102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">AMERICAN
    AXLE&#160;&#038; MANUFACTURING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are a Tier&#160;I supplier to the automotive industry. We
    manufacture, engineer, design and validate driveline and
    drivetrain systems and related components and chassis modules
    for light trucks, sport utility vehicles (&#147;SUVs&#148;),
    passenger cars, crossover vehicles and commercial vehicles.
    Driveline and drivetrain systems include components that
    transfer power from the transmission and deliver it to the drive
    wheels. Our driveline, drivetrain and related products include
    axles, chassis modules, driveshafts, power transfer units,
    transfer cases, chassis and steering components, driving heads,
    crankshafts, transmission parts and metal-formed products.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are the principal supplier of driveline components to General
    Motors Company (&#147;GM&#148;) for its rear-wheel drive light
    trucks and SUVs manufactured in North America, supplying
    substantially all of GM&#146;s rear axle and front four-wheel
    drive and all-wheel drive axle requirements for these vehicle
    platforms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are the sole-source supplier to GM for certain axles and
    other driveline products for the life of each GM vehicle program
    covered by a Lifetime Program Contract (&#147;LPC&#148;).
    Substantially all of our sales to GM are made pursuant to the
    LPCs. The LPCs have terms equal to the lives of the relevant
    vehicle programs or their respective derivatives, which
    typically run 6 to 10&#160;years, and require us to remain
    competitive with respect to technology, design and quality.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are also the principal supplier of driveline system products
    for the Chrysler Group LLC&#146;s (&#147;Chrysler&#148;)
    heavy-duty Dodge Ram full-size pickup trucks and its
    derivatives. In addition to GM and Chrysler, we supply driveline
    systems and other related components to Volkswagen AG, Scania
    AB, PACCAR Inc., Harley-Davidson Inc., Deere&#160;&#038;
    Company, Tata Motors, Mack Trucks Inc., Nissan Motor Co., Ltd.,
    Ford Motor Company and other original equipment manufacturers
    and Tier&#160;I supplier companies.
</DIV>

<A name='K50523103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as may be described otherwise in a prospectus supplement
    or term sheet, we will add the net proceeds from the sale of the
    securities under this prospectus to our general funds and will
    use them for working capital and other general corporate
    purposes, which may include, among other things, reducing or
    refinancing indebtedness or funding acquisitions.
</DIV>

<A name='K50523104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus is part of a registration statement that we
    filed with the SEC utilizing a &#147;shelf&#148; registration
    process. Under this shelf process, we may sell any combination
    of the following securities in one or more offerings:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    debt securities (&#147;debt securities&#148;), which may be
    either senior (the &#147;senior securities&#148;) or
    subordinated (the &#147;subordinated securities&#148;),
    unsecured (&#147;unsecured debt securities&#148;) or secured
    (&#147;secured debt securities&#148;) guaranteed by Holdings
    <FONT style="white-space: nowrap">and/or</FONT>
    certain subsidiaries of AAM Inc. which may include AAM
    International Holdings, Inc., AccuGear, Inc., Colfor
    Manufacturing, Inc., DieTronik, Inc., MSP Industries Corporation
    and Oxford Forge, Inc. (collectively, the &#147;Subsidiary
    Guarantors,&#148; and, together with Holdings, the
    &#147;Guarantors&#148;);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    warrants to purchase debt securities (&#147;debt warrants&#148;);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    shares of the common stock of Holdings (&#147;common
    stock&#148;);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    shares of Holdings&#146; preferred stock (&#147;preferred
    stock&#148;);&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    warrants to purchase common stock of Holdings (&#147;common
    stock warrants,&#148; and the shares underlying such common
    stock warrants, the &#147;warrant shares&#148;).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The terms of the securities will be determined at the time of
    offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will refer to the debt securities, debt warrants, common
    stock warrants, warrant shares, the guarantees of the debt
    securities, common stock and preferred stock, or any combination
    of those securities, proposed to be sold under this prospectus
    and the applicable prospectus supplement or term sheet as the
    &#147;offered securities.&#148; The
</DIV>
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    <BR>
    2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    offered securities, together with any debt securities, common
    stock and preferred stock issuable upon exercise of debt
    warrants, common stock warrants, warrant shares or conversion or
    exchange of other offered securities, as applicable, will be
    referred to as the &#147;securities.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should rely only on the information contained or
    incorporated by reference in this prospectus or prospectus
    supplement. We have not authorized any other person to provide
    you with different information. If anyone provides you with
    different or inconsistent information, you should not rely on
    it. We are not making an offer to sell these securities in any
    jurisdiction where the offer or sale is not permitted. You
    should assume that the information appearing in this prospectus,
    prospectus supplement, or any documents incorporated by
    reference is accurate only as of the date on the front cover of
    the applicable document. Our business, financial condition,
    results of operations and prospects may have changed since then.
</DIV>

<A name='K50523105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUPPLEMENT OR TERM SHEET</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus provides you with a general description of the
    debt securities, warrants to purchase debt securities, common
    stock warrants, warrant shares, common stock and preferred stock
    we may offer. Each time we sell securities, we will provide a
    prospectus supplement or term sheet that will contain specific
    information about the terms of that offering and whether
    securities are being offered by us, a selling security holder or
    both. The prospectus supplement or term sheet may also add to,
    update or change information contained in this prospectus, and
    accordingly, to the extent inconsistent, information in this
    prospectus is superseded by the information in the prospectus
    supplement or term sheet. You should read both this prospectus
    and any prospectus supplement or term sheet together with the
    additional information described under the heading &#147;Where
    You Can Find More Information.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The prospectus supplement or term sheet to be attached to the
    front of this prospectus will describe: the terms of the
    securities offered, any initial public offering price, the price
    paid to us for the securities, the net proceeds to us, the
    manner of distribution and any underwriting compensation and the
    other specific material terms related to the offering of these
    securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For more detail on the terms of the securities, you should read
    the exhibits filed with or incorporated by reference in our
    Registration Statement.
</DIV>

<A name='K50523106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain statements contained in this prospectus, or any
    accompanying prospectus supplement and the documents
    incorporated herein or therein by reference are forward-looking
    in nature and relate to trends and events that may affect our
    future financial position and operating results.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Such statements are &#147;forward-looking&#148; statements
    within the meaning of the Private Securities Litigation Reform
    Act of 1995 and relate to trends and events that may affect our
    future financial position and operating results. The terms such
    as &#147;will,&#148; &#147;may,&#148; &#147;could,&#148;
    &#147;would,&#148; &#147;plan,&#148; &#147;believe,&#148;
    &#147;expect,&#148; &#147;anticipate,&#148; &#147;intend,&#148;
    &#147;project,&#148; and similar words of expressions, as well
    as statements in future tense, are intended to identify
    forward-looking statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Forward-looking statements should not be read as a guarantee of
    future performance or results, and will not necessarily be
    accurate indications of the times at, or by, which such
    performance or results will be achieved. Forward-looking
    statements are based on information available at the time those
    statements are made
    <FONT style="white-space: nowrap">and/or</FONT>
    management&#146;s good faith belief as of that time with respect
    to future events and are subject to risks and may differ
    materially from those expressed in or suggested by the
    forward-looking statements. Important factors that could cause
    such differences include, but are not limited to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    global economic conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to comply with the definitive terms and conditions
    of various commercial and financing arrangements with GM;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduced purchases of our products by GM, Chrysler or other
    customers;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduced demand for our customers&#146; products (particularly
    light trucks and SUVs produced by GM and Chrysler);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    availability of financing for working capital, capital
    expenditures, research and development (&#147;R&#038;D&#148;) or
    other general corporate purposes, including our ability to
    comply with financial covenants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our customers&#146; and suppliers&#146; availability of
    financing for working capital, capital expenditures, R&#038;D or
    other general corporate purposes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to achieve cost reductions through ongoing
    restructuring actions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to achieve the level of cost reductions required to
    sustain global cost competitiveness;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability, our suppliers&#146; ability and our customers&#146;
    ability to avoid supply shortages as a result of recent events
    in Japan or otherwise;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to maintain satisfactory labor relations and avoid
    future work stoppages;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our suppliers&#146;, our customers&#146; and their
    suppliers&#146; ability to maintain satisfactory labor relations
    and avoid work stoppages;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    additional restructuring actions that may occur;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to continue to implement improvements in our
    U.S.&#160;labor cost structure;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    supply shortages or price increases in raw materials, utilities
    or other operating supplies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to consummate and integrate acquisitions and joint
    ventures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability or our customers&#146; and suppliers&#146; ability
    to successfully launch new product programs on a timely basis;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to realize the expected revenues from our new and
    incremental business backlog;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to attract new customers and programs for new
    products;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to develop and produce new products that reflect
    market demand;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <FONT style="white-space: nowrap">lower-than-anticipated</FONT>
    market acceptance of new or existing products;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to respond to changes in technology, increased
    competition or pricing pressures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    price volatility in, or reduced availability of, fuel;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    adverse changes in laws, government regulations or market
    conditions affecting our products or our customers&#146;
    products (such as the Corporate Average Fuel Economy
    regulations);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks inherent in our international operations (including
    adverse changes in the political stability, taxes and other law
    changes, potential disruption of production and supply, and
    currency rate fluctuations);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    liabilities arising from warranty claims, product recall,
    product liability and legal proceedings to which we are or may
    become a party;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in liabilities arising from pension and other
    postretirement benefit obligations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks of noncompliance with environmental regulations or risks
    of environmental issues that could result in unforeseen costs at
    our facilities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to attract and retain key associates;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other unanticipated events and conditions that may hinder our
    ability to compete.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    It is not possible to foresee or identify all such factors and
    we make no commitment to update any forward-looking statement or
    to disclose any facts, events or circumstances after the date
    hereof that may affect the accuracy of any forward-looking
    statement.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='K50523107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF DEBT SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue debt securities in one or more distinct series.
    This section summarizes the material terms of the debt
    securities that are common to all series. Most of the financial
    terms and other specific material terms of any series of debt
    securities that we offer will be described in a prospectus
    supplement or term sheet to be attached to the front of this
    prospectus. Furthermore, since the terms of specific debt
    securities may differ from the general information we have
    provided below, you should rely on information in the prospectus
    supplement or term sheet that contradicts different information
    below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As required by federal law for all bonds and debt securities of
    companies that are publicly offered, the debt securities are
    governed by a document called an &#147;indenture.&#148; An
    indenture is a contract between us and a financial institution
    acting as trustee on your behalf. Unless otherwise indicated in
    a prospectus supplement, the trustee will be U.S.&#160;Bank
    National Association. The trustee has two main roles. First, the
    trustee can enforce your rights against us if we default. There
    are some limitations on the extent to which the trustee acts on
    your behalf, described in the second paragraph under
    &#147;Events of Default.&#148; Second, the trustee performs
    certain administrative duties for us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The term &#147;trustee&#148; refers to the senior trustee or the
    subordinated trustee, as appropriate. We will refer to the
    indenture that governs the debt securities as the
    &#147;Indenture.&#148; The Indenture is subject to and governed
    by the Trust Indenture Act of 1939, as amended (the
    &#147;TIA&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following summary does not purport to be complete, and is
    subject to, and is qualified in its entirety by reference to,
    all of the provisions of the debt securities and the Indenture.
    We urge you to read the Indenture and the form of the debt
    securities, which you may obtain from us upon request. As used
    in this description, all references to &#147;AAM Inc.,&#148;
    &#147;our company,&#148; the &#147;issuer,&#148; &#147;we,&#148;
    &#147;us&#148; or &#147;our&#148; mean American Axle&#160;&#038;
    Manufacturing, Inc., excluding, unless otherwise expressly
    stated or the context otherwise requires, its subsidiaries,
    including the Subsidiary Guarantors, and all references to
    &#147;Holdings&#148; mean American Axle&#160;&#038;
    Manufacturing Holdings, Inc., our parent corporation, excluding,
    unless otherwise expressly stated or the context otherwise
    requires, its subsidiaries. Holdings has no material operations
    or assets other than its ownership of 100% of the issued and
    outstanding common stock of American Axle&#160;&#038;
    Manufacturing, Inc., the issuer. The Subsidiary Guarantors are
    wholly-owned subsidiaries of American Axle&#160;&#038;
    Manufacturing, Inc.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities will be AAM Inc.&#146;s obligations which
    may be secured or unsecured. The senior unsecured securities
    will rank equally with all of our other unsecured and
    unsubordinated indebtedness and will be guaranteed by Holdings
    and/or any Subsidiary Guarantors, if applicable. The Holdings
    guarantee and any Subsidiary guarantees will rank equally with
    all of their other unsecured and unsubordinated indebtedness.
    Terms of secured debt securities and the related Holdings
    guarantee and any Subsidiary guarantees will be more fully
    described in a prospectus supplement. The subordinated
    securities will be subordinated in right of payment to the prior
    payment in full of AAM Inc.&#146;s senior indebtedness as more
    fully described in a prospectus supplement or term sheet. The
    subordinated debt securities will be guaranteed on a
    subordinated basis by Holdings, and, if applicable, the
    Subsidiary Guarantors, as more fully described in a prospectus
    supplement or term sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture provides that any debt securities proposed to be
    sold under this prospectus and the attached prospectus
    supplement or term sheet, including the guarantee by Holdings
    and any Subsidiary guarantees (&#147;offered debt
    securities&#148;) and any debt securities issuable upon the
    exercise of debt warrants or upon conversion or exchange of
    other offered securities (&#147;underlying debt
    securities&#148;), as well as other unsecured debt securities,
    may be issued under the Indenture in one or more series.
</DIV>
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    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should read the prospectus supplement or term sheet for the
    material terms of the offered debt securities and any underlying
    debt securities, including the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The title of the debt securities and whether the debt securities
    will be senior securities or subordinated securities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The total principal amount of the debt securities and any limit
    on the total principal amount of debt securities of the series.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If not the principal amount of the debt securities, the portion
    of the principal amount payable upon acceleration of the
    maturity of the debt securities or how this portion will be
    determined.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The date or dates, or how the date or dates will be determined
    or extended, when the principal of the debt securities will be
    payable.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The interest rate or rates, which may be fixed or variable, that
    the debt securities will bear, if any, or how the rate or rates
    will be determined, the date or dates from which any interest
    will accrue or how the date or dates will be determined, the
    interest payment dates, any record dates for these payments and
    the basis upon which interest will be calculated if other than
    that of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any optional redemption provisions.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether debt securities are secured and the terms of such
    security interests.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether debt securities are not to be guaranteed by Holdings and
    any modifications to such guarantee.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether debt securities are guaranteed by any Subsidiary
    Guarantors and any deletions from, modifications to, or
    additions to such guarantees, Events of Default or covenants
    with respect to such guarantees.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any sinking fund or other provisions that would obligate us to
    repurchase or otherwise redeem the debt securities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If other than registered debt securities, the form in which we
    will issue the debt securities; whether we will have the option
    of issuing debt securities in &#147;certificated&#148; form;
    whether we will have the option of issuing certificated debt
    securities in bearer form if we issue the securities outside the
    United States to
    <FONT style="white-space: nowrap">non-U.S.&#160;persons;</FONT>
    any restrictions on the offer, sale or delivery of bearer
    securities and the terms, if any, upon which bearer securities
    of the series may be exchanged for registered securities of the
    series and vice versa (if permitted by applicable laws and
    regulations).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If other than U.S.&#160;dollars, the currency or currencies in
    which the debt securities are denominated
    <FONT style="white-space: nowrap">and/or</FONT>
    payable.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether the amount of payments of principal, premium or
    interest, if any, on the debt securities will be determined with
    reference to an index, formula or other method (which could be
    based on one or more currencies, commodities, equity indices or
    other indices) and how these amounts will be determined.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The place or places, if any, other than or in addition to The
    City of New York, of payment, transfer, conversion
    <FONT style="white-space: nowrap">and/or</FONT>
    exchange of the debt securities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If other than denominations of $1,000 or any integral multiple
    in the case of registered securities issued in certificated form
    and $5,000 in the case of bearer securities, the denominations
    in which the offered debt securities will be issued.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The applicability of the provisions of Article&#160;Fourteen of
    the Indenture described under &#147;defeasance&#148; and any
    provisions in modification of, in addition to or in lieu of any
    of these provisions.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether and under what circumstances we will pay additional
    amounts, as contemplated by Section&#160;1011 of the Indenture,
    in respect of any tax, assessment or governmental charge and, if
    so, whether we will have the option to redeem the debt
    securities rather than pay the additional amounts (and the terms
    of this option).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether the securities are subordinated and the terms of such
    subordination.
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
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<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any provisions granting special rights to the holders of the
    debt securities upon the occurrence of specified events.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any changes or additions to the Events of Default or covenants
    contained in the Indenture.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether the debt securities will be convertible into or
    exchangeable for any other securities and the applicable terms
    and conditions.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any other material terms of the debt securities and guarantees.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of this prospectus, any reference to the payment of
    principal or premium or interest, if any, on the debt securities
    will include additional amounts if required by the terms of the
    debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture does not limit the amount of debt securities that
    may be issued thereunder from time to time. Debt securities
    issued under the Indenture, when a single trustee is acting for
    all debt securities issued under the Indenture, are called the
    &#147;indenture securities.&#148; The Indenture also provides
    that there may be more than one trustee thereunder, each with
    respect to one or more different series of indenture securities.
    See &#147;Resignation of Trustee&#148; below. At a time when two
    or more trustees are acting under the Indenture, each with
    respect to only certain series, the term &#147;indenture
    securities&#148; means the one or more series of debt securities
    with respect to which each respective trustee is acting. In the
    event that there is more than one trustee under the Indenture,
    the powers and trust obligations of each trustee described in
    this prospectus will extend only to the one or more series of
    indenture securities for which it is trustee. If two or more
    trustees are acting under the Indenture, then the indenture
    securities for which each trustee is acting would be treated as
    if issued under separate indentures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture does not contain any provisions that give you
    protection in the event we issue a large amount of debt or we
    are acquired by another entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We refer you to the prospectus supplement or term sheet for
    information with respect to any deletions from, modifications of
    or additions to the Events of Default or our covenants that are
    described below, including any addition of a covenant or other
    provision providing event risk or similar protection.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have the ability to issue indenture securities with terms
    different from those of indenture securities previously issued
    and, without the consent of the holders thereof, to reopen a
    previous issue of a series of indenture securities and issue
    additional indenture securities of that series unless the
    reopening was restricted when that series was created.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise specified in the applicable prospectus
    supplement or term sheet, the debt securities will be
    denominated in U.S.&#160;dollars and all payments on the debt
    securities will be made in U.S.&#160;dollars.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payment of the purchase price of the debt securities must be
    made in immediately available funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As used in this prospectus, &#147;Business Day&#148; means any
    day, other than a Saturday or Sunday, that is neither a legal
    holiday nor a day on which commercial banks are authorized or
    required by law, regulation or executive order to close in The
    City of New York; <I>provided</I>, <I>however</I>, that, with
    respect to foreign currency debt securities, the day is also not
    a day on which commercial banks are authorized or required by
    law, regulation or executive order to close in the Principal
    Financial Center (as defined below) of the country issuing the
    specified currency (or, if the specified currency is the euro,
    the day is also a day on which the Trans-European Automated Real
    Time Gross Settlement Express Transfer (&#147;TARGET&#148;)
    System is operating, which we refer to as a &#147;TARGET
    Business Day&#148;); and <I>provided further </I>that, with
    respect to debt securities as to which LIBOR is an applicable
    interest rate basis, the day is also a London Business Day.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;London Business Day&#148; means a day on which commercial
    banks are open for business (including dealings in the
    designated LIBOR Currency) in London.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Principal Financial Center&#148;</I> means (i)&#160;the
    capital city of the country issuing the specified currency or
    (ii)&#160;the capital city of the country to which the
    designated LIBOR Currency relates, as applicable, except that
    the term &#147;Principal Financial Center&#148; means the
    following cities in the case of the following currencies:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Currency</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Financial Center</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
    U.S. dollars<BR>
    Australian dollars<BR>
    Canadian dollars<BR>
    New Zealand dollars<BR>
    South African rand<BR>
    Swiss francs
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    The City of New York<BR>
    Sydney<BR>
    Toronto<BR>
    Auckland<BR>
    Johannesburg<BR>
    Zurich
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    and in the event the LIBOR Currency is the euro, the
    &#147;Principal Financial Center&#148; is London.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The authorized denominations of debt securities denominated in
    U.S.&#160;dollars will be integral multiples of $1,000. The
    authorized denominations of foreign currency debt securities
    will be set forth in the applicable prospectus supplement or
    term sheet.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Optional
    Redemption, Repayment and Repurchase</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If specified in a prospectus supplement or term sheet, we may
    redeem the debt securities at our option, in whole at any time
    or in part from time to time, at a redemption price equal to the
    greater of (1)&#160;100% of the principal amount of the debt
    securities to be redeemed and (2)&#160;as determined by the
    Quotation Agent, the sum of the present values of the remaining
    scheduled payments of principal and interest on the debt
    securities to be redeemed (not including any portion of those
    payments of interest accrued to the date of redemption) from the
    redemption date to the maturity date of the debt securities
    being redeemed, in each case discounted to the date of
    redemption on a semi-annual basis (assuming a
    <FONT style="white-space: nowrap">360-day</FONT> year
    consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months) at the Adjusted Treasury Rate plus the rate specified in
    a prospectus supplement or term sheet, plus, in each case,
    accrued and unpaid interest on the debt securities to the date
    of redemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Adjusted Treasury Rate&#148; </I>means, with respect to
    any date of redemption, the rate per annum equal to the
    semi-annual equivalent yield to maturity of the Comparable
    Treasury Issue, assuming a price for the Comparable Treasury
    Issue (expressed as a percentage of its principal amount) equal
    to the Comparable Treasury Price for that date of redemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Comparable Treasury Issue&#148; </I>means, with respect
    to a redemption date, (1)&#160;the average of five Reference
    Treasury Dealer Quotations for such redemption date, after
    excluding the highest and lowest Reference Treasury Dealer
    Quotations, or (2)&#160;if the Quotation Agent obtains fewer
    than five such Reference Treasury Dealer Quotations, the average
    of all such quotations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Comparable Treasury Price&#148; </I>means, with respect
    to any date of redemption, (1)&#160;the average of the Reference
    Treasury Dealer Quotations for the date of redemption, after
    excluding the highest and lowest Reference Treasury Dealer
    Quotations or (2)&#160;if the Quotation Agent obtains fewer than
    four Reference Treasury Dealer Quotations, the average of all
    such Reference Treasury Dealer Quotations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Quotation Agent&#148; </I>means the underwriter, or
    another Reference Treasury Dealer appointed by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Reference Treasury Dealer&#148; </I>will be specified
    in the prospectus supplement or term sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Reference Treasury Dealer Quotations&#148; </I>means,
    with respect to each reference treasury dealer and any
    redemption date, the average, as determined by the Quotation
    Agent, of the bid and ask prices for the Comparable Treasury
    Issue (expressed in each case as a percentage of its principal
    amount) quoted in writing to the Quotation Agent at
    5:00&#160;p.m., New York City time, on the third Business Day
    preceding such redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will mail notice of any redemption at least 30&#160;days, but
    not more than 60&#160;days, before the date of redemption to
    each holder of the debt securities to be redeemed. If less than
    all of the debt securities are to be redeemed at any time, the
    trustee will select debt securities to be redeemed on a pro rata
    basis or by any other method the trustee deems fair and
    appropriate. Unless we default in payment of the redemption
    price, on and after the date of redemption, interest will cease
    to accrue on the debt securities or portions thereof called for
    redemption.
</DIV>
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    <BR>
    8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Regardless of anything in this prospectus to the contrary, if a
    debt security is an OID Note (as defined below) (other than an
    Indexed Note), the amount payable in the event of redemption or
    repayment prior to its stated maturity will be the amortized
    face amount on the redemption or repayment date, as the case may
    be. The amortized face amount of an OID Note will be equal to
    (i)&#160;the issue price specified in the applicable prospectus
    supplement or term sheet plus (ii)&#160;that portion of the
    difference between the issue price and the principal amount of
    the OID Note that has accrued at the yield to maturity described
    in the prospectus supplement or term sheet (computed in
    accordance with generally accepted U.S.&#160;bond yield
    computation principles) by the redemption or repayment date.
    However, in no case will the amortized face amount of an OID
    Note exceed its principal amount.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may at any time purchase debt securities at any price in the
    open market or otherwise. We may hold, resell or surrender for
    cancellation any debt securities that we purchase.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Conversion
    and Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any debt securities are convertible into or exchangeable for
    other securities, the prospectus supplement or term sheet will
    explain the terms and conditions of the conversion or exchange,
    including the conversion price or exchange ratio (or the
    calculation method), the conversion or exchange period (or how
    the period will be determined), if conversion or exchange will
    be mandatory or at the option of the holder or us, provisions
    for adjusting the conversion price or the exchange ratio and
    provisions affecting conversion or exchange in the event of the
    redemption of the underlying debt securities. These terms may
    also include provisions under which the number or amount of
    other securities to be received by the holders of the debt
    securities upon conversion or exchange would be calculated
    according to the market price of the other securities as of a
    time stated in the prospectus supplement or term sheet.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Issuance
    of Securities in Registered Form</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue the debt securities in registered form, in which
    case we will issue them in book-entry form only. Debt securities
    issued in book-entry form will be represented by global
    securities. We also will have the option of issuing debt
    securities in non-registered form as bearer securities if we
    issue the securities outside the United States to
    <FONT style="white-space: nowrap">non-U.S.&#160;persons.</FONT>
    In that case, the prospectus supplement or term sheet will set
    forth the mechanics for holding the bearer securities, including
    the procedures for receiving payments, for exchanging the bearer
    securities for registered securities of the same series, and for
    receiving notices. The prospectus supplement or term sheet will
    also describe the requirements with respect to our maintenance
    of offices or agencies outside the United States and the
    applicable U.S.&#160;federal tax law requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Book-Entry Holders.</I>&#160;&#160;We will issue registered
    debt securities in book-entry form only, unless we specify
    otherwise in the applicable prospectus supplement or term sheet.
    This means debt securities will be represented by one or more
    global securities registered in the name of a depositary that
    will hold them on behalf of financial institutions that
    participate in the depositary&#146;s book-entry system. These
    participating institutions, in turn, hold beneficial interests
    in the debt securities held by the depositary or its nominee.
    These institutions may hold these interests on behalf of
    themselves or customers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Indenture, only the person in whose name a debt
    security is registered is recognized as the holder of that debt
    security. Consequently, for debt securities issued in book-entry
    form, we will recognize only the depositary as the holder of the
    debt securities and we will make all payments on the debt
    securities to the depositary. The depositary will then pass
    along the payments it receives to its participants, which, in
    turn, will pass the payments along to their customers who are
    the beneficial owners. The depositary and its participants do so
    under agreements they have made with one another or with their
    customers; they are not obligated to do so under the terms of
    the debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a result, investors will not own debt securities directly.
    Instead, they will own beneficial interests in a global
    security, through a bank, broker or other financial institution
    that participates in the depositary&#146;s book-entry system or
    holds an interest through a participant. As long as the debt
    securities are represented by one or more global securities,
    investors will be indirect holders, and not holders of the debt
    securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Street Name Holders.&#160;&#160;</I>In the future, we may
    issue debt securities in certificated form or terminate a global
    security. In these cases, investors may choose to hold their
    debt securities in their own names or in &#147;street
    name.&#148; Debt securities held in street name are registered
    in the name of a bank, broker or other financial institution
    chosen
</DIV>
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    <BR>
    9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    by the investor, and the investor would hold a beneficial
    interest in those debt securities through the account he or she
    maintains at that institution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For debt securities held in street name, we will recognize only
    the intermediary banks, brokers and other financial institutions
    in whose names the debt securities are registered as the holders
    of those debt securities and we will make all payments on those
    debt securities to them. These institutions will pass along the
    payments they receive to their customers who are the beneficial
    owners, but only because they agree to do so in their customer
    agreements or because they are legally required to do so.
    Investors who hold debt securities in street name will be
    indirect holders, and not holders, of the debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Legal Holders.</I>&#160;&#160;Our obligations, as well as the
    obligations of the applicable trustee and those of any third
    parties employed by us or the applicable trustee, run only to
    the legal holders of the debt securities. We do not have
    obligations to investors who hold beneficial interests in global
    securities, in street name or by any other indirect means. This
    will be the case whether an investor chooses to be an indirect
    holder of a debt security or has no choice because we are
    issuing the debt securities only in book-entry form.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For example, once we make a payment or give a notice to the
    holder, we have no further responsibility for the payment or
    notice even if that holder is required, under agreements with
    depositary participants or customers or by law, to pass it along
    to the indirect holders but does not do so. Similarly, if we
    want to obtain the approval of the holders for any purpose (for
    example, to amend the Indenture or to relieve us of the
    consequences of a default or of our obligation to comply with a
    particular provision of the Indenture), we would seek the
    approval only from the holders, and not the indirect holders, of
    the debt securities. Whether and how the holders contact the
    indirect holders is up to the holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When we refer to you, we mean those who invest in the debt
    securities being offered by this prospectus, the prospectus
    supplement or term sheet whether they are the holders or only
    indirect holders of those debt securities. When we refer to your
    debt securities, we mean the debt securities in which you hold a
    direct or indirect interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Special Considerations for Indirect
    Holders.</I>&#160;&#160;If you hold debt securities through a
    bank, broker or other financial institution, either in
    book-entry form or in street name, we urge you to check with
    that institution to find out:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how it handles securities payments and notices,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether it imposes fees or charges,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how it would handle a request for the holders&#146; consent, if
    ever required,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether and how you can instruct it to send you debt securities
    registered in your own name so you can be a holder, if that is
    permitted in the future for a particular series of debt
    securities,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how it would exercise rights under the debt securities if there
    were a default or other event triggering the need for holders to
    act to protect their interests,&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if the debt securities are in book-entry form, how the
    depositary&#146;s rules and procedures will affect these matters.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Interest
    and Interest Rates</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">General</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each debt security will begin to accrue interest from the date
    it is originally issued. The related prospectus supplement or
    term sheet will specify each debt security as a &#147;Fixed Rate
    Note,&#148; a &#147;Floating Rate Note,&#148; an
    &#147;Amortizing Note&#148; or an &#147;Indexed Note&#148; and
    describe the method of determining the interest rate, including
    any spread
    <FONT style="white-space: nowrap">and/or</FONT>
    spread multiplier. For an Indexed Note, the related prospectus
    supplement or term sheet also will describe the method for the
    calculation and payment of principal and interest. The
    prospectus supplement or term sheet for a Floating Rate Note or
    Indexed Note may also specify a maximum and a minimum interest
    rate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A debt security may be issued as a Fixed Rate Note or a Floating
    Rate Note or as a Note that combines fixed and floating rate
    terms.
</DIV>
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    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Interest rates offered with respect to debt securities may
    differ depending upon, among other things, the aggregate
    principal amount of debt securities purchased in any single
    transaction. Debt securities with similar variable terms but
    different interest rates, as well as debt securities with
    different variable terms, may be offered concurrently to
    different investors. Interest rates or formulas and other terms
    of debt securities are subject to change from time to time, but
    no such change will affect any debt security already issued or
    as to which an offer to purchase has been accepted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Interest on the debt securities denominated in U.S.&#160;dollars
    will be paid by check mailed on an Interest Payment Date (as
    defined below) other than a Maturity Date (as defined below) to
    the persons entitled thereto to the addresses of such holders as
    they appear in the security register or, at our option, by wire
    transfer to a bank account maintained by the holder. The
    principal of, premium, if any, and interest on debt securities
    denominated in U.S.&#160;dollars, together with interest accrued
    and unpaid thereon, due on the Maturity Date will be paid in
    immediately available funds upon surrender of such debt
    securities at the corporate trust office of the trustee in The
    City of New York, or, at our option, by wire transfer of
    immediately available funds to an account with a bank designated
    at least 15 calendar days prior to the Maturity Date by the
    applicable registered holder, provided the particular bank has
    appropriate facilities to receive these payments and the
    particular debt security is presented and surrendered at the
    office or agency maintained by us for this purpose in the
    Borough of Manhattan, The City of New York, in time for the
    trustee to make these payments in accordance with its normal
    procedures.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Fixed
    Rate Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The prospectus supplement or term sheet for Fixed Rate Notes
    will describe a fixed interest rate payable semiannually in
    arrears on the dates specified in such term sheet or prospectus
    supplement (each, with respect to Fixed Rate Notes, an
    &#147;Interest Payment Date&#148;). Interest on Fixed Rate Notes
    will be computed on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months. If the stated maturity date, any redemption date or any
    repayment date (together referred to as the &#147;Maturity
    Date&#148;) or an Interest Payment Date for any Fixed Rate Note
    is not a Business Day, principal of, premium, if any, and
    interest on that Note will be paid on the next Business Day, and
    no interest will accrue from and after the Maturity Date or
    Interest Payment Date. Interest on Fixed Rate Notes will be paid
    to holders of record as of each Regular Record Date. A
    &#147;Regular Record Date&#148; will be the fifteenth day
    (whether or not a Business Day) next preceding the applicable
    Interest Payment Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each interest payment on a Fixed Rate Note will include interest
    accrued from, and including, the issue date or the last Interest
    Payment Date, as the case may be, to but excluding the
    applicable Interest Payment Date or the Maturity Date, as the
    case may be.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Original
    Issue Discount Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue original issue discount debt securities (including
    zero coupon debt securities) (&#147;OID Notes&#148;), which are
    debt securities issued at a discount from the principal amount
    payable on the Maturity Date. There may not be any periodic
    interest payments on OID Notes. For OID Notes, interest normally
    accrues during the life of the OID Note and is paid on the
    Maturity Date. Upon a redemption, repayment or acceleration of
    the maturity of an OID Note, the amount payable will be
    determined as set forth under &#147;&#151;&#160;Optional
    Redemption, Repayment and Repurchase.&#148; This amount normally
    is less than the amount payable on the stated maturity date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Amortizing
    Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue amortizing debt securities, which are Fixed Rate
    Notes for which combined principal and interest payments are
    made in installments over the life of each debt securities
    (&#147;Amortizing Notes&#148;). Payments on Amortizing Notes are
    applied first to interest due and then to the reduction of the
    unpaid principal amount. The related prospectus supplement or
    term sheet for an Amortizing Note will include a table setting
    forth repayment information.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Floating
    Rate Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each Floating Rate Note will have an interest rate basis or
    formula. That basis or formula may be based on:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the CD Rate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Commercial Paper Rate;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    LIBOR;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    EURIBOR;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Federal Funds Rate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Prime Rate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Treasury Rate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the CMT Rate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Eleventh District Cost of Funds Rate;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    another negotiated interest rate basis or formula.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The prospectus supplement or term sheet will also indicate any
    spread
    <FONT style="white-space: nowrap">and/or</FONT>
    spread multiplier, which would be applied to the interest rate
    formula to determine the interest rate. Any Floating Rate Note
    may have a maximum or minimum interest rate limitation. In
    addition to any maximum interest rate limitation, the interest
    rate on the Floating Rate Notes will in no event be higher than
    the maximum rate permitted by New York law, as the same may be
    modified by United States law for general application.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will appoint a calculation agent to calculate interest rates
    on the Floating Rate Notes. Unless we identify a different party
    in the prospectus supplement or term sheet, the paying agent
    will be the calculation agent for each Note.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise specified in a prospectus supplement or term
    sheet, the &#147;Calculation Date,&#148; if applicable, relating
    to an Interest Determination Date (as described below under
    &#147;&#151;&#160;Date Interest Rate is Determined&#148;) will
    be the earlier of (i)&#160;the tenth calendar day after such
    Interest Determination Date or, if such day is not a Business
    Day, the next succeeding Business Day, or (ii)&#160;the Business
    Day immediately preceding the relevant Interest Payment Date or
    the Maturity Date, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon the request of the beneficial holder of any Floating Rate
    Note, the calculation agent will provide the interest rate then
    in effect and, if different, when available, the interest rate
    that will become effective on the next Interest Reset Date for
    the Floating Rate Note.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Change of Interest Rate.</I>&#160;&#160;The interest rate on
    each Floating Rate Note may be reset daily, weekly, monthly,
    quarterly, semiannually, annually or on some other specified
    basis (each, an &#147;Interest Reset Date&#148;). The Interest
    Reset Date will be:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for Notes with interest that resets daily, each Business Day;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for Notes (other than Treasury Rate Notes) with interest that
    resets weekly, Wednesday of each week;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for Treasury Rate Notes with interest that resets weekly,
    Tuesday of each week;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for Notes with interest that resets monthly, the third Wednesday
    of each month;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for Notes with interest that resets quarterly, the third
    Wednesday of March, June, September and December of each year;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for Notes with interest that resets semiannually, the third
    Wednesday of each of the two months of each year indicated in
    the applicable prospectus supplement or term sheet;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for Notes with interest that resets annually, the third
    Wednesday of the month of each year indicated in the applicable
    prospectus supplement or term sheet.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The related prospectus supplement or term sheet will describe
    the initial interest rate or interest rate formula on each Note.
    That rate is effective until the following Interest Reset Date.
    Thereafter, the interest rate will be the rate determined on
    each Interest Determination Date. Each time a new interest rate
    is determined, it becomes effective on the following Interest
    Reset Date. If any Interest Reset Date is not a Business Day,
    then the Interest Reset Date is postponed to the next Business
    Day, except, in the case of LIBOR and EURIBOR Notes, if the next
    Business Day is in the next calendar month, the Interest Reset
    Date is the immediately preceding Business Day.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Date Interest Rate Is Determined.</I>&#160;&#160;The Interest
    Determination Date for all CD and CMT Rate Notes is the second
    Business Day before the Interest Reset Date and for all LIBOR
    Notes will be the second London Business Day immediately
    preceding the applicable Interest Reset Date (unless the LIBOR
    Currency is Sterling, in which case the Interest Determination
    Date will be the Interest Reset Date).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Interest Determination Date for Treasury Rate Notes will be
    the day of the week in which the Interest Reset Date falls on
    which Treasury bills of the Index Maturity are normally
    auctioned. Treasury bills are usually sold at auction on Monday
    of each week, unless that day is a legal holiday, in which case
    the auction is usually held on Tuesday. Sometimes, the auction
    is held on the preceding Friday. If an auction is held on the
    preceding Friday, that day will be the Interest Determination
    Date relating to the Interest Reset Date occurring in the next
    week.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Interest Determination Date for all Commercial Paper,
    Federal Funds and Prime Rate Notes will be the first Business
    Day preceding the Interest Reset Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Interest Determination Date for EURIBOR Notes will be the
    second TARGET Business Day immediately preceding the applicable
    Interest Reset Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Interest Determination Date for an Eleventh District Cost of
    Funds Rate Note is the last Business Day of the month
    immediately preceding the applicable Interest Reset Date in
    which the Federal Home Loan Bank of San&#160;Francisco published
    the applicable rate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Interest Determination Date relating to a Floating Rate Note
    with an interest rate that is determined by reference to two or
    more interest rate bases will be the most recent Business Day
    which is at least two Business Days before the applicable
    Interest Reset Date for each interest rate for the applicable
    Floating Rate Note on which each interest rate basis is
    determinable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Payment of Interest.</I>&#160;&#160;Interest is paid as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for Notes with interest that resets daily, weekly or monthly, on
    the third Wednesday of each month;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for Notes with interest payable quarterly, on the third
    Wednesday of March, June, September, and December of each year;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for Notes with interest payable semiannually, on the third
    Wednesday of each of the two months specified in the applicable
    prospectus supplement or term sheet;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for Notes with interest payable annually, on the third Wednesday
    of the month specified in the applicable prospectus supplement
    or term sheet (each of the above, with respect to Floating Rate
    Notes, an &#147;Interest Payment Date&#148;);&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at maturity, redemption or repayment.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each interest payment on a Floating Rate Note will include
    interest accrued from, and including, the issue date or the last
    Interest Payment Date, as the case may be, to but excluding the
    applicable Interest Payment Date or the Maturity Date, as the
    case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Interest on a Floating Rate Note will be payable beginning on
    the first Interest Payment Date after its issue date to holders
    of record at the close of business on each Regular Record Date,
    which is the fifteenth day (whether or not a Business Day) next
    preceding the applicable Interest Payment Date, unless the issue
    date falls after a Regular Record Date and on or prior to the
    related Interest Payment Date, in which case payment will be
    made to holders of record at the close of business on the
    Regular Record Date next preceding the second Interest Payment
    Date following the issue date. If an Interest Payment Date (but
    not the Maturity Date) is not a Business Day, then the Interest
    Payment Date will be postponed to the next Business Day, except
    in the case of LIBOR and EURIBOR Notes, if the next Business Day
    is in the next calendar month, the Interest Payment Date will be
    the immediately preceding Business Day. If the Maturity Date of
    any Floating Rate Note is not a Business Day, principal of,
    premium, if any, and interest on that Note will be paid on the
    next Business Day, and no interest will accrue from and after
    the Maturity Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Accrued interest on a Floating Rate Note is calculated by
    multiplying the principal amount of a Note by an accrued
    interest factor. The accrued interest factor is the sum of the
    interest factors calculated for each day in the
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    period for which accrued interest is being calculated. The
    interest factor for each day is computed by dividing the
    interest rate in effect on that day by (1)&#160;the actual
    number of days in the year, in the case of Treasury Rate Notes
    or CMT Rate Notes, or (2)&#160;360, in the case of other
    Floating Rate Notes. The interest factor for Floating Rate Notes
    for which the interest rate is calculated with reference to two
    or more interest rate bases will be calculated in each period in
    the same manner as if only one of the applicable interest rate
    bases applied. All percentages resulting from any calculation
    are rounded to the nearest one hundred-thousandth of a
    percentage point, with five one-millionths of a percentage point
    rounded upward. For example, 9.876545% (or .09876545) will be
    rounded to 9.87655% (or .0987655). Dollar amounts used in the
    calculation are rounded to the nearest cent (with one-half cent
    being rounded upward).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>CD Rate Notes.</I>&#160;&#160;The &#147;CD Rate&#148; for any
    Interest Determination Date is the rate on that date for
    negotiable U.S.&#160;dollar certificates of deposit having the
    Index Maturity described in the related prospectus supplement or
    term sheet, as published in H.15(519) prior to 3:00&#160;P.M.,
    New York City time, on the Calculation Date, for that Interest
    Determination Date under the heading &#147;CDs (secondary
    market).&#148; The &#147;Index Maturity&#148; is the period to
    maturity of the instrument or obligation with respect to which
    the related interest rate basis or formula will be calculated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following procedures will be followed if the CD Rate cannot
    be determined as described above:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the above rate is not published in H.15(519) by
    3:00&#160;P.M., New York City time, on the Calculation Date, the
    CD Rate will be the rate on that Interest Determination Date for
    negotiable United States dollar certificates of deposit of the
    Index Maturity described in the prospectus supplement or term
    sheet as published in H.15 Daily Update, or such other
    recognized electronic source used for the purpose of displaying
    such rate, under the caption &#147;CDs (secondary market).&#148;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If that rate is not published in H.15(519), H.15 Daily Update or
    another recognized electronic source by 3:00&#160;P.M., New York
    City time, on the Calculation Date, then the calculation agent
    will determine the CD Rate to be the average of the secondary
    market offered rates as of 10:00&#160;A.M., New York City time,
    on that Interest Determination Date, quoted by three leading
    nonbank dealers of negotiable U.S.&#160;dollar certificates of
    deposit in New York City (which may include an agent or its
    affiliates) for negotiable U.S.&#160;dollar certificates of
    deposit of major United States money-center banks with a
    remaining maturity closest to the Index Maturity in an amount
    that is representative for a single transaction in the market at
    that time described in the prospectus supplement or term sheet.
    The calculation agent will select the three dealers referred to
    above.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If fewer than three dealers are quoting as mentioned above, the
    CD Rate will remain the CD Rate then in effect on that Interest
    Determination Date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;H.15(519)&#148; </I>means the weekly statistical
    release designated as such, or any successor publication,
    published by the Board of Governors of the Federal Reserve
    System.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;H.15 Daily Update&#148; </I>means the daily update of
    H.15(519), available through the web site of the Board of
    Governors of the Federal Reserve System at
    <FONT style="white-space: nowrap">http://www.federalreserve.gov/releases/h15/update,</FONT>
    or any successor site or publication.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Commercial Paper Rate Notes.&#160;&#160;The
    </I>&#147;Commercial Paper Rate&#148; for any Interest
    Determination Date is the Money Market Yield of the rate on that
    date for commercial paper having the Index Maturity described in
    the related prospectus supplement or term sheet, as published in
    H.15(519) prior to 3:00&#160;PM., New York City time, on the
    Calculation Date for that Interest Determination Date under the
    heading &#147;Commercial Paper&#160;&#151; Nonfinancial.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following procedures will be followed if the Commercial
    Paper Rate cannot be determined as described above:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the above rate is not published in H.15(519) by
    3:00&#160;P.M., New York City time, on the Calculation Date, the
    Commercial Paper Rate will be the Money Market Yield of the rate
    on that Interest Determination Date for commercial paper having
    the Index Maturity described in the prospectus supplement or
    term sheet, as published in H.15 Daily Update, or such other
    recognized electronic source used for the purpose of displaying
    such rate, under the caption &#147;Commercial Paper&#160;&#151;
    Nonfinancial.&#148;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If that rate is not published in H.15(519), H.15 Daily Update or
    another recognized electronic source by 3:00&#160;PM., New York
    City time, on the Calculation Date, then the calculation agent
    will determine the Commercial Paper Rate to be the Money Market
    Yield of the average of the offered rates of three leading
    dealers of U.S.&#160;dollar commercial paper in New York City
    (which may include an agent or its affiliates) as of
    11:00&#160;A.M., New York City time, on that Interest
    Determination Date for commercial paper having the Index
    Maturity described in the prospectus supplement or term sheet
    placed for an industrial issuer whose bond rating is
    &#147;Aa,&#148; or the equivalent, from a nationally recognized
    statistical rating organization. The calculation agent will
    select the three dealers referred to above.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If fewer than three dealers selected by the calculation agent
    are quoting as mentioned above, the Commercial Paper Rate will
    remain the Commercial Paper Rate then in effect on that Interest
    Determination Date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Money Market Yield&#148; </I>means a yield (expressed
    as a percentage) calculated in accordance with the following
    formula:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="27%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="middle">
    Money Market Yield =
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="middle">
    D&#146;360<BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>360&#160;&#8722;&#160;(D&#146;
    M)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    &#146;100
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    where &#147;D&#148; refers to the applicable per annum rate for
    commercial paper quoted on a bank discount basis and expressed
    as a decimal, and &#147;M&#148; refers to the actual number of
    days in the reset period for which interest is being calculated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>LIBOR Notes.</I>&#160;&#160;The &#147;LIBOR&#148; for any
    Interest Determination Date is the rate for deposits in the
    LIBOR Currency having the Index Maturity specified in such
    pricing supplement or term sheet as such rate is displayed on
    Reuters (or any successor service) on page&#160;LIBOR01 (or any
    other page as may replace such page on such service for the
    purpose of displaying the London interbank rates of major banks
    for the designated LIBOR Currency) (&#147;Reuters
    Page&#160;LIBOR01&#148;) as of 11:00&#160;A.M., London time, on
    such LIBOR Interest Determination Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following procedure will be followed if LIBOR cannot be
    determined as described above:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The calculation agent shall request the principal London offices
    of each of four major reference banks (which may include
    affiliates of the agents) in the London interbank market, as
    selected by the calculation agent to provide the calculation
    agent with its offered quotation for deposits in the designated
    LIBOR Currency for the period of the Index Maturity specified in
    the applicable pricing supplement or term sheet, commencing on
    the related Interest Reset Date, to prime banks in the London
    interbank market at approximately 11:00&#160;a.m., London time,
    on such LIBOR Interest Determination Date and in a principal
    amount that is representative for a single transaction in the
    designated LIBOR Currency in such market at such time. If at
    least two such quotations are so provided, then LIBOR on such
    LIBOR Interest Determination Date will be the arithmetic mean
    calculated by the calculation agent of such quotations. If fewer
    than two such quotations are so provided, then LIBOR on such
    LIBOR Interest Determination Date will be the arithmetic mean
    calculated by the calculation agent of the rates quoted at
    approximately 11:00&#160;a.m., in the applicable Principal
    Financial Center (as described above), on such LIBOR Interest
    Determination Date by three major banks (which may include
    affiliates of the agents) in such Principal Financial Center
    selected by the calculation agent for loans in the designated
    LIBOR Currency to leading European banks, having the Index
    Maturity specified in the applicable pricing supplement or term
    sheet and in a principal amount that is representative for a
    single transaction in the designated LIBOR Currency in such
    market at such time; <I>provided</I>, <I>however</I>, that if
    the banks so selected by the calculation agent are not quoting
    as mentioned in this sentence, LIBOR determined as of such LIBOR
    Interest Determination Date shall be LIBOR in effect on such
    LIBOR Interest Determination Date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;LIBOR Currency&#148; </I>means the currency specified
    in the applicable prospectus supplement or term sheet as to
    which LIBOR shall be calculated or, if no such currency is
    specified in the applicable prospectus supplement or term sheet,
    U.S.&#160;dollars.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>EURIBOR Notes.</I>&#160;&#160;The &#147;EURIBOR&#148; for any
    Interest Determination Date is the offered rate for deposits in
    euro having the Index Maturity specified in the applicable
    pricing supplement or term sheet, beginning on the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    second TARGET Business Day after such EURIBOR Interest
    Determination Date, as that rate appears on Reuters
    Page&#160;EURIBOR 01 as of 11:00&#160;A.M., Brussels time, on
    such EURIBOR Interest Determination Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following procedure will be followed if EURIBOR cannot be
    determined as described above:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    EURIBOR will be determined on the basis of the rates, at
    approximately 11:00&#160;A.M., Brussels time, on such EURIBOR
    Interest Determination Date, at which deposits of the following
    kind are offered to prime banks in the euro-zone interbank
    market by the principal euro-zone office of each of four major
    banks in that market selected by the calculation agent: euro
    deposits having such EURIBOR Index Maturity, beginning on such
    EURIBOR Interest Reset Date, and in a representative amount. The
    calculation agent will request that the principal euro-zone
    office of each of these banks provide a quotation of its rate.
    If at least two quotations are provided, EURIBOR for such
    EURIBOR Interest Determination Date will be the arithmetic mean
    of the quotations.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If fewer than two quotations are provided as described above,
    EURIBOR for such EURIBOR Interest Determination Date will be the
    arithmetic mean of the rates for loans of the following kind to
    leading euro-zone banks quoted, at approximately
    11:00&#160;A.M., Brussels time on that Interest Determination
    Date, by three major banks in the euro-zone selected by the
    calculation agent: loans of euro having such EURIBOR Index
    Maturity, beginning on such EURIBOR Interest Reset Date, and in
    an amount that is representative of a single transaction in euro
    in that market at the time.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If fewer than three banks selected by the calculation agent are
    quoting as described above, EURIBOR for the new interest period
    will be EURIBOR in effect for the prior interest period. If the
    initial base rate has been in effect for the prior interest
    period, however, it will remain in effect for the new interest
    period.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Federal Funds Rate Notes.</I>&#160;&#160;The &#147;Federal
    Funds Rate&#148; will be calculated by reference to either the
    &#147;Federal Funds (Effective) Rate&#148;, the &#147;Federal
    Funds Open Rate&#148; or the &#147;Federal Funds Target
    Rate&#148;, as specified in the applicable pricing supplement or
    term sheet. The Federal Funds Rate is the rate determined by the
    calculation agent, with respect to any Interest Determination
    Date relating to a Floating Rate Note for which the interest
    rate is determined with reference to the Federal Funds Rate (a
    &#147;Federal Funds Rate Interest Determination Date&#148;), in
    accordance with the following provisions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If Federal Funds (Effective) Rate is the specified Federal Funds
    Rate in the applicable pricing supplement or term sheet, the
    Federal Funds Rate as of the applicable Federal Funds Rate
    Interest Determination Date shall be the rate with respect to
    such date for United States dollar federal funds as published in
    H.15(519) opposite the caption &#147;Federal funds
    (effective),&#148; as such rate is displayed on Reuters on
    page&#160;FEDFUNDS1 (or any other page as may replace such page
    on such service) (&#147;Reuters Page&#160;FEDFUNDS1&#148;) under
    the heading &#147;EFFECT,&#148; or, if such rate is not so
    published by 3:00&#160;P.M., New York City time, on the
    calculation date, the rate with respect to such Federal Funds
    Rate Interest Determination Date for United States dollar
    federal funds as published in H.15 Daily Update, or such other
    recognized electronic source used for the purpose of displaying
    such rate, under the caption &#147;Federal funds
    (effective).&#148;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The following procedure will be followed if &#147;Federal Funds
    (Effective) Rate&#148; is the specified Federal Funds Rate in
    the applicable pricing supplement or term sheet and such Federal
    Funds Rate cannot be determined as described above. The Federal
    Funds Rate with respect to such Federal Funds Rate Interest
    Determination Date shall be calculated by the calculation agent
    and will be the arithmetic mean of the rates for the last
    transaction in overnight United States dollar federal funds
    arranged by three leading brokers of U.S.&#160;dollar federal
    funds transactions in New York City (which may include the
    agents or their affiliates) selected by the calculation agent,
    prior to 9:00&#160;A.M., New York City time, on the Business Day
    following such Federal Funds Rate Interest Determination Date;
    <I>provided</I>, <I>however</I>, that if the brokers so selected
    by the calculation agent are not quoting as mentioned in this
    sentence, the Federal Funds Rate determined as of such Federal
    Funds Rate Interest Determination Date will be the Federal Funds
    Rate in effect on such Federal Funds Rate Interest Determination
    Date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If Federal Funds Open Rate is the specified Federal Funds Rate
    in the applicable pricing supplement or term sheet, the Federal
    Funds Rate as of the applicable Federal Funds Rate Interest
    Determination Date shall be the rate on such date under the
    heading &#147;Federal Funds&#148; for the relevant Index
    Maturity and opposite the
</TD>
</TR>

</TABLE>
<!-- XBRL Paragraph Pagebreak -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    caption &#147;Open&#148; as such rate is displayed on Reuters on
    page&#160;5 (or any other page as may replace such page on such
    service) (&#147;Reuters Page&#160;5&#148;), or, if such rate
    does not appear on Reuters Page&#160;5 by 3:00&#160;P.M., New
    York City time, on the calculation date, the Federal Funds Rate
    for the Federal Funds Rate Interest Determination Date will be
    the rate for that day displayed on FFPREBON Index page on
    Bloomberg L.P. (&#147;Bloomberg&#148;), which is the Fed Funds
    Opening Rate as reported by Prebon Yamane (or a successor) on
    Bloomberg.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The following procedure will be followed if &#147;Federal Funds
    Open Rate&#148; is the specified Federal Funds Rate in the
    applicable pricing supplement or term sheet and such Federal
    Funds Rate cannot be determined as described above. The Federal
    Funds Rate on such Federal Funds Rate Interest Determination
    Date shall be calculated by the calculation agent and will be
    the arithmetic mean of the rates for the last transaction in
    overnight United States dollar federal funds arranged by three
    leading brokers of United States dollar federal funds
    transactions in New York City (which may include the agents or
    their affiliates) selected by the calculation agent prior to
    9:00&#160;A.M., New York City time, on such Federal Funds Rate
    Interest Determination Date; <I>provided</I>, <I>however</I>,
    that if the brokers so selected by the calculation agent are not
    quoting as mentioned in this sentence, the Federal Funds Rate
    determined as of such Federal Funds Rate Interest Determination
    Date will be the Federal Funds Rate in effect on such Federal
    Funds Rate Interest Determination Date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If Federal Funds Target Rate is the specified Federal Funds Rate
    in the applicable pricing supplement or term sheet, the Federal
    Funds Rate as of the applicable Federal Funds Rate Interest
    Determination Date shall be the rate on such date as displayed
    on the FDTR Index page on Bloomberg. If such rate does not
    appear on the FDTR Index page on Bloomberg by 3:00&#160;P.M.,
    New York City time, on the calculation date, the Federal Funds
    Rate for such Federal Funds Rate Interest Determination Date
    will be the rate for that day appearing on Reuters
    Page&#160;USFFTARGET= (or any other page as may replace such
    page on such service) (&#147;Reuters
    Page&#160;USFFTARGET=&#148;).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The following procedure will be followed if &#147;Federal Funds
    Target Rate&#148; is the specified Federal Funds Rate in the
    applicable pricing supplement or term sheet and such Federal
    Funds Rate cannot be determined as described above. The Federal
    Funds Rate on such Federal Funds Rate Interest Determination
    Date shall be calculated by the calculation agent and will be
    the arithmetic mean of the rates for the last transaction in
    overnight United States dollar federal funds arranged by three
    leading brokers of United States dollar federal funds
    transactions in New York City (which may include the agents or
    their affiliates) selected by the calculation agent prior to
    9:00&#160;A.M., New York City time, on such Federal Funds Rate
    Interest Determination Date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Prime Rate Notes.</I>&#160;&#160;The &#147;Prime Rate&#148;
    for any Interest Determination Date is the rate on that date, as
    published in H.15(519) by 3:00&#160;P.M., New York City time, on
    the Calculation Date for that Interest Determination Date under
    the heading &#147;Bank Prime Loan&#148; or, if not published by
    3:00&#160;P.M., New York City time, on the related Calculation
    Date, the rate on such Interest Determination Date as published
    in H.15 Daily Update, or such other recognized electronic source
    used for the purpose of displaying such rate, under the caption
    &#147;Bank Prime Loan.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following procedures will be followed if the Prime Rate
    cannot be determined as described above:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the rate is not published in H.15(519), H.15 Daily Update or
    another recognized electronic source by 3:00&#160;PM., New York
    City time, on the Calculation Date, then the calculation agent
    will determine the Prime Rate to be the average of the rates of
    interest publicly announced by each bank that appears on the
    Reuters Screen designated as &#147;US PRIME 1 Page&#148; as that
    bank&#146;s prime rate or base lending rate in effect as of
    11:00&#160;A.M., New York City time on that Interest
    Determination Date.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If fewer than four rates appear on the Reuters Page&#160;US
    PRIME 1 on the Interest Determination Date, then the Prime Rate
    will be the average of the prime rates or base lending rates
    quoted (on the basis of the actual number of days in the year
    divided by a
    <FONT style="white-space: nowrap">360-day</FONT>
    year) as of the close of business on the Interest Determination
    Date by three major banks, which may include an agent or its
    affiliates, in the City of New York selected by the calculation
    agent.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the banks selected by the calculation agent are not quoting
    as mentioned above, the Prime Rate will remain the Prime Rate
    then in effect on the Interest Determination Date.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Reuters Page&#160;US PRIME 1&#148; </I>means the
    display on Reuters (or any successor service) on the &#147;US
    PRIME 1 Page&#148; (or such other page as may replace the US
    PRIME 1 Page on such service) for the purpose of displaying
    prime rates or base lending rates of major United States banks.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Treasury Rate Notes.</I>&#160;&#160;The &#147;Treasury
    Rate&#148; for any Interest Determination Date is the rate from
    the auction of direct obligations of the United States
    (&#147;Treasury bills&#148;) having the Index Maturity specified
    in such pricing supplement or term sheet under the caption
    &#147;INVEST RATE&#148; on the display on Reuters
    page&#160;USAUCTION10 (or any other page as may replace such
    page on such service) or page&#160;USAUCTION11 (or any other
    page as may replace such page on such service) or, if not so
    published at 3:00&#160;P.M., New York City time, on the related
    calculation date, the bond equivalent yield (as defined below)
    of the rate for such treasury bills as published in H.15 Daily
    Update, or such other recognized electronic source used for the
    purpose of displaying such rate, under the caption
    &#147;U.S.&#160;Government Securities/Treasury Bills/Auction
    High.&#148; If such rate is not so published in the related H.15
    Daily Update or another recognized source by 3:00&#160;P.M., New
    York City time, on the related calculation date, the Treasury
    Rate on such Treasury Rate Interest Determination Date shall be
    the bond equivalent yield of the auction rate of such Treasury
    bills as announced by the United States Department of the
    Treasury. In the event that such auction rate is not so
    announced by the United States Department of the Treasury on
    such calculation date, or if no such auction is held, then the
    Treasury Rate on such Treasury Rate Interest Determination Date
    shall be the bond equivalent yield of the rate on such Treasury
    Rate Interest Determination Date of Treasury bills having the
    Index Maturity specified in the applicable pricing supplement or
    term sheet as published in H.15(519) under the caption
    &#147;U.S.&#160;government securities/treasury bills/secondary
    market&#148; or, if not yet published by 3:00&#160;P.M., New
    York City time, on the related calculation date, the rate on
    such Treasury Rate Interest Determination Date of such treasury
    bills as published in H.15 Daily Update, or such other
    recognized electronic source used for the purpose of displaying
    such rate, under the caption &#147;U.S.&#160;government
    securities/treasury bills (secondary market).&#148; If such rate
    is not yet published in the H.15(519), H.15 Daily Update or
    another recognized electronic source by 3:00&#160;P.M., New York
    City time, on the related calculation date, then the Treasury
    Rate on such Treasury Rate Interest Determination Date shall be
    calculated by the calculation agent and shall be the bond
    equivalent yield of the arithmetic mean of the secondary market
    bid rates, as of approximately 3:30&#160;P.M., New York City
    time, on such Treasury Rate Interest Determination Date, of the
    three leading primary United States government securities
    dealers (which may include the agents or their affiliates)
    selected by the calculation agent, for the issue of Treasury
    bills with a remaining maturity closest to the Index Maturity
    specified in the applicable pricing supplement or term sheet;
    <I>provided, however</I>, that if the dealers so selected by the
    calculation agent are not quoting as mentioned in this sentence,
    the Treasury Rate determined as of such Treasury Rate Interest
    Determination Date will be the Treasury Rate in effect on such
    Treasury Rate Interest Determination Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;bond equivalent yield&#148; </I>means a yield
    calculated in accordance with the following formula and
    expressed as a percentage:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="26%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="middle">
    bond equivalent yield =
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="middle">
    D&#146;360<BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>360&#160;&#8722;&#160;(D&#146;
    M)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    &#146;100
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    where &#147;D&#148; refers to the applicable per annum rate for
    Treasury bills quoted on a bank discount basis and expressed as
    a decimal, &#147;N&#148; refers to the number of days in the
    year, either 365 or 366, as the case may be, and &#147;M&#148;
    refers to the actual number of days in the interest reset period
    for which interest is being calculated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>CMT Rate Notes.</I>&#160;&#160;The &#147;CMT Rate&#148; for
    any Interest Determination Date is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If &#147;Reuters Page&#160;FRBCMT&#148; is the specified CMT
    Reuters Page in the applicable pricing supplement or term sheet,
    the CMT Rate on the CMT Rate Interest Determination Date shall
    be a percentage equal to the yield for United States Treasury
    securities at &#147;constant maturity&#148; having the Index
    Maturity specified in the applicable pricing supplement or term
    sheet as set forth in H.15(519) under the caption &#147;Treasury
    constant maturities,&#148; as such yield is displayed on Reuters
    (or any successor service) on page FRBCMT (or any other page as
    may replace such page on such service) (&#147;Reuters Page
    FRBCMT&#148;) for such CMT Rate Interest Determination Date.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If such rate does not appear on Reuters Page&#160;FRBCMT, the
    CMT Rate on such CMT Rate Interest Determination Date shall be a
    percentage equal to the yield for United States Treasury
    securities at &#147;constant
</TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    18
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    maturity&#148; having the Index Maturity specified in the
    applicable pricing supplement or term sheet and for such CMT
    Rate Interest Determination Date as set forth in H.15(519) under
    the caption &#147;Treasury constant maturities.&#148;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If such rate does not appear in H.15(519), the CMT Rate on such
    CMT Rate Interest Determination Date shall be the rate for the
    period of the Index Maturity specified in the applicable pricing
    supplement or term sheet as may then be published by either the
    Federal Reserve Board or the United States Department of the
    Treasury that the calculation agent determines to be comparable
    to the rate that would otherwise have been published in
    H.15(519).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the Federal Reserve Board or the United States Department of
    the Treasury does not publish a yield on United States Treasury
    securities at &#147;constant maturity&#148; having the Index
    Maturity specified in the applicable pricing supplement or term
    sheet for such CMT Rate Interest Determination Date, the CMT
    Rate on such CMT Rate Interest Determination Date shall be
    calculated by the calculation agent and shall be a
    <FONT style="white-space: nowrap">yield-to-maturity</FONT>
    based on the arithmetic mean of the secondary market bid prices
    at approximately 3:30&#160;P.M., New York City time, on such CMT
    Rate Interest Determination Date of three leading primary United
    States government securities dealers in New York City (which may
    include the agents or their affiliates) (each, a &#147;reference
    dealer&#148;) selected by the calculation agent from five such
    reference dealers selected by the calculation agent and
    eliminating the highest quotation (or, in the event of equality,
    one of the highest) and the lowest quotation (or, in the event
    of equality, one of the lowest) for United States Treasury
    securities with an original maturity equal to the Index Maturity
    specified in the applicable pricing supplement or term sheet, a
    remaining term to maturity no more than one year shorter than
    such Index Maturity and in a principal amount that is
    representative for a single transaction in such securities in
    such market at such time. If fewer than three prices are
    provided as requested, the CMT Rate on such CMT Rate Interest
    Determination Date shall be calculated by the calculation agent
    and shall be a
    <FONT style="white-space: nowrap">yield-to-maturity</FONT>
    based on the arithmetic mean of the secondary market bid prices
    as of approximately 3:30&#160;P.M., New York City time, on such
    CMT Rate Interest Determination Date of three reference dealers
    selected by the calculation agent from five such reference
    dealers selected by the calculation agent and eliminating the
    highest quotation (or, in the event of equality, one of the
    highest) and the lowest quotation (or, in the event of equality,
    one of the lowest) for United States Treasury securities with an
    original maturity greater than the Index Maturity specified in
    the applicable pricing supplement or term sheet, a remaining
    term to maturity closest to such Index Maturity and in a
    principal amount that is representative for a single transaction
    in such securities in such market at such time. If two such
    United States Treasury securities with an original maturity
    greater than the Index Maturity specified in the applicable
    pricing supplement or term sheet have remaining terms to
    maturity equally close to such Index Maturity, the quotes for
    the treasury security with the shorter original term to maturity
    will be used. If fewer than five but more than two such prices
    are provided as requested, the CMT Rate on such CMT Rate
    Interest Determination Date shall be calculated by the
    calculation agent and shall be based on the arithmetic mean of
    the bid prices obtained and neither the highest nor the lowest
    of such quotations shall be eliminated; <I>provided</I>,
    <I>however</I>, that if fewer than three such prices are
    provided as requested, the CMT Rate determined as of such CMT
    Rate Interest Determination Date shall be the CMT Rate in effect
    on such CMT Rate Interest Determination Date.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If &#147;Reuters Page&#160;FEDCMT&#148; is the specified CMT
    Reuters Page in the applicable pricing supplement or term sheet,
    the CMT Rate on the CMT Rate Interest Determination Date shall
    be a percentage equal to the one-week or one-month, as specified
    in the applicable pricing supplement or term sheet, average
    yield for United&#160;States Treasury securities at
    &#147;constant maturity&#148; having the Index Maturity
    specified in the applicable pricing supplement or term sheet as
    set forth in H.15(519) opposite the caption &#147;Treasury
    Constant Maturities,&#148; as such yield is displayed on Reuters
    on page&#160;FEDCMT (or any other page as may replace such page
    on such service) (&#147;Reuters Page&#160;FEDCMT&#148;) for the
    week or month, as applicable, ended immediately preceding the
    week or month, as applicable, in which such CMT Rate Interest
    Determination Date falls.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If such rate does not appear on Reuters Page&#160;FEDCMT, the
    CMT Rate on such CMT Rate Interest Determination Date shall be a
    percentage equal to the one-week or one-month, as specified in
    the applicable pricing supplement or term sheet, average yield
    for United States Treasury securities at &#147;constant
    maturity&#148;
</TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    having the Index Maturity specified in the applicable pricing
    supplement or term sheet for the week or month, as applicable,
    preceding such CMT Rate Interest Determination Date as set forth
    in H.15(519) opposite the caption &#147;Treasury Constant
    Maturities.&#148;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If such rate does not appear in H.15(519), the CMT Rate on such
    CMT Rate Interest Determination Date shall be the one-week or
    one-month, as specified in the applicable pricing supplement or
    term sheet, average yield for United States Treasury securities
    at &#147;constant maturity&#148; having the Index Maturity
    specified in the applicable pricing supplement or term sheet as
    otherwise announced by the Federal Reserve Bank of New&#160;York
    for the week or month, as applicable, ended immediately
    preceding the week or month, as applicable, in which such CMT
    Rate Interest Determination Date falls.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the Federal Reserve Bank of New York does not publish a
    one-week or one-month, as specified in the applicable pricing
    supplement or term sheet, average yield on United States
    Treasury securities at &#147;constant maturity&#148; having the
    Index Maturity specified in the applicable pricing supplement or
    term sheet for the applicable week or month, the CMT Rate on
    such CMT Rate Interest Determination Date shall be calculated by
    the calculation agent and shall be a
    <FONT style="white-space: nowrap">yield-to-maturity</FONT>
    based on the arithmetic mean of the secondary market bid prices
    at approximately 3:30&#160;P.M., New York City time, on such CMT
    Rate Interest Determination Date of three reference dealers
    selected by the calculation agent from five such reference
    dealers selected by the calculation agent and eliminating the
    highest quotation (or, in the event of equality, one of the
    highest) and the lowest quotation (or, in the event of equality,
    one of the lowest) for United States Treasury securities with an
    original maturity equal to the Index Maturity specified in the
    applicable pricing supplement or term sheet, a remaining term to
    maturity of no more than one year shorter than such Index
    Maturity and in a principal amount that is representative for a
    single transaction in such securities in such market at such
    time. If fewer than five but more than two such prices are
    provided as requested, the CMT Rate on such CMT Rate Interest
    Determination Date shall be the rate on the CMT Rate Interest
    Determination Date calculated by the calculation agent based on
    the arithmetic mean of the bid prices obtained and neither the
    highest nor the lowest of such quotation shall be eliminated. If
    fewer than three prices are provided as requested, the CMT Rate
    on such CMT Rate Interest Determination Date shall be calculated
    by the calculation agent and shall be a
    <FONT style="white-space: nowrap">yield-to-maturity</FONT>
    based on the arithmetic mean of the secondary market bid prices
    as of approximately 3:30&#160;P.M., New York City time, on such
    CMT Rate Interest Determination Date of three reference dealers
    selected by the calculation agent from five such reference
    dealers selected by the calculation agent and eliminating the
    highest quotation (or, in the event of equality, one of the
    highest) and the lowest quotation (or, in the event of equality,
    one of the lowest) for United States Treasury securities with an
    original maturity longer than the Index Maturity specified in
    the applicable pricing supplement or term sheet, a remaining
    term to maturity closest to such Index Maturity and in a
    principal amount that is representative for a single transaction
    in such securities in such market at such time. If two United
    States Treasury securities with an original maturity greater
    than the Index Maturity specified in the applicable pricing
    supplement or term sheet have remaining terms to maturity
    equally close to such Index Maturity, the quotes for the
    Treasury security with the shorter original term to maturity
    will be used. If fewer than five but more than two such prices
    are provided as requested, the CMT Rate on such CMT Rate
    Interest Determination Date shall be the rate on the CMT Rate
    Interest Determination Date calculated by the calculation agent
    based on the arithmetic mean of the bid prices obtained and
    neither the highest nor lowest of such quotations shall be
    eliminated; <I>provided</I>, <I>however</I>, that if fewer than
    three such prices are provided as requested, the CMT Rate
    determined as of such CMT Rate Determination Date shall be the
    CMT Rate in effect on such CMT Rate Interest Determination Date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Eleventh District Cost of Funds Rate
    Notes.</I>&#160;&#160;The &#147;Eleventh District Cost of Funds
    Rate&#148; for any Interest Determination Date is the rate equal
    to the monthly weighted average cost of funds for the calendar
    month preceding the Interest Determination Date as displayed on
    Reuters Page&#160;COFI/ARMS (or any other page as may replace
    that specified page on that service) as of 11:00&#160;A.M.,
    San&#160;Francisco time, on the Calculation Date for that
    Interest Determination Date under the caption
    &#147;11th&#160;District.&#148;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following procedures will be used if the Eleventh District
    Cost of Funds Rate cannot be determined as described above:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the rate is not displayed on the relevant page as of
    11:00&#160;A.M., San&#160;Francisco time, on the Calculation
    Date, then the Eleventh District Cost of Funds Rate will be the
    monthly weighted average cost of funds paid by member
    institutions of the Eleventh Federal Home Loan Bank District, as
    announced by the Federal Home Loan Bank of San&#160;Francisco,
    as the cost of funds for the calendar month preceding the date
    of announcement.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If no announcement was made relating to the calendar month
    preceding the Interest Determination Date, the Eleventh District
    Cost of Funds Rate will remain the Eleventh District Cost of
    Funds Rate then in effect on the Interest Determination Date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Indexed
    Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue debt securities for which the amount of interest or
    principal that you will receive will not be known on your date
    of purchase. Interest or principal payments for these types of
    debt securities, which we call &#147;Indexed Notes,&#148; are
    determined by reference to securities, financial or
    non-financial indices, currencies, commodities, interest rates,
    or a composite or baskets of any or all of the above. Examples
    of indexed items that may be used include a published stock
    index, the common stock price of a publicly traded company, the
    value of the U.S.&#160;dollar versus the Japanese yen, or the
    price of a barrel of West Texas intermediate crude oil.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you purchase an Indexed Note, you may receive a principal
    amount at maturity that is greater than or less than the
    Note&#146;s face amount, and an interest rate that is greater
    than or less than the interest rate that you would have earned
    if you had instead purchased a conventional debt security issued
    by us at the same time with the same maturity. The amount of
    interest and principal that you will receive will depend on the
    structure of the Indexed Note and the level of the specified
    indexed item throughout the term of the Indexed Note and at
    maturity. Specific information pertaining to the method of
    determining the interest payments and the principal amount will
    be described in the prospectus supplement or term sheet, as well
    as additional risk factors unique to the Indexed Note, certain
    historical information for the specified indexed item and
    certain additional United States federal tax considerations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Renewable
    Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue Renewable Notes (&#147;Renewable Notes&#148;) which
    are debt securities that will automatically renew at their
    stated maturity date unless the holder of a Renewable Note
    elects to terminate the automatic extension feature by giving
    notice in the manner described in the related prospectus
    supplement or term sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holder of a Renewable Note must give notice of termination
    at least 15 but not more than 30&#160;days prior to a Renewal
    Date. The holder of a Renewable Note may terminate the automatic
    extension for less than all of its Renewable Notes only if the
    terms of the Renewable Note specifically permit partial
    termination. An election to terminate the automatic extension of
    any portion of the Renewable Note is not revocable and will be
    binding on the holder of the Renewable Note. If the holder
    elects to terminate the automatic extension of the maturity of
    the Note, the holder will become entitled to the principal and
    interest accrued up to the Renewal Date. The related prospectus
    supplement or term sheet will identify a stated maturity date
    beyond which the Maturity Date cannot be renewed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a Renewable Note is represented by a Global Security, DTC or
    its nominee will be the holder of the Note and therefore will be
    the only entity that can exercise a right to terminate the
    automatic extension of a Note. In order to ensure that DTC or
    its nominee will exercise a right to terminate the automatic
    extension provisions of a particular Renewable Note, the
    beneficial owner of the Note must instruct the broker or other
    DTC participant through which it holds an interest in the Note
    to notify DTC of its desire to terminate the automatic extension
    of the Note. Different firms have different cut-off times for
    accepting instructions from their customers and, accordingly,
    each beneficial owner should consult the broker or other
    participant through which it holds an interest in a Note to
    ascertain the cut-off time by which an instruction must be given
    for delivery of timely notice to DTC or its nominee.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Extendible
    Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue Notes whose stated Maturity Date may be extended at
    our option (an &#147;Extendible Note&#148;) for one or more
    whole-year periods (each, an &#147;Extension Period&#148;), up
    to but not beyond a stated maturity date described in the
    related prospectus supplement or term sheet (but not to exceed
    30&#160;years from the date of issue).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may exercise our option to extend the Extendible Note by
    notifying the applicable trustee (or any duly appointed paying
    agent) at least 45 but not more than 60&#160;days prior to the
    then effective Maturity Date. If we elect to extend the
    Extendible Note, the trustee (or paying agent) will mail (at
    least 40&#160;days prior to the Maturity Date) to the registered
    holder of the Extendible Note a notice (an &#147;Extension
    Notice&#148;) informing the holder of our election, the new
    Maturity Date and any updated terms. Upon the mailing of the
    Extension Notice, the maturity of that Extendible Note will be
    extended automatically as set forth in the Extension Notice.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, we may, not later than 20&#160;days prior to the
    Maturity Date of an Extendible Note (or, if that date is not a
    Business Day, prior to the next Business Day), at our option,
    establish a higher interest rate, in the case of a Fixed Rate
    Note, or a higher spread
    <FONT style="white-space: nowrap">and/or</FONT>
    spread multiplier, in the case of a Floating Rate Note, for the
    Extension Period by mailing or causing the applicable trustee
    (or paying agent) to mail notice of such higher interest rate or
    higher spread
    <FONT style="white-space: nowrap">and/or</FONT>
    spread multiplier to the holder of the Note. The notice will be
    irrevocable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we elect to extend the maturity of an Extendible Note, the
    holder of the Note will have the option to instead elect
    repayment of the Note by us on the then effective Maturity Date.
    In order for an Extendible Note to be so repaid on the Maturity
    Date, we must receive, at least 15&#160;days but not more than
    30&#160;days prior to the Maturity Date:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the Extendible Note with the form &#147;Option to Elect
    Repayment&#148; on the reverse of the Note duly
    completed;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;a facsimile transmission, telex or letter from a member
    of a national securities exchange or the Financial Industry
    Regulatory Authority (the &#147;FINRA&#148;) or a commercial
    bank or trust company in the United States setting forth the
    name of the holder of the Extendible Note, the principal amount
    of the Note, the principal amount of the Note to be repaid, the
    certificate number or a description of the tenor and terms of
    the Note, a statement that the option to elect repayment is
    being exercised thereby and a guarantee that the Note be repaid,
    together with the duly completed form entitled &#147;Option to
    Elect Repayment&#148; on the reverse of the Note, will be
    received by the applicable trustee (or paying agent) not later
    than the fifth Business Day after the date of the facsimile
    transmission, telex or letter; <I>provided</I>, <I>however</I>;
    that the facsimile transmission, telex or letter will only be
    effective if the Note and form duly completed are received by
    the applicable trustee (or paying agent) by that fifth Business
    Day. The option may be exercised by the holder of an Extendible
    Note for less than the aggregate principal amount of the Note
    then outstanding if the principal amount of the Note remaining
    outstanding after repayment is an authorized denomination.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If an Extendible Note is represented by a Global Security, DTC
    or its nominee will be the holder of that Note and therefore
    will be the only entity that can exercise a right to repayment.
    To ensure that DTC or its nominee timely exercises a right to
    repayment with respect to a particular Extendible Note, the
    beneficial owner of that Note must instruct the broker or other
    participant through which it holds an interest in the Note to
    notify DTC of its desire to exercise a right of repayment.
    Different firms have different cut-off times for accepting
    instructions from their customers and, accordingly, each
    beneficial owner should consult the broker or other participant
    through which it holds an interest in an Extendible Note to
    determine the cut-off time by which an instruction must be given
    for timely notice to be delivered to DTC or its nominee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>What Is a Global Security? </I>As noted above, we usually
    will issue debt securities as registered securities in
    book-entry form only. A global security represents one or any
    other number of individual debt securities. Generally, all debt
    securities represented by the same global securities will have
    the same terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each debt security issued in book-entry form will be represented
    by a global security that we deposit with and register in the
    name of a financial institution or its nominee that we select.
    The financial institution that we select for this purpose is
    called the depositary. Unless we specify otherwise in the
    applicable prospectus supplement or term
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    sheet, The Depository Trust&#160;Company, New York, New York,
    known as DTC, will be the depositary for all debt securities
    issued in book-entry form.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A global security may not be transferred to or registered in the
    name of anyone other than the depositary or its nominee, unless
    special termination situations arise. We describe those
    situations below under &#147;Special Situations when a Global
    Security Will Be Terminated.&#148; As a result of these
    arrangements, the depositary, or its nominee, will be the sole
    registered owner and holder of all debt securities represented
    by a global security, and investors will be permitted to own
    only beneficial interests in a global security. Beneficial
    interests must be held by means of an account with a broker,
    bank or other financial institution that in turn has an account
    with the depositary or with another institution that has an
    account with the depositary. Thus, an investor whose security is
    represented by a global security will not be a holder of the
    debt security, but only an indirect holder of a beneficial
    interest in the global security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Special Considerations for Global
    Securities.</I>&#160;&#160;As an indirect holder, an
    investor&#146;s rights relating to a global security will be
    governed by the account rules of the investor&#146;s financial
    institution and of the depositary, as well as general laws
    relating to securities transfers. The depositary that holds the
    global security will be considered the holder of the debt
    securities represented by the global security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If debt securities are issued only in the form of a global
    security, an investor should be aware of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An investor cannot cause the debt securities to be registered in
    his or her name, and cannot obtain certificates for his or her
    interest in the debt securities, except in the special
    situations we describe below.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An investor will be an indirect holder and must look to his or
    her own bank or broker for payments on the debt securities and
    protection of his or her legal rights relating to the debt
    securities, as we describe under &#147;Issuance of Securities in
    Registered Form&#148; above.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An investor may not be able to sell interests in the debt
    securities to some insurance companies and other institutions
    that are required by law to own their securities in
    non-book-entry form.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An investor may not be able to pledge his or her interest in a
    global security in circumstances where certificates representing
    the debt securities must be delivered to the lender or other
    beneficiary of the pledge in order for the pledge to be
    effective.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The depositary&#146;s policies, which may change from time to
    time, will govern payments, transfers, exchanges and other
    matters relating to an investor&#146;s interest in a global
    security. We and the trustee have no responsibility for any
    aspect of the depositary&#146;s actions or for its records of
    ownership interests in a global security. We and the trustee
    also do not supervise the depositary in any way.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we redeem less than all the debt securities of a particular
    series being redeemed, DTC&#146;s practice is to determine by
    lot the amount to be redeemed from each of its participants
    holding that series.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An investor is required to give notice of exercise of any option
    to elect repayment of its debt securities, through its
    participant, to the applicable trustee and to deliver the
    related debt securities by causing its participant to transfer
    its interest in those debt securities, on DTC&#146;s records, to
    the applicable trustee.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    DTC requires that those who purchase and sell interests in a
    global security deposited in its book-entry system use
    immediately available funds. Your broker or bank may also
    require you to use immediately available funds when purchasing
    or selling interests in a global security.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Financial institutions that participate in the depositary&#146;s
    book-entry system, and through which an investor holds its
    interest in a global security, may also have their own policies
    affecting payments, notices and other matters relating to the
    debt securities. There may be more than one financial
    intermediary in the chain of ownership for an investor. We do
    not monitor and are not responsible for the actions of any of
    those intermediaries.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Special Situations When a Global Security Will Be
    Terminated.</I>&#160;&#160;In a few special situations described
    below, a global security will be terminated and interests in it
    will be exchanged for certificates in non-book-entry form
    (certificated securities). After that exchange, the choice of
    whether to hold the certificated debt securities directly or
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in street name will be up to the investor. Investors must
    consult their own banks or brokers to find out how to have their
    interests in a global security transferred on termination to
    their own names, so that they will be holders. We have described
    the rights of holders and street name investors under
    &#147;Holders of Registered Debt Securities&#148; above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The special situations for termination of a global security are
    as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if the depositary notifies us that it is unwilling, unable or no
    longer qualified to continue as depositary for that global
    security, and we do not appoint another institution to act as
    depositary within 60&#160;days,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if we notify the trustee that we wish to terminate that global
    security,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if an event of default has occurred with regard to the debt
    securities represented by that global security and has not been
    cured or waived; we discuss defaults later under &#147;Events of
    Default.&#148;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The prospectus supplement or term sheet may list situations for
    terminating a global security that would apply only to the
    particular series of debt securities covered by the prospectus
    supplement or term sheet. If a global security is terminated,
    only the depositary, and not we or the applicable trustee, is
    responsible for deciding the names of the institutions in whose
    names the debt securities represented by the global security
    will be registered and, therefore, who will be the holders of
    those debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Payment
    and Paying Agents</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will pay interest to the person listed in the trustee&#146;s
    records as the owner of the debt security at the close of
    business on a particular day in advance of each due date for
    interest, even if that person no longer owns the debt security
    on the interest due date. That day, usually about two weeks in
    advance of the interest due date, is called the &#147;record
    date.&#148; Because we will pay all the interest for an interest
    period to the holders on the record date, holders buying and
    selling debt securities must work out between themselves the
    appropriate purchase price. The most common manner is to adjust
    the sales price of the debt securities to prorate interest
    fairly between buyer and seller based on their respective
    ownership periods within the particular interest period. This
    prorated interest amount is called &#147;accrued interest.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Payments on Global Securities.</I>&#160;&#160;We will make
    payments on a global security in accordance with the applicable
    policies of the depositary as in effect from time to time. Under
    those policies, we will make payments directly to the
    depositary, or its nominee, and not to any indirect holders who
    own beneficial interests in the global security. An indirect
    holder&#146;s right to those payments will be governed by the
    rules and practices of the depositary and its participants, as
    described under &#147;What Is a Global Security?&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Payments on Certificated Securities.</I>&#160;&#160;We will
    make payments on a certificated debt security as follows. We
    will pay interest that is due on an interest payment date by
    check mailed on the interest payment date to the holder at his
    or her address shown on the trustee&#146;s records as of the
    close of business on the regular record date. We will make all
    payments of principal and premium, if any, by check at the
    office of the applicable trustee in New York, New&#160;York
    <FONT style="white-space: nowrap">and/or</FONT> at
    other offices that may be specified in the prospectus supplement
    or term sheet or in a notice to holders, against surrender of
    the debt security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Alternatively, if the holder asks us to do so, we will pay any
    amount that becomes due on the debt security by wire transfer of
    immediately available funds to an account at a bank in New York
    City, on the due date. To request payment by wire, the holder
    must give the applicable trustee or other paying agent
    appropriate transfer instructions at least 15 Business Days
    before the requested wire payment is due. In the case of any
    interest payment due on an interest payment date, the
    instructions must be given by the person who is the holder on
    the relevant regular record date. Any wire instructions, once
    properly given, will remain in effect unless and until new
    instructions are given in the manner described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Payment When Offices Are Closed.&#160;&#160;</I>If any
    payment is due on a debt security on a day that is not a
    Business Day, we will make the payment on the next day that is a
    Business Day. Payments made on the next Business Day in this
    situation will be treated under the Indenture as if they were
    made on the original due date, except as otherwise indicated in
    the attached prospectus supplement or term sheet. Such payment
    will not result in a default under any debt security or the
    Indenture, and no interest will accrue on the payment amount
    from the original due date to the next day that is a Business
    Day.
</DIV>
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    <BR>
    24
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Material
    Covenants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Consolidation, Merger, Sale or Conveyance.</I>&#160;&#160;The
    Indenture provides that AAM Inc. or Holdings may not consolidate
    with or merge into any other entity or convey, transfer or lease
    their properties and assets substantially as an entirety to any
    entity, unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the successor or transferee entity, if other than AAM Inc. or
    Holdings, as the case may be, is a corporation organized and
    existing under the laws of the United States, any state thereof
    or the District of Columbia and expressly assumes by a
    supplemental indenture executed and delivered to the trustee, in
    form reasonably satisfactory to the trustee, the due and
    punctual payment of the principal of, any premium on and any
    interest on, all the outstanding debt securities and the
    performance of every covenant and obligation in the Indenture to
    be performed or observed by AAM Inc. or Holdings, as the case
    may be;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    immediately after giving effect to the transaction, no Event of
    Default, as defined in the Indenture, and no event which, after
    notice or lapse of time or both, would become an Event of
    Default, has happened and is continuing;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    AAM Inc. or Holdings, as the case may be, has delivered to the
    trustee an officers&#146; certificate and an opinion of counsel,
    each in the form required by the Indenture and stating that such
    consolidation, merger, conveyance, transfer or lease and, if a
    supplemental indenture is required in connection with such
    transaction, such supplemental indenture comply with the
    foregoing provisions relating to such transaction.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In case of any such consolidation, merger, conveyance or
    transfer, the successor entity will succeed to and be
    substituted for AAM Inc. or Holdings, as the case may be, as
    obligor or guarantor on the debt securities, as the case may be,
    with the same effect as if it had been named in the Indenture as
    AAM Inc. or Holdings, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Limitation on Liens.</I>&#160;&#160;AAM Inc. and Holdings
    will not, and will not permit any Restricted Subsidiary to,
    create, incur, issue, assume or guarantee any indebtedness for
    money borrowed (&#147;Debt&#148;) secured by a Mortgage upon any
    Operating Property, or upon shares of capital stock or Debt
    issued by any Restricted Subsidiary and owned by AAM Inc. or
    Holdings or any Restricted Subsidiary, whether owned at the date
    of the Indenture or thereafter acquired, without effectively
    providing concurrently that the debt securities of each series
    then outstanding under the Indenture are secured equally and
    ratably with or, at our option, prior to such Debt so long as
    such Debt shall be so secured.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing restriction shall not apply to, and there shall be
    excluded from Debt in any computation under such restriction,
    Debt secured by:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Mortgages on any property existing at the time of the
    acquisition thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Mortgages on property of a corporation existing at the
    time such corporation is merged into or consolidated with our
    company or Holdings or a Restricted Subsidiary or at the time of
    a sale, lease or other disposition of the properties of such
    corporation (or a division thereof) as an entirety or
    substantially as an entirety to us, Holdings or a Restricted
    Subsidiary, <I>provided </I>that any such Mortgage does not
    extend to any property owned by us, Holdings or any Restricted
    Subsidiary immediately prior to such merger, consolidation,
    sale, lease or disposition;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;Mortgages on property of a corporation existing at the
    time such corporation becomes a Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;Mortgages in favor of our company, Holdings or a
    Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;Mortgages to secure all or part of the cost of
    acquisition, construction, development or improvement of the
    underlying property, or to secure debt incurred to provide funds
    for any such purpose, <I>provided </I>that the commitment of the
    creditor to extend the credit secured by any such Mortgage shall
    have been obtained no later than 360&#160;days after the later
    of (a)&#160;the completion of the acquisition, construction,
    development or improvement of such property or (b)&#160;the
    placing in operation of such property;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;Mortgages in favor of the United States of America or
    any State thereof, or any department, agency or instrumentality
    or political subdivision thereof, to secure partial, progress,
    advance or other payments;&#160;and
</DIV>
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    <BR>
    25
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;Mortgages existing on the date of the Indenture or any
    extension, renewal, replacement or refunding of any Debt secured
    by a Mortgage existing on the date of the Indenture or referred
    to in clauses&#160;(1) to (3)&#160;or (5), <I>provided </I>that
    any such extension, renewal, replacement or refunding of such
    Debt shall be created within 360&#160;days of repaying the Debt
    secured by the Mortgage referred to in clauses&#160;(1) to
    (3)&#160;or (5)&#160;and the principal amount of the Debt
    secured thereby and not otherwise authorized by clauses&#160;(1)
    to (3)&#160;or (5)&#160;shall not exceed the principal amount of
    Debt, plus any premium or fee payable in connection with any
    such extension, renewal, replacement or refunding, so secured at
    the time of such extension, renewal, replacement or refunding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the restrictions described above, AAM Inc.,
    Holdings and any Restricted Subsidiaries may create, incur,
    issue, assume or guarantee Debt secured by Mortgages without
    equally and ratably securing the debt securities of each series
    then outstanding if, at the time of such creation, incurrence,
    issuance, assumption or guarantee, after giving effect thereto
    and to the retirement of any Debt which is concurrently being
    retired, the aggregate amount of all such Debt secured by
    Mortgages which would otherwise be subject to such restrictions
    (other than any Debt secured by Mortgages permitted as described
    in clauses&#160;(1) through (7)&#160;of the immediately
    preceding paragraph) plus all Attributable Debt of AAM Inc.,
    Holdings and the Restricted Subsidiaries in respect of Sale and
    Leaseback Transactions with respect to Operating Properties
    (with the exception of such transactions which are permitted
    under clauses&#160;(1) through (4)&#160;of the first sentence of
    the first paragraph under &#147;&#151;&#160;Limitation on Sale
    and Leaseback Transactions&#148; below) does not exceed 10% of
    Consolidated Net Tangible Assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Tangible Assets&#148; </I>means the
    aggregate of all assets of Holdings (including the value of all
    existing Sale and Leaseback Transactions and any assets
    resulting from the capitalization of other long-term lease
    obligations in accordance with GAAP) appearing on the most
    recent available consolidated balance sheet of Holdings at their
    net book values, after deducting related depreciation,
    applicable allowances and other properly deductible items, and
    after deducting all goodwill, trademarks, tradenames, patents,
    unamortized debt discount and expenses and other like
    intangibles, all prepared in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Current Liabilities&#148; </I>means the
    aggregate of the current liabilities of Holdings appearing on
    the most recent available consolidated balance sheet of
    Holdings, all in accordance with GAAP. In no event shall
    Consolidated Current Liabilities include any obligation of
    Holdings or its Subsidiaries issued under a revolving credit or
    similar agreement if the obligation issued under such agreement
    matures by its terms within 12&#160;months from the date thereof
    but by the terms of such agreement such obligation may be
    renewed or extended or the amount thereof reborrowed or refunded
    at the option of Holdings, our company or any Subsidiary for a
    term in excess of 12&#160;months from the date of determination.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Net Tangible Assets&#148; </I>means
    Consolidated Tangible Assets after deduction of Consolidated
    Current Liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;GAAP&#148; </I>means generally accepted accounting
    principles set forth in the opinions and pronouncements of the
    Accounting Principles Board of the American Institute of
    Certified Public Accountants and statements and pronouncements
    of the Financial Accounting Standards Board or in such other
    statements by such other entity as have been approved by a
    significant segment of the accounting profession which are in
    effect on the Issue Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Mortgage&#148; </I>means, with respect to any property
    or assets, any mortgage or deed of trust, pledge, hypothecation,
    assignment, security interest, lien, encumbrance, or any other
    security arrangement of any kind or nature whatsoever on or with
    respect to such property or assets (including any conditional
    sale or other title retention agreement having substantially the
    same economic effect as any of the foregoing).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Operating Property&#148; </I>means any real property or
    equipment located in the United States owned by, or leased to,
    AAM Inc., Holdings or any Subsidiary that has a market value in
    excess of 1.0% of Consolidated Net Tangible Assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Person&#148; </I>means any individual, corporation,
    partnership, joint venture, trust, unincorporated organization
    or government or any agency or political subdivision thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Restricted Subsidiary&#148; </I>means any Subsidiary
    (excluding AAM Inc.) that owns Operating Property.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Sale and Leaseback Transaction&#148; </I>means any
    arrangement with any Person providing for the leasing to AAM
    Inc., Holdings or any Subsidiary of any Operating Property,
    which Operating Property has been or is to be sold or
    transferred by AAM Inc., Holdings or such Subsidiary to such
    Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Subsidiary&#148; </I>means any corporation of which at
    least a majority of the outstanding stock having by the terms
    thereof ordinary voting power for the election of directors of
    such corporation (irrespective of whether or not at the time
    stock of any other class or classes of such corporation shall
    have or might have voting power by reason of the happening of
    any contingency) is at the time directly or indirectly owned by
    AAM Inc. or Holdings, or by one or more other Subsidiaries, or
    by AAM Inc. or Holdings and one or more other Subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Limitation on Sale and Leaseback
    Transactions.</I>&#160;&#160;AAM Inc. and Holdings will not, and
    will not permit any Restricted Subsidiary to, enter into any
    Sale and Leaseback Transaction with respect to any Operating
    Property unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the Sale and Leaseback Transaction is solely with our
    company, Holdings or another Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the lease is for a period not in excess of twenty-four
    months, including renewals;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;our company, Holdings or such Restricted Subsidiary
    would (at the time of entering into such arrangement) be
    entitled as described in clauses&#160;(1) through (7)&#160;of
    the second paragraph under the heading
    &#147;&#151;&#160;Limitation on Liens,&#148; without equally and
    ratably securing the debt securities then outstanding under the
    Indenture, to create, incur, issue, assume or guarantee Debt
    secured by a Mortgage on such Operating Property in the amount
    of the Attributable Debt arising from such Sale and Leaseback
    Transaction;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;our company, Holdings or such Restricted Subsidiary
    within 360&#160;days after the sale of such Operating Property
    in connection with such Sale and Leaseback Transaction is
    completed, applies an amount equal to the greater of
    (A)&#160;the net proceeds of the sale of such Operating Property
    or (B)&#160;the fair market value of such Operating Property to
    (i)&#160;the retirement of debt securities, other Funded Debt of
    our company or Holdings ranking on a parity with the debt
    securities or Funded Debt of a Restricted Subsidiary or
    (ii)&#160;the purchase of Operating Property;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;the Attributable Debt of our company, Holdings and our
    Restricted Subsidiaries in respect of such Sale and Leaseback
    Transaction and all other Sale and Leaseback Transactions
    entered into after the date of the Indenture (other than any
    such Sale and Leaseback Transaction as would be permitted as
    described in clauses&#160;(1) through (4)&#160;of this
    sentence), plus the aggregate principal amount of Debt secured
    by Mortgages on Operating Properties then outstanding (not
    including any such Debt secured by Mortgages described in
    clauses&#160;(1) through (7)&#160;of the second paragraph under
    the heading &#147;&#151;&#160;Limitation on Liens&#148;) which
    do not equally and ratably secure such outstanding debt
    securities (or secure such outstanding debt securities on a
    basis that is prior to other Debt secured thereby), would not
    exceed 10% of Consolidated Tangible Net Assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Attributable Debt&#148; </I>in respect of any Sale and
    Leaseback Transaction, means, as of the time of determination,
    the total obligation (discounted to present value at the rate
    per annum equal to the discount rate which would be applicable
    to a capital lease obligation with like term in accordance with
    GAAP) of the lessee for rental payments (other than amounts
    required to be paid on account of property taxes, maintenance,
    repairs, insurance, water rates and other items which do not
    constitute payments for property rights) during the remaining
    portion of the initial term of the lease included in such Sale
    and Leaseback Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Funded Debt&#148; </I>means all Debt having a maturity
    of more than 12&#160;months from the date as of which the
    determination is made or having a maturity of 12&#160;months or
    less but by its terms being renewable or extendable beyond
    12&#160;months from such date at the option of the borrower, but
    excluding any such Debt owed to our company, Holdings or a
    Subsidiary.
</DIV>
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    <BR>
    27
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Events of
    Default</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An event of default is defined in the Indenture as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;default for 30&#160;days in payment of any interest on
    the debt securities (including additional interest under the
    registration rights agreement described below) when it becomes
    due and payable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;default in payment of principal of or any premium on
    the debt securities at maturity or redemption price when the
    same becomes due and payable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;default by us or Holdings in the performance of any
    other covenant contained in the Indenture for the benefit of the
    debt securities that has not been remedied by the end of a
    period of 60&#160;days after notice is given as specified in the
    Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;the guarantee of Holdings ceases to be in full force
    and effect or is declared null and void or Holdings denies that
    it has any further liability under its guarantee to the note
    holders, or has given notice to such effect (other than by
    reason of the termination of the Indenture or the release of
    such guarantee in accordance with the Indenture), and such
    condition shall have continued for a period of 30&#160;days
    after notice is given as specified in the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;default in the payment of principal when due or
    resulting in acceleration of other indebtedness of AAM Inc.,
    Holdings or any Significant Subsidiary for borrowed money where
    the aggregate principal amount with respect to which the default
    or acceleration has occurred exceeds $50&#160;million and such
    acceleration has not been rescinded or annulled or such
    indebtedness repaid within a period of 30&#160;days after
    written notice to us by the trustee or to us and the trustee by
    the holders of at least 25% in principal amount at maturity of
    the debt securities, <I>provided </I>that if any such default is
    cured, waived, rescinded or annulled, then the event of default
    by reason thereof would be deemed not to have occurred;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;certain events of bankruptcy, insolvency and
    reorganization of our company or Holdings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When we refer to a &#147;Significant Subsidiary,&#148; we mean
    any Subsidiary that would constitute a &#147;significant
    subsidiary&#148; within the meaning of Article&#160;1 of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    of the Securities Act as in effect on the date of the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture provides that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if an event of default described in clause (a), (b), (c),
    (d)&#160;or (e)&#160;above has occurred and is continuing,
    either the trustee or the holders of not less than 25% in
    aggregate principal amount of the debt securities may declare
    the principal amount of the debt securities then outstanding,
    and any accrued and unpaid interest through the date of such
    declaration, to be due and payable immediately;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    upon certain conditions such declarations may be annulled and
    past defaults (except for defaults in the payment of principal
    of, any premium on or interest on, the debt securities and in
    compliance with certain covenants) may be waived by the holders
    of a majority in aggregate principal amount of the debt
    securities then outstanding;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if an event of default described in clause&#160;(f) occurs and
    is continuing, then the principal amount of all debt securities
    issued under the Indenture and then outstanding, together with
    any accrued interest through the
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    occurrence of such event, shall become and be due and payable
    immediately, without any declaration or other act by the trustee
    or any other holder.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Indenture, the trustee must give to the holders of
    debt securities notice of all uncured defaults known to it with
    respect to the debt securities within 90&#160;days after such a
    default occurs (the term default to include the events specified
    above without notice or grace periods); <I>provided </I>that,
    except in the case of default in the payments of principal of,
    any premium on, any of the debt securities, the trustee will be
    protected in withholding such notice if it in good faith
    determines that the withholding of such notice is in the
    interests of the holders of the debt securities.
</DIV>
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    <BR>
    28
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No holder of any debt securities may institute any action under
    the Indenture unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such holder has given the trustee written notice of a continuing
    event of default with respect to the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the holders of not less than 25% in aggregate principal amount
    of the debt securities then outstanding have requested the
    trustee to institute proceedings in respect of such event of
    default;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such holder or holders have offered the trustee such reasonable
    indemnity as the trustee may require;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the trustee has failed to institute an action for 60&#160;days
    thereafter;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no inconsistent direction has been given to the trustee during
    such <FONT style="white-space: nowrap">60-day</FONT>
    period by the holders of a majority in aggregate principal
    amount of debt securities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holders of a majority in aggregate principal amount of the
    debt securities affected and then outstanding will have the
    right, subject to certain limitations, to direct the time,
    method and place of conducting any proceeding for any remedy
    available to the trustee or exercising any trust or power
    conferred on the trustee with respect to the debt securities.
    The Indenture provides that, if an event of default occurs and
    is continuing, the trustee, in exercising its rights and powers
    under the Indenture, will be required to use the degree of care
    of a prudent man in the conduct of his own affairs. The
    Indenture further provides that the trustee shall not be
    required to expend or risk its own funds or otherwise incur any
    financial liability in the performance of any of its duties
    under the Indenture unless it has reasonable grounds for
    believing that repayment of such funds or adequate indemnity
    against such risk or liability is reasonably assured to&#160;it.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We must furnish to the trustee within 120&#160;days after the
    end of each fiscal year a statement of our company signed by one
    of the officers of our company to the effect that a review of
    our activities during such year and our performance under the
    Indenture and the terms of the debt securities has been made,
    and, to the knowledge of the signatories based on such review,
    we have complied with all conditions and covenants of the
    Indenture or, if we are in default, specifying such default.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Modification
    of the Indenture</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We, the trustee and, if applicable, Holdings and any Subsidiary
    Guarantors, may, without the consent of the holders of the debt
    securities issued under the Indenture, enter into supplemental
    indenture for, among others, one or more of the following
    purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to evidence the succession of another corporation to our
    company, and the assumption by such successor of our obligations
    under the Indenture and the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to add covenants of our company, or surrender any rights of the
    company, or add any rights for the benefit of the holders of
    debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to cure any ambiguity, omission, defect or inconsistency in such
    Indenture;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to add any guarantors with respect to the securities of any
    series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to establish the form or terms of any other series of debt
    securities, including the form or terms of any Subsidiary
    Guarantor&#146;s guarantee of the securities
    <FONT style="white-space: nowrap">and/or</FONT> the
    provisions and procedures relating to securities convertible
    into or exchangeable for any securities of any Person, including
    the Company or Holdings;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to evidence and provide the acceptance of any successor trustee
    with respect to the debt securities or one or more other series
    of debt securities or to facilitate the administration of the
    trusts thereunder by one or more trustees in accordance with
    such Indenture;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to provide any additional events of default.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With certain exceptions, the Indenture, the Holdings guarantee,
    any Subsidiary guarantee or the rights of the holders of the
    debt securities may be modified by us and the trustee with the
    consent of the holders of a majority in
</DIV>
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    <BR>
    29
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    aggregate principal amount of the debt securities then
    outstanding, but no such modification may be made without the
    consent of the holder of each outstanding debt security affected
    thereby that would:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    change the maturity of any payment of principal of, or any
    premium on, any debt securities, or change any place of payment
    where, or the coin or currency in which, any debt security or
    any premium is payable, or impair the right to institute suit
    for the enforcement of any such payment on or after the maturity
    thereof (or, in the case of redemption, on or after the
    redemption date);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the percentage in principal amount of the outstanding
    debt securities, the consent of whose holders is required for
    any such modification, or the consent of whose holders is
    required for any waiver of compliance with certain provisions of
    the Indenture or certain defaults thereunder and their
    consequences provided for in the Indenture;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    modify any of the provisions of certain sections of the
    Indenture, including the provisions summarized in this
    paragraph, except to increase any such percentage or to provide
    that certain other provisions of the Indenture cannot be
    modified or waived without the consent of the holder of each
    outstanding debt securities affected thereby.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Defeasance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following provisions will be applicable to each series of
    debt securities unless we state in the applicable prospectus
    supplement or term sheet that the provisions of covenant
    defeasance and full defeasance will not be applicable to that
    series.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Covenant Defeasance.</I>&#160;&#160;Under current United
    States federal tax law, we can make the deposit described below
    and be released from some of the restrictive covenants in the
    Indenture under which the particular series was issued. This is
    called &#147;covenant defeasance.&#148; In that event, you would
    lose the protection of those restrictive covenants but would
    gain the protection of having money and government securities
    set aside in trust to repay your debt securities. If you hold
    subordinated securities, you also would be released from the
    subordination provisions described under &#147;Subordinated
    Indenture Provisions&#160;&#151; Subordination&#148; below. In
    order to achieve covenant defeasance, we must do the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the debt securities of the particular series are denominated
    in U.S.&#160;dollars, deposit in trust for the benefit of all
    holders of such debt securities a combination of money and
    United States government or United States government agency debt
    securities or bonds that will generate enough cash to make
    interest, principal and any other payments on the debt
    securities on their various due dates.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Deliver to the trustee a legal opinion of our counsel confirming
    that, under current United States federal income tax law, we may
    make the above deposit without causing you to be taxed on the
    debt securities any differently than if we did not make the
    deposit and just repaid the debt securities ourselves at
    maturity.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Deliver to the trustee a legal opinion of our counsel stating
    that the above deposit does not require registration by us under
    the Investment Company Act of 1940, as amended, and a legal
    opinion and officers&#146; certificate stating that all
    conditions precedent to covenant defeasance have been complied
    with.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we accomplish covenant defeasance, you can still look to us
    for repayment of the debt securities if there were a shortfall
    in the trust deposit or the trustee is prevented from making
    payment. In fact, if one of the remaining Events of Default
    occurred (such as our bankruptcy) and the debt securities became
    immediately due and payable, there might be a shortfall.
    Depending on the event causing the default, you may not be able
    to obtain payment of the shortfall.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Full Defeasance.</I>&#160;&#160;If there is a change in
    United States federal tax law, as described below, we can
    legally release ourselves from all payment and other obligations
    on the debt securities of a particular series (called &#147;full
    defeasance&#148;) if we put in place the following other
    arrangements for you to be repaid:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the debt securities of the particular series are denominated
    in U.S.&#160;dollars, we must deposit in trust for the benefit
    of all holders of such debt securities a combination of money
    and United States government or
</TD>
</TR>

</TABLE>
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    <BR>
    30
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<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    United States government agency debt securities or bonds that
    will generate enough cash to make interest, principal and any
    other payments on the debt securities on their various due dates.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We must deliver to the trustee a legal opinion confirming that
    there has been a change in current United States federal tax law
    or an Internal Revenue Service ruling that allows us to make the
    above deposit without causing you to be taxed on the debt
    securities any differently than if we did not make the deposit
    and just repaid the debt securities ourselves at maturity. Under
    current United States federal tax law, the deposit and our legal
    release from the debt securities would be treated as though we
    paid you your share of the cash and debt securities or bonds at
    the time the cash and debt securities or bonds were deposited in
    trust in exchange for your debt securities and you would
    recognize gain or loss on the debt securities at the time of the
    deposit.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We must deliver to the trustee a legal opinion of our counsel
    stating that the above deposit does not require registration by
    us under the Investment Company Act of 1940, as amended, and a
    legal opinion and officers&#146; certificate stating that all
    conditions precedent to defeasance have been complied with.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we ever did accomplish full defeasance, as described above,
    you would have to rely solely on the trust deposit for repayment
    of the debt securities. You could not look to us for repayment
    in the unlikely event of any shortfall. Conversely, the trust
    deposit would most likely be protected from claims of our
    lenders and other creditors if we ever became bankrupt or
    insolvent. If you hold subordinated securities, you would also
    be released from the subordination provisions described later
    under &#147;Subordinated Indenture
    Provisions&#151;&#160;Subordination.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Discharge
    of the Indenture</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may satisfy and discharge our obligations under the Indenture
    by delivering to the trustee for cancellation all outstanding
    debt securities or by depositing with the trustee or the paying
    agent after the debt securities have become due and payable,
    whether at stated maturity, or any redemption date, or
    otherwise, cash sufficient to pay all of the outstanding debt
    securities and paying all other sums payable under the Indenture
    by our company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Form,
    Exchange and Transfer of Certificated Registered
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If registered debt securities cease to be issued in book-entry
    form, they will be issued:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    only in fully registered certificated form,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    without interest coupons,&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unless we indicate otherwise in the prospectus supplement or
    term sheet, in denominations of $1,000 and amounts that are
    multiples of $1,000.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders may exchange their certificated securities for debt
    securities of smaller denominations or combined into fewer debt
    securities of larger denominations, as long as the total
    principal amount is not changed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders may exchange or transfer their certificated securities
    at the office of their trustee. We have appointed the trustee to
    act as our agent for registering debt securities in the names of
    holders transferring debt securities. We may appoint another
    entity to perform these functions or perform them ourselves.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders will not be required to pay a service charge to transfer
    or exchange their certificated securities, but they may be
    required to pay any tax or other governmental charge associated
    with the transfer or exchange. The transfer or exchange will be
    made only if our transfer agent is satisfied with the
    holder&#146;s proof of legal ownership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we have designated additional transfer agents for your debt
    security, they will be named in your prospectus supplement or
    term sheet. We may appoint additional transfer agents or cancel
    the appointment of any particular transfer agent. We may also
    approve a change in the office through which any transfer agent
    acts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any certificated securities of a particular series are
    redeemable and we redeem less than all the debt securities of
    that series, we may block the transfer or exchange of those debt
    securities during the period beginning 15&#160;days before the
    day we mail the notice of redemption and ending on the day of
    that mailing, in order to freeze the list of holders to prepare
    the mailing. We may also refuse to register transfers or
    exchanges of any certificated securities
</DIV>
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    <BR>
    31
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    selected for redemption, except that we will continue to permit
    transfers and exchanges of the unredeemed portion of any debt
    security that will be partially redeemed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a registered debt security is issued in book-entry form, only
    the depositary will be entitled to transfer and exchange the
    debt security as described in this subsection, since it will be
    the sole holder of the debt security.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Resignation
    of Trustee</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The trustee may resign or be removed with respect to one or more
    series of indenture securities <I>provided </I>that a successor
    trustee is appointed to act with respect to these series. In the
    event that two or more persons are acting as trustee with
    respect to different series of indenture securities under the
    Indenture, each of the trustees will be a trustee of a trust
    separate and apart from the trust administered by any other
    trustee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Trustee Under the Indenture</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    U.S.&#160;Bank National Association is one of a number of banks
    with which we maintain ordinary banking relationships and from
    which we may have obtained credit facilities and lines of credit.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Considerations Relating to Foreign Currencies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Debt securities denominated or payable in foreign currencies may
    entail significant risks. These risks include the possibility of
    significant fluctuations in the foreign currency markets, the
    imposition or modification of foreign exchange controls and
    potential illiquidity in the secondary market. These risks will
    vary depending upon the currency or currencies involved and will
    be more fully described in the applicable prospectus supplement
    or term sheet.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF GUARANTEES</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Guarantees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This section summarizes some of the terms of the guarantees by
    Holdings and/or any relevant Subsidiary Guarantor. Most of the
    financial terms and other specific material terms of any
    guarantees that we offer will be described in a prospectus
    supplement or term sheet to be attached to the front of this
    prospectus. Furthermore, since the terms of specific guarantees
    may differ from the general information we have provided below,
    you should rely on information in the prospectus supplement or
    term sheet that contradicts different information below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each guarantee by Holdings
    <FONT style="white-space: nowrap">and/or</FONT> any
    Subsidiary Guarantors may:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    be senior obligations of the relevant Guarantor in the case of
    senior debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    be the unsecured and unsubordinated obligations of the relevant
    Guarantor in the case of senior unsecured debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rank equally (or <I>pari passu</I>) with all other existing and
    future unsubordinated and unsecured indebtedness of the relevant
    Guarantor, respectively in the case of senior unsecured debt
    securities;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    with respect to any series of debt securities that is designated
    as subordinated, be junior and subordinated to any guarantee of
    any senior indebtedness on the same basis as such debt
    securities are junior and subordinated to any senior
    indebtedness.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The obligations of each Subsidiary Guarantor under its guarantee
    will be limited as necessary to prevent that guarantee from
    constituting a fraudulent conveyance or fraudulent transfer
    under applicable law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Not all of our subsidiaries will guarantee the debt securities.
    In the event of a bankruptcy, liquidation or reorganization of
    any of these non-guarantor subsidiaries, these non-guarantor
    subsidiaries will pay holders of their debts and their trade
    creditors before they will be able to distribute any of their
    assets to us.
</DIV>
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    <BR>
    32
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each guarantee by a Subsidiary Guarantor will provide by its
    terms that it will be automatically and unconditionally released
    and discharged in accordance with its terms as more fully
    described in the applicable prospectus supplement or term sheet.
</DIV>

<A name='K50523108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF DEBT WARRANTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue (either separately or together with other offered
    securities) debt warrants to purchase underlying debt securities
    issued by us (&#147;offered debt warrants&#148;). We will issue
    the debt warrants under warrant agreements (each a &#147;debt
    warrant agreement&#148;) to be entered into between us and a
    bank or trust company, as warrant agent (the &#147;debt warrant
    agent&#148;), identified in the prospectus supplement or term
    sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because this section is a summary, it does not describe every
    aspect of the debt warrants and the debt warrant agreement. We
    urge you to read the debt warrant agreement because it, and not
    this description, defines your rights as a holder of debt
    warrants. We will file the form of debt warrant agreement with
    the SEC. See &#147;Where You Can Find More Information&#148; for
    information on how to obtain a copy of the debt warrant
    agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should read the prospectus supplement or term sheet for the
    material terms of the offered debt warrants, including the
    following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The title and aggregate number of the debt warrants.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The title, rank, aggregate principal amount and terms of the
    underlying debt securities purchasable upon exercise of the debt
    warrants.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The principal amount of underlying debt securities that may be
    purchased upon exercise of each debt warrant, and the price or
    the manner of determining the price at which this principal
    amount may be purchased upon exercise.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The time or times at which, or the period or periods during
    which, the debt warrants may be exercised and the expiration
    date of the debt warrants.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any optional redemption terms.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether certificates evidencing the debt warrants will be issued
    in registered or bearer form and, if registered, where they may
    be transferred and exchanged.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether the debt warrants are to be issued with any debt
    securities or any other securities and, if so, the amount and
    terms of these debt securities or other securities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The date, if any, on and after which the debt warrants and these
    debt securities or other securities will be separately
    transferable.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any other material terms of the debt warrants.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The prospectus supplement or term sheet will also contain a
    discussion of the United States federal income tax
    considerations relevant to the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Debt warrant certificates will be exchangeable for new debt
    warrant certificates of different denominations. No service
    charge will be imposed for any permitted transfer or exchange of
    debt warrant certificates, but we may require payment of any tax
    or other governmental charge payable in connection therewith.
    Debt warrants may be exercised and exchanged and debt warrants
    in registered form may be presented for registration of transfer
    at the corporate trust office of the debt warrant agent or any
    other office indicated in the prospectus supplement or term
    sheet.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    33
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exercise
    of Debt Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each offered debt warrant will entitle the holder thereof to
    purchase the amount of underlying debt securities at the
    exercise price set forth in, or calculable from, the prospectus
    supplement or term sheet relating to the offered debt warrants.
    After the close of business on the expiration date, unexercised
    debt warrants will be void.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Debt warrants may be exercised by payment to the debt warrant
    agent of the applicable exercise price and by delivery to the
    debt warrant agent of the related debt warrant certificate,
    properly completed. Debt warrants will be deemed to have been
    exercised upon receipt of the exercise price and the debt
    warrant certificate or certificates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon receipt of this payment and the properly completed debt
    warrant certificates, we will, as soon as practicable, deliver
    the amount of underlying debt securities purchased upon exercise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If fewer than all of the debt warrants represented by any debt
    warrant certificate are exercised, a new debt warrant
    certificate will be issued for the unexercised debt warrants.
    The holder of a debt warrant will be required to pay any tax or
    other governmental charge that may be imposed in connection with
    any transfer involved in the issuance of underlying debt
    securities purchased upon exercise.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Modifications</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There are three types of changes we can make to a debt warrant
    agreement and the debt warrants issued thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Changes Requiring Your Approval.</I>&#160;&#160;First, there
    are changes that cannot be made to your debt warrants without
    your specific approval. Those types of changes include
    modifications and amendments that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    accelerate the expiration date;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the number of outstanding debt warrants, the consent of
    the holders of which is required for a modification or
    amendment;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    otherwise materially and adversely affect the rights of the
    holders of the debt warrants.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Changes Not Requiring Approval.</I>&#160;&#160;The second
    type of change does not require any vote by holders of the debt
    warrants. This type of change is limited to clarifications and
    other changes that would not materially adversely affect the
    interests of holders of the debt warrants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Changes Requiring a Majority Vote.</I>&#160;&#160;Any other
    change to the debt warrant agreement and the debt warrants
    requires a vote in favor by holders of a majority in number of
    the then outstanding unexercised debt warrants affected thereby.
    Most changes fall into this category.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">No Rights
    as Holders of Underlying Debt Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Before the warrants are exercised, holders of the debt warrants
    are not entitled to payments of principal, premium or interest,
    if any, on the related underlying debt securities or to exercise
    any rights whatsoever as holders of the underlying debt
    securities.
</DIV>

<A name='K50523109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF WARRANTS TO PURCHASE COMMON STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holdings may issue (either separately or together with other
    offered securities) warrants to purchase common stock of
    Holdings (&#147;common warrants&#148;). We will issue the common
    warrants under warrant agreements (each, a &#147;common warrant
    agreement&#148;) to be entered into between Holdings and a bank
    or trust company, as warrant agent (the &#147;common warrant
    agent&#148;), identified in the prospectus supplement or term
    sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because this section is a summary, it does not describe every
    aspect of the common warrants and common warrant agreement.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    34
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should read the prospectus supplement or term sheet for the
    material terms of the offered common warrants, including the
    following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The title and aggregate number of the common warrants.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The number of shares of common stock that may be purchased upon
    exercise of each common warrant; the price, or the manner of
    determining the price, at which the shares may be purchased upon
    exercise; if other than cash, the property and manner in which
    the exercise price may be paid; and any minimum number of common
    warrants that must be exercised at any one time.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The time or times at which, or period or periods in which, the
    common warrants may be exercised and the expiration date of the
    common warrants.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any optional redemption terms.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The terms of any right that we may have to accelerate the
    exercise of the common warrants upon the occurrence of certain
    events.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether the common warrants will be sold with any other offered
    securities and, if so, the amount and terms of these other
    securities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The date, if any, on and after which the common warrants and any
    other offered securities will be separately transferable.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any other terms of the common warrants.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The prospectus supplement or term sheet will also contain a
    discussion of the United States federal income tax
    considerations relevant to the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certificates representing common warrants will be exchangeable
    for new common warrant certificates of different denominations.
    We will not impose a service charge for any permitted transfer
    or exchange of common warrant certificates, but we may require
    payment of any tax or other governmental charge payable in
    connection therewith. Common warrants may be exercised at the
    corporate trust office of the common warrant agent or any other
    office indicated in the prospectus supplement or term sheet.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exercise
    of Common Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each offered common warrant will entitle the holder thereof to
    purchase the number of shares of Holdings&#146; common stock at
    the exercise price set forth in, or calculable from, the
    prospectus supplement or term sheet relating to the common
    warrants. After the close of business on the applicable
    expiration date, unexercised common warrants will be void.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Common warrants may be exercised by payment to the common
    warrant agent of the exercise price and by delivery to the
    common warrant agent of the related common warrant certificate,
    with the reverse side thereof properly completed. Common
    warrants will be deemed to have been exercised upon receipt of
    the exercise price and the common warrant certificate or
    certificates. Upon receipt of the payment and the properly
    completed common warrant certificates, we will, as soon as
    practicable, deliver the shares of common stock purchased upon
    the exercise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If fewer than all of the common warrants represented by any
    common warrant certificate are exercised, a new common warrant
    certificate will be issued for the unexercised offered common
    warrants. The holder of an offered common warrant will be
    required to pay any tax or other governmental charge that may be
    imposed in connection with any transfer involved in the issuance
    of common stock purchased upon exercise.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Modifications</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There are three types of changes Holdings can make to a common
    warrant agreement and the common warrants issued thereunder.
</DIV>
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    <BR>
    35
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<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Changes Requiring Your Approval.</I>&#160;&#160;First, there
    are changes that cannot be made to your common warrants without
    your specific approval. Those types of changes include
    modifications and amendments that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    accelerate the expiration date;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the number of outstanding common warrants, the consent of
    the holders of which is required for a modification or
    amendment;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    otherwise materially and adversely affect the rights of the
    holders of the common warrants.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Changes Not Requiring Approval.</I>&#160;&#160;The second
    type of change does not require any vote by holders of the
    common warrants. This type of change is limited to
    clarifications and other changes that would not materially
    adversely affect the interests of the holders of the common
    warrants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Changes Requiring a Majority Vote.</I>&#160;&#160;Any other
    change to the common warrant agreement requires a vote in favor
    by holders of not fewer than a majority in number of the then
    outstanding unexercised common warrants affected thereby. Most
    changes fall into this category.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Warrant Adjustments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The terms and conditions on which the exercise price of
    <FONT style="white-space: nowrap">and/or</FONT> the
    number of shares of common stock covered by a common warrant are
    subject to adjustment will be set forth in the common warrant
    agreement and the prospectus supplement or term sheet. The terms
    will include provisions for adjusting the exercise price
    <FONT style="white-space: nowrap">and/or</FONT> the
    number of shares of common stock covered by the common warrant;
    the events requiring the adjustment; the events upon which we
    may, in lieu of making the adjustment, make proper provisions so
    that the holder of a common warrant, upon exercise thereof,
    would be treated as if the holder had exercised the common
    warrant prior to the occurrence of the events; and provisions
    affecting exercise in the event of certain events affecting the
    common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">No Rights
    as Stockholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of common warrants are not entitled, by virtue of being
    holders, to receive dividends or to vote, consent or receive
    notice as our stockholders in respect of any meeting of
    stockholders for the election of our directors or for any other
    matter, or exercise any other rights whatsoever as our
    stockholders.
</DIV>

<A name='K50523110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF COMMON STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following summary describes elements of Holdings&#146;
    Certificate of Incorporation and Bylaws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holdings&#146; authorized capital stock consists of
    (i)&#160;150,000,000&#160;shares of common stock, par value $.01
    per share, of which 75,339,868&#160;shares were issued and
    outstanding as of June&#160;30, 2011, (ii)&#160;10,000,000
    shares of preferred stock, par value $.01 per share of which no
    shares are issued and outstanding and
    (iii)&#160;40,000,000&#160;shares of series common stock, par
    value $.01 per share, of which no shares are issued and
    outstanding. The following description of Holdings&#146; capital
    stock and related matters is qualified in its entirety by
    reference to the Certificate of Incorporation and the Bylaws,
    copies of which are on file with the SEC.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of common stock are entitled to one vote per share on
    all matters to be voted upon by the stockholders. The holders of
    common stock do not have cumulative voting rights in the
    election of directors. Holders of common stock are entitled to
    receive dividends if, as and when dividends are declared from
    time to time by Holdings&#146; Board of Directors out of funds
    legally available therefor, after payment of dividends required
    to be paid on outstanding preferred stock or series&#160;common
    stock (as described below), if any. In the event of liquidation,
    dissolution or winding up of Holdings, the holders of common
    stock are entitled to share ratably in all assets remaining
    after payment of liabilities and accrued but unpaid dividends
    and liquidation preferences on any outstanding preferred stock
    or series&#160;common stock of Holdings. The common stock has no
    preemptive or conversion rights and is not subject to further
    calls or assessment by Holdings. There are no redemption or
    sinking fund provisions applicable to
</DIV>
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    <BR>
    36
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the common stock. The common stock sold by Holdings in an
    offering pursuant to this prospectus, when sold to the
    underwriters of such offering in the manner described in this
    prospectus and the prospectus supplement or term sheet relating
    to such offering will be, and all currently outstanding common
    stock of Holdings is, duly authorized, validly issued, fully
    paid and non-assessable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Preferred
    Stock and Series&#160;Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Certificate of Incorporation authorizes the Board of
    Directors to establish one or more series of preferred stock and
    series&#160;common stock and to determine, with respect to any
    series of preferred stock or series&#160;common stock, the terms
    and rights of such series, including (i)&#160;the designation of
    the series, (ii)&#160;the number of shares of the series, which
    number the Board may thereafter (except where otherwise provided
    in the preferred stock or series&#160;common stock designation)
    increase or decrease (but not below the number of shares thereof
    then outstanding), (iii)&#160;whether dividends, if any, will be
    cumulative or non-cumulative and the dividend rate of the
    series, (iv)&#160;the dates at which dividends, if any, will be
    payable, (v)&#160;the redemption rights and price or prices, if
    any, for shares of the series, (vi)&#160;the terms and amounts
    of any sinking fund provided for the purchase or redemption of
    shares of the series, (vii)&#160;the amounts payable on shares
    of the series in the event of any voluntary or involuntary
    liquidation, dissolution or
    <FONT style="white-space: nowrap">winding-up</FONT>
    of the affairs of Holdings, (viii)&#160;whether the shares of
    the series will be convertible into shares of any other class or
    series, or any other security, of Holdings or any other
    corporation, and, if so, the specification of such other class
    or series or such other security, the conversion price or prices
    or rate or rates, any adjustments thereof, the date or dates as
    of which such shares shall be convertible and all other terms
    and conditions upon which such conversion may be made,
    (ix)&#160;restrictions on the issuance of shares of the same
    series or of any other class or series, and (x)&#160;the voting
    rights, if any, of the holders of such series. The authorized
    shares of preferred stock and series&#160;common stock, as well
    as shares of common stock, will be available for issuance
    without further action by Holdings&#146; stockholders, unless
    such action is required by applicable law or the rules of any
    stock exchange or automated quotation system on which the
    Holdings&#146; securities may be listed or traded.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although the Board has no intention at the present time of doing
    so, it could issue a series of preferred stock or
    series&#160;common stock that could, depending on the terms of
    such series, impede the completion of a merger, tender offer or
    other takeover attempt. The Board will make any determination to
    issue such shares based on its judgment as to the best interests
    of Holdings and its stockholders. The Board, in so acting, could
    issue preferred stock or series&#160;common stock having terms
    that could discourage an acquisition attempt or other
    transaction that some, or a majority, of the Holdings&#146;
    stockholders might believe to be in their best interests or in
    which stockholders might receive a premium for their stock over
    the then-current market price of such stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Authorized
    but Unissued Capital Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Delaware law does not require stockholder approval for any
    issuance of authorized shares. However, the listing requirements
    of the New York Stock Exchange, which would apply so long as the
    common stock remains listed on the New York Stock Exchange,
    require stockholder approval of certain issuances equal to or
    exceeding 20% of the then outstanding voting power or then
    outstanding number of shares of common stock. These additional
    shares may be used for a variety of corporate purposes,
    including future public offerings to raise additional capital or
    to facilitate acquisitions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    One of the effects of the existence of unissued and unreserved
    common stock, preferred stock and series&#160;common stock may
    be to enable Holdings&#146; Board of Directors to issue shares
    to persons friendly to current management, which issuance could
    render more difficult or discourage an attempt to obtain control
    of the Holdings by means of a merger, tender offer, proxy
    contest or otherwise, and thereby protect the continuity of
    Holdings&#146; management and possibly deprive the stockholders
    of opportunities to sell their shares of common stock at prices
    higher than prevailing market prices.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Delaware General Corporation Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holdings is a Delaware corporation subject to Section&#160;203
    of the Delaware General Corporation Law (the &#147;DGCL&#148;).
    Section&#160;203 provides that, subject to certain exceptions
    specified therein, a Delaware corporation shall not engage in
    certain &#147;business combinations&#148; with any
    &#147;interested stockholder&#148; for a three-year period
    following
</DIV>
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    <BR>
    37
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the time that such stockholder became an interested stockholder
    unless (i)&#160;the corporation has elected in its certificate
    of incorporation not to be governed by Section&#160;203
    (Holdings has not made such an election), (ii)&#160;prior to
    such time, the board of directors of the corporation approved
    either the business combination or the transaction which
    resulted in the stockholder becoming an interested stockholder,
    (iii)&#160;upon consummation of the transaction which resulted
    in the stockholder becoming an interested stockholder, the
    interested stockholder owned at least 85% of the voting stock of
    the corporation outstanding at the time the transaction
    commenced (excluding certain shares), or (iv)&#160;at or
    subsequent to such time, the business combination is approved by
    the board of directors of the corporation and by the affirmative
    vote of at least
    66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of the outstanding voting stock which is not owned by the
    interested stockholder. The three-year prohibition also does not
    apply to certain business combinations proposed by an interested
    stockholder following the announcement or notification of
    certain extraordinary transactions involving the corporation and
    a person who had not been an interested stockholder during the
    previous three years or who became an interested stockholder
    with the approval of a majority of the corporation&#146;s
    directors. The term &#147;business combination&#148; is defined
    generally to include mergers or consolidations between a
    Delaware corporation and an &#147;interested stockholder,&#148;
    transactions with an &#147;interested stockholder&#148;
    involving the assets or stock of the corporation or its
    majority-owned subsidiaries and transactions which increase an
    interested stockholder&#146;s percentage ownership of stock.
    Except as specified in Section&#160;203 of the DGCL, an
    &#147;interested stockholder&#148; is defined to include any
    person, other than the corporation and any direct or indirect
    majority-owned subsidiary, that is (x)&#160;the owner of 15% or
    more of the outstanding voting stock of the corporation, or is
    an affiliate or associate of the corporation and was the owner
    of 15% or more of the outstanding voting stock of the
    corporation, at any time within three years immediately prior to
    the relevant date or (y)&#160;the affiliates and associates of
    any such person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under certain circumstances, Section&#160;203 makes it more
    difficult for a person who would be an &#147;interested
    stockholder&#148; to effect various business combinations with a
    corporation for a three-year period. The provisions of
    Section&#160;203 may encourage companies interested in acquiring
    Holdings to negotiate in advance with Holdings&#146; Board of
    Directors, because the stockholder approval requirement would be
    avoided if the Board of Directors approves either the business
    combination or the transaction which results in the stockholder
    becoming an interested stockholder. Such provisions also may
    have the effect of preventing changes in Holdings&#146; Board of
    Directors and may make it more difficult to accomplish
    transactions which stockholders may otherwise deem to be in
    their best interests.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certificate
    of Incorporation; Bylaws</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Certificate of Incorporation and the Bylaws contain certain
    provisions that could make more difficult the acquisition of
    Holdings by means of a tender offer, a proxy contest or
    otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Classified Board.</I>&#160;&#160;The Certificate of
    Incorporation provides that Holdings&#146; Board of Directors
    will be divided into three classes of directors, with the
    classes to be as nearly equal in number as possible. As a
    result, approximately one-third of the Board of Directors will
    be elected each year. The classification of directors will have
    the effect of making it more difficult for stockholders to
    change the composition of Holdings&#146; Board. The Certificate
    of Incorporation provides that, subject to any rights of holders
    of Preferred Stock or Series&#160;Common Stock to elect
    additional directors under specified circumstances, the number
    of directors will be fixed in the manner provided in the Bylaws.
    The Certificate of Incorporation and the Bylaws provide that the
    number of directors will be fixed from time to time exclusively
    pursuant to a resolution adopted by the Board, but must consist
    of not less than three directors. In addition, the Certificate
    of Incorporation provides that, subject to any rights of holders
    of Preferred Stock, and unless the Board otherwise determines,
    any vacancies will be filled only by the affirmative vote of a
    majority of the remaining directors, though less than a quorum.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Removal of Directors.</I>&#160;&#160;Under the DGCL, unless
    otherwise provided in the Certificate of Incorporation,
    directors serving on a classified board may be removed by the
    stockholders only for cause. In addition, the Certificate of
    Incorporation and the Bylaws provide that directors may be
    removed only for cause and only upon the affirmative vote of
    holders of at least 75% of the voting power of all the then
    outstanding shares of stock entitled to vote generally in the
    election of directors (&#147;Voting Stock&#148;), voting
    together as a single class.
</DIV>
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    <BR>
    38
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Stockholder Action.</I>&#160;&#160;The Certificate of
    Incorporation and the Bylaws provide that stockholder action can
    be taken only at an annual or special meeting of stockholders
    and may not be taken by written consent in lieu of a meeting.
    The Certificate of Incorporation and the Bylaws provide that
    special meetings of stockholders can be called only by
    Holdings&#146; Chief Executive Officer or pursuant to a
    resolution adopted by the Board. Stockholders are not permitted
    to call a special meeting or to require that the Board call a
    special meeting of stockholders. Moreover, the business
    permitted to be conducted at any special meeting of stockholders
    is limited to the business brought before the meeting pursuant
    to the notice of meeting given by Holdings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Advance Notice Procedures.</I>&#160;&#160;The Bylaws
    establish an advance notice procedure for stockholders to make
    nominations of candidates for election as directors, or bring
    other business before an annual or special meeting of
    stockholders of Holdings (the &#147;Stockholders Notice
    Procedure&#148;). The Stockholders Notice Procedure provides
    that only persons who are nominated by, or at the direction of
    the Board of Directors, the Chairman of the Board, or by a
    stockholder who has given timely written notice to the Secretary
    of Holdings prior to the meeting at which directors are to be
    elected, will be eligible for election as directors of Holdings.
    The Stockholders Notice Procedure also provides that at an
    annual meeting only such business may be conducted as has been
    brought before the meeting pursuant to the notice of meeting
    delivered by Holdings or by, or at the direction of, the
    Chairman of the Board or by a stockholder who is entitled to
    vote at the meeting and who has given timely written notice to
    the Secretary of Holdings of such stockholder&#146;s intention
    to bring such business before such meeting. Under the
    Stockholders Notice Procedure, for notice of stockholder
    nominations to be made at an annual meeting to be timely, such
    notice must be received by Holdings not less than 70&#160;days
    nor more than 90&#160;days prior to the first anniversary of the
    previous year&#146;s annual meeting (or, if the date of the
    annual meeting is advanced by more than 20&#160;days or delayed
    by more than 70&#160;days from such anniversary date, not
    earlier than the 90th&#160;day prior to such meeting and not
    later than the later of (x)&#160;the 70th&#160;day prior to such
    meeting and (y)&#160;the 10th&#160;day after public announcement
    of the date of such meeting is first made). Notwithstanding the
    foregoing, in the event that the number of directors to be
    elected is increased and there is no public announcement naming
    all of the nominees for director or specifying the size of the
    increased Board of Directors made by Holdings at least
    80&#160;days prior to the first anniversary of the preceding
    year&#146;s annual meeting, a stockholder&#146;s notice will be
    timely, but only with respect to nominees for any new positions
    created by such increase, if it is received by Holdings not
    later than the 10th&#160;day after such public announcement is
    first made by Holdings. Under the Stockholders Notice Procedure,
    for notice of a stockholder nomination to be made at a special
    meeting at which directors are to be elected to be timely, such
    notice must be received by Holdings not earlier than the
    90th&#160;day before such meeting and not later than the later
    of (x)&#160;the 70th&#160;day prior to such meeting and
    (y)&#160;the 10th&#160;day after the public announcement of the
    date of such meeting is first made. In addition, under the
    Stockholders Notice Procedure, a stockholder&#146;s notice to
    Holdings proposing to nominate a person for election as a
    director or relating to the conduct of business other than the
    nomination of directors must contain certain specified
    information. If the Chairman of the Board or other officer
    presiding at a meeting determines that a person was not
    nominated, or other business was not brought before the meeting,
    in accordance with the Stockholders Notice Procedure, such
    person will not be eligible for election as a director, or such
    business will not be conducted at such meeting, as the case may
    be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Liability of Directors; Indemnification.</I>&#160;&#160;The
    Certificate of Incorporation provides that a director will not
    be personally liable for monetary damages to Holdings or its
    stockholders for breach of fiduciary duty as a director, except
    to the extent such exemption from liability or limitation
    thereof is not permitted under the DGCL. The Certificate of
    Incorporation also provides that each current or former
    director, officer, employee or agent of Holdings, or each such
    person who is or was serving or who had agreed to serve at the
    request of Holdings as a director, officer, employee or agent of
    another corporation, partnership, joint venture, trust or other
    enterprise (including the heirs, executors, administrators or
    estate of such person), will be indemnified by Holdings to the
    full extent permitted by the DGCL, as the same exists or may in
    the future be amended (but, in the case of any such amendment,
    only to the extent that such amendment permits Holdings to
    provide broader indemnification rights than said law permitted
    Holdings to provide prior to such amendment). The Certificate of
    Incorporation also specifically authorizes Holdings to enter
    into agreements with any person providing for indemnification
    greater or different than that provided by the Certificate of
    Incorporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Amendment.</I>&#160;&#160;The Certificate of Incorporation
    provides that the affirmative vote of the holders of at least
    75% of the voting power of the outstanding shares of Voting
    Stock, voting together as a single class, is required to amend
</DIV>
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    <BR>
    39
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    provisions of the Certificate of Incorporation relating to the
    prohibition of stockholder action without a meeting; the number,
    election and term of Holdings&#146; directors; and the removal
    of directors. The Certificate of Incorporation further provides
    that the Bylaws may be amended by the Board or by the
    affirmative vote of the holders of at least 75% of the
    outstanding shares of Voting Stock, voting together as a single
    class.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The description set forth above is intended as a summary only
    and is qualified in its entirety by reference to the forms of
    the Certificate of Incorporation and the Bylaws, copies of which
    are being filed as exhibits to the Registration Statement of
    which this prospectus is a part.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Rights
    Plan</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In September 2003, Holdings&#146; Board of Directors adopted a
    Stockholder Rights Plan (the &#147;Rights Plan&#148;) and
    declared a dividend of one preferred share purchase right for
    each outstanding share of common stock for stockholders of
    record on September&#160;25, 2003. The Rights Plan provides a
    reasonable means of safeguarding the interests of all
    stockholders against unsolicited takeover attempts at a price
    not reflective of the Holdings&#146; fair value. The Rights Plan
    is designed to give the Board of Directors sufficient time to
    evaluate and respond to an unsolicited takeover attempt and to
    encourage anyone or group considering such action to negotiate
    first with the Board of Directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On October&#160;30, 2009, Holdings amended the Rights Plan in
    order to preserve the long-term value and availability of
    Holdings&#146; net operating loss (&#147;NOL&#148;)
    carryforwards and related tax benefits (&#147;Amended Rights
    Plan&#148;). The Amended Rights Plan, among other things,
    reduced the beneficial ownership threshold at which a person or
    group becomes an &#147;Acquiring Person&#148; under the plan
    from 15% of our then-outstanding shares of common stock to 4.99%
    of Holdings&#146; then-outstanding shares of common stock. The
    Amended Rights Plan also expanded the scope of the definition of
    &#147;Acquiring Person&#148; to include persons or groups that
    would be considered &#147;5-percent shareholders&#148; under
    Section&#160;382 of the Internal Revenue Code of 1986, as
    amended, and the treasury regulations promulgated thereunder.
    Stockholders who beneficially owned 5% or more of Holdings&#146;
    outstanding shares of common stock at the time of the amendment
    were exempt from the 4.99% threshold, subject to certain
    restrictions set forth in the Amended Rights Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On February&#160;8, 2011, Holdings&#146; Board of Directors
    approved a second amended and restated rights plan (&#147;Second
    Amended Rights Plan&#148;) to remove certain provisions that
    were added as part of the October 2009 amendment. The Second
    Amended Rights Plan, among other things, increases the
    beneficial ownership threshold at which a person or group
    becomes an &#147;Acquiring Person&#148; under the plan from
    4.99% of the Holdings&#146; then-outstanding shares of common
    stock to 15% of the Holdings&#146; then-outstanding shares of
    common stock. The Second Amended Rights Plan also narrows the
    scope of the definition of &#147;Acquiring Person&#148; to
    exclude the reference to persons or groups that would be
    considered &#147;5-percent shareholders&#148; under
    Section&#160;382 of the Internal Revenue Code of 1986, as
    amended, and the related treasury regulations promulgated
    thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Second Amended Rights Plan will automatically expire by its
    terms on September&#160;15, 2013.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Registrar
    and Transfer Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The registrar and transfer agent for the common stock is
    Computershare Trust&#160;Co. of New York.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Listing</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holdings&#146; common stock is listed on the New York Stock
    Exchange under the symbol &#147;AXL.&#148;
</DIV>

<A name='K50523111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF PREFERRED STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under Holdings&#146; Certificate of Incorporation, it is
    authorized to adopt resolutions providing for the issuance, in
    one or more series, of up to 10,000,000&#160;shares of preferred
    stock, $.01&#160;par value, with the powers, preferences and
    relative, participating, optional or other special rights and
    qualifications, limitations or restrictions thereof adopted by
    the Board of Directors or a duly authorized committee thereof.
</DIV>
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    <BR>
    40
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because this section is a summary, it does not describe every
    aspect of Holdings&#146; preferred stock. We urge you to read
    Holdings&#146; Certificate of Incorporation and the certificate
    of designations creating your preferred stock because they, and
    not this description, define your rights as a holder of
    preferred stock. Holdings has filed the Certificate of
    Incorporation and will file the certificate of designations with
    the SEC. See &#147;Where You Can Find More Information&#148; for
    information on how to obtain copies of these documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The specific material terms of any preferred stock proposed to
    be sold under this prospectus and an attached prospectus
    supplement or term sheet will be described in the prospectus
    supplement or term sheet. If so indicated in the prospectus
    supplement or term sheet, the terms of the offered preferred
    stock may differ from the terms set forth below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise specified in the prospectus supplement or term
    sheet relating to the offered preferred stock, each series of
    preferred stock will rank on a parity as to dividends and
    distribution of assets upon liquidation and in all other
    respects with all other series of preferred stock. The preferred
    stock will, when issued, be fully paid and nonassessable and
    holders thereof will have no preemptive rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should read the prospectus supplement or term sheet for the
    material terms of the preferred stock offered thereby, including
    the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The title and stated value of the preferred stock.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The number of shares of the preferred stock offered, the
    liquidation preference per share and the offering price of the
    preferred stock.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The dividend rate(s), period(s)
    <FONT style="white-space: nowrap">and/or</FONT>
    payment date(s) or method(s) of calculation thereof applicable
    to the preferred stock.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The date from which dividends on the preferred stock will
    accumulate, if applicable.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The liquidation rights of the preferred stock.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The procedures for any auction and remarketing, if any, of the
    preferred stock.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The sinking fund provisions, if applicable, for the preferred
    stock.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The redemption provisions, if applicable, for the preferred
    stock.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether the preferred stock will be convertible into or
    exchangeable for other securities and, if so, the terms and
    conditions of conversion or exchange, including the conversion
    price or exchange ratio and the conversion or exchange period
    (or the method of determining the same).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether the preferred stock will have voting rights and the
    terms thereof, if any.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether the preferred stock will be listed on any securities
    exchange.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Whether the preferred stock will be issued with any other
    securities and, if so, the amount and terms of these other
    securities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any other specific material terms, preferences or rights of, or
    limitations or restrictions on, the preferred stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to Holdings&#146; Certificate of Incorporation and to
    any limitations contained in its outstanding preferred stock,
    Holdings may issue additional series of preferred stock, at any
    time or from time to time, with the powers, preferences and
    relative, participating, optional or other special rights and
    qualifications, limitations or restrictions thereof, as the
    Board of Directors or any duly authorized committee thereof may
    determine, all without further action of its stockholders,
    including holders of its then outstanding preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If applicable, the prospectus supplement or term sheet will also
    contain a discussion of the material United States federal
    income tax considerations relevant to the offering.
</DIV>
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    <BR>
    41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Dividends</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of preferred stock will be entitled to receive cash
    dividends, when, as and if declared by the Board of Directors,
    out of Holdings&#146; assets legally available for payment, at
    the rate and on the dates set forth in the prospectus supplement
    or term sheet. Each dividend will be payable to holders of
    record as they appear on Holdings&#146; stock books on the
    record date fixed by the Board of Directors. Dividends, if
    cumulative, will be cumulative from and after the date set forth
    in the applicable prospectus supplement or term sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holdings may not:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    declare or pay dividends (except in its stock that is junior as
    to dividends and liquidation rights to the preferred stock
    (&#147;junior stock&#148;)) or make any other distributions on
    junior stock,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    purchase, redeem or otherwise acquire junior stock or set aside
    funds for that purpose (except in a reclassification or exchange
    of junior stock through the issuance of other junior stock or
    with the proceeds of a reasonably contemporaneous sale of junior
    stock),
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    if there are arrearages in dividends or failure in the payment
    of the sinking fund or redemption obligations on any of
    Holdings&#146; preferred stock and, in the case of the first
    bullet point above, if dividends in full for the current
    quarterly dividend period have not been paid or declared on any
    of Holdings&#146; preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dividends in full may not be declared or paid or set apart for
    payment on any series of preferred stock unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    there are no arrearages in dividends for any past dividend
    periods on any series of preferred stock,&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to the extent that the dividends are cumulative, dividends in
    full for the current dividend period have been declared or paid
    on all preferred stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any dividends declared or paid when dividends are not so
    declared, paid or set apart in full will be shared ratably by
    the holders of all series of preferred stock in proportion to
    the respective arrearages and undeclared and unpaid current
    cumulative dividends. No interest, or sum of money in lieu of
    interest, will be payable in respect of any dividend payment or
    payments that may be in arrears.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Conversion
    and Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the preferred stock will be convertible into or exchangeable
    for common stock or other securities, the prospectus supplement
    or term sheet will set forth the terms and conditions of that
    conversion or exchange, including the conversion price or
    exchange ratio (or the method of calculating the same), the
    conversion or exchange period (or the method of determining the
    same), whether conversion or exchange will be mandatory or at
    the option of the holder or us, the events requiring an
    adjustment of the conversion price or the exchange ratio and
    provisions affecting conversion or exchange in the event of the
    redemption of that preferred stock. These terms may also include
    provisions under which the number of shares of common stock or
    the number or amount of other securities to be received by the
    holders of that preferred stock upon conversion or exchange
    would be calculated according to the market price of the common
    stock or those other securities as of a time stated in the
    prospectus supplement or term sheet.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Liquidation
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event of Holdings&#146; voluntary or involuntary
    liquidation, dissolution or winding up, the holders of each
    series of the preferred stock will be entitled to receive out of
    the assets that are available for distribution to stockholders,
    before any distribution of assets is made to holders of any
    junior stock, liquidating distributions in the amount set forth
    in the applicable prospectus supplement or term sheet plus all
    accrued and unpaid dividends. If, upon Holdings&#146; voluntary
    or involuntary liquidation, dissolution or winding up, the
    amounts payable with respect to the preferred stock are not paid
    in full, the holders of preferred stock of each series will
    share ratably in the distribution of assets in proportion to the
    full respective preferential amounts to which they are entitled.
    After payment of the full amount of the liquidating distribution
    to which they are entitled, the holders of the preferred stock
    will not be entitled to any further participation in any
    distribution of assets. Holdings&#146; consolidation or merger
    with or into any other corporation or corporations or a sale of
    all or substantially all of its assets will not be deemed to be
    a liquidation, dissolution or winding up for purposes of these
    provisions.
</DIV>
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    <BR>
    42
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If so provided in the prospectus supplement or term sheet, the
    offered preferred stock may be redeemable in whole or in part at
    Holdings&#146; option at the times and at the redemption prices
    set forth therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If dividends on any series of preferred stock are in arrears or
    Holdings has failed to fulfill its sinking fund or redemption
    obligations with respect to any series of preferred stock,
    Holdings may not purchase or redeem shares of preferred stock or
    any other capital stock ranking on a parity with or junior to
    the preferred stock as to dividends or upon liquidation, nor
    permit any subsidiary to do so, without in either case the
    consent of the holders of at least two-thirds of each series of
    preferred stock then outstanding; <I>provided</I>,
    <I>however</I>, that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to meet purchase, retirement or sinking fund obligations with
    respect to any series of preferred stock, Holdings may use
    shares of that preferred stock acquired prior to the arrearages
    or failure of payment and then held as treasury stock,&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Holdings may complete the purchase or redemption of shares of
    preferred stock for which a contract was entered into for any
    purchase, retirement or sinking fund purposes prior to the
    arrearages or failure of payment.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Voting
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as indicated below or in the prospectus supplement or
    term sheet, or except as expressly required by applicable law,
    the holders of the preferred stock will not be entitled to vote.
    As used herein, the term &#147;applicable preferred stock&#148;
    means those series of preferred stock to which the provisions
    described herein are expressly made applicable by resolutions of
    the Board of Directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the equivalent of six quarterly dividends payable on any
    shares of any series of applicable preferred stock are in
    default (whether or not the dividends have been declared or the
    defaulted dividends are consecutive), the number of directors
    will be increased by two and the holders of all outstanding
    series of applicable preferred stock, voting as a single class
    without regard to series, will be entitled to elect the two
    additional directors until four consecutive quarterly dividends
    are paid or declared and set apart for payment, if the shares
    are cumulative, or until all arrearages in dividends and
    dividends in full for the current quarterly period are paid or
    declared and set apart for payment, if the shares are
    non-cumulative, whereupon all voting rights described herein
    will be divested from the applicable preferred stock. The
    holders of applicable preferred stock may exercise their special
    class voting rights at meetings of the stockholders for the
    election of directors or at special meetings for the purpose of
    electing directors, in either case at which the holders of not
    less than one-third of the aggregate number of shares of
    applicable preferred stock are present in person or by proxy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The affirmative vote of the holders of at least two-thirds of
    the outstanding shares of any series of preferred stock will be
    required:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for any amendment of the Certificate of Incorporation (or the
    related certificate of designations) that will adversely affect
    the powers, preferences or rights of the holders of the
    preferred stock of that series,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to create any class of stock (or increase the authorized number
    of shares of any class of stock) that will have preference as to
    dividends or upon liquidation over the preferred stock of that
    series or create any stock or other security convertible into or
    exchangeable for or evidencing the right to purchase any stock
    of that class.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the affirmative vote of the holders of a majority
    of all the shares of Holdings&#146; preferred stock then
    outstanding will be required to increase the authorized amount
    of preferred stock.
</DIV>

<A name='K50523112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    PROVISIONS RELATING TO FOREIGN CURRENCY DEBT
    SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise indicated in the applicable prospectus
    supplement or term sheet, the debt securities will be
    denominated in U.S.&#160;dollars, payments of principal of,
    premium, if any, and interest on the debt securities will be
    made in U.S.&#160;dollars and payment of the purchase price of
    the debt securities must be made in immediately available
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    funds. If any of the debt securities (&#147;Foreign Currency
    Debt Securities&#148;) are to be denominated or payable in a
    currency (a &#147;specified currency&#148;) other than
    U.S.&#160;dollars, the following provisions will apply in
    addition to, and to the extent inconsistent therewith will
    replace, the description of general terms and provisions of debt
    securities set forth in the accompanying prospectus and
    elsewhere in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A prospectus supplement or term sheet with respect to any
    Foreign Currency Debt Security (which may include information
    with respect to applicable current foreign exchange controls) is
    a part of this prospectus and prospectus supplement or term
    sheet. Any information concerning exchange rates is furnished as
    a matter of information only and should not be regarded as
    indicative of the range of or trends in fluctuations in currency
    exchange rates that may occur in the future.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Currencies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may offer Foreign Currency Debt Securities denominated
    <FONT style="white-space: nowrap">and/or</FONT>
    payable in a specified currency or specified currencies. Unless
    otherwise indicated in the applicable prospectus supplement or
    term sheet, purchasers are required to pay for Foreign Currency
    Debt Securities in the specified currency. At the present time,
    there are limited facilities in the United States for conversion
    of U.S.&#160;dollars into specified currencies and vice versa,
    and banks may elect not to offer
    <FONT style="white-space: nowrap">non-U.S.&#160;dollar</FONT>
    checking or savings account facilities in the United States.
    However, if requested on or prior to the fifth Business Day
    preceding the date of delivery of the Foreign Currency Debt
    Securities, or by such other day as determined by the agent who
    presents such offer to purchase Foreign Currency Debt Securities
    to us, such agent may be prepared to arrange for the conversion
    of U.S.&#160;dollars into the specified currency set forth in
    the applicable prospectus supplement or term sheet to enable the
    purchasers to pay for the Foreign Currency Debt Securities. Each
    such conversion will be made by the agents on such terms and
    subject to such conditions, limitations and charges as the
    agents may from time to time establish in accordance with their
    regular foreign exchange practices. All costs of exchange will
    be borne by the purchasers of the Foreign Currency Debt
    Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Information about the specified currency in which a particular
    Foreign Currency Debt Security is denominated
    <FONT style="white-space: nowrap">and/or</FONT>
    payable, including historical exchange rates and a description
    of the currency and any exchange controls, will be set forth in
    the applicable prospectus supplement or term sheet.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Payment
    of Principal and Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The principal of, premium, if any, and interest on Foreign
    Currency Debt Securities is payable by us in the specified
    currency. Currently, banks do not generally offer
    <FONT style="white-space: nowrap">non-U.S.&#160;dollar-denominated</FONT>
    account facilities in their offices in the United States,
    although they are permitted to do so. Accordingly, a holder of
    Foreign Currency Debt Securities will be paid in
    U.S.&#160;dollars converted from the specified currency unless
    the holder is entitled to elect, and does elect, to be paid in
    the specified currency, or as otherwise specified in the
    applicable prospectus supplement or term sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any U.S.&#160;dollar amount to be received by a holder of a
    Foreign Currency Debt Security will be based on the highest bid
    quotation in The City of New York received by an agent for us
    specified in the applicable prospectus supplement or term sheet
    (the &#147;Exchange Rate Agent&#148;) at approximately
    11:00&#160;A.M., New York City time, on the second Business Day
    preceding the applicable payment date from three recognized
    foreign exchange dealers (one of whom may be the Exchange Rate
    Agent) selected by the Exchange Rate Agent and approved by us
    for the purchase by the quoting dealer of the specified currency
    for U.S.&#160;dollars for settlement on the payment date in the
    aggregate amount of the specified currency payable to all
    holders of Foreign Currency Debt Securities scheduled to receive
    U.S.&#160;dollar payments and at which the applicable dealer
    commits to execute a contract. If three bid quotations are not
    available, payments will be made in the specified currency. All
    currency exchange costs will be borne by the holder of the
    Foreign Currency Debt Security by deductions from such payments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise indicated in the applicable prospectus
    supplement or term sheet, a holder of Foreign Currency Debt
    Securities may elect to receive payment of the principal of, and
    premium, if any, and interest on the Foreign Currency Debt
    Securities in the specified currency by transmitting a written
    request for such payment to the corporate trust office of the
    trustee in The City of New York on or prior to the regular
    record date or at least fifteen calendar days prior to Maturity
    Date, as the case may be. This request may be in writing (mailed
    or hand delivered)
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    or sent by cable, telex or other form of facsimile transmission.
    A holder of a Foreign Currency Debt Security may elect to
    receive payment in the specified currency for all principal,
    premium, if any, and interest payments and need not file a
    separate election for each payment. This election will remain in
    effect until revoked by written notice to the trustee, but
    written notice of any revocation must be received by the trustee
    on or prior to the regular record date or at least fifteen
    calendar days prior to the Maturity Date, as the case may be.
    Holders of Foreign Currency Debt Securities whose debt
    securities are to be held in the name of a broker or nominee
    should contact their brokers or nominees to determine whether
    and how an election to receive payments in the specified
    currency may be made.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise specified in the applicable prospectus
    supplement or term sheet, if the specified currency is other
    than U.S.&#160;dollars, a beneficial owner of the related global
    security who elects to receive payments of principal, premium,
    if any,
    <FONT style="white-space: nowrap">and/or</FONT>
    interest, if any, in the specified currency must notify its
    participant through which it owns its beneficial interest on or
    prior to the applicable record date or at least fifteen calendar
    days prior to the Maturity Date, as the case may be, of such
    beneficial owner&#146;s election. The participant must notify
    the depositary of such election on or prior to the third
    Business Day after such record date or at least 12 calendar days
    prior to the Maturity Date, as the case may be, and the
    depositary will notify the trustee of such election on or prior
    to the fifth Business Day after such record date or at least ten
    calendar days prior to the Maturity Date, as the case may be. If
    complete instructions are received by the participant from the
    beneficial owner and forwarded by the participant to the
    depositary, and by the depositary to the trustee, on or prior to
    such dates, then the beneficial owner will receive payments in
    the specified currency. See &#147;Description of Debt
    Securities&#160;&#151; Global Securities&#148; in the
    accompanying prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Principal and interest on Foreign Currency Debt Securities paid
    in U.S.&#160;dollars will be paid in the manner specified in the
    accompanying prospectus supplement or term sheet and this
    prospectus with respect to debt securities denominated in
    U.S.&#160;dollars. Interest on Foreign Currency Debt Securities
    paid in the specified currency will be paid by check mailed on
    an Interest Payment Date other than a Maturity Date to the
    persons entitled thereto to the addresses of such holders as
    they appear in the security register or, at our option, by wire
    transfer to a bank account maintained by the holder in the
    country of the specified currency. The principal of, premium, if
    any, and interest on Foreign Currency Debt Securities, together
    with interest accrued and unpaid thereon, due on the Maturity
    Date will be paid, in the specified currency in immediately
    available funds upon surrender of such debt securities at the
    corporate trust office of the trustee in The City of New York,
    or, at our option, by wire transfer to such bank account of
    immediately available funds to an account with a bank designated
    at least 15 calendar days prior to the Maturity Date by the
    applicable registered holder, provided the particular bank has
    appropriate facilities to make these payments and the particular
    Foreign Currency Debt Security is presented and surrendered at
    the office or agency maintained by us for this purpose in the
    Borough of Manhattan, The City of New York, in time for the
    trustee to make these payments in accordance with its normal
    procedures.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Payment
    Currency</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a specified currency is not available for the payment of
    principal, premium or interest with respect to a Foreign
    Currency Debt Security due to the imposition of exchange
    controls or other circumstances beyond our control, we will be
    entitled to satisfy our obligations to holders of Foreign
    Currency Debt Securities by making such payment in
    U.S.&#160;dollars on the basis of the noon buying rate in The
    City of New York for cable transfers of the specified currency
    as certified for customs purposes (or, if not so certified, as
    otherwise determined) by the Federal Reserve Bank of New York
    (the &#147;Market Exchange Rate&#148;) as computed by the
    Exchange Rate Agent on the second Business Day prior to such
    payment or, if not then available, on the basis of the most
    recently available Market Exchange Rate or as otherwise
    indicated in an applicable prospectus supplement or term sheet.
    Any payment made under these circumstances in U.S.&#160;dollars
    where the required payment is in a specified currency will not
    constitute a default under the Indenture with respect to the
    Debt Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All determinations referred to above made by the Exchange Rate
    Agent will be at its sole discretion and will, in the absence of
    manifest error, be conclusive for all purposes and binding on
    the holders of the Foreign Currency Debt Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>AS INDICATED ABOVE, AN INVESTMENT IN FOREIGN CURRENCY DEBT
    SECURITIES OR CURRENCY INDEXED DEBT SECURITIES INVOLVES
    SUBSTANTIAL RISKS, AND THE EXTENT AND NATURE OF SUCH RISKS
    CHANGE CONTINUOUSLY. AS WITH ANY INVESTMENT IN A </B>
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    45
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>SECURITY, PROSPECTIVE PURCHASERS SHOULD CONSULT THEIR OWN
    FINANCIAL AND LEGAL ADVISORS AS TO THE RISKS ENTAILED IN AN
    INVESTMENT IN FOREIGN CURRENCY DEBT SECURITIES OR CURRENCY
    INDEXED DEBT SECURITIES. SUCH DEBT SECURITIES ARE NOT AN
    APPROPRIATE INVESTMENT FOR PROSPECTIVE PURCHASERS WHO ARE
    UNSOPHISTICATED WITH RESPECT TO FOREIGN CURRENCY MATTERS.</B>
</DIV>

<A name='K50523114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may sell the offered securities:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through agents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to or through underwriters;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    directly to other purchasers.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any underwriters or agents will be identified and their
    discounts, commissions and other items constituting
    underwriters&#146; compensation and any securities exchanges on
    which the securities are listed will be described in the
    applicable prospectus supplement or term sheet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We (directly or through agents) may sell, and the underwriters
    may resell, the offered securities in one or more transactions,
    including negotiated transactions, at a fixed public offering
    price or prices, which may be changed, or at market prices
    prevailing at the time of sale, at prices related to prevailing
    market prices or at negotiated prices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to facilitate the offering of the debt securities, the
    underwriters or agents may engage in transactions that
    stabilize, maintain or otherwise affect the price of the debt
    securities and our common stock. These transactions may include
    short sales, stabilizing transactions and purchases to cover
    positions created by short sales. Short sales involve the sale
    by the underwriters or agents of a greater number of debt
    securities than they are required to purchase in the offering.
    &#147;Covered&#148; short sales are sales made in an amount not
    greater than the underwriters&#146; or agents&#146; option to
    purchase additional debt securities from us in the offering. The
    underwriters or agents may close out any covered short position
    by either exercising the option to purchase additional debt
    securities or purchasing debt securities in the open market. In
    determining the source of debt securities to close out the
    covered short position, the underwriters or agents will
    consider, among other things, the price of debt securities
    available for purchase in the open market as compared to the
    price at which they may purchase debt securities through the
    option. &#147;Naked&#148; short sales are sales in excess of the
    option. The underwriters or agents must close out any naked
    short position by purchasing debt securities in open market. A
    naked short position is more likely to be created if the
    underwriters or agents are concerned that there may be a
    downward pressure on the price of the debt securities in the
    open market after pricing that could adversely affect investors
    who purchase in the offering. Stabilizing transactions consist
    of certain bids for or purchases of the debt securities made by
    the underwriters or agents in the open market prior to the
    completion of the offering. Any of these activities may
    stabilize or maintain the market price of the debt securities
    above independent market levels. The underwriters or agents are
    not required to engage in these activities, and may end any of
    these activities at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the sale of offered securities, the
    underwriters or agents may receive compensation from us or from
    purchasers of the offered securities for whom they may act as
    agents. The underwriters may sell offered securities to or
    through dealers, who may also receive compensation from
    purchasers of the offered securities for whom they may act as
    agents. Compensation may be in the form of discounts,
    concessions or commissions. Underwriters, dealers and agents
    that participate in the distribution of the offered securities
    may be underwriters as defined in the Securities Act of 1933
    (the &#147;Act&#148;), and any discounts or commissions received
    by them from us and any profit on the resale of the offered
    securities by them may be treated as underwriting discounts and
    commissions under the Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will indemnify the underwriters and agents against certain
    civil liabilities, including liabilities under the Act, or
    contribute to payments they may be required to make in respect
    of such liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Underwriters, dealers and agents may engage in transactions
    with, or perform services for, us or our affiliates in the
    ordinary course of their businesses.
</DIV>
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    <BR>
    46
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#K50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If so indicated in the prospectus supplement or term sheet
    relating to a particular series or issue of offered securities,
    we will authorize underwriters, dealers or agents to solicit
    offers by certain institutions to purchase the offered
    securities from us under delayed delivery contracts providing
    for payment and delivery at a future date. These contracts will
    be subject only to those conditions set forth in the prospectus
    supplement or term sheet, and the prospectus supplement or term
    sheet will set forth the commission payable for solicitation of
    these contracts.
</DIV>

<A name='K50523115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The validity of the Holdings and AAM Inc. securities will be
    passed upon for us by Shearman&#160;&#038; Sterling LLP, 599
    Lexington Avenue, New York, New York 10022. Richard&#160;G.
    Raymond, who is General Counsel of Holdings and AAM Inc., will
    give us an opinion about the validity of the guarantees by the
    Subsidiary Guarantors. Mr.&#160;Raymond owns Holdings common
    stock and options to purchase shares of Holdings common stock.
</DIV>

<A name='K50523116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The financial statements, and the related financial statement
    schedule, incorporated in this prospectus by reference from
    Holdings&#146; Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2010, and the
    effectiveness of Holdings&#146; internal control over financial
    reporting have been audited by Deloitte&#160;&#038; Touche LLP,
    an independent registered public accounting firm, as stated in
    their report which is incorporated herein by reference. Such
    financial statements and financial statement schedule have been
    so incorporated in reliance upon the report of such firm given
    upon their authority as experts in accounting and auditing.
</DIV>
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    <BR>
    47
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<H5 align="left" style="page-break-before:always"><A HREF="#F50523tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <IMG src="f50523b5f5052301.gif" alt="(AMERICAN AXLE AND MANUFACTURING LOGO)"><B><FONT style="font-family: Arial, Helvetica">
    </FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
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