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<SEC-DOCUMENT>0000950134-05-018003.txt : 20050921
<SEC-HEADER>0000950134-05-018003.hdr.sgml : 20050921
<ACCEPTANCE-DATETIME>20050920212113
ACCESSION NUMBER:		0000950134-05-018003
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20050921
DATE AS OF CHANGE:		20050920

FILER:

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

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-103291
		FILM NUMBER:		051094666

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

	MAIL ADDRESS:	
		STREET 1:		4666 FARIES PKWY
		CITY:			DECATUR
		STATE:			IL
		ZIP:			62526
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>c98415be424b2.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<B>Prospectus Supplement</B>
</DIV>

<DIV align="left" style="font-size: 10pt;">
<B>September&nbsp;19, 2005</B>
</DIV>

<DIV align="left" style="font-size: 10pt;">
<B>(To Prospectus dated March&nbsp;3, 2003)</B>
</DIV>

<DIV align="right" style="font-size: 10pt;">
Filed Pursuant to Rule 424(b)(2)
</DIV>

<DIV align="right" style="font-size: 10pt;">
File No. 333-103291
</DIV>

<DIV align="center" style="font-size: 16pt; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT face="helvetica,arial">$600,000,000</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="c98415bc9841500.gif" alt="(ADM LOGO)">
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 21pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT face="helvetica,arial">Archer-Daniels-Midland
Company</FONT></B>
</DIV>

<DIV align="center" style="font-size: 15pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT face="helvetica,arial">5.375%&nbsp;Debentures due
2035</FONT></B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 37%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures will bear interest at the rate of 5.375%&nbsp;per
year. We will pay interest on the debentures on March&nbsp;15
and September&nbsp;15 of each year, beginning March&nbsp;15,
2006. The debentures will mature on September&nbsp;15, 2035. We
may redeem the debentures at our option at any time either in
whole or in part, at the redemption prices described in this
prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures are unsecured and rank equally with all of our
other unsecured senior indebtedness from time to time
outstanding. The debentures will be issued only in registered
form in denominations of $1,000 and integral multiples of $1,000.
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 37%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Per Debenture</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Public offering price(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>97.402%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>584,412,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Underwriting discount</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.875%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,250,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds, before expenses, to Archer-Daniels-Midland(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>96.527%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>579,162,000</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 15%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    Plus accrued interest, if any, from September&nbsp;22, 2005, if
    settlement occurs after such date.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of the
debentures or determined if this prospectus supplement or the
accompanying prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters expect to deliver the debentures in book-entry
form only through the facilities of The Depository Trust Company
against payment in New York, New York on or about
September&nbsp;22, 2005.
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 37%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Joint Book-Running Managers</I>
</DIV>

<DIV style="margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 16pt;">

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

<TR valign="top">
    <TD align="left"><B><FONT face="helvetica,arial">Banc of America Securities LLC</FONT></B></TD>
    <TD align="center"><B><FONT face="helvetica,arial">Citigroup</FONT></B></TD>
    <TD align="right"><B><FONT face="helvetica,arial">HSBC</FONT></B></TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 3pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 37%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="69%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><FONT face="helvetica,arial">ABN AMRO Incorporated</FONT></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <B><FONT face="helvetica,arial">Barclays Capital Inc.</FONT></B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><FONT face="helvetica,arial">BNP Paribas</FONT></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <B><FONT face="helvetica,arial">Calyon Securities
    (USA)</FONT></B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><FONT face="helvetica,arial">Deutsche Bank
    Securities</FONT></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <B><FONT face="helvetica,arial">Goldman, Sachs &#38;
    Co.</FONT></B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><FONT face="helvetica,arial">ING Financial Markets</FONT></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <B><FONT face="helvetica,arial">JPMorgan</FONT></B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><FONT face="helvetica,arial">Merrill Lynch &#38;
    Co.</FONT></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <B><FONT face="helvetica,arial">Rabo Securities USA,
    Inc.</FONT></B></TD>
</TR>

</TABLE>
</CENTER>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left" style="font-size: 10pt;">

</DIV>

<DIV align="left" style="font-size: 10pt;">
<!-- TOC -->
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name="tocpage"></A>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
<B>You should rely only on the information contained or
incorporated by reference in this prospectus supplement and the
accompanying prospectus. We have not, and the underwriters have
not, authorized any other person to provide you with different
information. If anyone provides you with different or
inconsistent information, you should not rely on it. We are not,
and the underwriters are not, making an offer to sell these
securities in any jurisdiction where the offer or sale is not
permitted. You should assume that the information appearing in
this prospectus supplement and the accompanying prospectus is
accurate as of the date hereof only. Our business, financial
condition, results of operations and prospects may have changed
since that date.</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 37%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT face="helvetica,arial">TABLE OF CONTENTS</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT face="helvetica,arial">Prospectus Supplement</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Page</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#103'>Ratio of Earnings to Fixed Charges</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>S-3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#104'>Description of the Debentures</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>S-4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#105'>Underwriting</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>S-8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#106'>Legal Opinions</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>S-9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#110'>Experts</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>S-9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5" align="center" valign="top">
    <B><FONT face="helvetica,arial">Prospectus</FONT></B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#201'>About This Prospectus</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#202'>Where You Can Find More Information</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#203'>The Company</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#204'>Use of Proceeds</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#205'>Ratio of Earnings to Fixed Charges</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#206'>Description of Debt Securities</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#207'>Description of Warrants</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#208'>Plan of Distribution</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#209'>Experts</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt;">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt;">S-2
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='103'></A>
</DIV>

<!-- link1 "RATIO OF EARNINGS TO FIXED CHARGES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RATIO OF EARNINGS TO FIXED CHARGES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Set forth below is the consolidated ratio of earnings to fixed
charges for each of the periods presented.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>


<TR>
    <TD colspan="18" align="center" nowrap><B>Fiscal Year Ended June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="18" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B>2001</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2002</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2.03x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.80x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.54x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.60x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.75x</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The ratio of earnings to fixed charges is calculated as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
(earnings)
</DIV>

<DIV align="center" style="font-size: 3pt;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt;">
(fixed charges)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of calculating the ratios, earnings consist of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of calculating the ratios, fixed charges consist of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

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

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

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

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

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

</TABLE>

<P align="center" style="font-size: 10pt;">S-3

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<DIV align="left" style="font-size: 10pt;">
<A name='104'></A>
</DIV>

<!-- link1 "DESCRIPTION OF THE DEBENTURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DESCRIPTION OF THE DEBENTURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following discussion of the terms of the debentures
supplements the description of the general terms and provisions
of the debt securities contained in the accompanying prospectus
and identifies any general terms and provisions described in the
accompanying prospectus that will not apply to the debentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>General</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures will be our general unsecured and senior
obligations. We are initially offering the debentures in the
principal amount of $600,000,000. We may, without the consent of
the holders, issue additional debentures and thereby increase
that principal amount in the future, on the same terms and
conditions and with the same CUSIP number as the debentures we
offer by this prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures will be issued under an indenture dated as of
June&nbsp;1, 1986 between us and JPMorgan Chase Bank, N.A., 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. You should
read the accompanying prospectus for a general discussion of the
terms and provisions of the indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures will mature on September&nbsp;15, 2035. The
debentures will bear interest at a rate of 5.375%&nbsp;per year
from September&nbsp;22, 2005 or from the most recent interest
payment date on which we paid or provided for interest on the
debentures. We will pay interest on the debentures on each
March&nbsp;15 and September&nbsp;15, beginning March&nbsp;15,
2006, to the person listed as the holder of the debenture (or
any predecessor debenture) in the security register at the close
of business on the preceding March&nbsp;1 or September&nbsp;1,
as the case may&nbsp;be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures are subject to defeasance in the manner described
under the heading &#147;Description of Debt
Securities&nbsp;&#151; Defeasance&#148; in the accompanying
prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Optional Redemption</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may redeem the debentures, at our option, in whole at any
time or in part from time to time, at a redemption price equal
to the greater of
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the sum of the present values of the remaining scheduled
    payments of principal and interest (excluding interest accrued
    to the redemption date) on the debentures discounted to the date
    of redemption on a semi-annual basis (assuming a 360-day year
    consisting of twelve 30-day months) at the applicable Treasury
    Rate plus 20&nbsp;basis points,</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
plus, in each case, accrued and unpaid interest on the principal
amount being redeemed to the redemption date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Treasury Rate&#148; means, with respect to any redemption
date, (1)&nbsp;the yield, under the heading which represents the
average for the immediately preceding week, appearing in the
most recently published statistical release designated
&#147;H.15(519)&#148; or any successor publication which is
published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded
United States Treasury securities adjusted to constant maturity
under the caption &#147;Treasury Constant Maturities,&#148; for
the maturity corresponding to the Comparable Treasury Issue (if
no maturity is within three months before or after the Remaining
Life, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or
extrapolated from such yields on a straight line basis, rounding
to the nearest month) or (2)&nbsp;if such release (or any
successor release) is not published during the week preceding
the calculation date or does not contain such yields, the rate
per year equal to the semi-annual equivalent yield-to-maturity
of the Comparable Treasury Issue, calculated using a price for
the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for
such redemption date. The Treasury Rate will be calculated on
the third Business Day preceding the redemption date.
</DIV>

<P align="center" style="font-size: 10pt;">S-4
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Business Day&#148; means any calendar day that is not a
Saturday, Sunday or legal holiday in New York, New York, and on
which commercial banks are open for business in New York, New
York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Comparable Treasury Issue&#148; means the United States
Treasury security selected by an Independent Investment Banker
as having a maturity comparable to the remaining term of the
debentures to be redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Comparable Treasury Price&#148; means (1)&nbsp;the average
of five Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest Reference Treasury
Dealer Quotations, or (2)&nbsp;if the Independent Investment
Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Independent Investment Banker&#148; means one of Banc of
America Securities LLC, Citigroup Global Markets Inc. or HSBC
Securities (USA)&nbsp;Inc., and their respective successors, or,
if these firms are unwilling or unable to select the Comparable
Treasury Issue, an independent investment banking institution of
national standing appointed by the trustee after consultation
with us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Reference Treasury Dealer&#148; means (1)&nbsp;each of
Banc of America Securities LLC, Citigroup Global Markets Inc.
and HSBC Securities (USA) Inc., or their respective successors;
provided, however, that if any of the foregoing shall cease to
be a primary U.S.&nbsp;Government securities dealer in New York
City, which we refer to as a &#147;Primary Treasury
Dealer,&#148; we will substitute another Primary Treasury Dealer
and (2)&nbsp;any two other Primary Treasury Dealers selected by
the Independent Investment Banker after consultation
with&nbsp;us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Reference Treasury Dealer Quotations&#148; means, with
respect to each Reference Treasury Dealer and any redemption
date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury
Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker
at 5:00&nbsp;p.m., New York City time, on the third Business Day
preceding such redemption date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of debentures to be redeemed will be sent a redemption
notice by first-class mail at least 30 and not more than
60&nbsp;days before the date fixed for redemption. If fewer than
all of the debentures are to be redeemed, the trustee will
select, not more than 60&nbsp;days and not less than
30&nbsp;days before the redemption date, the particular
debentures or portions of the debentures for redemption from the
outstanding debentures not previously called by such method as
the trustee deems fair and appropriate. Unless we default in
payment of the redemption price, on and after the redemption
date, interest will cease to accrue on the debentures or
portions of the debentures called for redemption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Sinking Fund</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures will not have the benefit of any sinking fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Global Debentures; Book-Entry System</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I>Global Debentures</I></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures will be issued initially in book-entry form and
will be represented by one or more global debentures in fully
registered form without interest coupons which will be deposited
with the trustee as custodian for The Depository Trust Company,
which we refer to as &#147;DTC,&#148; and registered in the name
of Cede&nbsp;&#38; Co. or another nominee designated by DTC.
Except as set forth below, the global debentures may be
transferred, in whole and not in part, only to DTC or another
nominee of DTC or to a successor of DTC or its nominee.
Beneficial interests in the global debentures may not be
exchanged for certificated debentures except in the limited
circumstances described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All interests in the global debentures will be subject to the
rules and procedures of&nbsp;DTC.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I>Certain Book-Entry Procedures for the Global Debentures</I></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The descriptions of the operations and procedures of DTC set
forth below are provided solely as a matter of convenience.
These operations and procedures are solely within the control of
DTC and are subject
</DIV>

<P align="center" style="font-size: 10pt;">S-5

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<DIV align="left" style="font-size: 10pt;">
to change by DTC from time to time. Neither we nor the
underwriters takes any responsibility for these operations or
procedures, and investors are urged to contact DTC or its
participants directly to discuss these matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DTC has advised us that it&nbsp;is:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

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

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

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

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

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

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a &#147;clearing agency&#148; registered pursuant to
    Section&nbsp;17A of the Securities Exchange Act of&nbsp;1934.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DTC was created to hold securities for its participants and to
facilitate the clearance and settlement of securities
transactions between participants through electronic book-entry
changes to the accounts of its participants, thereby eliminating
the need for physical transfer and delivery of certificates.
DTC&#146;s participants include securities brokers and dealers
(including one or more of the underwriters), banks and trust
companies, clearing corporations and certain other
organizations. Indirect access to DTC&#146;s system is also
available to other entities such as banks, brokers, dealers and
trust companies, which we refer to collectively as the
&#147;indirect participants,&#148; that clear through or
maintain a custodial relationship with a participant either
directly or indirectly. Investors who are not participants may
beneficially own securities held by or on behalf of DTC only
through participants or indirect participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We expect that, pursuant to procedures established by DTC:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    upon deposit of each global debenture, DTC will credit, on its
    book-entry registration and transfer system, the accounts of
    participants designated by the underwriters with an interest in
    the global debenture;&nbsp;and</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    ownership of beneficial interests in the global debentures will
    be shown on, and the transfer of ownership of beneficial
    interests in the global debentures will be effected only
    through, records maintained by DTC (with respect to the
    interests of participants) and the participants and the indirect
    participants (with respect to the interests of persons other
    than participants).</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The laws of some jurisdictions may require that some purchasers
of securities take physical delivery of those securities in
definitive form. Accordingly, the ability to transfer beneficial
interests in the debentures represented by a global debenture to
those persons may be limited. In addition, because DTC can act
only on behalf of its participants, who in turn act on behalf of
persons who hold interests through participants, the ability of
a person holding a beneficial interest in a global debenture to
pledge or transfer that interest to persons or entities that do
not participate in DTC&#146;s system, or to otherwise take
actions in respect of that interest, may be affected by the lack
of a physical security in respect of that interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
So long as DTC or its nominee is the registered owner of a
global debenture, DTC or that nominee, as the case may be, will
be considered the sole legal owner or holder of the debentures
represented by that global debenture for all purposes of the
debentures and the indenture. Except as provided below, owners
of beneficial interests in a global debenture will not be
entitled to have the debentures represented by that global
debenture registered in their names, will not receive or be
entitled to receive physical delivery of certificated debentures
and will not be considered the owners or holders of the
debentures represented by that beneficial interest under the
indenture for any purpose, including with respect to the giving
of any direction, instruction or approval to the trustee.
Accordingly, each holder owning a beneficial interest in a
global debenture must rely on the procedures of DTC and, if that
holder is not a participant or an indirect participant, on the
procedures of the participant through which that holder owns its
interest, to exercise any rights of a holder of debentures under
the indenture or that global debenture. We understand that under
existing industry practice, in the event that we request any
action of holders of debentures, or a holder that is an owner of
a beneficial interest in a global debenture desires to take any
action that DTC, as the holder of that global debenture, is
</DIV>

<P align="center" style="font-size: 10pt;">S-6

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<DIV align="left" style="font-size: 10pt;">
entitled to take, DTC would authorize the participants to take
that action and the participants would authorize holders owning
through those participants to take that action or would
otherwise act upon the instruction of those holders. Neither we
nor the trustee will have any responsibility or liability for
any aspect of the records relating to or payments made on
account of debentures by DTC or for maintaining, supervising or
reviewing any records of DTC relating to the debentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Payments with respect to the principal of and interest on a
global debenture will be payable by the trustee to or at the
direction of DTC or its nominee in its capacity as the
registered holder of the global debenture under the indenture.
Under the terms of the indenture, we and the trustee may treat
the persons in whose names the debentures, including the global
debentures, are registered as the owners thereof for the purpose
of receiving payment thereon and for any and all other purposes
whatsoever. Accordingly, neither we nor the trustee has or will
have any responsibility or liability for the payment of those
amounts to owners of beneficial interests in a global debenture.
Payments by the participants and the indirect participants to
the owners of beneficial interests in a global debenture will be
governed by standing instructions and customary industry
practice and will be the responsibility of the participants and
indirect participants and not of DTC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Transfers between participants in DTC will be effected in
accordance with DTC&#146;s procedures and will be settled in
same-day funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although DTC has agreed to the foregoing procedures to
facilitate transfers of interests in the global debentures among
participants in DTC, it is under no obligation to perform or to
continue to perform those procedures, and those procedures may
be discontinued at any time. Neither we nor the trustee will
have any responsibility for the performance by DTC or its
participants or indirect participants of their respective
obligations under the rules and procedures governing their
operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We obtained the information in this section and elsewhere in
this prospectus concerning DTC and its book-entry system from
sources that we believe are reliable, but we take no
responsibility for the accuracy of any of this information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Certificated Debentures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will issue certificated debentures to each person that DTC
identifies as the beneficial owner of the debentures represented
by the global securities upon surrender by DTC of the global
securities only if:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    DTC notifies us that it is no longer willing or able to act as a
    depository for the global securities, and we have not appointed
    a successor depository within 90&nbsp;days of that notice;</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    an event of default has occurred and is continuing;&nbsp;or</TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we determine not to have the debentures represented by a global
    security.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither we nor the trustee will be liable for any delay by DTC,
its nominee or any direct or indirect participant in identifying
the beneficial owners of the related debentures. We and the
trustee may conclusively rely on, and will be protected in
relying on, instructions from DTC or its nominee for all
purposes, including with respect to the registration and
delivery, and the respective principal amounts, of the
debentures to be issued in certificated form.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Information Concerning the Trustee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
JPMorgan Chase Bank, N.A. 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, N.A. also serves as
trustee for certain of our other senior unsecured debt
obligations.
</DIV>

<P align="center" style="font-size: 10pt;">S-7
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<DIV align="left" style="font-size: 10pt;">
<A name='105'></A>
</DIV>

<!-- link1 "UNDERWRITING" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNDERWRITING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Banc of America Securities LLC, Citigroup Global Markets Inc.
and HSBC Securities (USA) Inc. are acting as representatives of
the underwriters named below. Under the terms of, and subject to
the conditions contained in, an underwriting agreement dated as
of September&nbsp;19, 2005, each underwriter listed below has
severally agreed to purchase, and we have agreed to sell to that
underwriter, the principal amount of the debentures set forth
opposite such underwriter&#146;s name.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Principal</B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="2" align="left" nowrap><B>Underwriter</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>of&nbsp;Debentures</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Banc of America Securities LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>150,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Citigroup Global Markets Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>150,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    HSBC Securities (USA)&nbsp;Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>150,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    ABN AMRO Incorporated</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Barclays Capital Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BNP Paribas Securities Corp.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Calyon Securities (USA)&nbsp;Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deutsche Bank Securities Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Goldman, Sachs &#38; Co.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    ING Financial Markets LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    J.P. Morgan Securities Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Merrill Lynch, Pierce, Fenner &#38; Smith Incorporated</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Rabo Securities USA, Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>600,000,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriting agreement provides that the obligations of the
several underwriters to purchase the debentures offered hereby
are subject to certain conditions and that the underwriters are
obligated to purchase all of the debentures in the offering if
any are purchased. The underwriting agreement also provides that
if an underwriter defaults, the purchase commitments of
non-defaulting underwriters may be increased or the offering of
the debentures may be terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have been advised by the representatives of the underwriters
that the underwriters propose to offer the debentures directly
to the public at the public offering prices set forth on the
cover page of this prospectus supplement and to certain dealers
at such prices less a concession not in excess of 0.500%&nbsp;of
the principal amount of the debentures. The underwriters may
allow, and such dealers may re-allow, a concession not in excess
of 0.250%&nbsp;of the principal amount of the debentures to
certain other dealers. After the initial public offering,
representatives of the underwriters may change the offering
price and other selling terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to indemnify the underwriters against certain
liabilities, including liabilities under the Securities Act of
1933, as amended, or contribute to payments the underwriters may
be required to make in respect of those liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We estimate that our share of the total expenses of this
offering, excluding underwriting discounts, will be
approximately $600,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debentures are a new issue of securities with no established
trading market. The debentures will not be listed on any
securities exchange or on any automated dealer quotation system.
The underwriters may make a market in the debentures after
completion of the offering, but will not be obligated to do so
and may discontinue any market-making activities at any time
without notice. No assurance can be given as to the liquidity of
the trading market for the debentures or that an active public
market for the debentures will develop. If an active public
trading market for the debentures does not develop, the market
price and liquidity of the debentures may be adversely affected.
</DIV>

<P align="center" style="font-size: 10pt;">S-8
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the offering of the debentures, certain of
the underwriters may engage in transactions that stabilize,
maintain or otherwise affect the price of the debentures.
Specifically, the underwriters may over-allot in connection with
the offering, creating a short position. In addition, the
underwriters may bid for, and purchase, the debentures in the
open market to cover short positions or to stabilize the price
of the debentures. Any of these activities may stabilize or
maintain the market price of the debentures above independent
market levels, but no representation is made hereby of the
magnitude of any effect that the transactions described above
may have on the market price of the debentures. The underwriters
will not be required to engage in these activities, and may
engage in these activities, and may end any of these activities
at any time without notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters have performed investment and commercial
banking and advisory services for us and our subsidiaries from
time to time for which they have received customary fees and
expenses. The underwriters may, from time to time, engage in
transactions with and perform services for us and our
subsidiaries in the ordinary course of their business for which
they will receive customary fees and expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have been advised by certain underwriters that they may make
the debentures available for distribution on the Internet
through a proprietary website and/or a third-party system
operated by Market Axess Corporation, an Internet-based
communications technology provider. Certain underwriters have
advised us that Market Axess Corporation is providing the system
as a conduit for communications between the underwriters and
their customers and that they are not a party to any
transaction. We have also been advised by certain underwriters
that Market Axess Corporation is a registered broker-dealer and
will receive compensation from certain underwriters based on
transactions conducted through the system. Certain underwriters
have informed us that they will make the debentures available to
their customers through the Internet, whether made through a
proprietary or third party system, on the same terms as
distributions of the debentures made through other channels. The
information on any website other than a copy of this prospectus
supplement is not a part of this prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='106'></A>
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>LEGAL OPINIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The validity of the debentures will be passed upon for us by
Faegre&nbsp;&#38; Benson LLP, Minneapolis, Minnesota, and for
the underwriters by Mayer, Brown, Rowe&nbsp;&#38; Maw LLP,
Chicago, Illinois. Mayer, Brown, Rowe&nbsp;&#38; Maw LLP from
time to time acts as our counsel in certain matters.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='110'></A>
</DIV>

<!-- link1 "EXPERTS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>EXPERTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated financial statements of Archer-Daniels-Midland
Company incorporated by reference in Archer-Daniels-Midland
Company&#146;s Annual Report on Form&nbsp;10-K for the year
ended June&nbsp;30, 2005 (including the schedule appearing
therein), and Archer-Daniels-Midland Company management&#146;s
assessment of the effectiveness of internal control over
financial reporting as of June&nbsp;30, 2005 included therein,
have been audited by Ernst&nbsp;&#38; Young LLP, independent
registered public accounting firm, as set forth in their reports
thereon, included and incorporated by reference therein, and
incorporated herein by reference. Such consolidated financial
statements and management&#146;s assessment are incorporated
herein by reference in reliance upon such reports given on the
authority of such firm as experts in accounting and auditing.
</DIV>

<P align="center" style="font-size: 10pt;">S-9
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<DIV align="left">
<B><U>PROSPECTUS</U></B>
</DIV>

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

<P align="center">
<IMG src="c98415badm2.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 March&nbsp;3, 2003.
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='201'></A>
</DIV>

<!-- link1 "ABOUT THIS PROSPECTUS" -->

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

<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>

<DIV align="left">
<A name='202'></A>
</DIV>

<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->

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

<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="#tocpage">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>

<DIV align="left">
<A name='203'></A>
</DIV>

<!-- link1 "THE COMPANY" -->

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

<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>

<DIV align="left">
<A name='204'></A>
</DIV>

<!-- link1 "USE OF PROCEEDS" -->

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

<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="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='205'></A>
</DIV>

<!-- link1 "RATIO OF EARNINGS TO FIXED CHARGES" -->

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

<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 align="right" valign="bottom"><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 align="right" valign="bottom"><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 align="right" valign="bottom"><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 align="right" valign="bottom"><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 align="right" valign="bottom"><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 align="right" valign="bottom"><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 align="right" valign="bottom"><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>

<DIV align="left">
<A name='206'></A>
</DIV>

<!-- link1 "DESCRIPTION OF DEBT SECURITIES" -->

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

<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="#tocpage">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>

<DIV align="left">
<A name='207'></A>
</DIV>

<!-- link1 "DESCRIPTION OF WARRANTS" -->

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

<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>

<DIV align="left">
<A name='208'></A>
</DIV>

<!-- link1 "PLAN OF DISTRIBUTION" -->

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

<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>

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

<DIV align="left">
<A name='209'></A>
</DIV>

<!-- link1 "EXPERTS" -->

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

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

<DIV align="left" style="font-size: 2pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 15pt; margin-top: 10pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT face="helvetica,arial">$600,000,000</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="c98415bc9841500.gif" alt="(ADM LOGO)">
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT face="helvetica,arial">Archer-Daniels-Midland
Company</FONT></B>
</DIV>

<DIV align="center" style="font-size: 15pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT face="helvetica,arial">5.375%&nbsp;Debentures due
2035</FONT></B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 37%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Prospectus Supplement</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>September&nbsp;19, 2005</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 37%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Joint Book-Running Managers</I>
</DIV>

<DIV align="center" style="font-size: 16pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT face="helvetica,arial">Banc of America Securities
LLC</FONT></B>
</DIV>

<DIV align="center" style="font-size: 16pt;">
<B><FONT face="helvetica,arial">Citigroup</FONT></B>
</DIV>

<DIV align="center" style="font-size: 16pt;">
<B><FONT face="helvetica,arial">HSBC</FONT></B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 37%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT face="helvetica,arial">ABN AMRO Incorporated</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B><FONT face="helvetica,arial">Barclays Capital Inc.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B><FONT face="helvetica,arial">BNP Paribas</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B><FONT face="helvetica,arial">Calyon Securities
(USA)</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B><FONT face="helvetica,arial">Deutsche Bank
Securities</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B><FONT face="helvetica,arial">Goldman, Sachs &#38;
Co.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B><FONT face="helvetica,arial">ING Financial Markets</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B><FONT face="helvetica,arial">JPMorgan</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B><FONT face="helvetica,arial">Merrill Lynch &#38;
Co.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B><FONT face="helvetica,arial">Rabo Securities USA,
Inc.</FONT></B>
</DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
