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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950134-02-011867.txt : 20020927
<SEC-HEADER>0000950134-02-011867.hdr.sgml : 20020927
<ACCEPTANCE-DATETIME>20020927172934
ACCESSION NUMBER:		0000950134-02-011867
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20020927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARCHER DANIELS MIDLAND CO
		CENTRAL INDEX KEY:			0000007084
		STANDARD INDUSTRIAL CLASSIFICATION:	FATS & OILS [2070]
		IRS NUMBER:				410129150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-72434
		FILM NUMBER:		02775338

	BUSINESS ADDRESS:	
		STREET 1:		4666 FARIES PKWY
		CITY:			DECATUR
		STATE:			IL
		ZIP:			62526
		BUSINESS PHONE:		2174244798

	MAIL ADDRESS:	
		STREET 1:		4666 FARIES PKWY
		CITY:			DECATUR
		STATE:			IL
		ZIP:			62526
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>c72034b2e424b2.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Archer Daniels Midland Company</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV align="right">
Filed pursuant to Rule 424(b)(2)
</DIV>

<DIV align="right">
File No. 333-72434
</DIV>

<DIV align="left">
PROSPECTUS SUPPLEMENT
</DIV>

<DIV align="left">
(To Prospectus Dated November&nbsp;7, 2001)
</DIV>

<P align="center">
<IMG src="c72034b2adm2.gif" alt="(ARCHER-DANIELS-MIDLAND COMPANY LOGO)">

<DIV align="center">
<B><FONT size="5">$500,000,000</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">Archer-Daniels-Midland Company</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">5.875% Debentures due 2032</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The debentures will bear interest
at the rate of 5.875% per year. Archer-Daniels-Midland will pay
interest on the debentures on April&nbsp;1 and October&nbsp;1 of
each year, beginning April&nbsp;1, 2003. The debentures will
mature on October&nbsp;1, 2032 and will not be entitled to any
sinking fund. We may redeem the debentures at our option at any
time either in whole or in part, at the redemption prices
described in this prospectus supplement. The debentures will be
represented by one or more global debentures registered in the
name of The Depository Trust Company, which will act as
depositary.

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The debentures are unsecured and
rank equally with all of our other unsecured senior
indebtedness. The debentures will be issued only in registered
form in denominations of $1,000 and integral multiples of $1,000.

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Securities and
Exchange Commission nor any state securities commission has
approved or disapproved of the debentures or determined if this
prospectus supplement or the accompanying prospectus is truthful
or complete. Any representation to the contrary is a criminal
offense.

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="16%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="2">Per Debenture</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">Total</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Public Offering Price
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">99.261%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">496,305,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Underwriting Discount
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">0.875%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,375,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds, before expenses, to
    Archer-Daniels-Midland
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">98.386%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">491,930,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus accrued interest from
October&nbsp;1, 2002, if settlement occurs after that date.

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The underwriters have agreed
severally to purchase the debentures on a firm commitment basis.
The debentures will be ready for delivery in book-entry form
only through The Depository Trust Company on or about
October&nbsp;1, 2002.

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<P align="center">
<B><FONT size="2">Joint Book-Running Managers</FONT></B>

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

<TR>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
</TR>

<TR valign="top">
    <TD align="left"><B><FONT size="4">Salomon Smith Barney</FONT></B></TD>
    <TD align="center"><B><FONT size="4">Banc of America Securities LLC</FONT></B></TD>
    <TD align="right"><B><FONT size="4">JPMorgan</FONT></B></TD>
</TR>

</TABLE>

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<P align="left">
<B>ABN AMRO Incorporated</B>

<DIV align="left">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
Suisse First Boston</B>
</DIV>

<DIV align="left">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche
Bank Securities</B>
</DIV>

<DIV align="left">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman,
Sachs &#38; Co.</B>
</DIV>

<DIV align="left">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC</B>
</DIV>

<DIV align="left">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill
Lynch &#38; Co.</B>
</DIV>

<DIV align="left">
September&nbsp;26, 2002
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>You should rely only on the information contained or
incorporated by reference in this prospectus supplement and the
accompanying prospectus. We have not, and the underwriters 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,
and the underwriters 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 supplement and the accompanying prospectus is
accurate as of the date hereof only. Our business, financial
condition, results of operations and prospects may have changed
since that date.</B>

<P align="center">
<HR size="1" width="30%" align="center" noshade>

<P align="left">


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">TABLE OF CONTENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">RATIO OF EARNINGS TO FIXED CHARGES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">ABOUT THIS PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">WHERE YOU CAN FIND MORE INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">THE COMPANY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">USE OF PROCEEDS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">RATIO OF EARNINGS TO FIXED CHARGES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">DESCRIPTION OF DEBT SECURITIES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">DESCRIPTION OF WARRANTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">PLAN OF DISTRIBUTION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXPERTS</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<!-- link1 "TABLE OF CONTENTS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center">
<B>TABLE OF CONTENTS</B>
</DIV>

<P align="center">
<B>Prospectus Supplement</B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">Page</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of Earnings to Fixed Charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of the Debentures
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Underwriting
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legal Opinions
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Prospectus</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">About this Prospectus
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Where You Can Find More Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Use of Proceeds
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of Earnings to Fixed Charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Debt Securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Warrants
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Plan of Distribution
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Experts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">S-2

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

<P align="left">


<!-- link1 "RATIO OF EARNINGS TO FIXED CHARGES" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center">
<B>RATIO OF EARNINGS TO FIXED CHARGES</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Set forth below is the consolidated ratio of earnings to fixed
charges for each of the years in the five-year period ended
June&nbsp;30, 2002.

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

<TR>
    <TD width="61%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="2">Fiscal Year ended June&nbsp;30,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">1998</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of Earnings to Fixed Charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.47x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.88x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.54x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.84x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.68x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The ratio of earnings to fixed charges is calculated as follows:

<P align="center">
(earnings)

<DIV align="center">
<HR size="1" width="31%" align="center" noshade>
</DIV>

<DIV align="center">
(fixed charges)
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of calculating the ratios, earnings consist of:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    pre-tax income from continuing operations before minority
    interest in income from consolidated subsidiaries and income or
    loss from equity investees;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    fixed charges;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    amortization of capitalized interest; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    distributed income of equity investees;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    minus capitalized interest; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    minus the minority interest in pre-tax income of subsidiaries
    that have not incurred fixed charges.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of calculating the ratios, fixed charges consist of:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    interest expensed and capitalized;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    amortized premiums, discounts and capitalized expenses related
    to indebtedness; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    an estimate of the interest portion of rental expense on
    operating leases.</TD>
</TR>

</TABLE>

<P align="center">
<B>DESCRIPTION OF THE DEBENTURES</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following discussion of the terms of the debentures
supplements the description of the general terms and provisions
of the debt securities contained in the accompanying prospectus
and identifies any general terms and provisions described in the
accompanying prospectus that will not apply to the debentures.

<P align="left">
<B>General</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures will be our general unsecured and senior
obligations. We are initially offering the debentures in the
principal amount of $500,000,000. We may, without the consent of
the holders, issue additional debentures and thereby increase
that principal amount in the future, on the same terms and
conditions and with the same CUSIP number as the debentures we
offer by this prospectus supplement. We will issue the
debentures under the indenture referred to in the accompanying
prospectus. You should read the accompanying prospectus for a
general discussion of the terms and provisions of the indenture.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures will mature on October&nbsp;1, 2032 and will not
be entitled to any sinking fund.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures will bear interest at a rate of 5.875% per annum
from October&nbsp;1, 2002 or from the most recent interest
payment date on which we paid or provided for interest on the
debentures. We will pay interest on the debentures on each
April&nbsp;1 and October&nbsp;1, beginning April&nbsp;1, 2003,
to the person listed as the holder of the debenture (or any
predecessor debenture) in the security register at the close of
business on the preceding March&nbsp;15 or September&nbsp;15, as
the case may be.

<P align="center">S-3

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures are subject to defeasance in the manner described
under the heading &#147;Description of Debt Securities &#151;
Defeasance&#148; in the accompanying prospectus.

<P align="left">
<B>Same-Day Settlement</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Settlement for the debentures will be made by the underwriters
in immediately available funds. The debentures will trade in the
depositary&#146;s settlement system until maturity. As a result,
the depositary will require secondary trading activity in the
debentures to be settled in immediately available funds.

<P align="left">
<B>Optional Redemption</B>

<P align="left">
<B>&nbsp;&nbsp;</B><I>Meaning of Terms</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may redeem the debentures at our option as described below.
See &#147;&#151;&nbsp;Our Redemption Rights.&#148; The following
terms are relevant to the determination of the redemption price.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
When we use the term &#147;Treasury Rate&#148; we mean with
respect to any redemption date, the rate per annum equal to the
semi-annual equivalent yield to maturity 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 the
redemption date.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
When we use the term &#147;Comparable Treasury Issue,&#148; we
mean the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to
the remaining term of the debentures 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
the debentures. &#147;Independent Investment Banker&#148; means
each of Salomon Smith Barney Inc., Banc of America Securities
LLC and J.P.&nbsp;Morgan Securities Inc. or their respective
successors as may be appointed from time to time by the trustee
after consultation with us; <I>provided, however</I>, that if
any of the foregoing shall cease to be a primary U.S. Government
securities dealer in New York City (a &#147;primary treasury
dealer&#148;), we shall substitute therefor another primary
treasury dealer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
When we use the term &#147;Comparable Treasury Price,&#148; we
mean (A)&nbsp;the arithmetic average of the Reference Treasury
Dealer Quotations for the redemption date after excluding the
highest and lowest Reference Treasury Dealer Quotations, or
(B)&nbsp;if the trustee obtains fewer than three Reference
Treasury Dealer Quotations, the arithmetic average of all
Quotations for the redemption date. &#147;Reference Treasury
Dealer Quotations&#148; means, with respect to each Reference
Treasury Dealer and any redemption date, the arithmetic average,
as determined by the trustee, 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
trustee by the Reference Treasury Dealer by 5:00&nbsp;p.m. on
the third business day preceding the redemption date. When we
use the term &#147;Reference Treasury Dealer,&#148; we mean each
of Salomon Smith Barney Inc., Banc of America Securities LLC and
J.P.&nbsp;Morgan Securities Inc. and their respective successors
and any other primary U.S. Government securities dealer in New
York City selected by the trustee after consultation with us.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
When we use the term &#147;Remaining Scheduled Payments,&#148;
we mean with respect to any debenture, the remaining scheduled
payments of the principal and interest thereon that would be due
after the related redemption date but for the redemption;
<I>provided, however</I>, that, if the redemption date is not an
interest payment date with respect to the debenture, the amount
of the next scheduled interest payment thereon will be reduced
by the amount of interest accrued thereon to the redemption date.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that the trustee is unwilling or unable to make the
appointments or selections or perform the other duties described
above under the heading &#147;&#151;Meaning of Terms&#148;, we
will make the appointments or selections or perform the duties.

<P align="center">S-4

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<P align="left">
<B>&nbsp;&nbsp;</B><I>Our Redemption Rights</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may redeem the debentures at our option at any time, either
in whole or in part. If we elect to redeem the debentures, we
will pay a redemption price equal to the greater of the
following amounts, plus, in each case, accrued and unpaid
interest thereon to the redemption date:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    100% of the principal amount of the debentures to be redeemed,
    and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the sum of the present values of the Remaining Scheduled
    Payments.</TD>
</TR>

</TABLE>

<P align="left">
In determining the present values of the Remaining Scheduled
Payments, we will discount the 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 20 basis points. A partial redemption of the
debentures may be effected by any method as the trustee shall
deem fair and appropriate and may provide for the selection for
redemption of portions (equal to the minimum authorized
denomination for the debentures or any integral multiple
thereof) of the principal amount of debentures of a denomination
larger than the minimum authorized denomination for the
debentures.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notice of any redemption will be mailed at least 30&nbsp;days
but not more than 60&nbsp;days before the redemption date to
each holder of the debentures to be redeemed.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless we default in payment of the redemption price, on and
after the redemption date interest will cease to accrue on the
debentures or portions thereof called for redemption.

<P align="left">
<B>Book Entry System</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have obtained the information in this section concerning DTC
its book-entry system and procedures from sources that we
believe are reliable, but we take no responsibility for the
accuracy of this information.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will issue the debentures in the form of one or more fully
registered global debentures which will be deposited with, or on
behalf of, The Depository Trust Company, New York, New York
(&#147;DTC&#148;), which will act as depositary. The debentures
will be registered in the name of DTC or its nominee.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ownership of beneficial interests in a global debenture will be
limited to DTC participants and to persons that may hold
interests through institutions that have accounts with DTC
(&#147;participants&#148;). Beneficial interests in a global
debenture will be shown on, and transfers of those ownership
interests will be effected only through, records maintained by
DTC and its participants for such global debenture. The
conveyance of notices and other communications by DTC to its
participants and by its participants to owners of beneficial
interests in the debentures will be governed by arrangements
among them, subject to any statutory or regulatory requirements
in effect.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DTC holds the securities of its participants and facilitates the
clearance and settlement of securities transactions among its
participants in such securities through electronic book-entry
changes in accounts of its participants. The electronic
book-entry system eliminates the need for physical certificates.
DTC&#146;s participants include:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    securities brokers and dealers (including the underwriters);</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    banks;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    trust companies;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    clearing corporations; and</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    certain other organizations (some of which, and/or their
    representatives, own DTC).</TD>
</TR>

</TABLE>

<P align="left">
Banks, brokers, dealers, trust companies and others that clear
through or maintain a custodial relationship with a participant,
either directly or indirectly, also have access to DTC&#146;s
book-entry system.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Principal and interest payments on the debentures represented by
a global debenture will be made to DTC or its nominee, as the
case may be, as the sole registered owner and the sole holder of
the

<P align="center">S-5
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<DIV align="left">
debentures represented by the global debenture for all purposes
under the indenture. Accordingly, we, the trustee and any paying
agent will have no responsibility or liability for:
</DIV>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any aspect of DTC&#146;s records relating to, or payments made
    on account of, beneficial ownership interests in a debenture
    represented by a global debenture;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any other aspect of the relationship between DTC and its
    participants or the relationship between such participants and
    the owners of beneficial interests in a global debenture held
    through such participants; or</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the maintenance, supervision or review of any of DTC&#146;s
    records relating to such beneficial ownership interests.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DTC has advised us that upon receipt of any payment of principal
of or interest on a global debenture, DTC will immediately
credit, on its book-entry registration and transfer system, the
accounts of participants with payments in amounts proportionate
to their respective beneficial interests in the principal amount
of such global debenture as shown on DTC&#146;s records. The
underwriters will initially designate the accounts to be
credited. Payments by participants to owners of beneficial
interests in a global debenture will be governed by standing
instructions and customary practices, as is the case with
securities held for customer accounts registered in &#147;street
name&#148;, and will be the sole responsibility of those
participants.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we redeem less than all of the global debentures, we have
been advised that it is DTC&#146;s practice to determine by lot
the amount of the interest of each participant in the global
debentures to be redeemed.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A global debenture can only be transferred:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    as a whole by DTC to one of its nominees;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    as a whole by a nominee of DTC to DTC or another nominee of DTC;
    or</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    as a whole by DTC or a nominee of DTC to a successor of DTC or a
    nominee of such successor.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Debentures represented by a global debenture can be exchanged
for definitive debentures in registered form only if:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    DTC notifies us that it is unwilling or unable to continue as
    depositary for such global debenture;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    at any time DTC ceases to be a clearing agency registered under
    the Securities Exchange Act of 1934, as amended (the
    &#147;Exchange Act&#148;);</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we in our sole discretion determine that such global debenture
    will be exchangeable for definitive debentures in registered
    form and notify the trustee of our decision; or</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    an event of default with respect to the debentures represented
    by such global debenture has occurred and is continuing.</TD>
</TR>

</TABLE>

<P align="left">
A global debenture that can be exchanged under the preceding
sentence will be exchanged for definitive debentures that are
issued in authorized denominations in registered form for the
same aggregate amount. Such definitive debentures will be
registered in the names of the owners of the beneficial
interests in such global debentures as directed by DTC.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as provided above, (1)&nbsp;owners of beneficial
interests in such global debenture will not be entitled to
receive physical delivery of debentures in definitive form and
will not be considered the holders of the debentures for any
purpose under the indenture and (2)&nbsp;no debentures
represented by a global debenture will be exchangeable.
Accordingly, each person owning a beneficial interest in a
global debenture must rely on the procedures of DTC (and if such
person is not a participant, on the procedures of the
participant through which such person owns its interest) to
exercise any rights of a holder under the indenture or such
global debenture. The laws of some jurisdictions require that
certain purchasers of securities take physical delivery of the
securities in definitive form. Such laws may impair the ability
to transfer beneficial interests in a global debenture.

<P align="center">S-6

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We understand that under existing industry practices, if we
request holders to take any action, or if an owner of a
beneficial interest in a global debenture desires to take any
action which a holder is entitled to take under the indenture,
then (1)&nbsp;DTC would authorize the participants holding the
relevant beneficial interests to take such action and
(2)&nbsp;such participants would authorize the beneficial owners
owning through such participants to take such action or would
otherwise act upon the instructions of beneficial owners owning
through them.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DTC has provided the following information to us. DTC is:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a limited-purpose trust company organized under the laws of the
    State of New York;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a &#147;banking organization&#148; within the meaning of the New
    York Banking Law;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a member of the Federal Reserve System;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a &#147;clearing corporation&#148; within the meaning of the New
    York Uniform Commercial Code; and</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a &#147;clearing agency&#148; registered under the Exchange Act.</TD>
</TR>

</TABLE>

<P align="left">
<B>Information Concerning the Trustee</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
JPMorgan Chase Bank is the trustee under the Indenture. From
time to time, we maintain deposit accounts and conduct other
banking transactions with the trustee in the ordinary course of
business. JPMorgan Chase Bank also serves as trustee for certain
of our other senior unsecured debt obligations.

<P align="center">
<B>UNDERWRITING</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Salomon Smith Barney Inc., Banc of America Securities LLC and
J.P. Morgan Securities Inc. are acting as joint book-running
managers of the offering and representatives of the underwriters
named below.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the terms and conditions stated in the underwriting
agreement dated the date of this prospectus supplement, each
underwriter named below has agreed to purchase, and we have
agreed to sell to that underwriter, the principal amount of
debentures set forth opposite the underwriter&#146;s name.

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="77%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">Principal Amount</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="2">Underwriter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">of debentures</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Salomon Smith Barney Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Banc of America Securities LLC&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">125,500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">J.P. Morgan Securities Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">125,500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">ABN AMRO Incorporated
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Credit Suisse First Boston Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deutsche Bank Securities Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Goldman, Sachs &#38; Co.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">HSBC Securities (USA) Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Merrill Lynch, Pierce, Fenner &#38; Smith<BR>
    Incorporated
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">500,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriting agreement provides that the obligations of the
underwriters to purchase the debentures included in this
offering are subject to approval of legal matters by counsel and
to other conditions. The underwriters are obligated to purchase
all the debentures if they purchase any of the debentures.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters propose to offer some of the debentures
directly to the public at the public offering price set forth on
the cover page of this prospectus supplement and some of the
debentures to dealers at the public offering price less a
concession not to exceed 0.500% of the principal amount of the
debentures. The underwriters may allow, and dealers may reallow
a concession not to exceed 0.250% of

<P align="center">S-7
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
the principal amount of the debentures on sales to other
dealers. After the initial offering of the debentures to the
public, the representatives may change the public offering price
and concessions.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows the underwriting discounts and
commissions that we are to pay to the underwriters in connection
with this offering (expressed as a percentage of the principal
amount of the debentures).

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="72%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">Paid by</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">Archer-Daniels-Midland</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Per debenture
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.875%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures are a new issue of securities with no established
trading market. The underwriters have advised us that the
underwriters intend to make a market in the debentures but are
not obligated to do so and may discontinue market making at any
time without notice. Neither we nor the underwriters can assure
you as to the liquidity of the trading market for the debentures.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the offering, Salomon Smith Barney, on behalf
of the underwriters, may purchase and sell debentures in the
open market. These transactions may include over-allotment,
syndicate covering transactions and stabilizing transactions.
Over-allotment involves syndicate sales of debentures in excess
of the principal amount of debentures to be purchased by the
underwriters in the offering, which creates a syndicate short
position. Syndicate covering transactions involve purchases of
the debentures in the open market after the distribution has
been completed in order to cover syndicate short positions.
Stabilizing transactions consist of certain bids or purchases of
debentures made for the purpose of preventing or retarding a
decline in the market price of the debentures while the offering
is in progress.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters also may impose a penalty bid. Penalty bids
permit the underwriters to reclaim a selling concession from a
syndicate member when Salomon Smith Barney, in covering
syndicate short positions or making stabilizing purchases,
repurchases debentures originally sold by that syndicate member.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any of these activities may have the effect of preventing or
retarding a decline in the market price of the debentures. They
may also cause the price of the debentures to be higher than the
price that otherwise would exist in the open market in the
absence of these transactions. The underwriters may conduct
these transactions in the over-the-counter market or otherwise.
If the underwriters commence any of these transactions, they may
discontinue them at any time.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We estimate that our total expenses for this offering will be
$645,000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters have performed investment banking and advisory
services for us from time to time for which they have received
customary fees and expenses. The underwriters and their
affiliates may, from time to time, engage in transactions with
and perform services for us in the ordinary course of their
business. JPMorgan Chase Bank, the trustee for the debentures,
is an affiliate of J.P. Morgan Securities Inc., one of the
underwriters.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to indemnify the underwriters against certain
liabilities, including liabilities under the Securities Act of
1933, or to contribute to payments the underwriters may be
required to make because of any of those liabilities.

<P align="center">
<B>LEGAL OPINIONS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The validity of the debentures will be passed upon for us by
Faegre &#38; Benson LLP, Minneapolis, Minnesota, and for the
underwriters by Mayer, Brown, Rowe&nbsp;&#38; Maw, Chicago,
Illinois. Mayer, Brown, Rowe&nbsp;&#38; Maw from time to time
acts as our counsel in certain matters.

<P align="center">S-8
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<DIV align="left">
<B><U>PROSPECTUS</U></B>
</DIV>

<P align="center">
<B><FONT size="5">$500,000,000</FONT></B>

<P align="center">
<IMG src="c72034b2adm2.gif" alt="(ARCHER-DANIELS-MIDLAND COMPANY LOGO)">

<P align="center">
<B><FONT size="5">Archer-Daniels-Midland Company</FONT></B>

<DIV align="center">
<B><FONT size="4">Debt Securities and Warrants to Purchase Debt
Securities</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will provide the specific terms
of these securities in supplements to this prospectus. You
should read this prospectus and the applicable supplement
carefully before you invest.

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Securities and
Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if
this prospectus is truthful or complete. Any representation to
the contrary is a criminal offense.

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<P align="center">
The date of this Prospectus is November&nbsp;7, 2001.
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<P align="left">


<!-- link1 "ABOUT THIS PROSPECTUS" -->
<DIV align="left"><A NAME="002"></A></DIV>
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center">
<B>ABOUT THIS PROSPECTUS</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus is part of a registration statement that we
filed with the Securities and Exchange Commission using a
&#147;shelf&#148; registration process. Under this shelf
process, we may sell debt securities or warrants to purchase
debt securities in one or more offerings up to a total dollar
amount of $500,000,000. We may sell these securities either
separately or in units.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus provides you with a general description of the
securities we may offer. Each time we sell securities, we will
provide a prospectus supplement that will contain specific
information about the terms of that offering. Such prospectus
supplement may also add, update or change information contained
in this prospectus. You should read this prospectus and the
applicable prospectus supplement together with the additional
information described under the heading &#147;Where You Can Find
More Information.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The registration statement that contains this prospectus,
including the exhibits to the registration statement, contains
additional information about us and the securities offered under
this prospectus. That registration statement can be read at the
Securities and Exchange Commission, or SEC, web site or at the
SEC offices mentioned under the heading &#147;Where You Can Find
More Information.&#148;

<P align="left">


<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->
<DIV align="left"><A NAME="003"></A></DIV>
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center">
<B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We file annual, quarterly and special reports, proxy statements
and other information with the SEC. Our SEC filings are
available to the public over the Internet at the SEC&#146;s web
site at http://www.sec.gov. You may also read and copy any
document we file with the SEC at its public reference room at
450 Fifth Street, N.W., Washington, D.C. 20549. You can also
obtain copies of the documents at prescribed rates by writing to
the Public Reference Section of the SEC at 450&nbsp;Fifth
Street, N.W., Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 for further information on the operation of the
public reference room. The SEC also maintains an Internet
website at http://www.sec.gov that contains reports, proxy and
information statements, and other information regarding issuers
that file electronically with the SEC. Our SEC filings are also
available at the offices of the New York Stock Exchange and
Chicago Stock Exchange. For further information on obtaining
copies of our public filings at the New York Stock Exchange, you
should call (212)&nbsp;656-5060, and for further information on
obtaining copies of our public filings at the Chicago Stock
Exchange, you should call (312)&nbsp;663-2423.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We &#147;incorporate by reference&#148; into this prospectus the
information we file with the SEC, which means that we can
disclose important information to you by referring you to those
documents. The information incorporated by reference is an
important part of this prospectus. Some information contained in
this prospectus updates the information incorporated by
reference, and information that we file subsequently with the
SEC will automatically update this prospectus. In other words,
in the case of a conflict or inconsistency between information
set forth in this prospectus and information incorporated by
reference into this prospectus, you should rely on the
information contained in the document that was filed later. We
incorporate by reference our Annual Report on Form&nbsp;10-K for
the year ended June&nbsp;30, 2001 (which incorporates by
reference certain portions of our 2001 Annual Report to
Shareholders, including financial statements and notes thereto,
and certain portions of our definitive Notice and Proxy
Statement for our Annual Meeting of Shareholders to be held on
November&nbsp;1, 2001), and any filings we make with the SEC
under Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934 after the initial filing of the
registration statement that contains this prospectus and prior
to the time that we sell all the securities offered by this
prospectus.

<P align="center">2

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You may request a copy of these filings, other than an exhibit
to a filing unless that exhibit is specifically incorporated by
reference into that filing, at no cost, by writing to or
telephoning us at the following address:
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
     Secretary</TD>
</TR>

</TABLE>

<DIV align="left">
Archer-Daniels-Midland Company
</DIV>

<DIV align="left">
4666 Faries Parkway
</DIV>

<DIV align="left">
Decatur, Illinois 62526
</DIV>

<DIV align="left">
Phone: (217)&nbsp;424-5200
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You should rely only on the information incorporated by
reference or presented in this prospectus or the applicable
prospectus supplement. Neither we, nor any underwriters or
agents, have authorized anyone else to provide you with
different information. We may only use this prospectus to sell
securities if it is accompanied by a prospectus supplement. We
are only offering these securities in states where the offer is
permitted. You should not assume that the information in this
prospectus or the applicable prospectus supplement is accurate
as of any date other than the dates on the front of those
documents.

<P align="left">


<!-- link1 "THE COMPANY" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="center">
<B>THE COMPANY</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are a major processor of agricultural products for the food
and feed industries. We are one of the world&#146;s largest
oilseed and vegetable oil processors, corn refiners, cocoa
processors, fuel alcohol producers and wheat millers.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We were incorporated in Delaware in 1923 as the successor to a
business formed in 1902. Our executive offices are located at
4666&nbsp;Faries Parkway, Decatur, Illinois&nbsp;62526. Our
telephone number is (217)&nbsp;424-5200.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
When we refer to &#147;our company,&#148; &#147;we,&#148;
&#147;our&#148; and &#147;us&#148; in this prospectus under the
headings &#147;The Company,&#148; &#147;Use of Proceeds&#148;
and &#147;Ratios of Earnings to Fixed Charges,&#148; we mean
Archer-Daniels-Midland Company, its subsidiaries and their
predecessors unless the context indicates otherwise. When such
terms are used elsewhere in this prospectus, we refer only to
Archer-Daniels-Midland Company unless the context indicates
otherwise.

<P align="left">


<!-- link1 "USE OF PROCEEDS" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="center">
<B>USE OF PROCEEDS</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless the applicable prospectus supplement states otherwise,
the net proceeds from the sale of the offered securities will be
added to our general funds and will be available for general
corporate purposes, including:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    meeting our working capital requirements;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    funding capital expenditures and possible acquisitions of, or
    investments in, businesses and assets; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    repaying indebtedness originally incurred for general corporate
    purposes.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Until we use the net proceeds, we will invest them in short-term
or long-term marketable securities or use them to repay
short-term borrowings.

<P align="left">


<!-- link1 "RATIO OF EARNINGS TO FIXED CHARGES" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="center">
<B>RATIO OF EARNINGS TO FIXED CHARGES</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Set forth below is the consolidated ratio of earnings to fixed
charges for each of the years in the five-year period ended
June&nbsp;30, 2001.

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

<TR>
    <TD width="61%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="2">Fiscal Year ended June&nbsp;30,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">1997</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">1998</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">2001</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of Earnings to Fixed Charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.02x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.47x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.88x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.54x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.84x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">3

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The ratio of earnings to fixed charges is calculated as follows:

<P align="center">
(earnings)

<DIV align="center">
<HR size="1" width="31%" align="center" noshade>
</DIV>

<DIV align="center">
(fixed charges)
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of calculating the ratios, earnings consist of:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    pre-tax income from continuing operations before minority
    interest in income from consolidated subsidiaries and income or
    loss from equity investees;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    fixed charges;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    amortization of capitalized interest; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    distributed income of equity investees;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    minus capitalized interest; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    minus the minority interest in pre-tax income of subsidiaries
    that have not incurred fixed charges.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of calculating the ratios, fixed charges consist of:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    interest expensed and capitalized;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    amortized premiums, discounts and capitalized expenses related
    to indebtedness; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    an estimate of the interest portion of rental expense on
    operating leases.</TD>
</TR>

</TABLE>

<P align="left">


<!-- link1 "DESCRIPTION OF DEBT SECURITIES" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="center">
<B>DESCRIPTION OF DEBT SECURITIES</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This section describes the general terms and provisions of our
debt securities. The prospectus supplement will describe the
specific terms of the debt securities offered through that
prospectus supplement and any general terms outlined in this
section that will not apply to those debt securities.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debt securities will be issued under an indenture dated as
of June&nbsp;1, 1986 between us and The Chase Manhattan Bank,
formerly known as Chemical Bank, as trustee. The indenture has
been amended and supplemented by a supplemental indenture dated
as of August&nbsp;1, 1989 and amended by the Trust Indenture
Reform Act of 1990. We have summarized certain terms and
provisions of the indenture in this section. We have also filed
the indenture as an exhibit to the registration statement. You
should read the indenture for additional information before you
buy any debt securities. The summary that follows includes
references to section numbers of the indenture so that you can
more easily locate these provisions.

<P align="left">
<B>General</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debt securities will be our unsecured and unsubordinated
obligations ranking on parity with all of our other unsecured
and unsubordinated indebtedness.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture does not limit the amount of debt securities that
we may issue and provides that we may issue debt securities from
time to time in one or more series. <I>(Section&nbsp;301)</I>.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A prospectus supplement relating to a series of debt securities
being offered will include specific terms relating to the
offering. <I>(Section&nbsp;301)</I>. These terms will include
some or all of the following:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the title of the debt securities of the series;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any limit on the total principal amount of the debt securities
    of that series;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    whether we may issue additional debt securities of an already
    outstanding series without the consent of the holders of the
    outstanding debt securities of that series;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    whether the debt securities will be issuable as registered
    securities, bearer securities or both;</TD>
</TR>

</TABLE>

<P align="center">4

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    whether any of the debt securities are to be issuable initially
    in temporary global form;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    whether any of the debt securities are to be issuable in
    permanent global form;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the price or prices (generally expressed as a percentage of the
    total principal amount) at which the debt securities will be
    issued;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the person to whom interest on the debt securities is payable,
    if such person is not the person in whose name the debt
    securities are registered;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the date or dates on which the debt securities will mature;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any mandatory or optional sinking fund or analogous provisions;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if the debt securities bear interest:</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the interest rate or rates on the debt securities or the formula
    by which the interest rate or rates shall be determined;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the dates from which any interest will accrue;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any circumstances under which we may defer interest payments;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the record and interest payment dates for debt securities that
    are registered securities; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the extent to which, or the manner in which, any interest
    payable on a global security will be paid if other than in the
    manner described below under &#147;Global Securities;&#148;</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the place or places where:</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we can make payments on the debt securities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the debt securities can be presented for registration of
    transfer or exchange; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    notice and demands can be given to us relating to the debt
    securities and under the indenture;</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the date, if any, after which and the price or prices (and other
    applicable terms and provisions) at which we may redeem the
    offered debt securities pursuant to any optional or mandatory
    redemption provisions that would permit or require us or the
    holders of the debt securities to redeem the debt securities
    prior to their final maturity;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any sinking fund provisions that would obligate us to redeem the
    debt securities before their final maturity;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the denominations in which any debt securities which are
    registered debt securities will be issuable, if other than
    denominations of $1,000 or multiples of $1,000;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the denominations in which any debt securities which are bearer
    securities will be issuable, if other than denominations of
    $5,000;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the currency or currencies of payment on the debt securities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any index used to determine the amount of payments on the debt
    securities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the portion of the principal payable upon acceleration of the
    debt securities following an event of default, if such portion
    is less than the principal amount of the debt securities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any events of default which will apply to the debt securities in
    addition to those contained in the indenture;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any additional covenants applicable to the debt securities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    whether the provisions described below under the heading
    &#147;Defeasance&#148; apply to the debt securities;</TD>
</TR>

</TABLE>

<P align="center">5

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any special provisions for the payment of additional amounts
    with respect to the debt securities; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any other terms and provisions of the debt securities not
    inconsistent with the terms and provisions of the indenture.
    <I>(Section&nbsp;301).</I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the purchase price of any of the debt securities is
denominated in a foreign or composite currency or currencies, or
if the principal of and any premium and interest on any series
of debt securities is payable in a foreign or composite currency
or currencies, then the restrictions, elections, general tax
considerations, specific terms and other information with
respect to such issue of debt securities and such foreign or
composite currency or currencies will be set forth in the
applicable prospectus supplement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
When we use the term &#147;holder&#148; in this prospectus with
respect to a registered debt security, we mean the person in
whose name such debt security is registered in the security
register. <I>(Section&nbsp;101)</I>.

<P align="left">
<B>Denominations, Registration and Transfer</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may issue the debt securities as registered securities,
bearer securities or both. We may issue debt securities in the
form of one or more global securities, as described below under
&#147;Global Securities.&#148; Unless we state otherwise in the
applicable prospectus supplement, registered securities
denominated in U.S. dollars will be issued only in denominations
of $1,000 or multiples of $1,000. Bearer securities denominated
in U.S. dollars will be issued only in denominations of $5,000
with coupons attached. A global security will be issued in a
denomination equal to the total principal amount of outstanding
debt securities represented by that global security. The
prospectus supplement relating to debt securities denominated in
a foreign or composite currency will specify the denominations
of the debt securities. <I>(Sections&nbsp;201, 203, 301 and
302)</I>.

<P align="left">
See &#147;Global Securities&#148; and &#147;Bearer Debt
Securities&#148; below.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You may exchange any debt securities of a series for other debt
securities of that series if the other debt securities are
denominated in authorized denominations and have the same
aggregate principal amount and the same terms as the debt
securities that were surrendered for exchange. In addition, if
debt securities of any series are issuable as both registered
securities and as bearer securities, you may, subject to the
terms of the indenture, exchange bearer securities (with all
unmatured coupons, except as provided below, and all matured
coupons in default attached) of the series for registered
securities of the same series of any authorized denominations
and that have the same aggregate principal amount and the same
terms as the debt securities that were surrendered for exchange.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless we state otherwise in the applicable prospectus
supplement, any bearer security surrendered in exchange for a
registered security between a record date and the relevant date
for payment of interest shall be surrendered without the coupon
relating to such date for payment of interest attached. Interest
will not be payable on the registered security on the relevant
date for payment of interest issued in exchange for the bearer
security, but will be payable only to the holder of such coupon
when due in accordance with the terms of the indenture.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless we state otherwise in the applicable prospectus
supplement, bearer securities will not be issued in exchange for
registered securities. <I>(Section 305)</I>.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debt securities (other than a global security) may be
presented for registration of transfer, duly endorsed or
accompanied by a satisfactory written instrument of transfer, at
the office or agency maintained by us for that purpose in a
place of payment. There will be no service charge for any
registration of transfer or exchange of the debt securities, but
we may require you to pay any tax or other governmental charge
payable in connection with a transfer or exchange of the debt
securities. <I>(Section&nbsp;305). </I>If the applicable
prospectus supplement refers to any office or agency, in
addition to the security registrar, initially designated by us
where you can surrender the debt securities for registration of
transfer or exchange, we may at any time rescind the designation
of any such office or agency or approve a change in the
location. If debt securities of a series are issuable only as
registered securities, we will be

<P align="center">6

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<DIV align="left">
required to maintain a transfer agent in each place of payment
for such series. If debt securities of a series are issuable as
bearer securities, we will be required to maintain, in addition
to the security registrar, a transfer agent in a place of
payment for such series located outside the United States. We
may at any time designate additional transfer agents with
respect to any series of debt securities.
<I>(Section&nbsp;1002)</I>.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we redeem the debt securities in part, we shall not be
required to:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    issue, register the transfer of or exchange debt securities of
    any series during a period beginning at the opening of business
    15 days before the day of the mailing of a notice of redemption
    of debt securities selected to be redeemed and ending at the
    close of business on:</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the day of mailing of the relevant notice of redemption, if debt
    securities of the series are issuable only as registered
    securities, or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the day of the first publication of the relevant notice of
    redemption, if debt securities of the series are issuable as
    bearer securities, or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the mailing of the relevant notice of redemption, if debt
    securities of that series are also issuable as registered
    securities and there is no publication;</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    register the transfer of or exchange any registered security
    called for redemption, except for the unredeemed portion of any
    registered security being redeemed in part; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    exchange any bearer security called for redemption, except to
    exchange the bearer security for a registered security of that
    series and like tenor which is immediately surrendered for
    redemption. <I>(Section&nbsp;305)</I>.</TD>
</TR>

</TABLE>

<P align="left">
<B>Original Issue Discount Securities</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Debt securities may be issued under the indentures as original
issue discount securities and sold at a discount below their
stated principal amount. If a debt security is an original issue
discount security, an amount less than the principal amount of
the debt security will be due and payable upon a declaration of
acceleration of the maturity of the debt security under the
applicable indenture. <I>(Section&nbsp;101) </I>The applicable
prospectus supplement will describe the federal income tax
consequences and other special factors you should consider
before purchasing any original issue discount securities.

<P align="left">
<B>Payments and Paying Agents</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless we state otherwise in the applicable prospectus
supplement, payment of principal and any premium and interest on
registered securities, other than a global security, will be
made at the office of the paying agent or paying agents we may
designate from time to time. At our option, payment of any
interest may be made (i)&nbsp;by check mailed to the address of
the payee entitled to payment at the address listed in the
security register, or (ii)&nbsp;by wire transfer to an account
maintained by the payee as specified in the security register.
<I>(Sections&nbsp;305, 307 and 1002)</I>. Unless we state
otherwise in the applicable prospectus supplement, payment of
any installment of interest on registered securities will be
made to the person in whose name the registered security is
registered at the close of business on the regular record date
for such interest payment. <I>(Section&nbsp;307)</I>.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless we state otherwise in the applicable prospectus
supplement, payment of principal and any premium and interest on
bearer securities will be payable, subject to applicable laws
and regulations, at the offices of the paying agent or paying
agents outside the United States that we may designate from time
to time. At our option, payment of any interest may be made by
check or by wire transfer to an account maintained by the payee
outside the United States. <I>(Sections&nbsp;307 and 1002)</I>.
Unless we state otherwise in the applicable prospectus
supplement, payment of interest on bearer securities on any

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<DIV align="left">
interest payment date will be made only against surrender of the
coupon relating to that interest payment date.
<I>(Section&nbsp;1001)</I>. No payment on any bearer security
will be made:
</DIV>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    at any of our offices or agencies in the United States;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    by check mailed to any address in the United States; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    by transfer to an account maintained in the United States.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither we nor our paying agents will make payment on bearer
securities or coupons, or upon any other demand for payment, if
you present them to us or our paying agents within the United
States. Notwithstanding the foregoing, payment of principal of
and any premium and interest on bearer securities denominated
and payable in U.S. dollars will be made at the office of our
paying agent in the United States if, and only if:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    payment of the full amount payable in U.S. dollars at all
    offices or agencies outside the United States is illegal or
    effectively precluded by exchange controls or other similar
    restrictions; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we have delivered to the trustee an opinion of counsel to that
    effect. <I>(Section&nbsp;1002)</I>.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless we state otherwise in the applicable prospectus
supplement, the principal office of the trustee in New York City
will be designated as our sole paying agent for payments on debt
securities that are issuable only as registered securities. We
will name in the applicable prospectus supplement any paying
agent outside the United States, and any other paying agent in
the United States, initially designated by us for the debt
securities. We may, at any time:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    designate additional paying agents;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    rescind the designation of any paying agent; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    approve a change in the office through which any paying agent
    acts.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If debt securities of a series are issuable only as registered
securities, we will be required to maintain a paying agent in
each place of payment for that series. If debt securities of a
series are issuable as bearer securities, we will be required to
maintain:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a paying agent in each place of payment for that series in the
    United States for payments on any registered securities of that
    series, and for payments on bearer securities of that series in
    the circumstances described in the second paragraph under
    &#147;Payments and Paying Agents;&#148;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a paying agent in each place of payment located outside the
    United States where debt securities of that series and any
    coupons may be presented and surrendered for payment. If the
    debt securities of that series are listed on The International
    Stock Exchange (London), the Luxembourg Stock Exchange or any
    other stock exchange located outside the United States and such
    stock exchange shall so require, then we will maintain a paying
    agent in London, Luxembourg City or any other required city
    located outside the United States for debt securities of that
    series; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a paying agent in each place of payment located outside the
    United States where, subject to applicable laws and regulations,
    registered securities of that series may be surrendered for
    registration of transfer or exchange and where notices and
    demands to or upon us may be served. <I>(Section&nbsp;1002)</I>.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any money that we pay to a paying agent for the purpose of
making payments on the debt securities and that remains
unclaimed two years after the payments were due will be returned
to us. After that time, any holder of a debt security or any
coupon may only look to us for payments on the debt security or
coupon. <I>(Section&nbsp;1003)</I>.

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<P align="left">
<B>Global Securities</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may issue the debt securities of a series, in whole or in
part, in the form of one or more global securities that will be
deposited with, or on behalf of, a depositary identified in the
applicable prospectus supplement. We may issue global securities
(i)&nbsp;in either registered or bearer form, and (ii)&nbsp;in
either temporary or permanent form. <I>(Sections&nbsp;201, 203,
301, 304)</I>. Unless and until it is exchanged for debt
securities in definitive form, a temporary global security in
registered form may not be transferred except as a whole by:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the depositary for the global security to a nominee of the
    depositary;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a nominee of the depositary to the depositary or another nominee
    of the depositary; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the depositary or any nominee of the depositary to a successor
    of the depositary or a nominee of such successor.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will describe the specific terms of the depositary
arrangement with respect to a series, or part of a series, of
debt securities in the applicable prospectus supplement.

<P align="left">
<B>Bearer Debt Securities</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we issue bearer securities, the applicable prospectus
supplement will describe all of the special terms and provisions
of debt securities in bearer form, and the extent to which those
special terms and provisions are different from the terms and
provisions which are described in this prospectus, which
generally apply to debt securities in registered form, and will
summarize provisions of the applicable indenture that relate
specifically to bearer debt securities.

<P align="left">
<B>Tax Redemption</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>All Debt Securities. </I>To the extent specified in an
applicable prospectus supplement, debt securities of a series
will be subject to redemption at any time, as a whole but not in
part, at a redemption price equal to 100% of the principal
amount of the debt securities together with accrued and unpaid
interest to the date fixed for redemption, upon publication of a
notice as described below, if we determine that:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we have or will become obligated to pay additional amounts with
    respect to any debt security of that series as described below
    under &#147;Payment of Additional Amounts&#148; because of</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any change in or amendment to the laws, or regulations or
    rulings under such laws, of the United States or any political
    subdivision or taxing authority affecting taxation, or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any change in official position regarding application or
    interpretation of such laws, regulations or rulings</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;</TD>
    <TD align="left">
    which change or amendment is announced or becomes effective on
    or after a date specified in the applicable prospectus
    supplement; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    on or after a date specified in the applicable prospectus
    supplement</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any action has been taken by any taxing authority of, or any
    decision has been rendered in a court of competent jurisdiction
    in, the United States or any political subdivision or taxing
    authority, including any of those actions specified in the
    preceding bullet points, regardless of whether such action was
    taken or decision was rendered with respect to us, or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any change, amendment, application or interpretation shall be
    officially proposed</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    which, in the written opinion of our independent legal counsel
    of recognized standing, will result in a material probability
    that we will become obligated to pay additional amounts with
    respect to any debt security of that series as described below
    under &#147;Payment of Additional Amounts;&#148; and</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    in our business judgment that we cannot avoid the obligation to
    pay additional amounts with respect to any debt security of that
    series by the use of reasonable measures available to us.</TD>
</TR>

</TABLE>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Certificates and Notice.</I> If we elect to redeem affected
securities of a series pursuant to the provisions of this
&#147;Tax Redemption,&#148; we will deliver to the trustee a
certificate, signed by an authorized officer, stating that we
are entitled to redeem the affected securities of such series
pursuant to their terms. <I>(Section&nbsp;1102).</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will give notice of our intention to redeem affected
securities, and all other notices in accordance with the
provisions of this &#147;Tax Redemption,&#148; in accordance
with &#147;Notices&#148; below. In the case of a redemption, we
will give notice once not more than 60&nbsp;days, but not less
than 30&nbsp;days, before the date fixed for redemption and will
specify the date fixed for redemption. <I>(Section 1104)</I>.

<P align="left">
<B>Payment of Additional Amounts</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If and to the extent specified in an applicable prospectus
supplement, we will, subject to the exceptions and limitations
set forth below, pay to the holder of any debt security or
coupon who is a United States Alien such additional amounts as
may be necessary in order that every net payment on the debt
security or coupon, after withholding for or on account of any
present or future tax, assessment or other governmental charge
imposed upon or as a result of that payment by the United States
(or any political subdivision or taxing authority), will not be
less than the amount provided for in the debt security or coupon
to be then due and payable.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will not, however, make any payment of additional amounts for
or on account of:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any tax, assessment or other governmental charge that would not
    have been imposed but for</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the existence of any present or former connection between the
    holder (or between a fiduciary, settlor or beneficiary of, or a
    person holding a power over, the holder, if the holder is an
    estate or trust; or a member or shareholder of the holder, if
    the holder is a partnership or corporation) and the United
    States. Such connection may include, without limitation, the
    holder (or such fiduciary, settlor, beneficiary, person holding
    a power, member or shareholder) (i)&nbsp;being or having been a
    citizen, resident or treated as a resident of the United States,
    (ii)&nbsp;being or having been engaged in a trade or business or
    present in the United States, or (iii)&nbsp;having or having had
    a permanent establishment in the United States, or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the holder&#146;s present or former status as a personal holding
    company, foreign personal holding company, controlled foreign
    corporation or passive foreign investment company with respect
    to the United States or as a corporation that accumulates
    earnings to avoid United States federal income tax;</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any tax, assessment or other governmental charge which would not
    have been imposed but for the presentation by the holder of the
    debt security or coupon for payment on a date more than
    10&nbsp;days after (i)&nbsp;the date on which such payment
    became due and payable, or (ii) the date on which payment is
    duly provided for, whichever occurs later;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any estate, inheritance, gift, sales, transfer, personal
    property tax or any similar tax, assessment or other
    governmental charge;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any tax, assessment or other governmental charge that is payable
    other than by withholding from a payment on a debt security or
    coupon;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any tax, assessment or other governmental charge imposed on a
    holder of a debt security or coupon that (i)&nbsp;actually or
    constructively owns 10% or more of the total combined voting
    power of all classes of our stock entitled to vote within the
    meaning of Section&nbsp;871(h)(3) of the Internal Revenue Code,
    or (ii)&nbsp;is a controlled foreign corporation related to us
    through stock ownership;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any tax, assessment or other governmental charge imposed as a
    result of the failure to comply with applicable certification,
    information, documentation or other reporting requirements
    concerning the nationality, residence, identity or connection
    with the United States of the holder or</TD>
</TR>

</TABLE>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    beneficial owner of a debt security or coupon, if such
    compliance is required by statute, or by regulation of the
    United States, as a precondition to relief or exemption from
    such tax, assessment or other governmental charge;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any tax, assessment or other governmental charge required to be
    withheld by any paying agent from any payment on a debt security
    or coupon if the payment can be made without such withholding by
    at least one other paying agent;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any tax, assessment or other governmental charge imposed with
    respect to payments on any registered security by reason of the
    failure of the holder to fulfill the statement requirement of
    Sections&nbsp;871(h) or 881(c) of the Internal Revenue Code; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any combination of items listed above.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, we will not pay additional amounts with respect to
any payment on a debt security or coupon to a holder who is
(i)&nbsp;a fiduciary, (ii)&nbsp;a partnership, or
(iii)&nbsp;other than the sole beneficial owner of such payment,
to the extent such payment would be required by the laws of the
United States (or any political subdivisions or taxing
authority) to be included in the income, for federal income tax
purposes, of a beneficiary or settlor with respect to such
fiduciary or a member of such partnership or a beneficial owner
who would not have been entitled to payment of the additional
amounts had such beneficiary, settlor, member or beneficial
owner been the holder of the debt security or coupon.
<I>(Section&nbsp;1004)</I>.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The term &#147;United States Alien&#148; means any person who,
for United States federal income tax purposes, is a foreign
corporation, a non-resident alien individual, a non-resident
alien fiduciary of a foreign estate or trust, or a foreign
partnership one or more of the members of which is a foreign
corporation, a non-resident alien individual or a non-resident
alien fiduciary of a foreign estate or trust.
<I>(Section&nbsp;101).</I>

<P align="left">
<B>Covenants Contained in the Indenture</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture contains certain restrictive covenants that apply
to us and our Restricted Subsidiaries.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A &#147;Restricted Subsidiary&#148; is any Subsidiary of ours,
but does not include a Subsidiary (i)&nbsp;that does not
transact any substantial portion of its business in the United
States and does not regularly maintain any substantial portion
of its fixed assets in the United States, or (ii)&nbsp;that is
engaged primarily in financing our operations or the operations
of our Subsidiaries outside the United States.
<I>(Section&nbsp;101).</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A &#147;Subsidiary&#148; is a corporation in which we, or one or
more of our other Subsidiaries, directly or indirectly, own more
than 50% of the outstanding voting stock.
<I>(Section&nbsp;101).</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Principal Domestic Manufacturing Property&#148; means any
building, structure or other facility, together with the land on
which it is erected and fixtures that are part of such building,
located in the United States that is used by us or our
Subsidiaries primarily for manufacturing, processing or
warehousing,
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the gross book value of which exceeds 1% of our Consolidated Net
    Tangible Assets, other than such building</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    that is financed by obligations issued by a state, territory or
    possession of the United States, or any of their political
    subdivisions, the interest on which is excludable from gross
    income of the holders pursuant to Section&nbsp;103(a)(1) of the
    Internal Revenue Code, or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    that is not of material importance to the total business
    conducted by us and our Subsidiaries, taken as a whole.
    <I>(Section&nbsp;101).</I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Consolidated Net Tangible Assets&#148; means the total
amount of our assets, minus applicable reserves and other
properly deductible items, minus
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    all current liabilities, excluding Funded Debt included by
    reason of being renewable or extendible, and</TD>
</TR>

</TABLE>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    all goodwill, trade names, patents, unamortized debt discount
    and expense, and other similar intangibles to the extent not
    deducted as reserves and deductible items set forth above,</TD>
</TR>

</TABLE>

<P align="left">
all as set forth on our most recent consolidated balance sheet.
<I>(Section&nbsp;101).</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Funded Debt&#148; means indebtedness for money borrowed
having a maturity at, or being renewable or extendable by the
borrower to a date, more than 12&nbsp;months from the date of
determination in the amount set forth on our most recent
consolidated balance sheet. Funded Debt does not include
(i)&nbsp;any amount in respect of obligations under leases, or
guarantees thereof, whether or not such obligations or
guarantees would be included as liabilities on a consolidated
balance sheet, or (ii)&nbsp;any principal amount of indebtedness
required to be redeemed within 12&nbsp;months from the date of
determination pursuant to any sinking fund provisions or
otherwise. <I>(Section&nbsp;101).</I>

<P align="left">
<B>Restrictions on Secured Debt</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture provides that neither we nor our Restricted
Subsidiaries may incur or otherwise create any new Secured Debt.
The restriction on creating new Secured Debt, however, does not
apply if the debt securities are secured equally and ratably
with the new Secured Debt. <I>(Section&nbsp;1009).</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Secured Debt&#148; means Debt that is secured by a
Mortgage on
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any Principal Domestic Manufacturing Property owned by us or any
    Restricted Subsidiary; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any shares of stock or Debt of any Restricted Subsidiary.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Debt&#148; means incurring, issuing, assuming or
guaranteeing any notes, bonds, debentures or other similar
evidence of indebtedness. <I>(Section&nbsp;1009).</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Mortgage&#148; means any mortgage, pledge, lien, security
interest, conditional sale or other title retention agreement or
similar encumbrance. <I>(Section&nbsp;101).</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The restriction on incurring or otherwise creating any new
Secured Debt does not apply to the following &#147;Permitted
Liens&#148;:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Mortgages on property of, or on any shares of stock or Debt of,
    any corporation existing at the time such corporation becomes a
    Restricted Subsidiary;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Mortgages in favor of us or a Restricted Subsidiary;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Mortgages in favor of United States governmental bodies to
    secure progress or advance payments;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Mortgages on property, shares of stock or Debt existing at or
    incurred within 120&nbsp;days after the acquisition of such
    property, shares or Debt, including acquisition through merger
    or consolidation;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    purchase money Mortgages and construction Mortgages; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    certain extensions, renewals or replacements of Debt secured by
    any Mortgage referred to in the previous bullet points.
    <I>(Section&nbsp;1009).</I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, we or any Restricted Subsidiary may incur or
otherwise create Secured Debt without equally and ratably
securing the debt securities if, when such Secured Debt is
incurred or created, the total amount of all outstanding Secured
Debt, excluding Permitted Liens, plus Attributable Debt, as
defined below, relating to sale and leaseback transactions does
not exceed 5% of our Consolidated Net Tangible Assets.
<I>(Section&nbsp;1009).</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture does not restrict us or our Subsidiaries from
incurring unsecured Debt.

<P align="left">
<B>Restrictions on Sale and Leaseback Transactions</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture provides that neither we nor any of our Restricted
Subsidiaries may enter into any sale and leaseback transaction
involving any Principal Domestic Manufacturing Property which
has been

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<DIV align="left">
or is to be sold or transferred more than 120&nbsp;days after
its acquisition or the completion of construction and
commencement of full operation, unless either:
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1)&nbsp;we or the Restricted Subsidiary would be entitled to
incur Debt secured by a Mortgage, pursuant to the provisions
discussed above under the heading &#147;Restrictions on Secured
Debt,&#148; on the Principal Domestic Manufacturing Property to
be leased back in an amount equal to the Attributable Debt with
respect to the sale and leaseback transaction without equally
and ratably securing the debt securities; or

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2)&nbsp;within 120&nbsp;days after the sale or transfer, we
apply to the retirement of our Funded Debt an amount equal to
the greater of
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the net proceeds of the sale of the Principal Domestic
    Manufacturing Property leased pursuant to the arrangement, or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the fair market value of the Principal Domestic Manufacturing
    Property so leased.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The restriction on sale and leaseback transactions does not
apply to a sale and leaseback transaction (i)&nbsp;between us
and a Restricted Subsidiary or between Restricted Subsidiaries,
or (ii)&nbsp;that involves the taking back of a lease for a
period of less than three years. <I>(Section&nbsp;1010)</I>.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The term &#147;Attributable Debt&#148; means the net amount of
rent, discounted to the date of determination at a rate per
annum of 15%, compounded semi-annually, required to be paid
during the remaining term of any lease.
<I>(Section&nbsp;101).</I>

<P align="left">
<B>Restrictions on Mergers and Sales of Assets</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture generally permits a consolidation or merger
between us and another entity. It also permits the sale or
transfer by us of all or substantially all of our property and
assets. These transactions are permitted if:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the resulting or acquiring entity, if other than us, is
    organized and existing under the laws of a United States
    jurisdiction and assumes all of our responsibilities and
    liabilities under the indenture, including the payment of all
    amounts due on the debt securities and performance of the
    covenants in the indenture;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    immediately after the transaction, and giving effect to the
    transaction, no event of default under the indenture exists;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    as a result of such transaction, our properties or assets or
    Restricted Subsidiaries&#146; properties or assets would become
    subject to a Mortgage not permitted pursuant to the provisions
    discussed above under the heading &#147;Restrictions on Secured
    Debt&#148; without equally and ratably securing the debt
    securities, steps shall have been taken to secure the debt
    securities equally and ratably with all indebtedness secured by
    such Mortgage; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we have delivered to the trustee an officers&#146; certificate
    and an opinion of counsel, each stating that the transaction
    and, if a supplemental indenture is required in connection with
    the transaction, the supplemental indenture comply with the
    indenture and that all conditions precedent to the transaction
    contained in the indenture have been satisfied.
    <I>(Section&nbsp;801)</I>.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we consolidate or merge with or into any other entity or sell
or lease all or substantially all of our assets according to the
terms and conditions of the indenture, the resulting or
acquiring entity will be substituted for us in the indenture
with the same effect as if it had been an original party to the
indenture. As a result, such successor entity may exercise our
rights and powers under the indenture, in our name and, except
in the case of a lease, we will be released from all our
liabilities and obligations under the indenture and under the
debt securities and coupons. <I>(Section&nbsp;802).</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the foregoing provisions, we may transfer all of
our property and assets to another corporation if, immediately
after giving effect to the transfer, such corporation is our
Wholly-Owned

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<DIV align="left">
Restricted Subsidiary (as defined below) and we would be
permitted to become liable for an additional amount of Secured
Debt. <I>(Section&nbsp;803)</I>.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The term &#147;Wholly-Owned Restricted Subsidiary&#148; means
any Restricted Subsidiary in which we and our other Wholly-Owned
Restricted Subsidiaries own all of the outstanding Funded Debt
and capital stock (other than directors&#146; qualifying
shares). <I>(Section&nbsp;101).</I>

<P align="left">
<B>Modification and Waiver</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the indenture, certain of our rights and obligations and
certain of the rights of the holders of the debt securities may
be modified or amended with the consent of the holders of not
less than 66&nbsp;2/3% of the total principal amount of the
outstanding debt securities of each series of debt securities
affected by the modification or amendment. However, the
following modifications and amendments will not be effective
against any holder without its consent:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a change in the stated maturity date of any payment of principal
    or interest;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a reduction in the principal amount of, or premium or interest
    on, any debt security;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a reduction in the amount of principal of an original issue
    discount debt security due and payable upon acceleration of the
    maturity of such debt security;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a change in place of payment where, or the currency in which,
    any payment on the debt securities is payable;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    an impairment of a holder&#146;s right to sue us for the
    enforcement of payments due on the debt securities; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a reduction in the percentage of outstanding debt securities of
    any series required to consent to a modification or amendment of
    the indenture or required to consent to a waiver of compliance
    with certain provisions of the indenture or certain defaults
    under the indenture. <I>(Section&nbsp;902).</I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the indenture, the holders of at least a majority of the
total principal amount of the outstanding debt securities of any
series of debt securities may, on behalf of all holders of such
series of debt securities:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    waive compliance by us with certain restrictive provisions of
    the indenture; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    waive any past default under the indenture, except:</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a default in the payment of the principal of, or any premium or
    interest on, any debt securities of that series; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a default under any provision of the indenture which itself
    cannot be modified or amended without the consent of the holders
    of each outstanding debt security of that series.
    <I>(Sections&nbsp;513 and 1012).</I></TD>
</TR>

</TABLE>

<P align="left">
<B>Events of Default</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Event of Default,&#148; when used in the indenture with
respect to any series of debt securities, means any of the
following:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    failure to pay interest on any debt security of that series for
    30&nbsp;days after the payment is due;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    failure to pay the principal of, or any premium on, any debt
    security of that series when due;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    failure to deposit any sinking fund payment on debt securities
    of that series when due;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    failure to perform any other covenant in the indenture that
    applies to debt securities of that series for 60&nbsp;days after
    we have received written notice of the failure to perform in the
    manner specified in the indenture;</TD>
</TR>

</TABLE>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    default under any debt, or under any Mortgage, indenture or
    instrument under which such debt is issued or secured, under
    which we or any consolidated Subsidiary, including a default
    with respect to debt securities of any other series, and the
    maturity of such indebtedness has been accelerated, unless the
    acceleration is rescinded, or such debt is paid or waived in the
    case of default upon debt with a principal amount of less than
    $1,000,000, within 10&nbsp;days after we have received written
    notice of the default in the manner specified in the indenture;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    certain events in bankruptcy, insolvency or reorganization; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any other Event of Default that may be specified for the debt
    securities of that series when that series is created.
    <I>(Section&nbsp;501).</I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If an Event of Default for any series of debt securities occurs
and continues, the trustee or the holders of at least 25% in
aggregate principal amount of the outstanding debt securities of
the series may declare the entire principal of all the debt
securities of that series to be due and payable immediately. If
such a declaration occurs, the holders of a majority of the
aggregate principal amount of the outstanding debt securities of
that series can, subject to conditions, rescind the declaration.
<I>(Sections&nbsp;501, 502 and 513)</I>.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The prospectus supplement relating to a series of debt
securities which are original issue discount securities will
describe the particular provisions that relate to the
acceleration of maturity of a portion of the principal amount of
the series when an Event of Default occurs and continues.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture requires us to file an officers&#146; certificate
with the trustee each year that states, to the knowledge of the
certifying officer, no defaults exist under the terms of the
indenture. <I>(Section&nbsp;1011). </I>The trustee may withhold
notice to the holders of debt securities of any default, except
defaults in the payment of principal, premium, interest or any
sinking fund installment, if it considers the withholding of
notice to be in the best interests of the holders. For purposes
of this paragraph, &#147;default&#148; means any event which is,
or after notice or lapse of time or both would become, an Event
of Default under the indenture with respect to the debt
securities of the applicable series. <I>(Section&nbsp;602).</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than its duties in the case of a Event of Default, a
trustee is not obligated to exercise any of its rights or powers
under the indenture at the request, order or direction of any
holders of debt securities, unless the holders offer the trustee
reasonable indemnification. <I>(Sections&nbsp;601, 603). </I>If
reasonable indemnification is provided, then, subject to other
rights of the trustee, the holders of a majority in aggregate
principal amount of the outstanding debt securities of any
series may, with respect to the debt securities of that series,
direct the time, method and place of:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    conducting any proceeding for any remedy available to the
    trustee; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    exercising any trust or power conferred upon the trustee.
    <I>(Sections&nbsp;512, 603).</I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The holder of a debt security of any series will have the right
to begin any proceeding with respect to the indenture or for any
remedy only if:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the holder has previously given the trustee written notice of a
    continuing Event of Default with respect to that series;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the holders of at least 25% in aggregate principal amount of the
    outstanding debt securities of that series have made a written
    request of, and offered reasonable indemnification to, the
    trustee to begin such proceeding;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the trustee has not started such proceeding within 60 days after
    receiving the request; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the trustee has not received directions inconsistent with such
    request from the holders of a majority in aggregate principal
    amount of the outstanding debt securities of that series during
    those 60&nbsp;days. <I>(Section&nbsp;507).</I></TD>
</TR>

</TABLE>

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<P align="left">
However, the holder of any debt security will have an absolute
right to receive payment of principal of, and any premium and
interest on, the debt security when due and to institute suit to
enforce this payment. <I>(Section&nbsp;508).</I>

<P align="left">
<B>Defeasance</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Defeasance and Discharge. </I>At the time that we establish a
series of debt securities under the indenture, we can provide
that the debt securities of that series are subject to the
defeasance and discharge provisions of the indenture. If we so
provide, we will be discharged from our obligations on the debt
securities of that series if:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we deposit with the trustee, in trust, sufficient money or U.S.
    Government Obligations, or a combination, to pay the principal,
    any interest, any premium and any other sums due on the debt
    securities of that series, such as sinking fund payments, on the
    dates the payments are due under the applicable indenture and
    the terms of the debt securities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we deliver to the trustee an opinion of counsel that states that
    the holders of the debt securities of that series will not
    recognize income, gain or loss for federal income tax purposes
    as a result of the deposit and will be subject to federal income
    tax on the same amounts and in the same manner and at the same
    times as would have been the case if no deposit had been made;
    and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we deliver to the trustee an opinion of counsel that states that
    if the debt securities of that series are listed on any domestic
    or foreign securities exchange, the debt securities will not be
    delisted as a result of the deposit. <I>(Section&nbsp;403).</I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The term &#147;U.S. Government Obligations&#148; means direct
obligations of the United States of America backed by the full
faith and credit of the United States. <I>(Section&nbsp;101).</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that we deposit money and/or U.S. Government
Obligations in trust and discharge our obligations under a
series of debt securities as described above, then:
<P>

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    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the indenture will no longer apply to the debt securities of
    that series; however, certain obligations to compensate,
    reimburse and indemnify the trustee, to register the transfer
    and exchange of debt securities, to replace lost, stolen or
    mutilated debt securities and to maintain paying agencies and
    the trust funds will continue to apply; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    holders of debt securities of that series can only look to the
    trust fund for payment of principal of, or any premium or
    interest on, the debt securities of that series.
    <I>(Section&nbsp;403).</I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Defeasance of Certain Covenants and Certain Events of
Default. </I>At the time that we establish a series of debt
securities under the indenture, we can provide that the debt
securities of that series are subject to the covenant defeasance
provisions of the indenture. If we so provide and we make the
deposit and deliver the opinion of counsel described above in
this section under the heading &#147;Defeasance and
Discharge&#148;:
<P>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we will not have to comply with the following restrictive
    covenants contained in the indenture:</TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Consolidation, Merger, Conveyance, Transfer or Lease
    <I>(Sections&nbsp;801, 803)</I>;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Corporate Existence <I>(Section&nbsp;1005)</I>;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Purchase of Securities by Company or Subsidiary
    <I>(Section&nbsp;1006)</I>;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Maintenance of Properties <I>(Section&nbsp;1007)</I>;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Payment of Taxes and Other Claims <I>(Section&nbsp;1008)</I>;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Restriction on Secured Debt <I>(Section&nbsp;1009)</I>; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Restrictions on Sale and Leaseback Transactions
    <I>(Section&nbsp;1010)</I>; and</TD>
</TR>

</TABLE>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we will not have to treat the events described in the fourth
    bullet point under &#147;Events of Default&#148; as they relate
    to the covenants listed above that have been defeased and are no
    longer in effect, or the events described in the fifth, sixth
    and seventh bullet points under &#147;Events of Default,&#148;
    as Events of Default under the indenture with respect to such
    series.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event of a defeasance, our obligations under the
indenture and the debt securities, other than with respect to
the covenants and the Events of Default specifically referred to
above, will remain in effect. <I>(Section&nbsp;1013).</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we exercise our option not to comply with the covenants
listed above and the debt securities of the series become
immediately due and payable because an Event of Default has
occurred, other than as a result of an Event of Default
specifically referred to above, the amount of money and/or U.S.
Government Obligations on deposit with the trustee will be
sufficient to pay amounts due on the debt securities of that
series on the date the payments are due under the indenture and
the terms of the debt securities, but may not be sufficient to
pay amounts due at the time of acceleration. However, we would
remain liable for the balance of the payments.
<I>(Section&nbsp;1013).</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Substitution of Collateral. </I>At the time that we establish
a series of debt securities under the indenture, we can provide
for our ability to, at any time, withdraw any money or U.S.
Government Obligations deposited pursuant to the defeasance
provisions described above if we simultaneously substitute other
money and/or U.S. Government Obligations which would satisfy our
payment obligations on the debt securities pursuant to the
defeasance provisions applicable to those debt securities.

<P align="left">
<B>Notices</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless we state otherwise in the applicable prospectus
supplement, we will give notices to holders of bearer securities
by publication in a daily newspaper in the English language of
general circulation in New York City and London. As long as the
bearer securities are listed on the Luxembourg Stock Exchange
and such exchange requires publication of notice in a daily
newspaper of general circulation in Luxembourg City, we will
give notices to holders of bearer securities in such paper or,
if not practical, elsewhere in Western Europe. We expect to
publish notices in <I>The Wall Street Journal,</I> the
<I>Financial Times </I>and the <I>Luxemburger Wort</I>. We will
give notices by mail to holders of registered securities at the
addresses listed in the security register. <I>(Sections&nbsp;101
and 106)</I>.

<P align="left">
<B>Title</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title to any temporary global debt security, any permanent
global debt security, any bearer securities and any coupons
issued with any bearer securities will pass by delivery. We and
the trustee, and any of ours or the trustee&#146;s agents, may
treat the bearer of any bearer security, the bearer of any
coupon and the registered owner of any registered security as
the absolute owner of the security or coupon, whether or not the
debt security or coupon shall be overdue and notwithstanding any
notice to the contrary, for the purpose of making payment and
for all other purposes. <I>(Section&nbsp;308)</I>.

<P align="left">
<B>Replacement of Securities and Coupons</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will replace any mutilated security, or a mutilated coupon
issued with a security, at the holder&#146;s expense upon
surrender of the security to the trustee. We will replace
securities or coupons that become destroyed, stolen or lost at
the holder&#146;s expense upon delivery to the trustee of the
security and coupons or evidence of the destruction, loss or
theft satisfactory to us and the trustee. If any coupon becomes
destroyed, stolen or lost, we will replace it by issuing a new
security in exchange for the security with which the coupon was
issued. In the case of a destroyed, lost or stolen security or
coupon, an indemnity satisfactory to the trustee and us may be
required at the holder&#146;s expense before we will issue a
replacement security. <I>(Section&nbsp;306)</I>.

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<P align="left">
<B>Governing Law</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture and the debt securities will be governed by, and
construed in accordance with, the laws of the State of New York.

<P align="left">
<B>Information Concerning the Trustee</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Chase Manhattan Bank, formerly known as Chemical Bank, is
the trustee under the Indenture. From time to time, we maintain
deposit accounts and conduct other banking transactions with the
trustee in the ordinary course of business. The Chase Manhattan
Bank also serves as trustee for certain of our other senior
unsecured debt obligations.

<P align="left">


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<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="center">
<B>DESCRIPTION OF WARRANTS</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may issue warrants for the purchase of our debt securities
issued under the indenture. We may issue warrants alone or
together with any debt securities offered by any prospectus
supplement, and warrants may be attached to or separate from the
debt securities. As stated in the prospectus supplement relating
to the particular issue of warrants, we will issue the warrants
under one or more warrant agreements that we will enter into
with a bank or trust company, as warrant agent. The warrant
agent will act solely as our agent in connection with the
warrant certificates. The warrant agent will not assume any
obligation or relationship of agency or trust for or with any
holder of warrant certificates or beneficial owners of warrants.
We have summarized certain terms and provisions of the form of
warrant agreement in this section. We have also filed the form
of warrant agreement as an exhibit to the registration
statement. You should read the warrant agreement for additional
information before you buy any warrants.

<P align="left">
<B>General</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we offer warrants, the applicable prospectus supplement will
identify the warrant agent and describe the terms of the
warrants, including the following:
<P>

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    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the offering price;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the currency for which warrants may be purchased;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the designation, aggregate principal amount, currency of
    denomination and payment, and terms of the debt securities
    purchasable upon exercise of the warrants;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if applicable, the designation and terms of the debt securities
    issued with the warrants and the number of warrants issued with
    each debt security;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if applicable, the date on and after which the warrants and the
    related debt securities will be separately transferable;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the principal amount of debt securities purchasable upon
    exercise of one warrant, and the price at and the currency in
    which the principal amount of debt securities may be purchased
    upon such exercise;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the date on which the right to exercise the warrants shall
    commence and the date on which the right to exercise shall
    expire;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    United States federal income tax considerations;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    whether the warrants will be issued in registered or bearer
    form; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any other terms of the warrants.</TD>
</TR>

</TABLE>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You may, at the corporate trust offices of the warrant agent or
any other office indicated in the applicable prospectus
supplement:
<P>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    exchange warrant certificates for new warrant certificates of
    different denominations;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if the warrant certificates are in registered form, present them
    for registration of transfer; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    exercise warrant certificates.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Before exercising warrants, holders of warrants will not have
any of the rights of holders of the debt securities purchasable
upon exercise, including the right to receive payments on the
debt securities purchasable upon exercise or to enforce
covenants in the indenture.

<P align="left">
<B>Exercise of Warrants</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each warrant will entitle the holder to purchase the principal
amount of debt securities at the exercise price set forth in the
applicable prospectus supplement. You may exercise warrants at
any time up to 5:00&nbsp;p.m., New York City time, on the
expiration date set forth in the applicable prospectus
supplement. After the close of business on the expiration date
(or such later date to which we may extend the expiration date),
unexercised warrants will become void.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You may exercise warrants by delivering payment to the warrant
agent as provided in the applicable prospectus supplement of the
amount required to purchase the debt securities, together with
certain information set forth on the reverse side of the warrant
certificate. Warrants will be deemed to have been exercised upon
receipt of the exercise price, subject to the receipt within
five business days of the warrant certificate evidencing such
warrants. Upon receipt of payment and the warrant certificate
properly completed and duly executed at the corporate trust
office of the warrant agent, or any other office indicated in
the applicable prospectus supplement, we will, as soon as
practicable, issue and deliver the debt securities purchased. If
fewer than all of the warrants represented by the warrant
certificate are exercised, we will issue a new warrant
certificate for the remaining amount of warrants.

<P align="left">


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<DIV align="center">
<B>PLAN OF DISTRIBUTION</B>
</DIV>

<P align="left">
<B>General</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may sell securities offered under this prospectus to or
through underwriters, agents or broker-dealers or directly to
purchasers. As set forth in the applicable prospectus
supplement, we may offer debt securities alone or with warrants
(which may or may not be detachable from debt securities), and
we may offer the warrants alone. If we issue any warrants, debt
securities will be issuable upon exercise of the warrants. We
also may offer the securities in exchange for our outstanding
indebtedness.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Underwriters, dealers and agents that participate in the
distribution of the securities offered under this prospectus may
be underwriters as defined in the Securities Act of 1933, 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
Securities Act. Any underwriters or agents will be identified
and their compensation, including underwriting discounts and
commissions, will be described in the applicable prospectus
supplement. The prospectus supplement will also describe other
terms of the offering, including the initial public offering
price, any discounts or concessions allowed or reallowed or paid
to dealers, and any securities exchanges on which the offered
securities may be listed.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The distribution of the securities offered under this prospectus
may occur from time to time in one or more transactions at a
fixed price or prices, which may be changed, at market prices
prevailing at the time of sale, at prices related to the
prevailing market prices or at negotiated prices.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may determine the price or other terms of the securities
offered under this prospectus by use of an electronic auction.
We will describe in the applicable prospectus supplement how any
auction will be conducted to determine the price or any other
terms of the securities, how potential investors may

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<DIV align="left">
participate in the auction and, where applicable, the nature of
the underwriters&#146; obligations with respect to the auction.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the securities offered under this prospectus are issued in
exchange for our outstanding securities, the applicable
prospectus supplement will set forth the terms of the exchange,
the identity of and the terms of sale of the securities offered
under this prospectus by the selling security holders.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the applicable prospectus supplement indicates, we will
authorize dealers or our agents to solicit offers by
institutions to purchase offered securities from us under
contracts that provide for payment and delivery on a future
date. We must approve all institutions, but they may include,
among others:
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    commercial and savings banks;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    insurance companies;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    pension funds;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    investment companies; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    educational and charitable institutions.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The institutional purchaser&#146;s obligations under the
contract are only subject to the condition that the purchase of
the offered securities at the time of delivery is allowed by the
laws that govern the purchaser. The dealers and our agents will
not be responsible for the validity or performance of the
contracts.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may have agreements with the underwriters, dealers and agents
to indemnify them against certain civil liabilities, including
liabilities under the Securities Act, or to contribute with
respect to payments which the underwriters, dealers or agents
may be required to make as a result of those certain civil
liabilities.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
When we issue the securities offered by this prospectus, they
may be new securities without an established trading market. If
we sell a security offered by this prospectus to an underwriter
for public offering and sale, the underwriter may make a market
for that security, but the underwriter will not be obligated to
do so and could discontinue any market making without notice at
any time. Therefore, we cannot give any assurances to you
concerning the liquidity of any security offered by this
prospectus.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each underwriter, dealer and agent participating in the
distribution of any debt securities that are issuable as bearer
securities will agree that it will not offer, sell or deliver,
directly or indirectly, bearer securities in the United States
or to United States persons (other than a Qualifying Foreign
Branch of a United States Financial Institution) in connection
with the original issuance of any debt securities.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Underwriters and agents and their affiliates may be customers
of, engage in transactions with, or perform services for us or
our subsidiaries in the ordinary course of their businesses.

<P align="left">


<!-- link1 "EXPERTS" -->
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<DIV align="center">
<B>EXPERTS</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ernst&nbsp;&#38; Young LLP, independent auditors, have audited
our consolidated financial statements and schedule incorporated
in or included in our Annual Report on Form&nbsp;10-K for the
year ended June&nbsp;30, 2001, as set forth in their report,
which is incorporated by reference in this prospectus and
elsewhere in the registration statement. Our financial
statements and schedule are incorporated by reference in
reliance on Ernst&nbsp;&#38; Young LLP&#146;s report, given on
their authority as experts in accounting and auditing.

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<DIV align="left">
________________________________________________________________________________
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="center">
<B><FONT size="5">$500,000,000</FONT></B>

<P align="center">
<B><FONT size="5">Archer-Daniels-Midland Company</FONT></B>

<P align="center">
<B><FONT size="5">5.875% Debentures due 2032</FONT></B>

<P align="center">
<IMG src="c72034b2adm2.gif" alt="(ARCHER-DANIELS-MIDLAND COMPANY LOGO)">

<P align="center">
<HR size="1" width="15%" align="center" noshade>

<P align="center">
 <B>PROSPECTUS SUPPLEMENT</B>

<P align="center">
<B>September&nbsp;26, 2002</B>

<DIV align="center">
<HR size="1" width="15%" align="center" noshade>
</DIV>

<P align="center">
<B>Joint Book-Running Managers</B>

<DIV align="center">
<B><FONT size="5">Salomon Smith Barney</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">Banc of America Securities LLC</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">JPMorgan</FONT></B>
</DIV>

<DIV align="center">
<HR size="1" width="15%" align="center" noshade>
</DIV>

<DIV align="center">
<B><FONT size="5">ABN AMRO Incorporated</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">Credit Suisse First Boston</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">Deutsche Bank Securities Inc.</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">Goldman, Sachs&nbsp;&#38; Co.</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">HSBC</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">Merrill Lynch&nbsp;&#38; Co.</FONT></B>
</DIV>

<P align="left">
<B><FONT size="5">________________________________________________________________________________
<HR size="1" width="100%" align="left" noshade></FONT></B>
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