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<SEC-DOCUMENT>0000950134-03-002751.txt : 20030219
<SEC-HEADER>0000950134-03-002751.hdr.sgml : 20030219
<ACCEPTANCE-DATETIME>20030219100454
ACCESSION NUMBER:		0000950134-03-002751
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20030218

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:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-103291
		FILM NUMBER:		03571808

	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>S-3
<SEQUENCE>1
<FILENAME>c74559sv3.htm
<DESCRIPTION>FORM S-3
<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="center">
<B><FONT size="2">As filed with the Securities and Exchange
Commission, pursuant to EDGAR, on February&nbsp;18,
2003.</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>
</DIV>

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

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

<DIV align="center">
<B><FONT size="2">SECURITIES AND EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Washington, D.C. 20549</FONT></B>
</DIV>

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

<P align="center">
<B><FONT size="4">FORM S-3</FONT></B>

<P align="center">
<B><FONT size="2">REGISTRATION STATEMENT</FONT></B>

<DIV align="center">
<B><FONT size="2">UNDER</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">THE SECURITIES ACT OF 1933</FONT></B>
</DIV>

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

<P align="center">
<B><FONT size="5">ARCHER-DANIELS-MIDLAND COMPANY</FONT></B>

<DIV align="center">
<FONT size="2">(Exact name of the Registrant as specified in its
charter)
</FONT>
</DIV>

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

<TR>
    <TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Delaware</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">41-0129150</FONT></B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <FONT size="2">(State or other jurisdiction<BR>
    of incorporation or organization)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">(I.R.S. Employer<BR>
    Identification No.)
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<B><FONT size="2">4666 Faries Parkway</FONT></B>

<DIV align="center">
<B><FONT size="2">Decatur, Illinois 62526</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(217) 424-5200</FONT></B>
</DIV>

<DIV align="center">
<FONT size="2">(Address and telephone number of the
Registrant&#146;s principal executive offices)
</FONT>
</DIV>

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

<P align="center">
<B><FONT size="2">David J. Smith</FONT></B>

<DIV align="center">
<B><FONT size="2">Executive Vice President, Secretary and
General Counsel</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Archer-Daniels-Midland Company</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">4666 Faries Parkway</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Decatur, Illinois 62526</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(217) 424-5200</FONT></B>
</DIV>

<DIV align="center">
<FONT size="2">(Name, address and telephone number of agent for
service)
</FONT>
</DIV>

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

<P align="center">
<B><I><FONT size="2">Copies to:</FONT></I></B>

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

<TR>
    <TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="center" valign="top">
    <B><FONT size="2">James E. Nicholson<BR>
    Steven C. Kennedy<BR>
    Faegre &#38; Benson LLP<BR>
    2200 Wells Fargo Center<BR>
    Minneapolis, Minnesota 55402</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">Edward S. Best<BR>
    Mayer, Brown, Rowe &#38; Maw<BR>
    190 South LaSalle Street<BR>
    Chicago, Illinois 60606</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

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

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Approximate date of
commencement of proposed sale of the securities to the
public:&nbsp;</FONT></B><FONT size="2">From time to time after
the effective date of this Registration Statement, as determined
by the Registrant.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If the only securities
being registered on this Form are being offered pursuant to
dividend or interest reinvestment plans, check the following
box.&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities
being registered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule&nbsp;415 under the Securities
Act of 1933, other than securities offered only in connection
with dividend or interest reinvestment plans, check the
following box.&nbsp;<FONT face="wingdings">&#254;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If this form is filed to
register additional securities for an offering pursuant to
Rule&nbsp;462(b) under Securities Act, check the following box
and list the Securities Act registration statement number of
earlier effective registration statement for the same
offering.&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If this form is a
post-effective amendment filed pursuant to Rule&nbsp;462(c)
under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier
effective registration statement for the same
offering.&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If delivery of the
prospectus is expected to be made pursuant to Rule&nbsp;434,
please check the following
box.&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

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

<P align="center">
<B><FONT size="2">CALCULATION OF REGISTRATION FEE</FONT></B>

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

<TR>
    <TD width="28%"><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="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="16%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed Maximum</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed Maximum</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Title of Each Class of</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount to</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Offering Price</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Aggregate Offering</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount of</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Securities to be Registered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">be Registered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">per&nbsp;Unit(1)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Price(1)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registration Fee</FONT></B></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Debt Securities and Warrants to Purchase
    Debt&nbsp;Securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$500,000,000(2)(3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">100%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$500,000,000(3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$46,000
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Estimated solely for the purpose of calculating
    the registration fee.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes such principal amount of Debt Securities
    and number of Warrants (or, if any Debt Securities are issued at
    original issue discount, such greater amount of Debt Securities
    and number of Warrants) as shall result in net proceeds of
    $500,000,000 to the Registrant.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">In U.S. dollars or equivalent thereof in foreign
    denominated currencies.
    </FONT></TD>
</TR>

</TABLE>

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

<P align="left">
<FONT size="2"> &nbsp;&nbsp;&nbsp;&nbsp;<B>The Registrant hereby
amends this Registration Statement on such date or dates as may
be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that
this Registration Statement shall thereafter become effective in
accordance with Section&nbsp;8(a) of the Securities Act of 1933
or until the Registration Statement shall become effective on
such date as the Commission, acting pursuant to said
Section&nbsp;8(a), may determine.</B>
</FONT>

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

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2" color="#E8112D">Subject to completion, dated
February 18, 2003</FONT></B>

<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="c74559adm2.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">
<FONT size="2">&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.
</FONT>

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

<P align="left">
<FONT size="2">&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.
</FONT>

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

<P align="center">
<FONT size="2">The date of this Prospectus is
February&nbsp;&nbsp;&nbsp;, 2003.
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- 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">ABOUT THIS PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">WHERE YOU CAN FIND MORE INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">THE COMPANY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">USE OF PROCEEDS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">RATIO OF EARNINGS TO FIXED CHARGES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">DESCRIPTION OF DEBT SECURITIES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">DESCRIPTION OF WARRANTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">PLAN OF DISTRIBUTION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">EXPERTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">PART II. INFORMATION NOT REQUIRED IN PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="c74559exv5.txt">EX-5 Opinion and Consent of Faegre & Benson LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="c74559exv12.txt">EX-12 Calculation of Ratio of Earnings</A></TD></TR>
<TR><TD colspan="9"><A HREF="c74559exv23.txt">EX-23 Consent of Ernst & Young LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="c74559exv24.txt">EX-24 Powers of Attorney</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>

<P align="left">


<!-- link1 "ABOUT THIS PROSPECTUS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center">
<B><FONT size="2">ABOUT THIS PROSPECTUS</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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;
</FONT>

<P align="left">


<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center">
<B><FONT size="2">WHERE YOU CAN FIND MORE INFORMATION</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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. 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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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, 2002
(which incorporates by reference certain portions of our 2002
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 held
on November&nbsp;7, 2002), Quarterly Reports on Form&nbsp;10-Q
for the quarters ended September&nbsp;30, 2002 and
December&nbsp;31, 2002, 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.
</FONT>

<P align="center"><FONT size="2">2
</FONT>
<!-- 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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">
    <FONT size="2">Secretary
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Archer-Daniels-Midland Company
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">4666 Faries Parkway
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Decatur, Illinois 62526
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Phone: (217)&nbsp;424-5200
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">


<!-- link1 "THE COMPANY" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center">
<B><FONT size="2">THE COMPANY</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">


<!-- link1 "USE OF PROCEEDS" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center">
<B><FONT size="2">USE OF PROCEEDS</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">meeting our working capital requirements;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">funding capital expenditures and possible
    acquisitions of, or investments in, businesses and assets; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">repaying indebtedness originally incurred for
    general corporate purposes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="center"><FONT size="2">3
</FONT>
<!-- 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="004"></A></DIV>

<DIV align="center">
<B><FONT size="2">RATIO OF EARNINGS TO FIXED CHARGES</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Set forth below is the consolidated ratio of
earnings to fixed charges for each of the periods presented.
</FONT>

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

<TR>
    <TD width="45%"><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="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="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Six Months</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">ended</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Fiscal Year ended June&nbsp;30,</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1998</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">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>
    <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 valign="bottom" bgcolor="#EEEEEE">
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.94x</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">2.59x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The ratio of earnings to fixed charges is
calculated as follows:
</FONT>

<P align="center">
<FONT size="2">(earnings)
</FONT>

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

<DIV align="center">
<FONT size="2">(fixed charges)
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For purposes of calculating the ratios, earnings
consist of:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">pre-tax income from continuing operations before
    minority interest in income from consolidated subsidiaries and
    income or loss from equity investees;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">fixed charges;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">amortization of capitalized interest; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">distributed income of equity investees;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">minus capitalized interest; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">minus the minority interest in pre-tax income of
    subsidiaries that have not incurred fixed charges.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For purposes of calculating the ratios, fixed
charges consist of:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">interest expensed and capitalized;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">amortized premiums, discounts and capitalized
    expenses related to indebtedness; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an estimate of the interest portion of rental
    expense on operating leases.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">


<!-- link1 "DESCRIPTION OF DEBT SECURITIES" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="center">
<B><FONT size="2">DESCRIPTION OF DEBT SECURITIES</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The debt securities will be issued under an
indenture dated as of June&nbsp;1, 1986 between us and JPMorgan
Chase 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.
</FONT>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The debt securities will be our unsecured and
unsubordinated obligations ranking on parity with all of our
other unsecured and unsubordinated indebtedness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>.
</FONT>

<P align="center"><FONT size="2">4
</FONT>
<!-- 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the title of the debt securities of the series;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any limit on the total principal amount of the
    debt securities of that series;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether the debt securities will be issuable as
    registered securities, bearer securities or both;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether any of the debt securities are to be
    issuable initially in temporary global form;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether any of the debt securities are to be
    issuable in permanent global form;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the price or prices (generally expressed as a
    percentage of the total principal amount) at which the debt
    securities will be issued;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the date or dates on which the debt securities
    will mature;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any mandatory or optional sinking fund or
    analogous provisions;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if the debt securities bear interest:
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the interest rate or rates on the debt securities
    or the formula by which the interest rate or rates shall be
    determined;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the dates from which any interest will accrue;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any circumstances under which we may defer
    interest payments;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the record and interest payment dates for debt
    securities that are registered securities; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the place or places where:
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we can make payments on the debt securities;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the debt securities can be presented for
    registration of transfer or exchange; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">notice and demands can be given to us relating to
    the debt securities and under the indenture;
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any sinking fund provisions that would obligate
    us to redeem the debt securities before their final maturity;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the denominations in which any debt securities
    which are bearer securities will be issuable, if other than
    denominations of $5,000;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the currency or currencies of payment on the debt
    securities;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any index used to determine the amount of
    payments on the debt securities;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">5
</FONT>

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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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any events of default which will apply to the
    debt securities in addition to those contained in the indenture;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any additional covenants applicable to the debt
    securities;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether the provisions described below under the
    heading &#147;Defeasance&#148; apply to the debt securities;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any special provisions for the payment of
    additional amounts with respect to the debt securities; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any other terms and provisions of the debt
    securities not inconsistent with the terms and provisions of the
    indenture. <I>(Section&nbsp;301).</I>
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>.
</FONT>

<P align="left">
<B><FONT size="2">Denominations, Registration and
Transfer</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>.
</FONT>

<P align="left">
<FONT size="2">See &#147;Global Securities&#148; and
&#147;Bearer Debt Securities&#148; below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless we state otherwise in the applicable
prospectus supplement, bearer securities will not be issued in
exchange for registered securities. <I>(Section 305)</I>.
</FONT>

<P align="center"><FONT size="2">6
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 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>.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we redeem the debt securities in part, we
shall not be required to:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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:
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the day of mailing of the relevant notice of
    redemption, if debt securities of the series are issuable only
    as registered securities, or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the day of the first publication of the relevant
    notice of redemption, if debt securities of the series are
    issuable as bearer securities, or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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>.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Original Issue Discount Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">Payments and Paying Agents</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>.
</FONT>

<P align="center"><FONT size="2">7
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">at any of our offices or agencies in the United
    States;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">by check mailed to any address in the United
    States; or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">by transfer to an account maintained in the
    United States.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we have delivered to the trustee an opinion of
    counsel to that effect. <I>(Section&nbsp;1002)</I>.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">designate additional paying agents;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">rescind the designation of any paying agent; or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">approve a change in the office through which any
    paying agent acts.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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>.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">8
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>.
</FONT>

<P align="left">
<B><FONT size="2">Global Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the depositary for the global security to a
    nominee of the depositary;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a nominee of the depositary to the depositary or
    another nominee of the depositary; or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the depositary or any nominee of the depositary
    to a successor of the depositary or a nominee of such successor.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">Bearer Debt Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">Tax Redemption</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">All Debt Securities.
</FONT></I><FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any change in official position regarding
    application or interpretation of such laws, regulations or
    rulings
    </FONT></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><FONT size="2">&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">which change or amendment is announced or becomes
    effective on or after a date specified in the applicable
    prospectus supplement; or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">on or after a date specified in the applicable
    prospectus supplement
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any change, amendment, application or
    interpretation shall be officially proposed
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">9
</FONT>

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<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">
    <FONT size="2">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
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Certificates and
Notice.</FONT></I><FONT size="2"> 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>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>.
</FONT>

<P align="left">
<B><FONT size="2">Payment of Additional Amounts</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not, however, make any payment of
additional amounts for or on account of:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any tax, assessment or other governmental charge
    that would not have been imposed but for
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any estate, inheritance, gift, sales, transfer,
    personal property tax or any similar tax, assessment or other
    governmental charge;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any tax, assessment or other governmental charge
    that is payable other than by withholding from a payment on a
    debt security or coupon;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">10
</FONT>

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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">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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 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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any combination of items listed above.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>
</FONT>

<P align="left">
<B><FONT size="2">Covenants Contained in the Indenture</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture contains certain restrictive
covenants that apply to us and our Restricted Subsidiaries.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#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,
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the gross book value of which exceeds 1% of our
    Consolidated Net Tangible Assets, other than such building
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">11
</FONT>

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<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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>
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Consolidated Net Tangible Assets&#148;
means the total amount of our assets, minus applicable reserves
and other properly deductible items, minus
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">all current liabilities, excluding Funded Debt
    included by reason of being renewable or extendible, and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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,
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">all as set forth on our most recent consolidated
balance sheet. <I>(Section&nbsp;101).</I>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#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>
</FONT>

<P align="left">
<B><FONT size="2">Restrictions on Secured Debt</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Secured Debt&#148; means Debt that is
secured by a Mortgage on
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any Principal Domestic Manufacturing Property
    owned by us or any Restricted Subsidiary; or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any shares of stock or Debt of any Restricted
    Subsidiary.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Debt&#148; means any indebtedness for money
borrowed represented by notes, bonds, debentures or other
similar evidence of indebtedness. <I>(Section&nbsp;1009).</I>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#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>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The restriction on incurring or otherwise
creating any new Secured Debt does not apply to the following
&#147;Permitted Liens&#148;:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mortgages in favor of us or a Restricted
    Subsidiary;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mortgages in favor of United States governmental
    bodies to secure progress or advance payments;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">purchase money Mortgages and construction
    Mortgages; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">certain extensions, renewals or replacements of
    Debt secured by any Mortgage referred to in the previous bullet
    points. <I>(Section&nbsp;1009).</I>
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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
</FONT>

<P align="center"><FONT size="2">12
</FONT>
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<DIV align="left">
<FONT size="2">defined below, relating to sale and leaseback
transactions does not exceed 5% of our Consolidated Net Tangible
Assets. <I>(Section&nbsp;1009).</I>
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture does not restrict us or our
Subsidiaries from incurring unsecured Debt.
</FONT>

<P align="left">
<B><FONT size="2">Restrictions on Sale and Leaseback
Transactions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 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:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(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
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(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
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the net proceeds of the sale of the Principal
    Domestic Manufacturing Property leased pursuant to the
    arrangement, or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the fair market value of the Principal Domestic
    Manufacturing Property so leased.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>
</FONT>

<P align="left">
<B><FONT size="2">Restrictions on Mergers and Sales of
Assets</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">immediately after the transaction, and giving
    effect to the transaction, no event of default under the
    indenture exists;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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>.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">13
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 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>.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>
</FONT>

<P align="left">
<B><FONT size="2">Modification and Waiver</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a change in the stated maturity date of any
    payment of principal or interest;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a reduction in the principal amount of, or
    premium or interest on, any debt security;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a change in place of payment where, or the
    currency in which, any payment on the debt securities is payable;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an impairment of a holder&#146;s right to sue us
    for the enforcement of payments due on the debt securities; or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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>
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">waive compliance by us with certain restrictive
    provisions of the indenture; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">waive any past default under the indenture,
    except:
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a default in the payment of the principal of, or
    any premium or interest on, any debt securities of that series;
    or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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>
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">14
</FONT>

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<P align="left">
<B><FONT size="2">Events of Default</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Event of Default,&#148; when used in the
indenture with respect to any series of debt securities, means
any of the following:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">failure to pay interest on any debt security of
    that series for 30&nbsp;days after the payment is due;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">failure to pay the principal of, or any premium
    on, any debt security of that series when due;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">failure to deposit any sinking fund payment on
    debt securities of that series when due;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">certain events in bankruptcy, insolvency or
    reorganization; or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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>
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">conducting any proceeding for any remedy
    available to the trustee; or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">exercising any trust or power conferred upon the
    trustee. <I>(Sections&nbsp;512, 603).</I>
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">15
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the holder has previously given the trustee
    written notice of a continuing Event of Default with respect to
    that series;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the trustee has not started such proceeding
    within 60 days after receiving the request; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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>
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">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>
</FONT>

<P align="left">
<B><FONT size="2">Defeasance</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Defeasance and Discharge.
</FONT></I><FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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>
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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>
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Defeasance of Certain Covenants and Certain
Events of Default. </FONT></I><FONT size="2">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
</FONT>

<P align="center"><FONT size="2">16
</FONT>

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<DIV align="left">
<FONT size="2">and deliver the opinion of counsel described
above in this section under the heading &#147;Defeasance and
Discharge&#148;:
</FONT>
</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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we will not have to comply with the following
    restrictive covenants contained in the indenture:
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Consolidation, Merger, Conveyance, Transfer or
    Lease <I>(Sections&nbsp;801, 803)</I>;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Corporate Existence <I>(Section&nbsp;1005)</I>;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Purchase of Securities by Company or Subsidiary
    <I>(Section&nbsp;1006)</I>;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Maintenance of Properties
    <I>(Section&nbsp;1007)</I>;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Payment of Taxes and Other Claims
    <I>(Section&nbsp;1008)</I>;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Restriction on Secured Debt
    <I>(Section&nbsp;1009)</I>; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Restrictions on Sale and Leaseback Transactions
    <I>(Section&nbsp;1010)</I>; and
    </FONT></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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Substitution of Collateral.
</FONT></I><FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">Notices</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>.
</FONT>

<P align="left">
<B><FONT size="2">Title</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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
</FONT>

<P align="center"><FONT size="2">17
</FONT>

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<DIV align="left">
<FONT size="2">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>.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Replacement of Securities and
Coupons</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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>.
</FONT>

<P align="left">
<B><FONT size="2">Governing Law</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture and the debt securities will be
governed by, and construed in accordance with, the laws of the
State of New York.
</FONT>

<P align="left">
<B><FONT size="2">Information Concerning the Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">


<!-- link1 "DESCRIPTION OF WARRANTS" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="center">
<B><FONT size="2">DESCRIPTION OF WARRANTS</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we offer warrants, the applicable prospectus
supplement will identify the warrant agent and describe the
terms of the warrants, including the following:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the offering price;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the currency for which warrants may be purchased;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the designation, aggregate principal amount,
    currency of denomination and payment, and terms of the debt
    securities purchasable upon exercise of the warrants;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if applicable, the designation and terms of the
    debt securities issued with the warrants and the number of
    warrants issued with each debt security;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if applicable, the date on and after which the
    warrants and the related debt securities will be separately
    transferable;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">18
</FONT>

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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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the date on which the right to exercise the
    warrants shall commence and the date on which the right to
    exercise shall expire;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">United States federal income tax considerations;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether the warrants will be issued in registered
    or bearer form; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any other terms of the warrants.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You may, at the corporate trust offices of the
warrant agent or any other office indicated in the applicable
prospectus supplement:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">exchange warrant certificates for new warrant
    certificates of different denominations;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if the warrant certificates are in registered
    form, present them for registration of transfer; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">exercise warrant certificates.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">Exercise of Warrants</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">


<!-- link1 "PLAN OF DISTRIBUTION" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="center">
<B><FONT size="2">PLAN OF DISTRIBUTION</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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
</FONT>

<P align="center"><FONT size="2">19
</FONT>

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<DIV align="left">
<FONT size="2">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.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 participate in the auction and, where applicable,
the nature of the underwriters&#146; obligations with respect to
the auction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<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><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">commercial and savings banks;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">insurance companies;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">pension funds;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">investment companies; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">educational and charitable institutions.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="center"><FONT size="2">20
</FONT>

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<P align="left">


<!-- link1 "EXPERTS" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="center">
<B><FONT size="2">EXPERTS</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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, 2002, 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.
</FONT>

<P align="center"><FONT size="2">21
</FONT>
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<P align="left">


<!-- link1 "PART II. INFORMATION NOT REQUIRED IN PROSPECTUS" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center">
<B><FONT size="2">PART II.&nbsp;INFORMATION NOT REQUIRED IN
PROSPECTUS</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">Item 14.&nbsp;Other Expenses of Issuance and
Distribution</FONT></B>


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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="83%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Securities and Exchange Commission registration
    fee
    </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">46,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legal services
    </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">70,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounting services
    </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">50,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Charges of Trustee
    </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">124,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Charges of Warrant Agent
    </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">24,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rating agency fees
    </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">210,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Printing and engraving
    </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">20,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Miscellaneous
    </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">32,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><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 valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <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">576,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><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">
<FONT size="2">All of the above items except the registration
fee are estimated.
</FONT>

<P align="left">
<B><FONT size="2">Item 15.&nbsp;Indemnification of Directors and
Officers</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under Delaware law, a corporation may indemnify
any person who was or is a party or is threatened to be made a
party to an action (other than an action by or in the right of
the corporation) by reason of his service as a director,
officer, employee or agent of the corporation, or his service,
at the corporation&#146;s request, as a director, officer,
employee or agent of another corporation or other enterprise,
against expenses (including attorneys&#146; fees) that are
actually and reasonably incurred by him (&#147;Expenses&#148;),
and judgments, fines and amounts paid in settlement that are
actually and reasonably incurred by him, in connection with the
defense or settlement of such action, provided that he acted in
good faith and in a manner he reasonably believed to be in or
not opposed to the corporation&#146;s best interests, and, with
respect to any criminal action or proceeding, had no reasonable
cause to believe that his conduct was unlawful. Although
Delaware law permits a corporation to indemnify any person
referred to above against Expenses in connection with the
defense or settlement of an action by or in the right of the
corporation, provided that he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the
corporation&#146;s best interests, if such person has been
judged liable to the corporation, indemnification is only
permitted to the extent that the Court of Chancery (or the court
in which the action was brought) determines that, despite the
adjudication of liability, such person is entitled to indemnity
for such Expenses as the court deems proper. The General
Corporation Law of the State of Delaware also provides for
mandatory indemnification of any director, officer, employee or
agent against Expenses to the extent such person has been
successful in any proceeding covered by the statute. In
addition, the General Corporation Law of the State of Delaware
permits (i)&nbsp;Delaware corporations to include a provision in
their certificates of incorporation limiting or eliminating the
personal liability of a director to a corporation or its
stockholders, under certain circumstances, for monetary damages
or breach of fiduciary duty as a director and (ii)&nbsp;the
general authorization of advancement of a director&#146;s or
officer&#146;s litigation expenses, including by means of a
mandatory charter or by-law provision to that effect, in lieu of
requiring the authorization of such advancement by the board of
directors in specific cases. In addition, the General
Corporation Law of the State of Delaware provides that
indemnification and advancement of expenses provided by the
statute shall not be deemed exclusive of any other rights to
which those seeking indemnification or advancement of expenses
may be entitled under any bylaw, agreement or otherwise.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Article&nbsp;Fourteenth of the Certificate of
Incorporation of the registrant and Article&nbsp;X of the Bylaws
of the registrant each provide for the indemnification of the
directors and officers of the registrant and limit the personal
monetary liability of directors of the registrant to the fullest
extent permitted by current Delaware law. The registrant has
also entered into indemnification contracts with certain of its
directors and officers. The registrant also maintains insurance
coverage relating to certain liabilities of its directors and
officers.
</FONT>

<P align="center"><FONT size="2">II-1
</FONT>
<!-- 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">
<B><FONT size="2">Item 16.&nbsp;Exhibits</FONT></B>

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

<TR>
    <TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="76%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">1
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Underwriting Agreement (incorporated by
    reference to Exhibit&nbsp;1 to Registration Statement
    No.&nbsp;33-49103).
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">4(a)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture dated as of June&nbsp;1, 1986 between
    the registrant and JPMorgan Chase Bank, formerly known as The
    Chase Manhattan Bank, formerly known as Chemical Bank (as
    successor to Manufacturers Hanover Trust Company), as Trustee
    (incorporated by reference to Exhibit&nbsp;4(a) to Registration
    Statement No.&nbsp;33-6721), and Supplemental Indenture dated as
    of August&nbsp;1, 1989 between the registrant and Chemical Bank
    (as successor to Manufacturers Hanover Trust Company), as
    Trustee (incorporated by reference to Exhibit&nbsp;4(c) to
    Post-Effective Amendment No.&nbsp;3 to Registration Statement
    No.&nbsp;33-6721).
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">4(b)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Forms of Warrant Agreement (incorporated by
    reference to Exhibit&nbsp;4(d) to Registration Statement
    No.&nbsp;33-6721).
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">4(c)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Forms of Securities (included in
    Exhibit&nbsp;4(a)).
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    &nbsp;<FONT size="2">5
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion and consent of Faegre&nbsp;&#38; Benson
    LLP.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">12
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Calculation of Ratio of Earnings to Fixed Charges.
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">23
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Ernst&nbsp;&#38; Young LLP.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">24
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Powers of Attorney.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">Item 17.&nbsp;Undertakings</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;The undersigned Registrant hereby
undertakes:
</FONT>
<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;To file, during any period in which
    offers or sales are being made, a post-effective amendment to
    this Registration Statement:
    </FONT></TD>
</TR>

</TABLE>
<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;to include any prospectus required by
    Section&nbsp;10(a)(3) of the Securities Act of 1933;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;to reflect in the prospectus any facts
    or events arising after the effective date of the Registration
    Statement (or the most recent post-effective amendment thereof)
    which, individually or in the aggregate, represent a fundamental
    change in the information set forth in the Registration
    Statement. Notwithstanding the foregoing, any increase or
    decrease in volume of securities offered (if the total dollar
    value of securities offered would not exceed that which was
    registered) and any deviation from the low or high end of the
    estimated maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&nbsp;424(b) if, in the aggregate, the changes in volume and
    price represent no more than a 20% change in the maximum
    aggregate offering price set forth in the &#147;Calculation of
    Registration Fee&#148; table in the effective Registration
    Statement;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;to include any material information
    with respect to the plan of distribution not previously
    disclosed in the Registration Statement or any material change
    to such information in the Registration Statement;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">provided, however, that paragraphs&nbsp;(a)(1)(i)
and (a)(1)(ii) do not apply if the Registration Statement is on
Form&nbsp;S-3, Form&nbsp;S-8 or Form&nbsp;F-3, and the
information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Securities and Exchange
Commission by the Registrant pursuant to Section&nbsp;13 or
Section&nbsp;15(d) of the Securities Exchange Act of 1934 that
are incorporated by reference in the Registration Statement.
</FONT>
<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;That, for the purpose of determining any
    liability under the Securities Act of 1933, each such
    post-effective amendment shall be deemed to be a new
    registration statement relating to the
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-2
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><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">
    <FONT size="2">securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;To remove from registration by means of
    a post-effective amendment any of the securities being
    registered which remain unsold at the termination of the
    offering;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;The undersigned Registrant hereby
undertakes that, for the purpose of determining any liability
under the Securities Act of 1933, each filing of the
Registrant&#146;s annual report pursuant to Section&nbsp;13(a)
or Section&nbsp;15(d) of the Securities Exchange Act of 1934
that is incorporated by reference in this Registration Statement
shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona
fide offering thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(c)&nbsp;Insofar as indemnification for
liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing bylaw provision, or
otherwise, the Registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment
by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of
appropriate jurisdiction the question of whether such
indemnification by it is against public policy as expressed in
the Act and will be governed by the final adjudication of such
issue.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(d)&nbsp;The undersigned Registrant hereby
undertakes to file an application for the purpose of determining
the eligibility of the trustee to act under subsection&nbsp;(a)
of Section&nbsp;310 of the Trust Indenture Act in accordance
with the rules and regulations prescribed by the Securities and
Exchange Commission under Section&nbsp;305(b)(2) of the Act.
</FONT>

<P align="center"><FONT size="2">II-3
</FONT>

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<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 "SIGNATURES" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center">
<B><FONT size="2">SIGNATURES</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for
filing on Form&nbsp;S-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Decatur, State of
Illinois, on February&nbsp;18, 2003.
</FONT>
<P>

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

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">ARCHER-DANIELS-MIDLAND COMPANY
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">/s/ DAVID J. SMITH
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">David J. Smith, Executive Vice President,
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Secretary and General Counsel
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed on
February&nbsp;18, 2003 by the following persons in the
capacities indicated:
</FONT>

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

<TR>
    <TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">G. Allen Andreas, Jr.*
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chairman and Chief Executive Officer<BR>
    (Principal Executive Officer)
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS J. SCHMALZ<BR>
    <HR size="1" noshade>Douglas J. Schmalz
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Senior Vice President and Chief Financial
    Officer<BR>
    (Principal Financial Officer)
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="center" valign="top">
    <FONT size="2">/s/ STEVEN R. MILLS<BR>
    <HR size="1" noshade>Steven R. Mills
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Group Vice President and Controller<BR>
    (Principal Accounting Officer)
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">G. Allen Andreas, Jr.*, Director
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mollie Hale Carter*, Director
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</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">Herman de Boon*, Director
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Roger S. Joslin*, Director
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</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">Sandra Andreas McMurtrie*, Director
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">A majority of the directors
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">David J. Mimran*, Director
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</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">M. Brian Mulroney*, Director
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">J. K. Vanier*, Director
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</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">O. G. Webb*, Director
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Andrew Young*, Director
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">David&nbsp;J. Smith, by signing his name hereto,
    does hereby sign this document on behalf of each of the above
    named officers and directors of the Registrant pursuant to
    powers of attorney duly executed by such persons.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">/s/ DAVID J. SMITH
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">David J. Smith
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Attorney-in-fact
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-4
</FONT>
<!-- 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 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="center">
<B><FONT size="2">EXHIBIT INDEX</FONT></B>
</DIV>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit No.</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Form of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></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 valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Form of Underwriting Agreement (incorporated by
    reference to Exhibit&nbsp;1 to Registration Statement
    No.&nbsp;33-49103).&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom"><FONT size="2">Incorporated by Reference</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4(a)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Indenture dated as of June 1, 1986 between the
    registrant and JPMorgan Chase Bank, formerly known as The Chase
    Manhattan Bank, formerly known as Chemical Bank (as successor to
    Manufacturers Hanover Trust Company), as Trustee (incorporated
    by reference to Exhibit&nbsp;4(a) to Registration Statement
    No.&nbsp;33-6721), and Supplemental Indenture dated as of
    August&nbsp;1, 1989 between the Registrant and Manufacturers
    Hanover Trust Company, as Trustee (incorporated by reference to
    Exhibit&nbsp;4(c) to Post-Effective Amendment No.&nbsp;3 to
    Registration Statement No.&nbsp;33-6721).&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom"><FONT size="2">Incorporated by Reference</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4(b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Forms of Warrant Agreement (incorporated by
    reference to Exhibit&nbsp;4(d) to Registration Statement
    No.&nbsp;33-6721).&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom"><FONT size="2">Incorporated by Reference</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Forms of Securities (included in
    Exhibit&nbsp;4(a)).<BR>&nbsp;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom"><FONT size="2">Incorporated by Reference</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Opinion and consent of Faegre &#38; Benson
    LLP<BR>&nbsp;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom"><FONT size="2">Electronic Transmission</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Calculation of Ratio of Earnings to Fixed
    Charges<BR>&nbsp;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom"><FONT size="2">Electronic Transmission</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Consent of Ernst &#38; Young LLP<BR>&nbsp;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom"><FONT size="2">Electronic Transmission</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Powers of Attorney<BR>&nbsp;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom"><FONT size="2">Electronic Transmission</FONT></TD>
</TR>

</TABLE>
</CENTER>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>3
<FILENAME>c74559exv5.txt
<DESCRIPTION>EX-5 OPINION AND CONSENT OF FAEGRE & BENSON LLP
<TEXT>
<PAGE>

                                                                       EXHIBIT 5



February 18, 2003

Archer-Daniels-Midland Company
4666 Faries Parkway
Decatur, Illinois 62526

Ladies and Gentlemen:

         In connection with the proposed registration under the Securities Act
of 1933, as amended (the "Securities Act"), by Archer-Daniels-Midland Company, a
Delaware corporation (the "Company"), of $500,000,000 in aggregate principal
amount of Debt Securities of the Company (the "Debt Securities"), proposed to be
issued under an Indenture dated as of June 1, 1986 as amended and supplemented
(the "Indenture") between the Company and JPMorgan Chase Bank, formerly known as
The Chase Manhattan Bank, formerly known as Chemical Bank (as successor to
Manufacturers Hanover Trust Company), as Trustee (the "Trustee"), and of
Warrants ("Warrants"), proposed to be issued under a Warrant Agreement ("Warrant
Agreement") between the Company and a Warrant Agent ("Warrant Agent"), to
purchase Debt Securities of the Company ("Warrant Debt Securities"), proposed to
be issued under the Indenture, we have examined such corporate records and other
documents, including the Registration Statement of the Company on Form S-3 to
which this opinion is an exhibit relating to the Debt Securities and the
Warrants and the Warrant Debt Securities (the "Registration Statement"), and
have reviewed such matters of law as we have deemed necessary for this opinion,
and we advise you that in our opinion:

         1. The Company is a corporation duly organized and existing under the
laws of the State of Delaware.

         2. When Debt Securities or Warrant Debt Securities of a particular
series have been duly authorized by the Board of Directors of the Company, or a
duly authorized committee thereof, or a duly authorized officer of the Company,
and duly executed by proper officers of the Company and duly authenticated by or
on behalf of the Trustee, when the Registration Statement has become effective
under the Securities Act, and when the Debt Securities of such series have been
issued, delivered and paid for as contemplated in the Registration Statement,
including a prospectus supplement relating to the Debt Securities of such
series, and, in the case of Warrant Debt Securities, the Warrant Debt Securities
of such series have been issued, delivered and paid for as contemplated in the
related Warrant Agreement and Warrants, the Debt Securities or Warrant Debt
Securities of such series will be legally issued, valid and binding obligations
of the Company entitled to the benefits of the Indenture.

         3. When a Warrant Agreement relating to Warrants of a particular series
has been duly executed and delivered by the Company and the Warrant Agent, when
such Warrants and the related Warrant Debt Securities of a particular series
have been duly authorized by the Board of Directors of the Company, or a duly
authorized committee thereof, or a duly


<PAGE>


authorized officer of the Company, and Warrant Certificates for such Warrants
have been duly executed by proper officers of the Company and duly countersigned
by the Warrant Agent, when such Registration Statement has become effective
under the Securities Act and when such Warrants and Warrant Certificates have
been issued, delivered and paid for as contemplated in the Registration
Statement, including a prospectus supplement relating to such Warrants, such
Warrants will be legally issued, valid and binding obligations of the Company
entitled to the benefits of the Warrant Agreement.

         We consent to the filing of this opinion as an exhibit to the
Registration Statement and to the use of our name in any prospectus supplement
to the prospectus constituting a part of the Registration Statement and to the
references to our firm wherever appearing therein.

                                           Very truly yours,



                                           FAEGRE & BENSON LLP



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>4
<FILENAME>c74559exv12.txt
<DESCRIPTION>EX-12 CALCULATION OF RATIO OF EARNINGS
<TEXT>
<PAGE>


                                                                      EXHIBIT 12

                COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                         ARCHER-DANIELS-MIDLAND COMPANY


<TABLE>
<CAPTION>
                                                                                                           Six Months Ended
                                                               Year Ended June 30,                           December 31,
                                            -------------------------------------------------------      -------------------

                                             1998        1999       2000         2001         2002         2001        2002
                                            ------      ------    -------       ------       ------       ------      ------
                                                               (dollars in thousands, except ratio data)
<S>                                       <C>         <C>        <C>          <C>          <C>           <C>         <C>

EARNINGS:
  Earnings before income taxes
    and extraordinary loss.............     $610,012    $419,833    $353,237    $521,899     $718,937   $423,523     $344,346
    Less:  Equity earnings of
           unconsolidated affiliates...      (21,867)    (40,072)    (88,016)   (113,305)     (39,308)    (7,332)     (23,757)
    Less:  Capitalized interest
           included in interest
           expense below...............      (37,500)    (26,289)    (23,467)    (15,758)      (6,023)    (3,636)      (1,830)
                                          ----------  ----------  ----------  ----------   ----------   --------     --------
TOTAL EARNINGS.........................      550,645     353,472     241,754     392,836      673,606    412,555      318,759

FIXED CHARGES:
  Interest expense:
    Consolidated interest expense......      293,220     326,207     377,404     398,131      355,956    184,719      181,644
    Capitalized interest...............       37,500      26,289      23,467      15,758        6,023      3,636        1,830
    Interest expense of
      unconsolidated affiliates........       15,945      19,892      17,029      24,635       10,364     10,521        1,361
                                          ----------  ----------  ----------  ----------   ----------   --------     --------
  Total interest expense...............      346,665     372,388     417,900     438,524      372,343    198,876      184,835
  Amortization of debt discount
      and expense......................        1,191       2,619       1,715       1,536        1,950        884          571
  One-third of rental expense..........       27,223      28,730      29,630      27,139       27,639     12,751       14,631
                                          ----------  ----------  ----------  ----------   ----------   --------     --------

TOTAL FIXED CHARGES                          375,079     403,737     449,245     467,199      401,932    212,511      200,037
                                          ----------  ----------  ----------  ----------   ----------   --------     --------

EARNINGS AVAILABLE FOR
  FIXED CHARGES                             $925,724    $757,209    $690,999    $860,035   $1,075,538   $625,066     $518,796
                                          ==========  ==========  ==========  ==========   ==========   ========     ========

RATIO OF EARNINGS TO
  FIXED CHARGES                                2.47x       1.88x       1.54x       1.84x        2.68x      2.94x        2.59x
                                          ==========  ==========  ==========  ==========   ==========   ========     ========

</TABLE>





</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>5
<FILENAME>c74559exv23.txt
<DESCRIPTION>EX-23 CONSENT OF ERNST & YOUNG LLP
<TEXT>
<PAGE>



                                                                      EXHIBIT 23

                         CONSENT OF INDEPENDENT AUDITORS

         We consent to the reference to our firm under the caption "Experts" in
the Registration Statement (Form S-3) and related Prospectus of
Archer-Daniels-Midland Company for the registration of $500,000,000 of its debt
securities and warrants to purchase debt securities and to the incorporation by
reference therein of our report dated July 31, 2002, with respect to the
consolidated financial statements of Archer-Daniels-Midland Company incorporated
by reference in its Annual Report (Form 10-K) for the year ended June 30, 2002,
and the related financial statement schedule included therein, filed with the
Securities and Exchange Commission.

                                                     /s/ ERNST & YOUNG LLP

St. Louis, Missouri
February 12, 2003



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>6
<FILENAME>c74559exv24.txt
<DESCRIPTION>EX-24 POWERS OF ATTORNEY
<TEXT>
<PAGE>


                                                                      EXHIBIT 24


                         ARCHER-DANIELS-MIDLAND COMPANY

                                Power of Attorney
                           of Director and/or Officer


         KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby
make, constitute and appoint G. ALLEN ANDREAS, DOUGLAS J. SCHMALZ, and D.J.
SMITH, and each or any one of them, the undersigned's true and lawful
attorneys-in-fact, with power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the undersigned's name as
such director and/or officer of said Company to a Registration Statement or
Registration Statements, on Form S-3 or other applicable form, and all
amendments, including post-effective amendments, thereto, to be filed by said
Company with the Securities and Exchange Commission, Washington, D.C., in
connection with the registration under the Securities Act of 1933, as amended,
of unsecured debentures, notes and/or other unsecured debt obligations of said
Company and to file the same, with all exhibits thereto and other supporting
documents, with said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all acts necessary
or incidental to the performance and execution of the powers herein expressly
granted.

                  IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 8th day of February, 2003.



                                                     /s/ G. Allen Andreas
                                                     G. Allen Andreas



<PAGE>



                         ARCHER-DANIELS-MIDLAND COMPANY

                                Power of Attorney
                           of Director and/or Officer


         KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby
make, constitute and appoint G. ALLEN ANDREAS, DOUGLAS J. SCHMALZ, and D.J.
SMITH, and each or any one of them, the undersigned's true and lawful
attorneys-in-fact, with power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the undersigned's name as
such director and/or officer of said Company to a Registration Statement or
Registration Statements, on Form S-3 or other applicable form, and all
amendments, including post-effective amendments, thereto, to be filed by said
Company with the Securities and Exchange Commission, Washington, D.C., in
connection with the registration under the Securities Act of 1933, as amended,
of unsecured debentures, notes and/or other unsecured debt obligations of said
Company and to file the same, with all exhibits thereto and other supporting
documents, with said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all acts necessary
or incidental to the performance and execution of the powers herein expressly
granted.

                  IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 7th day of February, 2003.



                                                     /s/ Mollie H. Carter
                                                     Mollie H. Carter



<PAGE>



                         ARCHER-DANIELS-MIDLAND COMPANY

                                Power of Attorney
                           of Director and/or Officer


         KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby
make, constitute and appoint G. ALLEN ANDREAS, DOUGLAS J. SCHMALZ, and D.J.
SMITH, and each or any one of them, the undersigned's true and lawful
attorneys-in-fact, with power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the undersigned's name as
such director and/or officer of said Company to a Registration Statement or
Registration Statements, on Form S-3 or other applicable form, and all
amendments, including post-effective amendments, thereto, to be filed by said
Company with the Securities and Exchange Commission, Washington, D.C., in
connection with the registration under the Securities Act of 1933, as amended,
of unsecured debentures, notes and/or other unsecured debt obligations of said
Company and to file the same, with all exhibits thereto and other supporting
documents, with said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all acts necessary
or incidental to the performance and execution of the powers herein expressly
granted.

                  IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 10th day of February, 2003.



                                                     /s/ Herman de Boon
                                                     Herman de Boon



<PAGE>



                         ARCHER-DANIELS-MIDLAND COMPANY

                                Power of Attorney
                           of Director and/or Officer


         KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby
make, constitute and appoint G. ALLEN ANDREAS, DOUGLAS J. SCHMALZ, and D.J.
SMITH, and each or any one of them, the undersigned's true and lawful
attorneys-in-fact, with power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the undersigned's name as
such director and/or officer of said Company to a Registration Statement or
Registration Statements, on Form S-3 or other applicable form, and all
amendments, including post-effective amendments, thereto, to be filed by said
Company with the Securities and Exchange Commission, Washington, D.C., in
connection with the registration under the Securities Act of 1933, as amended,
of unsecured debentures, notes and/or other unsecured debt obligations of said
Company and to file the same, with all exhibits thereto and other supporting
documents, with said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all acts necessary
or incidental to the performance and execution of the powers herein expressly
granted.

                  IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 10th day of February, 2003.



                                                     /s/ Roger S. Joslin
                                                     Roger S. Joslin



<PAGE>



                         ARCHER-DANIELS-MIDLAND COMPANY

                                Power of Attorney
                           of Director and/or Officer


         KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby
make, constitute and appoint G. ALLEN ANDREAS, DOUGLAS J. SCHMALZ, and D.J.
SMITH, and each or any one of them, the undersigned's true and lawful
attorneys-in-fact, with power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the undersigned's name as
such director and/or officer of said Company to a Registration Statement or
Registration Statements, on Form S-3 or other applicable form, and all
amendments, including post-effective amendments, thereto, to be filed by said
Company with the Securities and Exchange Commission, Washington, D.C., in
connection with the registration under the Securities Act of 1933, as amended,
of unsecured debentures, notes and/or other unsecured debt obligations of said
Company and to file the same, with all exhibits thereto and other supporting
documents, with said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all acts necessary
or incidental to the performance and execution of the powers herein expressly
granted.

                  IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 11th day of February, 2003.



                                                    /s/ Sandra Andreas McMurtrie
                                                    Sandra Andreas McMurtrie



<PAGE>



                         ARCHER-DANIELS-MIDLAND COMPANY

                                Power of Attorney
                           of Director and/or Officer


         KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby
make, constitute and appoint G. ALLEN ANDREAS, DOUGLAS J. SCHMALZ, and D.J.
SMITH, and each or any one of them, the undersigned's true and lawful
attorneys-in-fact, with power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the undersigned's name as
such director and/or officer of said Company to a Registration Statement or
Registration Statements, on Form S-3 or other applicable form, and all
amendments, including post-effective amendments, thereto, to be filed by said
Company with the Securities and Exchange Commission, Washington, D.C., in
connection with the registration under the Securities Act of 1933, as amended,
of unsecured debentures, notes and/or other unsecured debt obligations of said
Company and to file the same, with all exhibits thereto and other supporting
documents, with said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all acts necessary
or incidental to the performance and execution of the powers herein expressly
granted.

                  IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 7th day of February, 2003.



                                                     /s/ David Mimran
                                                     David Mimran



<PAGE>



                         ARCHER-DANIELS-MIDLAND COMPANY

                                Power of Attorney
                           of Director and/or Officer


         KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby
make, constitute and appoint G. ALLEN ANDREAS, DOUGLAS J. SCHMALZ, and D.J.
SMITH, and each or any one of them, the undersigned's true and lawful
attorneys-in-fact, with power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the undersigned's name as
such director and/or officer of said Company to a Registration Statement or
Registration Statements, on Form S-3 or other applicable form, and all
amendments, including post-effective amendments, thereto, to be filed by said
Company with the Securities and Exchange Commission, Washington, D.C., in
connection with the registration under the Securities Act of 1933, as amended,
of unsecured debentures, notes and/or other unsecured debt obligations of said
Company and to file the same, with all exhibits thereto and other supporting
documents, with said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all acts necessary
or incidental to the performance and execution of the powers herein expressly
granted.

                  IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 6th day of February, 2003.



                                                     /s/ M. Brian Mulroney
                                                     M. Brian Mulroney



<PAGE>



                         ARCHER-DANIELS-MIDLAND COMPANY

                                Power of Attorney
                           of Director and/or Officer


         KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby
make, constitute and appoint G. ALLEN ANDREAS, DOUGLAS J. SCHMALZ, and D.J.
SMITH, and each or any one of them, the undersigned's true and lawful
attorneys-in-fact, with power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the undersigned's name as
such director and/or officer of said Company to a Registration Statement or
Registration Statements, on Form S-3 or other applicable form, and all
amendments, including post-effective amendments, thereto, to be filed by said
Company with the Securities and Exchange Commission, Washington, D.C., in
connection with the registration under the Securities Act of 1933, as amended,
of unsecured debentures, notes and/or other unsecured debt obligations of said
Company and to file the same, with all exhibits thereto and other supporting
documents, with said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all acts necessary
or incidental to the performance and execution of the powers herein expressly
granted.

                  IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 10th day of February, 2003.



                                                     /s/ John K. Vanier
                                                     John K. Vanier



<PAGE>



                         ARCHER-DANIELS-MIDLAND COMPANY

                                Power of Attorney
                           of Director and/or Officer


         KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby
make, constitute and appoint G. ALLEN ANDREAS, DOUGLAS J. SCHMALZ, and D.J.
SMITH, and each or any one of them, the undersigned's true and lawful
attorneys-in-fact, with power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the undersigned's name as
such director and/or officer of said Company to a Registration Statement or
Registration Statements, on Form S-3 or other applicable form, and all
amendments, including post-effective amendments, thereto, to be filed by said
Company with the Securities and Exchange Commission, Washington, D.C., in
connection with the registration under the Securities Act of 1933, as amended,
of unsecured debentures, notes and/or other unsecured debt obligations of said
Company and to file the same, with all exhibits thereto and other supporting
documents, with said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all acts necessary
or incidental to the performance and execution of the powers herein expressly
granted.

                  IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 7th day of February, 2003.



                                                     /s/ O. Glenn Webb
                                                     O. Glenn Webb



<PAGE>



                         ARCHER-DANIELS-MIDLAND COMPANY

                                Power of Attorney
                           of Director and/or Officer


         KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby
make, constitute and appoint G. ALLEN ANDREAS, DOUGLAS J. SCHMALZ, and D.J.
SMITH, and each or any one of them, the undersigned's true and lawful
attorneys-in-fact, with power of substitution, for the undersigned and in the
undersigned's name, place and stead, to sign and affix the undersigned's name as
such director and/or officer of said Company to a Registration Statement or
Registration Statements, on Form S-3 or other applicable form, and all
amendments, including post-effective amendments, thereto, to be filed by said
Company with the Securities and Exchange Commission, Washington, D.C., in
connection with the registration under the Securities Act of 1933, as amended,
of unsecured debentures, notes and/or other unsecured debt obligations of said
Company and to file the same, with all exhibits thereto and other supporting
documents, with said Commission, granting unto said attorneys-in-fact, and each
of them, full power and authority to do and perform any and all acts necessary
or incidental to the performance and execution of the powers herein expressly
granted.

                  IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 10th day of February, 2003.



                                                     /s/ Andrew Young
                                                     Andrew Young







</TEXT>
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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