<SEC-DOCUMENT>0000950123-11-031446.txt : 20110331
<SEC-HEADER>0000950123-11-031446.hdr.sgml : 20110331
<ACCEPTANCE-DATETIME>20110331153735
ACCESSION NUMBER:		0000950123-11-031446
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110331
DATE AS OF CHANGE:		20110331

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:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-165627
		FILM NUMBER:		11725962

	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>424B3
<SEQUENCE>1
<FILENAME>n63734b3e424b3.htm
<DESCRIPTION>424B3
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="36%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Title of each class of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>amount to be<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>offering price<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>aggregate<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>securities registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>per security</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>offering price</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>fee(1)</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.479% Notes due 2021
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $750,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    101.160%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $758,700,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $88,085
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    5.765% Debentures due 2041
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $1,000,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    101.168%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $1,011,680,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $117,456
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="26%"></TD>
    <TD width="1%"></TD>
    <TD width="73%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Calculated in accordance with
    Rule&#160;457(r) under the Securities Act of 1933.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 68%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Filed Pursuant to Rule 424(b)(3)</B>
</DIV>

<DIV align="left" style="margin-left: 68%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Registration No. 333-165627</B>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUPPLEMENT<BR>
    (To Prospectus dated March&#160;23, 2010)</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">$1,750,000,000</FONT></B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="n63734b3n6373400.gif" alt="(ADM LOGO)"><B><FONT style="font-size: 14pt">
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 22pt">ARCHER-DANIELS-MIDLAND
    COMPANY</FONT></B>
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 14pt">&#160;&#160;&#160;&#160;&#160;<B>$750,000,000
    4.479%&#160;Notes due 2021</B>
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">$1,000,000,000
    5.765%&#160;Debentures due 2041</FONT></B>
</DIV>

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

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

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus supplement relates to the remarketing of
    $1,750,000,000 aggregate principal amount of our
    4.70%&#160;debentures due 2041 (the
    &#147;4.70%&#160;debentures&#148;), originally issued as
    components of the 35,000,000 Equity Units we issued in June
    2008, on behalf of holders of Corporate Units. The
    4.70%&#160;debentures are being remarketed into two series of
    debt securities: $750&#160;million aggregate principal amount of
    4.479%&#160;notes due 2021 (the &#147;4.479%&#160;notes&#148;)
    and $1&#160;billion aggregate principal amount of
    5.765%&#160;debentures due 2041 (the
    &#147;5.765%&#160;debentures&#148; and, together with the
    4.479%&#160;notes, the &#147;debt securities&#148;).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Interest on the 4.70%&#160;debentures currently is payable
    quarterly in arrears on March&#160;1, June&#160;1, September 1
    and December 1 of each year, and following April&#160;4, 2011
    (the &#147;remarketing settlement date&#148;), interest on the
    debt securities will be payable semi-annually in arrears on
    March 1 and September 1 of each year, beginning
    September&#160;1, 2011. From and after the remarketing
    settlement date, the interest rate on the 4.70%&#160;debentures
    will be reset to 4.479% per year, in the case of the
    4.479%&#160;notes, and 5.765% per year, in the case of the
    5.765%&#160;debentures. The 4.479%&#160;notes will mature on
    March&#160;1, 2021, and the 5.765%&#160;debentures will mature
    on March&#160;1, 2041.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At any time on or after June&#160;1, 2013, we may redeem the
    debt securities of either series in whole or in part at the
    applicable redemption price set forth under &#147;Description of
    the Remarketed Debentures&#160;&#151; Optional Redemption.&#148;
    If we experience a change of control triggering event, we may be
    required to offer to purchase the debt securities from holders
    at a purchase price equal to 101% of their principal amount,
    plus accrued and unpaid interest.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities will be our senior unsecured obligations and
    will rank equally in right of payment with all of our other
    senior unsecured obligations from time to time outstanding. The
    debt securities will be issued only in registered form in
    denominations of $1,000 and integral multiples of $1,000 in
    excess thereof.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will not receive any proceeds from the remarketing. See
    &#147;Use of Proceeds&#148; in this prospectus supplement.
</DIV>

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

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

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

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



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Investing in the debt securities involves risks, including
    those that are described under &#147;Risk Factors&#148;
    beginning on
    <FONT style="white-space: nowrap">page&#160;S-5.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of the debt
    securities or passed upon the adequacy or accuracy of this
    prospectus supplement or the accompanying prospectus. Any
    representation to the contrary is a criminal offense.
</DIV>

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

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

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

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



<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Per Debt<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Security</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Public offering price of 4.479%&#160;notes(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.729
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    755,467,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Public offering price of 5.765%&#160;debentures(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.738
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,007,380,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Proceeds, before remarketing fee and other expenses(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,770,380,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Remarketing fee to remarketing agents(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,125,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    Plus accrued interest at the rate of 4.70% per year from and
    including March&#160;1, 2011 to, but not including, the
    remarketing settlement date, and any accrued interest at the
    rate of 4.479% per year from the remarketing settlement date.
</TD>
</TR>

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


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    Plus accrued interest at the rate of 4.70% per year from and
    including March&#160;1, 2011 to, but not including, the
    remarketing settlement date, and any accrued interest at the
    rate of 5.765% per year from the remarketing settlement date.
</TD>
</TR>

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


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    (3)&#160;
</TD>
    <TD align="left">    Consists of $758,700,000 with respect to the 4.479% notes and
    $1,011,680,000 with respect to the 5.765% debentures. We will
    not receive any proceeds from the remarketing. See &#147;Use of
    Proceeds&#148; in this prospectus supplement.
</TD>
</TR>

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


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    (4)&#160;
</TD>
    <TD align="left">    We will pay all fees and expenses of the remarketing agents. The
    remarketing fee equals 0.450% of the principal amount of the
    4.479% notes plus 0.875% of the principal amount of the 5.765%
    debentures.
</TD>
</TR>

</TABLE>

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

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

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

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



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The remarketing agents expect to deliver the debt securities to
    purchasers in book-entry form only through The Depository
    Trust&#160;Company for the accounts of its participants,
    including Clearstream Banking, soci&#233;t&#233; anonyme and
    Euroclear Bank, S.A./N.V., as operator of the Euroclear System,
    on or about April&#160;4, 2011.
</DIV>

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

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

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Joint Lead Remarketing Agents</I>
</DIV>

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

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

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 18pt; font-family: 'Times New Roman', Times">BofA
    Merrill Lynch</FONT></B></TD>
    <TD nowrap align="center">    <B><FONT style="font-size: 18pt; font-family: 'Times New Roman', Times">
    Citi&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 18pt; font-family: 'Times New Roman', Times">
    J.P.&#160;Morgan</FONT></B></TD>
</TR>

</TABLE>

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

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

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Co-Remarketing Agents</I>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="1%%" align="center" nowrap>
    <B><FONT style="font-size: 14pt">Barclays Capital</FONT></B>
</TD>
<TD width="99%%">
&nbsp;
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="20%">
&nbsp;
</TD>
<TD width="17%" align="center" nowrap>
    <B><FONT style="font-size: 14pt">BNP PARIBAS</FONT></B>
</TD>
<TD width="63%">
&nbsp;
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="40%">
&nbsp;
</TD>
<TD width="29%" align="center" nowrap>
    <B><FONT style="font-size: 14pt">Deutsche Bank
    Securities</FONT></B>
</TD>
<TD width="31%">
&nbsp;
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="60%">
&nbsp;
</TD>
<TD width="12%" align="center" nowrap>
    <B><FONT style="font-size: 14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;HSBC</FONT></B>
</TD>
<TD width="28%">
&nbsp;
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<TR>
<TD width="99%%">
&nbsp;
</TD>
<TD width="1%%" align="center" nowrap>
    <B><FONT style="font-size: 14pt">&#160;Morgan Stanley</FONT></B>
</TD>
</TR>
</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 9pt">March&#160;30, 2011.
    </FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should rely only on the information contained in or
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus. We have not authorized anyone to
    provide you with different information. We are not making an
    offer of these securities in any jurisdiction where the offer is
    not permitted. You should not assume that the information
    contained or incorporated by reference in this prospectus
    supplement or the accompanying prospectus is accurate as of any
    date after the dates on the front of this prospectus supplement
    or the accompanying prospectus, as applicable, or for
    information incorporated by reference, as of the dates of that
    information.</B>
</DIV>

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

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus Supplement</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734201'>About This Prospectus Supplement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-i
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734202'>Prospectus Supplement Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734203'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734204'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734205'>Ratio of Earnings to Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734206'>Description of the Remarketed Debentures</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734207'>Material United States Federal Income Tax
    Consequences</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734208'>Remarketing</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734209'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734110'>About This Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734111'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734112'>The Company</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734113'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734114'>Ratio of Earnings to Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734115'>Description of Debt Securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734116'>Description of Capital Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734117'>Description of Warrants</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734118'>Description of Stock Purchase Contracts and Stock
    Purchase Units</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734119'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734120'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<A name='N63734201'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS SUPPLEMENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This document is in two parts. The first part is this prospectus
    supplement, which contains the terms of this remarketing. The
    second part is the prospectus dated March&#160;23, 2010, which
    is part of our Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-165627).</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus supplement may add to, update or change the
    information in the accompanying prospectus. If information in
    this prospectus supplement is inconsistent with information in
    the accompanying prospectus, this prospectus supplement will
    apply and will supersede that information in the accompanying
    prospectus.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    It is important for you to read and consider all information
    contained or incorporated by reference in this prospectus
    supplement and the accompanying prospectus in making your
    investment decision. You should also read and consider the
    information in the documents to which we have referred you in
    &#147;Where You Can Find More Information&#148; in the
    accompanying prospectus.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No person is authorized to give any information or to make any
    representations other than those contained or incorporated by
    reference in this prospectus supplement or the accompanying
    prospectus and, if given or made, such information or
    representations must not be relied upon as having been
    authorized. This prospectus supplement and the accompanying
    prospectus do not constitute an offer to sell or the
    solicitation of an offer to buy any securities other than the
    securities described in this prospectus supplement or an offer
    to sell or the solicitation of an offer to buy such securities
    in any circumstances in which such offer or solicitation is
    unlawful. Neither the delivery of this prospectus supplement and
    the accompanying prospectus, nor any sale made hereunder, shall
    under any circumstances create any implication that there has
    been no change in our affairs since the date of this prospectus
    supplement, or that the information contained or incorporated by
    reference in this prospectus supplement or the accompanying
    prospectus is correct as of any time subsequent to the date of
    such information.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The distribution of this prospectus supplement and the
    accompanying prospectus and the offering of the debt securities
    in certain jurisdictions may be restricted by law. This
    prospectus supplement and the accompanying prospectus do not
    constitute an offer, or an invitation on our behalf or the
    remarketing agents or any of them, to subscribe to or purchase
    any of the debt securities, and may not be used for or in
    connection with an offer or solicitation by anyone, in any
    jurisdiction in which such an offer or solicitation is not
    authorized or to any person to whom it is unlawful to make such
    an offer or solicitation. See &#147;Remarketing.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In this prospectus supplement, unless otherwise stated or the
    context otherwise requires, references to &#147;we,&#148;
    &#147;us&#148; and &#147;our&#148; refer to
    Archer-Daniels-Midland Company and its consolidated subsidiaries.
</DIV>
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    <BR>
    S-i
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='N63734202'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUPPLEMENT SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>This summary highlights selected information about us and
    this offering. It may not contain all of the information that is
    important to you in deciding whether to purchase debt
    securities. We encourage you to read the entire prospectus
    supplement, the accompanying prospectus and the documents that
    we have filed with the SEC that are incorporated by reference
    prior to deciding whether to purchase debt securities.</I>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Archer-Daniels-Midland
    Company</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Every day, the 29,000&#160;people of Archer-Daniels-Midland
    Company turn crops into renewable products that meet the demands
    of a growing world. At more than 240 processing plants, we
    convert corn, oilseeds, wheat and cocoa into products for food,
    animal feed, chemical and energy uses. We operate the
    world&#146;s premier crop origination and transportation
    network, connecting crops and markets in more than 60 countries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We were incorporated in Delaware in 1923 as the successor to a
    business formed in 1902. Our executive offices are located at
    4666 Faries Parkway, Box 1470, Decatur, Illinois 62525. Our
    telephone number is
    <FONT style="white-space: nowrap">(217)&#160;424-5200.</FONT>
    We maintain an Internet website at
    <U><FONT style="white-space: nowrap">http://www.adm.com</FONT></U>.
    Information contained on our website is not incorporated by
    reference into this prospectus, and you should not consider
    information contained on our website as part of this prospectus.
</DIV>
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    <BR>
    S-1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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    <B><FONT style="font-family: 'Times New Roman', Times">The
    Remarketing</FONT></B>
</DIV>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Issuer</TD>
    <TD></TD>
    <TD valign="bottom">
    Archer-Daniels-Midland Company</TD>
</TR>


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

<TR>
    <TD valign="top">
    Securities Remarketed</TD>
    <TD></TD>
    <TD valign="bottom">
    $750,000,000 aggregate principal amount of 4.479%&#160;notes due
    2021</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    $1,000,000,000 aggregate principal amount of
    5.765%&#160;debentures due 2041</TD>
</TR>


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

<TR>
    <TD valign="top">
    Maturity</TD>
    <TD></TD>
    <TD valign="bottom">
    The 4.479%&#160;notes will mature on March&#160;1, 2021</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The 5.765%&#160;debentures will mature on March&#160;1, 2041</TD>
</TR>


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

<TR>
    <TD valign="top">
    Interest</TD>
    <TD></TD>
    <TD valign="bottom">
    The interest rate on the 4.70% debentures will be reset to
    4.479% per year, in the case of the 4.479%&#160;notes, and
    5.765% per year, in the case of the 5.765%&#160;debentures (in
    each case, the &#147;reset rate&#148;), effective from and after
    the remarketing settlement date. Interest on the
    4.70%&#160;debentures currently is payable quarterly in arrears
    on March&#160;1, June&#160;1, September 1 and December 1 of each
    year, and following the remarketing settlement date, interest on
    the debt securities will be payable semi-annually in arrears on
    March 1 and September 1 of each year, beginning
    September&#160;1, 2011. On September&#160;1, 2011, the first
    interest payment date of the debt securities, we will pay
    interest on the debt securities in an amount equal to
    (a)&#160;interest at the rate of 4.70% per year from and
    including March&#160;1, 2011 to, but not including, the
    remarketing settlement date and (b)&#160;interest at the
    applicable reset rate from and including the remarketing
    settlement date to, but not including, such interest payment
    date.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Optional Redemption</TD>
    <TD></TD>
    <TD valign="bottom">
    On or after June&#160;1, 2013, we may redeem the debt securities
    of either series at our option, at any time in whole or from
    time to time in part at a redemption price equal to the greater
    of:</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;100% of the principal amount of the debt securities
    being redeemed; and</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the sum of the present values of the remaining
    scheduled payments of principal and interest thereon (not
    including any portion of such payments of interest accrued as of
    the date of redemption), discounted to the date of redemption on
    a semi-annual basis (assuming a
    <FONT style="white-space: nowrap">360-day</FONT> year
    consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months) at the applicable Treasury Rate (as defined in this
    prospectus supplement), plus 15&#160;basis points, in the case
    of the 4.479%&#160;notes, and 20&#160;basis points, in the case
    of the 5.765%&#160;debentures.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    We will also pay the accrued and unpaid interest on the debt
    securities to the redemption date.</TD>
</TR>


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

<TR>
    <TD valign="top">
<DIV style="text-indent: -5%; margin-left: 5%">
    Repurchase at the Option of Holders Upon a Change of Control
    Triggering Event</DIV>
</TD>
    <TD></TD>
    <TD valign="bottom">
    If we experience a change of control triggering event with
    respect to a series of debt securities, we will be required,
    unless we have exercised our right to redeem the related debt
    securities, to offer to purchase the debt securities of such
    series at a purchase price equal to 101% of their principal
    amount, plus accrued and unpaid interest.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Ranking</TD>
    <TD></TD>
    <TD valign="bottom">
    The debt securities will be our senior unsecured obligations and
    will rank equal in right of payment to our other senior
    unsecured obligations from time to time outstanding.</TD>
</TR>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    The Remarketing</TD>
    <TD></TD>
    <TD valign="bottom">
    The 4.70%&#160;debentures were issued by us in June 2008 in
    connection with our issuance and sale to the public of Equity
    Units. Each Equity Unit initially consisted of both a purchase
    contract and a 1/20, or 5.0%, undivided beneficial interest in
    $1,000 principal amount of the 4.70%&#160;debentures, together,
    called a Corporate Unit. In order to secure their obligations
    under the purchase contracts, holders of the Equity Units
    pledged their undivided beneficial ownership interests in the
    4.70%&#160;debentures to us through a collateral agent.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Pursuant to the terms of the Equity Units, the remarketing
    agents are remarketing the 4.70%&#160;debentures on behalf of
    current holders of Corporate Units under the terms of and
    subject to the conditions in the remarketing agreement among us,
    the remarketing agents, and The Bank of New York Mellon, as
    purchase contract agent and as attorney-in-fact for holders of
    Equity Units. See &#147;Remarketing&#148; in this prospectus
    supplement.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The terms of the remarketing agreement require the remarketing
    agents to use their reasonable efforts to remarket the
    4.70%&#160;debentures that are included in the Corporate Units
    at a public offering price that will result in proceeds
    sufficient to purchase the treasury portfolio at the treasury
    portfolio purchase price, as described in this prospectus
    supplement. The public offering price will include accrued and
    unpaid interest on the 4.70%&#160;debentures (prior to the reset
    of the interest rate) to, but not including, the remarketing
    settlement date.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Use of Proceeds</TD>
    <TD></TD>
    <TD valign="bottom">
    The proceeds from the remarketing of the 4.70%&#160;debentures
    are estimated to be $1,770,380,000. We will not receive any
    proceeds from the remarketing. Instead, the proceeds from the
    remarketing of the 4.70%&#160;debentures will be used to
    purchase the treasury portfolio described in this prospectus
    supplement, which treasury portfolio will then be pledged to
    secure the purchase contract obligations of the holders of the
    Corporate Units. Any remaining proceeds will be remitted ratably
    to holders of the Corporate Units as of 11:00&#160;a.m., New
    York City time, on March&#160;28, 2011. On June&#160;1, 2011,
    the purchase contract settlement date, a portion of the proceeds
    from the treasury portfolio will be paid to us in settlement of
    the obligations of the holders of Corporate Units under the
    purchase contracts in exchange for the shares of our common
    stock that are to be issued to such holders pursuant to the
    purchase contracts. See &#147;Use of Proceeds.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    Further Issues</TD>
    <TD></TD>
    <TD valign="bottom">
    The 4.479%&#160;notes and the 5.765%&#160;debentures will each
    be a separate series under the indenture. We may from time to
    time, without notice to or the consent of the holders of the
    debt securities of any series, create and issue additional debt
    securities having the same terms (except for the issue date and
    the public offering price) and ranking equally and ratably with
    the debt securities of any series offered hereby in all
    respects, as described under &#147;Description of the Remarketed
    Debentures &#151;&#160;General.&#148; Any additional debt
    securities having such similar terms, together with the debt
    securities of such series offered hereby, will constitute a
    single series of securities under the indenture.</TD>
</TR>

</TABLE>
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    <BR>
    S-3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Denomination and Form</TD>
    <TD></TD>
    <TD valign="bottom">
    We will issue each series of the debt securities in the form of
    one or more fully registered global securities registered in the
    name of the nominee of The Depository Trust&#160;Company, or
    DTC. Beneficial interests in the debt securities will be
    represented through book-entry accounts of financial
    institutions acting on behalf of beneficial owners as direct and
    indirect participants in DTC. Clearstream Banking,
    soci&#233;t&#233; anonyme and Euroclear Bank, S.A./ N.V., as
    operator of the Euroclear System, will hold interests on behalf
    of their participants through their respective U.S.
    depositaries, which in turn will hold such interests in accounts
    as participants of DTC. Except in the limited circumstances
    described in this prospectus supplement, owners of beneficial
    interests in the debt securities will not be entitled to have
    debt securities registered in their names, will not receive or
    be entitled to receive debt securities in definitive form and
    will not be considered holders of debt securities under the
    indenture. The debt securities will be issued only in
    denominations of $1,000 and integral multiples of $1,000 in
    excess thereof.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Risk Factors</TD>
    <TD></TD>
    <TD valign="bottom">
    Investing in the debt securities involves risks. See &#147;Risk
    Factors&#148; for a description of certain risks you should
    particularly consider before investing in the debt securities.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Trustee</TD>
    <TD></TD>
    <TD valign="bottom">
    The Bank of New York Mellon</TD>
</TR>


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

<TR>
    <TD valign="top">
    Governing Law</TD>
    <TD></TD>
    <TD valign="bottom">
    New York</TD>
</TR>

</TABLE>

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

</DIV>
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    <BR>
    S-4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='N63734203'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should carefully consider the following risk factors, the
    risk factors described in Item&#160;1A of our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended June&#160;30, 2010 as well as the other
    information included or incorporated by reference into this
    prospectus supplement and the accompanying prospectus, before
    making an investment decision. The following is not intended as,
    and should not be construed as, an exhaustive list of relevant
    risk factors. There may be other risks that a prospective
    investor should consider that are relevant to its own particular
    circumstances or generally.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    debt securities are effectively subordinated to the existing and
    future liabilities of our subsidiaries.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities are our senior unsecured obligations and
    will rank equal in right of payment to our other senior
    unsecured obligations from time to time outstanding. The debt
    securities are not secured by any of our assets. Any future
    claims of secured lenders with respect to assets securing their
    loans will be prior to any claim of the holders of the debt
    securities with respect to those assets.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our subsidiaries are separate and distinct legal entities from
    us. Our subsidiaries have no obligation to pay any amounts due
    on the debt securities or to provide us with funds to meet our
    payment obligations on the debt securities, whether in the form
    of dividends, distributions, loans or other payments. In
    addition, any payment of dividends, loans or advances by our
    subsidiaries could be subject to statutory or contractual
    restrictions. Payments to us by our subsidiaries will also be
    contingent upon the subsidiaries&#146; earnings and business
    considerations. Our right to receive any assets of any of our
    subsidiaries upon their bankruptcy, liquidation or
    reorganization, and therefore the right of the holders of the
    debt securities to participate in those assets, will be
    effectively subordinated to the claims of that subsidiary&#146;s
    creditors, including trade creditors. In addition, even if we
    are a creditor of any of our subsidiaries, our right as a
    creditor would be subordinate to any security interest in the
    assets of our subsidiaries and any indebtedness of our
    subsidiaries senior to that held by us.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    indenture does not restrict the amount of additional debt that
    we may incur.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities and indenture under which the debt
    securities will be issued do not place any limitation on the
    amount of unsecured debt that may be incurred by us. Our
    incurrence of additional debt may have important consequences
    for you as a holder of the debt securities, including making it
    more difficult for us to satisfy our obligations with respect to
    the debt securities, a loss in the trading value of your debt
    securities, if any, and a risk that the credit rating of the
    debt securities is lowered or withdrawn.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    credit ratings may not reflect all risks of your investments in
    the debt securities.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our credit ratings are an assessment by rating agencies of our
    ability to pay our debts when due. Consequently, real or
    anticipated changes in our credit ratings will generally affect
    the market value of the debt securities. These credit ratings
    may not reflect the potential impact of risks relating to
    structure or marketing of the debt securities. Agency ratings
    are not a recommendation to buy, sell or hold any security, and
    may be revised or withdrawn at any time by the issuing
    organization. Each agency&#146;s rating should be evaluated
    independently of any other agency&#146;s rating.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If an
    active trading market does not develop for the debt securities,
    you may be unable to sell your debt securities or to sell your
    debt securities at a price that you deem
    sufficient.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The remarketed debt securities are new issues of securities for
    which there currently is no established trading market. We do
    not intend to list the debt securities on a national securities
    exchange. While the remarketing agents have advised us that they
    intend to make a market in the debt securities, the remarketing
    agents will not be obligated to do so and may stop their market
    making at any time. No assurance can be given:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that a market for the debt securities will develop or continue;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as to the liquidity of any market that does develop;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as to your ability to sell any debt securities you may own or
    the price at which you may be able to sell your debt securities.
</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not be able to repurchase the debt securities upon a change of
    control.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon the occurrence of specific kinds of change of control
    events, unless we have exercised our right to redeem the debt
    securities, each holder of debt securities will have the right
    to require us to repurchase all or any part of such
    holder&#146;s debt securities at a price equal to 101% of their
    principal amount, plus accrued and unpaid interest, if any, to
    the date of purchase. If we experience a change of control
    triggering event, there can be no assurance that we would have
    sufficient financial resources available to satisfy our
    obligations to repurchase the debt securities. Our failure to
    purchase the debt securities as required under the indenture
    governing the debt securities would result in a default under
    the debt securities, which could have material adverse
    consequences for us and the holders of the debt securities. See
    &#147;Description of the Remarketed Debentures&#160;&#151;
    Change of Control Offer.&#148;
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<A name='N63734204'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are remarketing $1,750,000,000 aggregate principal amount of
    4.70%&#160;debentures to investors on behalf of holders of
    Corporate Units through the offering of $750,000,000 aggregate
    principal amount of 4.479%&#160;notes and $1,000,000,000
    aggregate principal amount of 5.765%&#160;debentures. The
    proceeds from the remarketing are estimated to be
    $1,770,380,000, including the payment by new investors of
    accrued and unpaid interest on the 4.70%&#160;debentures (prior
    to the reset of the interest rate) from March&#160;1, 2011 to,
    but not including, the remarketing settlement date. We will not
    receive any cash proceeds from the remarketing of the
    4.70%&#160;debentures. Instead, the proceeds from the
    remarketing will be used as follows:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    $1,770,208,888 of these proceeds will be applied to purchase the
    treasury portfolio at the treasury portfolio purchase price as
    described below, which will be pledged to the collateral agent
    to secure the Corporate Unit holders&#146; obligations to
    purchase our common stock under the purchase contracts on
    June&#160;1, 2011;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any proceeds from the remarketing of the 4.70%&#160;debentures
    remaining after deducting the purchase price for the treasury
    portfolio will be remitted ratably to holders of the Corporate
    Units as of 11:00&#160;a.m., New York City time, on
    March&#160;28, 2011.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The &#147;treasury portfolio&#148; consists of
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    U.S.&#160;Treasury securities (or principal or interest strips
    thereof) that mature on or prior to May&#160;31, 2011 in an
    aggregate amount equal to the principal amount of the
    4.70%&#160;debentures included in Corporate Units,&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    U.S.&#160;Treasury securities (or principal or interest strips
    thereof) that mature on or prior to May&#160;31, 2011 in an
    aggregate amount at maturity equal to the aggregate interest
    payment (assuming no reset of the interest rate on the
    4.70%&#160;debentures) that would have been due on June&#160;1,
    2011 on the principal amount of the 4.70%&#160;debentures
    included in the Corporate Units.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As used herein: &#147;treasury portfolio purchase price&#148;
    means the lowest aggregate ask-side price quoted by a primary
    U.S.&#160;government securities dealer to the quotation agent
    between 9:00&#160;a.m. and 4:00&#160;p.m., New York City time,
    on March&#160;30, 2011 for the purchase of the treasury
    portfolio for settlement on the remarketing settlement date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The &#147;quotation agent&#148; means any primary
    U.S.&#160;Government securities dealer selected by us.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On June&#160;1, 2011, the purchase contract settlement date, a
    portion of the proceeds from the treasury portfolio will be paid
    to us in settlement of the obligations of the holders of
    Corporate Units under the purchase contracts in exchange for the
    shares of our common stock that are to be issued to such holders
    pursuant to the purchase contracts.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<A name='N63734205'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">RATIO OF
    EARNINGS TO FIXED CHARGES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth below is our consolidated ratio of earnings to fixed
    charges for each of the periods presented.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Six Months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Year Ended June&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of Earnings to Fixed Charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.23
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.54
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.54
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.84
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.78
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.61x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The ratio of earnings to fixed charges is calculated as follows:
</DIV>

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

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

    <FONT style="font-family: 'Times New Roman', Times">(earnings)
    </FONT>
</DIV>

<CENTER style="font-size: 1pt; width: 26%; border-bottom: 1pt solid #000000"></CENTER>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (fixed charges)
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of calculating the ratios, earnings consist of:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pre-tax income from continuing operations before adjustment for
    noncontrolling interests in income from consolidated
    subsidiaries or income or loss from equity investees;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fixed charges;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amortization of capitalized interest;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    distributed income of equity investees;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our share of pre-tax losses of equity investees for which
    charges arising from guarantees are included in fixed charges;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    minus capitalized interest;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    minus preference security dividend requirements of consolidated
    subsidiaries;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    minus the noncontrolling interest in pre-tax income of
    subsidiaries that have not incurred fixed charges.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of calculating the ratios, fixed charges consist of:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    interest expensed and capitalized;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amortized premiums, discounts and capitalized expenses related
    to indebtedness;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estimate of the interest portion of rental expense on
    operating leases;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    preference security dividend requirements of consolidated
    subsidiaries.
</TD>
</TR>

</TABLE>
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    <BR>
    S-8
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<A name='N63734206'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE REMARKETED DEBENTURES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The following description of the particular terms of the debt
    securities supplements the description of the general terms and
    provisions of the &#147;debt securities&#148; set forth in the
    accompanying prospectus, to which reference is made. References
    to &#147;we,&#148; &#147;us&#148; and &#147;our&#148; in this
    section are only to Archer-Daniels-Midland Company and not to
    its subsidiaries.</I>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The 4.70%&#160;debentures were originally issued under an
    indenture dated as of September&#160;20, 2006, between us and
    The Bank of New York Mellon (as successor to JPMorgan Chase
    Bank, N.A.), as trustee, as amended and supplemented by the
    First Supplemental Indenture, dated as of June&#160;3, 2008, the
    Second Supplemental Indenture, dated as of November&#160;29,
    2010, and the Third Supplemental Indenture, to be dated
    April&#160;4, 2011. We refer to the indenture, as amended and
    supplemented, as the indenture.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The 4.70%&#160;debentures were issued in connection with our
    issuance of Equity Units. The Equity Units initially consisted
    of units, referred to as Corporate Units, each with a stated
    amount of $50. Each Corporate Unit consists of (1)&#160;a
    purchase contract pursuant to which the holder (a)&#160;agrees
    to purchase from us, for $50, shares of our common stock on
    June&#160;1, 2011 and (b)&#160;receives from us quarterly
    contract adjustment payments, and (2)&#160;a 1/20, or 5.0%,
    undivided beneficial ownership interest in $1,000 principal
    amount of 4.70%&#160;debentures issued by us (equivalent to $50
    principal amount of 4.70%&#160;debentures) originally due on
    June&#160;1, 2041. The 4.70%&#160;debentures were initially
    issued in an aggregate principal amount of $1,750,000,000.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus supplement relates to the remarketing of the
    4.70%&#160;debentures on behalf of the holders of Corporate
    Units.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The 4.479%&#160;notes offered hereby will mature on
    March&#160;1, 2021, and the 5.765%&#160;debentures offered
    hereby will mature on March&#160;1, 2041. The debt securities
    will be issued only in denominations of $1,000 and integral
    multiples of $1,000 in excess thereof.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture does not limit the amount of notes, debentures or
    other evidences of indebtedness that we may issue under the
    indenture and provides that notes, debentures or other evidences
    of indebtedness may be issued from time to time in one or more
    series. We may from time to time, without giving notice to or
    seeking the consent of the holders of the debt securities of any
    series offered hereby, issue debt securities having the same
    terms (except for the issue date and the public offering price)
    and ranking equally and ratably with the debt securities of any
    series offered hereby. Any additional debt securities having
    such similar terms, together with the debt securities of such
    series offered hereby, will constitute a single series of
    securities under the indenture.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities are not subject to a sinking fund provision
    and are not subject to defeasance. The 4.479%&#160;notes, in an
    aggregate principal amount of $750,000,000, will mature and
    become due and payable, together with any accrued and unpaid
    interest thereon, on March&#160;1, 2021, unless earlier redeemed
    or repurchased by us. The 5.765%&#160;debentures, in an
    aggregate principal amount of $1,000,000,000, will mature and
    become due and payable, together with any accrued and unpaid
    interest thereon, on March&#160;1, 2041, unless earlier redeemed
    or repurchased by us.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Ranking</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities are our senior unsecured obligations and
    rank equal in right of payment to our other senior unsecured
    obligations from time to time outstanding. The debt securities
    are effectively subordinated to all liabilities of our
    subsidiaries, including trade payables. Since we conduct many of
    our operations through our subsidiaries, our right to
    participate in any distribution of the assets of a subsidiary
    when it winds up its business is subject to the prior claims of
    the creditors of the subsidiary. This means that your right as a
    holder of our debt securities will also be subject to the prior
    claims of these creditors if a subsidiary liquidates or
    reorganizes or otherwise winds up its business. Unless we are
    considered a creditor of the subsidiary, your claims will be
    recognized behind these creditors. Since the debt securities are
    unsecured, the debt securities will be effectively subordinated
    to all of our secured obligations to the extent of the value of
    the assets securing such obligations.
</DIV>
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    <BR>
    S-9
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Interest</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The interest rate on the 4.70%&#160;debentures will be reset to
    4.479% per year, in the case of the 4.479%&#160;notes, and
    5.765% per year, in the case of the 5.765%&#160;debentures,
    effective from and after the remarketing settlement date. We
    will make interest payments on the debt securities semi-annually
    in arrears on March 1 and September 1 of each year, commencing
    September&#160;1, 2011, to the holders of record at the close of
    business on the February 15 or August 15 immediately preceding
    such interest payment date (whether or not a business day).
    Interest on the debt securities will be computed on the basis of
    a <FONT style="white-space: nowrap">360-day</FONT>
    year consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months. On September&#160;1, 2011, the first interest payment
    date of the debt securities, we will pay interest on the debt
    securities in an amount equal to (a)&#160;interest at the rate
    of 4.70% per year from and including March&#160;1, 2011 to, but
    not including, the remarketing settlement date and
    (b)&#160;interest at the applicable reset rate from and
    including the remarketing settlement date to, but not including,
    such interest payment date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The amount of interest payable on the debt securities for any
    period will be computed (1)&#160;for any full semi-annual
    period, on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months and (2)&#160;for any period shorter than a full
    semi-annual period, on the basis of a
    <FONT style="white-space: nowrap">30-day</FONT> month
    and, for any period less than a month, on the basis of the
    actual number of days elapsed per
    <FONT style="white-space: nowrap">30-day</FONT>
    month. If an interest payment date falls on a date that is not a
    business day, then interest will be paid on the next day that is
    a business day and no interest on such payment will accrue for
    the period from and after such interest payment date.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption
    at Our Option</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On or after June&#160;1, 2013, the debt securities of either or
    both series will be redeemable, in whole at any time or in part
    from time to time, at our option at a redemption price equal to
    the greater of:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    100% of the principal amount of the debt securities to be
    redeemed on that redemption date;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sum of the present values of the remaining scheduled
    payments of principal and interest on the debt securities being
    redeemed on that redemption date (not including any portion of
    such payments of interest accrued as of the date of redemption),
    discounted to the date of redemption on a semi-annual basis
    (assuming a
    <FONT style="white-space: nowrap">360-day</FONT> year
    consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months) at the applicable Treasury Rate (as defined below), plus
    15&#160;basis points, in the case of the 4.479%&#160;notes, and
    20&#160;basis points, in the case of the 5.765%&#160;debentures,
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    plus, in each case, accrued and unpaid interest thereon to the
    date of redemption. Notwithstanding the foregoing, installments
    of interest on debt securities that are due and payable on
    interest payment dates falling on or prior to a redemption date
    will be payable on the interest payment date to the registered
    holders as of the close of business on the relevant record date
    according to the debt securities and the indenture.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Comparable Treasury Issue&#148; means the United States
    Treasury security selected by the Quotation Agent as having a
    maturity comparable to the remaining term (as measured from the
    date of redemption) of the debt securities to be redeemed that
    would be utilized, at the time of selection and in accordance
    with customary financial practice, in pricing new issues of
    corporate debt securities of comparable maturity to the
    remaining term of such debt securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Comparable Treasury Price&#148; means, with respect to any
    redemption date, (1)&#160;if the Quotation Agent obtains four or
    more Reference Treasury Dealer Quotations, the average of such
    quotations, after excluding the highest and lowest such
    quotations, or (2)&#160;if the Quotation Agent obtains fewer
    than four such Reference Treasury Dealer Quotations, the average
    of all such quotations, or (3)&#160;if only one Reference
    Treasury Dealer Quotation is received, such quotation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Quotation Agent&#148; means any Reference Treasury Dealer
    appointed by us.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Reference Treasury Dealer&#148; means (1)&#160;each of
    Citigroup Global Markets Inc., J.P.&#160;Morgan Securities LLC,
    and Merrill Lynch, Pierce, Fenner&#160;&#038; Smith Incorporated
    (or their respective affiliates that are Primary Treasury
    Dealers) and their respective successors; provided, however,
    that if any of the foregoing shall cease to be a primary
    U.S.&#160;Government securities dealer in New York City (a
    &#147;Primary Treasury Dealer&#148;), we will substitute
    therefor another Primary Treasury Dealer, and (2)&#160;any other
    Primary Treasury Dealer selected by us.
</DIV>
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    <BR>
    S-10
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<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Reference Treasury Dealer Quotations&#148; means, with
    respect to each Reference Treasury Dealer and any redemption
    date, the average, as determined by the Quotation Agent, of the
    bid and asked prices for the applicable Comparable Treasury
    Issue (expressed in each case as a percentage of its principal
    amount) quoted in writing to the Quotation Agent by such
    Reference Treasury Dealer at 5:00&#160;p.m., New York City time,
    on the third business day preceding such redemption date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Treasury Rate&#148; means, with respect to any redemption
    date, the rate per annum equal to the semi-annual equivalent
    yield to maturity of the applicable Comparable Treasury Issue,
    assuming a price for such Comparable Treasury Issue (expressed
    as a percentage of its principal amount) equal to the applicable
    Comparable Treasury Price for such redemption date.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption&#160;Procedures</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will mail, or will cause the trustee to mail notice of every
    redemption notice by first-class mail, postage prepaid,
    addressed to the holders of record of the debt securities to be
    redeemed at their respective last addresses appearing on our
    books. Such mailing will be at least 30&#160;days and not more
    than 60&#160;days before the date fixed for redemption. Any
    notice mailed as provided in this paragraph will be conclusively
    presumed to have been duly given, whether or not the holder
    receives such notice, but failure duly to give such notice by
    mail, or any defect in such notice or in the mailing of such
    notice, to any holder of debt securities designated for
    redemption will not affect the redemption of any other debt
    securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any debt securities to be redeemed pursuant to the notice will,
    on the date fixed for redemption, become due and payable at the
    redemption price. From and after such date such debt securities
    will cease to bear interest. Upon surrender of any such debt
    securities for redemption in accordance with said notice, such
    debt securities will be paid by us at the redemption price,
    subject to certain conditions. If any debt securities called for
    redemption are not so paid upon surrender thereof for
    redemption, the redemption price will, until paid, bear interest
    from the redemption date at the rate prescribed therefor in the
    debt securities.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Change of
    Control Offer</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a change of control triggering event occurs with respect to
    any series of debt securities, we will be required, unless we
    have exercised our right to redeem the debt securities of such
    series by giving the holders of such debt securities notice
    thereof as provided above, to make an offer (the &#147;change of
    control offer&#148;) to each holder of the debt securities of
    such series to repurchase all or any part (equal to $1,000 or an
    integral multiple of $1,000 in excess thereof) of that
    holder&#146;s debt securities on the terms set forth in the debt
    securities of such series. In the change of control offer, we
    will be required to offer payment in cash equal to 101% of the
    aggregate principal amount of debt securities repurchased, plus
    accrued and unpaid interest, if any, on the debt securities
    repurchased to the date of repurchase (the &#147;change of
    control payment&#148;). Within 30&#160;days following any change
    of control triggering event or, at our option, prior to any
    change of control, but after public announcement of the
    transaction that constitutes or may constitute the change of
    control, a notice will be mailed to holders of the debt
    securities for which a change of control triggering event has
    occurred or may occur describing the transaction that
    constitutes or may constitute the change of control triggering
    event and offering to repurchase the debt securities of such
    series on the date specified in the notice, which date will be
    no earlier than 30&#160;days and no later than 60&#160;days from
    the date such notice is mailed (the &#147;change of control
    payment date&#148;). The notice will, if mailed prior to the
    date of consummation of the change of control, state that the
    offer to purchase is conditioned on the change of control
    triggering event occurring on or prior to the change of control
    payment date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On the change of control payment date, we will, to the extent
    lawful:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    accept for payment all debt securities or portions of debt
    securities properly tendered pursuant to the change of control
    offer;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    deposit with the paying agent an amount equal to the change of
    control payment in respect of all debt securities or portions of
    debt securities properly tendered;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    deliver or cause to be delivered to the trustee the debt
    securities properly accepted together with an officers&#146;
    certificate stating the aggregate principal amount of debt
    securities or portions of debt securities being
</TD>
</TR>
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</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-11
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    repurchased and that all conditions precedent provided for in
    the indenture to the change of control offer and to the
    repurchase by us of debt securities pursuant to the change of
    control offer have been complied with.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will not be required to make a change of control offer upon
    the occurrence of a change of control triggering event if a
    third party makes such an offer in the manner, at the times and
    otherwise in compliance with the requirements for an offer made
    by us and the third party repurchases all debt securities
    properly tendered and not withdrawn under its offer. In
    addition, we will not repurchase any debt securities if there
    has occurred and is continuing on the change of control payment
    date an event of default under the indenture with respect to
    such debt securities, other than a default in the payment of the
    change of control payment upon a change of control triggering
    event.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will comply with the requirements of
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    under the Securities Exchange Act of 1934, as amended (the
    &#147;Exchange Act&#148;), and any other securities laws and
    regulations thereunder to the extent those laws and regulations
    are applicable in connection with the repurchase of the debt
    securities as a result of a change of control triggering event.
    To the extent that the provisions of any such securities laws or
    regulations conflict with the change of control offer provisions
    of the debt securities, we will comply with those securities
    laws and regulations and will not be deemed to have breached our
    obligations under the change of control offer provisions of the
    debt securities by virtue of any such conflict.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of the change of control offer provisions of the
    debt securities, the following terms will be applicable:
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Change of control&#148; means the occurrence of any of the
    following:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the consummation of any transaction (including, without
    limitation, any merger or consolidation) the result of which is
    that any &#147;person&#148; (as that term is used in
    Section&#160;13(d)(3) of the Exchange Act) (other than our
    company or one of our subsidiaries) becomes the beneficial owner
    (as defined in
    <FONT style="white-space: nowrap">Rules&#160;13d-3</FONT>
    and <FONT style="white-space: nowrap">13d-5</FONT>
    under the Exchange Act), directly or indirectly, of more than
    50% of our voting stock or other voting stock into which our
    voting stock is reclassified, consolidated, exchanged or
    changed, measured by voting power rather than number of shares;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the direct or indirect sale, transfer, conveyance or other
    disposition (other than by way of merger or consolidation), in
    one or more series of related transactions, of all or
    substantially all of our assets and the assets of our
    subsidiaries, taken as a whole, to one or more
    &#147;persons&#148; (as that term is defined in the indenture)
    (other than our company or one of our subsidiaries);&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the first day on which a majority of the members of our Board of
    Directors are not continuing directors.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, a transaction will not be deemed
    to involve a change of control if (1)&#160;we become a direct or
    indirect wholly-owned subsidiary of a holding company and
    (2)&#160;either (A)&#160;the direct or indirect holders of the
    voting stock of such holding company immediately following that
    transaction are substantially the same as the holders of our
    voting stock immediately prior to that transaction or
    (B)&#160;immediately following that transaction no person (other
    than a holding company satisfying the requirements of this
    sentence) is the beneficial owner, directly or indirectly, of
    more than 50% of the voting stock of such holding company.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Change of control triggering event&#148; means, with
    respect to each series of debt securities, the occurrence of
    both a change of control and a rating event.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Continuing directors&#148; means, as of any date of
    determination, any member of our Board of Directors who
    (1)&#160;was a member of such Board of Directors on the date the
    debt securities were originally issued or (2)&#160;was nominated
    for election, elected or appointed to such Board of Directors
    with the approval of a majority of the continuing directors who
    were members of such Board of Directors at the time of such
    nomination, election or appointment (either by a specific vote
    or by approval of our proxy statement in which such member was
    named as a nominee for election as a director, without objection
    to such nomination).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Fitch&#148; means Fitch Ratings, and its successors.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-12
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Investment grade rating&#148; means a rating equal to or
    higher than BBB- (or the equivalent) by Fitch, Baa3 (or the
    equivalent) by Moody&#146;s and BBB- (or the equivalent) by
    S&#038;P, and the equivalent investment grade credit rating from
    any additional rating agency or rating agencies selected by us.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Moody&#146;s&#148; means Moody&#146;s Investors Service
    Inc., a subsidiary of Moody&#146;s Corporation, and its
    successors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Rating agencies&#148; means (1)&#160;each of Fitch,
    Moody&#146;s and S&#038;P; and (2)&#160;if any of Fitch,
    Moody&#146;s or S&#038;P ceases to rate the debt securities of
    the applicable series or fails to make a rating of such debt
    securities publicly available for reasons outside of our
    control, a &#147;nationally recognized statistical rating
    organization&#148; within the meaning of
    <FONT style="white-space: nowrap">Rule&#160;15c3-1(c)(2)(vi)(F)</FONT>
    under the Exchange Act selected by us (as certified by a
    resolution of our Board of Directors) as a replacement agency
    for Fitch, Moody&#146;s or S&#038;P, or all of them, as the case
    may be.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Rating event&#148; means, with respect to each series of
    debt securities, the rating on such debt securities is lowered
    by each of the rating agencies and such debt securities are
    rated below an investment grade rating by each of the rating
    agencies on any day within the
    <FONT style="white-space: nowrap">60-day</FONT>
    period (which
    <FONT style="white-space: nowrap">60-day</FONT>
    period will be extended so long as the rating of such debt
    securities is under publicly announced consideration for a
    possible downgrade by any of the rating agencies) after the
    earlier of (1)&#160;the occurrence of a change of control and
    (2)&#160;public notice of the occurrence of a change of control
    or our intention to effect a change of control; provided,
    however, that a rating event otherwise arising by virtue of a
    particular reduction in rating will not be deemed to have
    occurred in respect of a particular change of control (and thus
    will not be deemed a rating event for purposes of the definition
    of change of control triggering event) if the rating agencies
    making the reduction in rating to which this definition would
    otherwise apply do not announce or publicly confirm or inform
    the trustee in writing at our request that the reduction was the
    result, in whole or in part, of any event or circumstance
    comprised of or arising as a result of, or in respect of, the
    applicable change of control (whether or not the applicable
    change of control has occurred at the time of the rating event).
    If any rating agency is not providing a rating of such debt
    securities on any day during the relevant period for any reason
    and we have not selected a replacement rating agency pursuant to
    the terms of such debt securities, the rating of such rating
    agency shall be deemed to be below an Investment grade rating on
    such day and such rating agency will be deemed to have lowered
    its rating of such debt securities during the relevant period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;S&#038;P&#148; means Standard&#160;&#038; Poor&#146;s
    Rating Services, a division of The McGraw-Hill Companies, Inc.,
    and its successors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Voting stock&#148; means, with respect to any specified
    &#147;person&#148; (as that term is used in
    Section&#160;13(d)(3) of the Exchange Act) as of any date, the
    capital stock of such person that is at the time entitled to
    vote generally in the election of the board of directors of such
    person
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Covenants
    Contained in the Indenture</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The covenants contained in the indenture, including, among
    others, those that restrict our ability to (1)&#160;incur
    secured funded debt, (2)&#160;engage in sale and leaseback
    transactions and (3)&#160;engage in mergers and sell our assets,
    will apply to the debt securities. See &#147;Description of Debt
    Securities&#160;&#151; Covenants Contained in the
    Indenture&#148; in the accompanying prospectus.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Defeasance</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The defeasance provisions of the indenture do not apply to the
    debt securities.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Governing
    Law</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture and the debt securities will be governed by, and
    construed in accordance with, the laws of the State of New York.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-13
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Book-Entry
    Delivery and Settlement</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Global
    Debt Securities</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will issue each series of debt securities in the form of one
    or more global debt securities in definitive, fully registered,
    book-entry form. The global debt securities will be deposited
    with or on behalf of DTC and registered in the name of
    Cede&#160;&#038; Co., as nominee of DTC.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">DTC,
    Clearstream and Euroclear</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Beneficial interests in the global debt securities will be
    represented through book-entry accounts of financial
    institutions acting on behalf of beneficial owners as direct and
    indirect participants in DTC. Investors may hold interests in
    the global debt securities through either DTC (in the United
    States), Clearstream Banking, soci&#233;t&#233; anonyme, which
    we refer to as Clearstream, or Euroclear Bank S.A./ N.V., as
    operator of the Euroclear System, which we refer to as
    Euroclear, in Europe, either directly if they are participants
    in such systems or indirectly through organizations that are
    participants in such systems. Clearstream and Euroclear will
    hold interests on behalf of their participants through
    customers&#146; securities accounts in Clearstream&#146;s and
    Euroclear&#146;s names on the books of their
    U.S.&#160;depositaries, which in turn will hold such interests
    in customers&#146; securities accounts in the
    U.S.&#160;depositaries&#146; names on the books of DTC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC has advised us that:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    DTC is a limited-purpose trust company organized under the New
    York Banking Law, a &#147;banking organization&#148; within the
    meaning of the New York Banking Law, a member of the Federal
    Reserve System, a &#147;clearing corporation&#148; within the
    meaning of the New York Uniform Commercial Code and a
    &#147;clearing agency&#148; registered under Section&#160;17A of
    the Securities Exchange Act of 1934;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    DTC holds securities that its participants deposit with DTC and
    facilitates the settlement among participants of securities
    transactions, such as transfers and pledges, in deposited
    securities through electronic computerized book-entry changes in
    participants&#146; accounts, thereby eliminating the need for
    physical movement of securities certificates;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    direct participants include securities brokers and dealers,
    banks, trust companies, clearing corporations and other
    organizations, some of whom,
    <FONT style="white-space: nowrap">and/or</FONT> their
    representatives, own DTC;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    DTC is owned by a number of its direct participants and by The
    New York Stock Exchange, Inc., the American Stock Exchange LLC
    and the Financial Industry Regulatory Authority, Inc.;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    access to the DTC system is also available to others such as
    securities brokers and dealers, banks and trust companies that
    clear through or maintain a custodial relationship with a direct
    participant, either directly or indirectly;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rules applicable to DTC and its direct and indirect
    participants are on file with the SEC.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Clearstream has advised us that it is incorporated under the
    laws of Luxembourg as a professional depositary. Clearstream
    holds securities for its customers and facilitates the clearance
    and settlement of securities transactions between its customers
    through electronic book-entry changes in accounts of its
    customers, thereby eliminating the need for physical movement of
    certificates. Clearstream provides to its customers, among other
    things, services for safekeeping, administration, clearance and
    settlement of internationally traded securities and securities
    lending and borrowing. Clearstream interfaces with domestic
    markets in several countries. As a professional depositary,
    Clearstream is subject to regulation by the Luxembourg
    Commission for the Supervision of the Financial Section.
    Clearstream customers are recognized financial institutions
    around the world, including underwriters, securities brokers and
    dealers, banks, trust companies, clearing corporations and other
    organizations and may include the remarketing agents. Indirect
    access to Clearstream is also available to others, such as
    banks, brokers, dealers and trust companies that clear through
    or maintain a custodial relationship with a Clearstream customer
    either directly or indirectly.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Euroclear has advised us that it was created in 1968 to hold
    securities for participants of Euroclear and to clear and settle
    transactions between Euroclear participants through simultaneous
    electronic book-entry delivery against
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-14
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    payment, thereby eliminating the need for physical movement of
    certificates and any risk from lack of simultaneous transfers of
    securities and cash. Euroclear provides various other services,
    including securities lending and borrowing and interfaces with
    domestic markets in several countries. Euroclear is operated by
    Euroclear Bank S.A./ N.V., which we refer to as the Euroclear
    Operator, under contract with Euroclear Clearance Systems S.C.,
    a Belgian cooperative corporation, which we refer to as the
    Cooperative. All operations are conducted by the Euroclear
    Operator, and all Euroclear securities clearance accounts and
    Euroclear cash accounts are accounts with the Euroclear
    Operator, not the Cooperative. The Cooperative establishes
    policy for Euroclear on behalf of Euroclear participants.
    Euroclear participants include banks (including central banks),
    securities brokers and dealers, and other professional financial
    intermediaries and may include the remarketing agents. Indirect
    access to Euroclear is also available to other firms that clear
    through or maintain a custodial relationship with a Euroclear
    participant, either directly or indirectly.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We understand that the Euroclear Operator is licensed by the
    Belgian Banking and Finance Commission to carry out banking
    activities on a global basis. As a Belgian bank, it is regulated
    and examined by the Belgian Banking and Finance Commission.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have provided the descriptions of the operations and
    procedures of DTC, Clearstream and Euroclear in this prospectus
    supplement solely as a matter of convenience. These operations
    and procedures are solely within the control of those
    organizations and are subject to change by them from time to
    time. None of us, the remarketing agents nor the trustee takes
    any responsibility for these operations or procedures, and you
    are urged to contact DTC, Clearstream and Euroclear or their
    participants directly to discuss these matters.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expect that under procedures established by DTC:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    upon deposit of the global debt securities with DTC or its
    custodian, DTC will credit on its internal system the accounts
    of direct participants designated by the remarketing agents with
    portions of the principal amounts of the global debt
    securities;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ownership of the debt securities will be shown on, and the
    transfer of ownership thereof will be effected only through,
    records maintained by DTC or its nominee, with respect to
    interests of direct participants, and the records of direct and
    indirect participants, with respect to interests of persons
    other than participants.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The laws of some jurisdictions may require that purchasers of
    securities take physical delivery of those securities in
    definitive form. Accordingly, the ability to transfer interests
    in the debt securities represented by a global debt security 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 having an interest in debt securities represented by a
    global debt security to pledge or transfer those interests to
    persons or entities that do not participate in DTC&#146;s
    system, or otherwise to take actions in respect of such
    interest, may be affected by the lack of a physical definitive
    security in respect of such interest.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    So long as DTC or its nominee is the registered owner of a
    global debt security, DTC or that nominee will be considered the
    sole owner or holder of the debt securities represented by that
    global debt security for all purposes under the indenture and
    under the debt securities. Except as provided below, owners of
    beneficial interests in a global debt security will not be
    entitled to have debt securities represented by that global debt
    security registered in their names, will not receive or be
    entitled to receive physical delivery of certificated debt
    securities and will not be considered the owners or holders
    thereof under the indenture or under the debt securities 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 debt security must rely
    on the procedures of DTC and, if that holder is not a direct or
    indirect participant, on the procedures of the participant
    through which that holder owns its interest, to exercise any
    rights of a holder of debt securities under the indenture or a
    global debt security.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 debt securities by DTC, Clearstream or
    Euroclear, or for maintaining, supervising or reviewing any
    records of those organizations relating to the debt securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payments on the debt securities represented by the global debt
    securities will be made to DTC or its nominee, as the case may
    be, as the registered owner thereof. We expect that DTC or its
    nominee, upon receipt of any payment
</DIV>
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    <BR>
    S-15
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    on the debt securities represented by a global debt security,
    will credit participants&#146; accounts with payments in amounts
    proportionate to their respective beneficial interests in the
    global debt security as shown in the records of DTC or its
    nominee. We also expect that payments by participants to owners
    of beneficial interests in the global debt security held through
    such participants will be governed by standing instructions and
    customary practice as is now the case with securities held for
    the accounts of customers registered in the names of nominees
    for such customers. The participants will be responsible for
    those payments.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions on the debt securities held beneficially through
    Clearstream will be credited to cash accounts of its customers
    in accordance with its rules and procedures, to the extent
    received by the U.S.&#160;depositary for Clearstream.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Securities clearance accounts and cash accounts with the
    Euroclear Operator are governed by the Terms and Conditions
    Governing Use of Euroclear and the related Operating Procedures
    of the Euroclear System, and applicable Belgian law
    (collectively, the &#147;Terms and Conditions&#148;). The Terms
    and Conditions govern transfers of securities and cash within
    Euroclear, withdrawals of securities and cash from Euroclear,
    and receipts of payments with respect to securities in
    Euroclear. All securities in Euroclear are held on a fungible
    basis without attribution of specific certificates to specific
    securities clearance accounts. The Euroclear Operator acts under
    the Terms and Conditions only on behalf of Euroclear
    participants and has no record of or relationship with persons
    holding through Euroclear participants.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions on the debt securities held beneficially through
    Euroclear will be credited to the cash accounts of its
    participants in accordance with the Terms and Conditions, to the
    extent received by the U.S.&#160;depositary for Euroclear.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Clearance
    and Settlement Procedures</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Initial settlement for the debt securities will be made in
    immediately available funds. Secondary market trading between
    DTC participants will occur in the ordinary way in accordance
    with DTC rules and will be settled in immediately available
    funds. Secondary market trading between Clearstream customers
    <FONT style="white-space: nowrap">and/or</FONT>
    Euroclear participants will occur in the ordinary way in
    accordance with the applicable rules and operating procedures of
    Clearstream and Euroclear, as applicable, and will be settled
    using the procedures applicable to conventional eurobonds in
    immediately available funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Cross-market transfers between persons holding directly or
    indirectly through DTC, on the one hand, and directly or
    indirectly through Clearstream customers or Euroclear
    participants, on the other, will be effected through DTC in
    accordance with DTC rules on behalf of the relevant European
    international clearing system by its U.S.&#160;depositary;
    however, such cross-market transactions will require delivery of
    instructions to the relevant European international clearing
    system by the counterparty in such system in accordance with its
    rules and procedures and within its established deadlines
    (European time). The relevant European international clearing
    system will, if the transaction meets its settlement
    requirements, deliver instructions to the U.S.&#160;depositary
    to take action to effect final settlement on its behalf by
    delivering or receiving the debt securities in DTC, and making
    or receiving payment in accordance with normal procedures for
    <FONT style="white-space: nowrap">same-day</FONT>
    funds settlement applicable to DTC. Clearstream customers and
    Euroclear participants may not deliver instructions directly to
    their U.S.&#160;depositaries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because of time-zone differences, credits of the debt securities
    received in Clearstream or Euroclear as a result of a
    transaction with a DTC participant will be made during
    subsequent securities settlement processing and dated the
    business day following the DTC settlement date. Such credits or
    any transactions in the debt securities settled during such
    processing will be reported to the relevant Clearstream
    customers or Euroclear participants on such business day. Cash
    received in Clearstream or Euroclear as a result of sales of the
    debt securities by or through a Clearstream customer or a
    Euroclear participant to a DTC participant will be received with
    value on the DTC settlement date but will be available in the
    relevant Clearstream or Euroclear cash account only as of the
    business day following settlement in DTC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although DTC, Clearstream and Euroclear have agreed to the
    foregoing procedures to facilitate transfers of the debt
    securities among participants of DTC, Clearstream and Euroclear,
    they are under no obligation to perform or continue to perform
    such procedures and such procedures may be changed or
    discontinued at any time.
</DIV>
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    <BR>
    S-16
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Certificated
    Debt Securities</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Individual certificates in respect of the debt securities will
    not be issued in exchange for the global debt securities, except
    in very limited circumstances. We will issue or cause to be
    issued certificated debt securities of the applicable series to
    each person that DTC identifies as the beneficial owner of the
    debt securities represented by a global debt security upon
    surrender by DTC of the global debt security if:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    DTC notifies us that it is no longer willing or able to act as a
    depositary for such global debt security or ceases to be a
    clearing agency registered under the Securities Exchange Act of
    1934, and we have not appointed a successor depositary within
    90&#160;days of that notice or becoming aware that DTC is no
    longer so registered;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an event of default under the indenture with respect to such
    debt securities has occurred and is continuing, and DTC requests
    the issuance of certificated debt securities of the applicable
    series;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    subject to DTC&#146;s procedures, we determine not to have the
    debt securities of such series represented by a global debt
    security.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 debt securities. 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 certificated debt
    securities to be issued.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    Concerning the Trustee</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Bank of New York Mellon is the trustee under the indenture.
    From time to time, we maintain deposit accounts and conduct
    other banking transactions with the trustee in the ordinary
    course of business. The Bank of New York Mellon also serves as
    trustee for certain of our other senior unsecured debt
    obligations.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Agreement
    by Purchasers of Certain Tax Treatment</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each debt security provides that, by acceptance of the debt
    security, you intend that the debt security constitutes debt and
    you agree to treat it as debt for United States federal, state
    and local tax purposes. See &#147;Material U.S.&#160;Federal
    Income Tax Consequences.&#148;
</DIV>
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    <BR>
    S-17
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<A name='N63734207'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">MATERIAL
    UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following discussion summarizes certain of the United States
    federal income tax consequences of the purchase, ownership and
    disposition of the debt securities. This summary:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    is based on the Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;), United States Treasury regulations issued
    under the Code, judicial decisions and administrative
    pronouncements as of the date of this supplement, all of which
    are subject to different interpretation or to change. Any such
    change may be applied retroactively and may adversely affect the
    federal income tax consequences described in this prospectus
    supplement;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    addresses only tax consequences to investors that purchase the
    debt securities for cash at their public offering price, and
    hold the debt securities as capital assets within the meaning of
    Section&#160;1221 of the Code (that is, for investment purposes);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    does not discuss all of the tax consequences that may be
    relevant to particular investors in light of their particular
    circumstances (such as the application of the alternative
    minimum tax);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    does not discuss all of the tax consequences that may be
    relevant to investors that are subject to special treatment
    under the United States federal income tax laws (such as
    insurance companies, financial institutions, tax-exempt
    organizations, retirement plans, regulated investment companies,
    dealers in securities or currencies, holders whose functional
    currency for tax purposes is not the United States dollar,
    persons holding the debt securities as part of a hedge,
    straddle, constructive sale, conversion or other integrated
    transaction, former United States citizens or long-term
    residents subject to taxation as expatriates under
    Section&#160;877 of the Code, or traders in securities that have
    elected to use a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    method of accounting for their securities holdings);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    does not discuss the effect of other United States federal tax
    laws (such as estate and gift tax laws) except to the limited
    extent specifically indicated below, and does not discuss any
    state, local or foreign tax laws;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    does not discuss the tax consequences to a person holding debt
    securities through a partnership (or other entity or arrangement
    classified as a partnership for United States federal income tax
    purposes).
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have not sought and will not seek a ruling from the Internal
    Revenue Service (the &#147;IRS&#148;) with respect to any
    matters discussed in this section, and we cannot assure you that
    the IRS will not take a different position concerning the tax
    consequences of the purchase, ownership or disposition of the
    debt securities, or that any such position would not be
    sustained.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a partnership (or other entity or arrangement classified as a
    partnership for United States federal income tax purposes) holds
    the debt securities, the tax treatment of a partner in the
    partnership generally will depend on the status of the partner
    and the activities of the partnership. This supplement does not
    discuss rules applicable to partnerships. If you are a
    partnership or a partner in a partnership holding debt
    securities, you should consult your tax advisor regarding the
    tax consequences of the purchase, ownership or disposition of
    the debt securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Prospective investors should consult their own tax advisors
    with regard to the application of the tax consequences discussed
    below to their particular situation and the application of any
    other United States federal as well as state or local or foreign
    tax laws and tax treaties, including gift and estate tax
    laws.</B>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    United States Federal Income Tax Consequences to U.S.
    Holders</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of certain United States federal
    income tax consequences of the purchase, ownership and
    disposition of the debt securities by a holder that is a
    &#147;U.S.&#160;Holder.&#148; For purposes of this summary,
    &#147;U.S.&#160;Holder&#148; means a beneficial owner of a debt
    security or debt securities that is for United States federal
    income tax purposes:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an individual who is a citizen or resident of the United States,
    including an alien individual who is a lawful permanent resident
    of the United States, who meets the &#147;substantial
    presence&#148; test under Section&#160;7701(b) of the Code, or
    who makes an election to be treated as a resident under certain
    circumstances;
</TD>
</TR>

</TABLE>
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    <BR>
    S-18
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a corporation (or other entity taxable as a corporation for
    United States federal income tax purposes) created or organized
    in or under the laws of the United States (or any state thereof
    or the District of Columbia);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate whose net income is subject to United States federal
    income taxation regardless of its source;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trust if (1)&#160;a court within the United States is able to
    exercise primary supervision over its administration and one or
    more United States persons (within the meaning of the Code) have
    the authority to control all of its substantial decisions, or
    (2)&#160;such trust was in existence on August&#160;20, 1996 and
    has a valid election in effect under applicable United States
    Treasury regulations to be treated as a United States person.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the &#147;substantial presence&#148; test referred to
    above, an individual may, subject to certain exceptions, be
    deemed to be a tax resident of the United States by reason of
    being present in the United States for at least 31&#160;days in
    the calendar year and for an aggregate of at least 183&#160;days
    during a three-year period ending in the current calendar year
    (counting for such purposes all of the days present in the
    current year, one-third of the days present in the immediately
    preceding year and one-sixth of the days present in the second
    preceding year).
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Tax
    Treatment of the Debt Securities</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We intend for the debt securities to constitute debt for United
    States federal, state and local tax purposes. Each debt security
    provides that, by acceptance of the debt security, you intend
    that the debt security constitutes debt and you agree to treat
    it as debt for United States federal, state and local tax
    purposes. The remainder of this discussion assumes that the debt
    securities constitute debt for such purposes.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Treatment
    of Interest</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Stated interest on the debt securities will be taxable to a
    U.S.&#160;Holder as ordinary income as the interest is paid or
    accrues in accordance with the U.S.&#160;Holder&#146;s method of
    tax accounting.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Debt
    Securities Purchased at a Premium</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expect that the public offering price of the debt securities
    will exceed the principal amount of the debt securities. A
    holder may elect to treat the excess of its purchase price paid
    for the debt securities over the principal amount of the debt
    securities as amortizable bond premium. If the holder makes this
    election, the holder will reduce the amount required to be
    included in income each year with respect to interest on the
    debt security by the amount of amortizable bond premium
    allocable to that year, based on the debt security&#146;s yield
    to maturity. If a holder makes an election to amortize bond
    premium, such election will apply to all debt instruments, other
    than debt instruments the interest on which is excludible from
    gross income, that such holder holds at the beginning of the
    first taxable year to which the election applies or that the
    holder thereafter acquires, and such holder may not revoke the
    election without the consent of the IRS. Generally, a holder who
    does not make this election will not be permitted to reduce the
    interest income on the debt securities by the amount of the
    amortizable bond premium and will have a capital loss at
    maturity of the debt securities. The ability to deduct capital
    losses is subject to significant limitations.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Treatment
    of Dispositions of Debt Securities</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon the sale, exchange, retirement or other taxable disposition
    (collectively, a &#147;disposition&#148;) of a debt security, a
    U.S.&#160;Holder generally will recognize gain or loss equal to
    the difference between the amount received on such disposition
    (other than amounts received in respect of accrued and unpaid
    interest, which will generally be taxable to that
    U.S.&#160;Holder as ordinary interest income at that time if not
    previously included in the U.S.&#160;Holder&#146;s income) and
    the U.S.&#160;Holder&#146;s adjusted tax basis in the debt
    security. A U.S.&#160;Holder&#146;s adjusted tax basis in a debt
    security will be, in general, the cost of the debt security to
    the U.S.&#160;Holder. Gain or loss realized on the sale,
    exchange or retirement of a debt security generally will be
    capital gain or loss, and will be long-term capital gain or loss
    if, at the time of such sale, exchange or retirement, the debt
    security has been held for more than one year. Otherwise, such
    gain or loss generally will be short-term capital gain or loss.
    Net long-term capital gain recognized by a non-corporate
    U.S.&#160;Holder generally currently is eligible for reduced
    rates of United States federal income taxation. The
    deductibility of capital losses is subject to significant
    limitations.
</DIV>
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    <BR>
    S-19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Medicare Tax on Unearned Income</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to taxable years beginning after December&#160;31,
    2012, certain U.S.&#160;Holders, including individuals, estates
    and trusts, will be subject to an additional 3.8% Medicare tax
    (the &#147;additional Medicare tax&#148;) on unearned income.
    For individual U.S.&#160;Holders, the additional Medicare tax
    applies to the lesser of (i)&#160;&#147;net investment
    income&#148; or (ii)&#160;the excess of &#147;modified adjusted
    gross income&#148; over $200,000 ($250,000 if married and filing
    jointly or $125,000 if married and filing separately). &#147;Net
    investment income&#148; generally equals the taxpayer&#146;s
    gross investment income reduced by the deductions that are
    allocable to such income. Investment income generally includes
    passive income such as interest, dividends, annuities,
    royalties, rents, and capital gains. U.S.&#160;Holders are urged
    to consult their own tax advisors regarding the implications of
    the additional Medicare tax resulting from an investment in the
    debt securities.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    United States Federal Tax Consequences to
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of the United States federal income
    and estate tax consequences of the purchase, ownership and
    disposition of the debt securities by a holder that is a
    <FONT style="white-space: nowrap">&#147;Non-U.S.&#160;Holder.&#148;</FONT>
    For purposes of this summary, the term
    <FONT style="white-space: nowrap">&#147;Non-U.S.&#160;Holder&#148;</FONT>
    means a beneficial owner of a debt security or debt securities,
    other than a partnership (or an entity or arrangement classified
    as a partnership for United States federal income tax purposes),
    who is not a U.S.&#160;Holder.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Special rules may apply to
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    that are subject to special treatment under the Code, including
    &#147;controlled foreign corporations&#148; and &#147;passive
    foreign investment companies.&#148; Such
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    should consult their own tax advisors to determine the United
    States federal, state, local and other tax consequences that may
    be relevant to them.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Treatment
    of Interest</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the discussion below concerning backup withholding, a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    will not be subject to United States federal income or
    withholding tax in respect of interest income on the debt
    securities if the interest income qualifies for the
    &#147;portfolio interest exception.&#148; Interest income will
    qualify for the &#147;portfolio interest exception&#148; under
    Section&#160;871 or 881 of the Code if each of the following
    requirements is satisfied:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the interest is not effectively connected with the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder&#146;s</FONT>
    conduct of a trade or business in the United States;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    appropriately certifies its status as a
    <FONT style="white-space: nowrap">non-United</FONT>
    States person (in the manner described below);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    does not actually or constructively own 10% or more of the total
    combined voting power of our stock entitled to vote;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is not a &#147;controlled foreign corporation&#148; that is
    actually or constructively related to us through stock
    ownership;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is not a bank which acquired the debt securities in
    consideration for an extension of credit made pursuant to a loan
    agreement entered into in the ordinary course of business.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The certification requirement referred to above generally will
    be satisfied if the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    provides us or our paying agent with a statement on IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or suitable substitute or successor form), together with all
    appropriate attachments, signed under penalties of perjury,
    identifying the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    and certifying, among other things, that the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is not a United States person (within the meaning of the Code).
    If the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    holds its debt securities through a financial institution or
    other agent acting on the holder&#146;s behalf, the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    will be required to provide appropriate documentation to that
    agent, and that agent will then be required to provide
    appropriate documentation to us or our paying agent (either
    directly or through other intermediaries). For payments made to
    foreign partnerships and certain other pass-through entities,
    the certification requirement will generally apply to the
    partners or other interest holders rather than the partnership
    or other pass-through entity. We may be required to report
    annually to the IRS and to each
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    the amount of interest paid to, and the tax withheld, if any,
    with respect to each
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder.</FONT>
    Prospective
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    should
</DIV>
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    <BR>
    S-20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    consult their tax advisors regarding this certification
    requirement, and alternative methods for satisfying the
    certification requirement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the requirements of the &#147;portfolio interest
    exception&#148; are not satisfied with respect to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder,</FONT>
    payments of interest to that
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    will be subject to withholding of United States tax at a 30%
    rate, unless another exemption or a reduced withholding rate
    applies. For example, an applicable income tax treaty may reduce
    or eliminate such tax, in which event a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    claiming the benefit of such treaty must provide the withholding
    agent with a properly executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or suitable substitute or successor form) claiming the benefit
    of the applicable tax treaty. Alternatively, an exemption
    applies to the withholding of United States tax at a 30% rate if
    the interest is effectively connected with the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder&#146;s</FONT>
    conduct of a trade or business in the United States and the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    provides an appropriate statement to that effect on a properly
    executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    (or suitable substitute or successor form). In the latter case,
    such
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    generally will be subject to United States federal income tax
    with respect to all income from the debt securities in the same
    manner as U.S.&#160;Holders, as described above, unless an
    applicable income tax treaty provides otherwise. In addition,
    such a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    that is a corporation may be subject to a branch profits tax
    with respect to any such United States trade or business income
    at a rate of 30% (or at a reduced rate under an applicable
    income tax treaty).
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Treatment
    of Dispositions of Debt Securities</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the discussion below concerning backup withholding, a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    generally will not be subject to United States federal income
    tax or withholding on gain realized (if any) upon the
    disposition of a debt security (including a redemption) (other
    than amounts received in respect of accrued and unpaid interest,
    which will generally be treated as described under
    &#147;&#151;&#160;Treatment of Interest&#148; above) unless:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is an individual present in the United States for 183&#160;days
    or more in the taxable year of the disposition and certain other
    conditions are met;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the gain is effectively connected with the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder&#146;s</FONT>
    conduct of a trade or business in the United States (and, if
    certain tax treaties apply, is attributable to a permanent
    establishment maintained by the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    within the United States).
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the first non-recognition exception applies, the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    generally will be subject to United States federal income tax at
    a rate of 30% (or at a reduced rate under an applicable income
    tax treaty) on the amount by which capital gains allocable to
    United States sources (including gains from the sale, exchange,
    retirement or other disposition of the debt securities) exceed
    capital losses allocable to United States sources. If the second
    non-recognition exception applies, the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    generally will be subject to United States federal income tax
    with respect to such gain in the same manner as
    U.S.&#160;Holders, as described above, unless an applicable
    income tax treaty provides otherwise. Additionally,
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    that are corporations could be subject to a branch profits tax
    with respect to such gain at a rate of 30% (or at a reduced rate
    under an applicable income tax treaty).
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Treatment
    of Debt Securities for United States Federal Estate Tax
    Purposes</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A debt security held, or beneficially held, by an individual who
    is neither a citizen nor a resident of the United States at the
    time of his or her death will not be includable in the
    individual&#146;s gross estate for United States federal estate
    tax purposes, provided that (1)&#160;the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    does not at the time of death actually or constructively own 10%
    or more of the combined voting power of all classes of our stock
    entitled to vote and (2)&#160;at the time of death, payments
    with respect to such debt security would not have been
    effectively connected with the conduct by such holder of a trade
    or business in the United States. In addition, under the terms
    of an applicable estate tax treaty, United States federal estate
    tax may not apply with respect to a debt security.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">United
    States Information Reporting Requirements and Backup
    Withholding</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">U.S.
    Holders</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We, or if a U.S.&#160;Holder holds debt securities through a
    broker or other securities intermediary, the intermediary, may
    be required to file information returns with respect to payments
    made to the U.S.&#160;Holder of interest, and, in some cases,
    disposition proceeds on the debt securities.
</DIV>
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    <BR>
    S-21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, U.S.&#160;Holders may be subject to backup
    withholding at a current rate of 28% on those payments if they
    do not provide their taxpayer identification numbers in the
    manner required, fail to certify that they are not subject to
    backup withholding, fail to properly report in full their
    dividend and interest income, or otherwise fail to comply with
    the applicable requirements of backup withholding rules. Backup
    withholding is not an additional tax. Any amounts withheld under
    the backup withholding rules will be allowed as a credit against
    the U.S.&#160;Holder&#146;s United States federal income tax
    liability (or refund) provided the required information is
    timely furnished to the IRS. Prospective U.S.&#160;Holders
    should consult their tax advisors concerning the application of
    information reporting and backup withholding rules.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    United States federal income tax rules concerning information
    reporting and backup withholding applicable to
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    are as follows:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Interest payments received by a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    will be automatically exempt from the usual backup withholding
    rules if such payments are subject to the 30% withholding of tax
    on interest or if they are exempt from that tax by application
    of a tax treaty or the &#147;portfolio interest&#148; exception,
    where the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    satisfies the certification requirements described under
    &#147;&#151;&#160;Certain United States Federal Tax Consequences
    to
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders&#160;&#151;</FONT>
    Treatment of Interest&#148; above. The exemption does not apply
    if the withholding agent or an intermediary knows or has reason
    to know that the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    should be subject to the usual information reporting or backup
    withholding rules. In addition, information reporting may still
    apply to payments of interest (on
    <FONT style="white-space: nowrap">Form&#160;1042-S)</FONT>
    even if certification is provided and the interest is exempt
    from the 30% withholding of tax;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Sale proceeds received by a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    on a sale of debt securities through a broker may be subject to
    information reporting
    <FONT style="white-space: nowrap">and/or</FONT>
    backup withholding if the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is not eligible for an exemption or does not provide the
    certification described under &#147;&#151;&#160;Certain United
    States Federal Tax Consequences to
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders&#160;&#151;</FONT>
    Treatment of Interest&#148; above. In particular, information
    reporting and backup withholding may apply if the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    uses the United States office of a broker, and information
    reporting (but generally not backup withholding) may apply if a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    uses the foreign office of a broker that has certain connections
    to the United States.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Prospective
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    should consult their tax advisors concerning the application of
    information reporting and backup withholding rules.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE UNITED STATES FEDERAL TAX DISCUSSION SET FORTH ABOVE IS
    INCLUDED FOR GENERAL INFORMATION ONLY, IS NOT TAX ADVICE AND MAY
    NOT BE APPLICABLE DEPENDING UPON A HOLDER&#146;S PARTICULAR
    SITUATION. HOLDERS SHOULD CONSULT THEIR TAX ADVISORS REGARDING
    THE TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND
    DISPOSITION OF THE DEBT SECURITIES, INCLUDING THE TAX
    CONSEQUENCES UNDER UNITED STATES FEDERAL, STATE, LOCAL, FOREIGN
    AND OTHER TAX LAWS (AND ANY PROPOSED CHANGES IN APPLICABLE LAW).
</DIV>
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    <BR>
    S-22
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='N63734208'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">REMARKETING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the terms and subject to the conditions contained in the
    remarketing agreement, dated as of January&#160;11, 2011, among
    us, Citigroup Global Markets Inc., J.P.&#160;Morgan Securities
    LLC, Merrill Lynch, Pierce, Fenner&#160;&#038; Smith
    Incorporated, Barclays Capital Inc., BNP Paribas Securities
    Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc.
    and Morgan Stanley&#160;&#038; Co. Incorporated, as the
    remarketing agents, and The Bank of New York Mellon (formerly
    known as The Bank of New York), not individually but solely as
    Purchase Contract Agent and as attorney-in-fact of the holders
    of Purchase Contracts and, for purposes of Section&#160;2(b)
    therein only, as Securities Intermediary and Custodial Agent,
    the remarketing agents have agreed to use their reasonable
    efforts to remarket the 4.70%&#160;debentures that are included
    in the Corporate Units at a public offering price that will
    result in proceeds sufficient to purchase the treasury portfolio
    at the treasury portfolio purchase price, as described above in
    &#147;Use of Proceeds.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the remarketing, the remarketing agents reset
    the interest rate on the 4.70%&#160;debentures to 4.479% per
    year, in the case of the 4.479%&#160;notes, and 5.765% per year,
    in the case of the 5.765%&#160;debentures. The remarketing
    agents established March&#160;1, 2021 as the new maturity date
    for the 4.479%&#160;notes and March&#160;1, 2041 as the new
    maturity date for the 5.765%&#160;debentures, in each case
    effective on the remarketing settlement date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    None of the remarketing agents has any obligation to purchase
    any of the debt securities. The remarketing agreement provides
    that the remarketing is subject to customary conditions
    precedent, including the delivery of legal opinions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will pay all fees and expenses of the remarketing agents from
    cash on hand. The remarketing fee equals 0.450% of the principal
    amount of the 4.479%&#160;notes plus 0.875% of the principal
    amount of the 5.765%&#160;debentures. Corporate Unit holders
    will not otherwise be responsible for the payment of any
    remarketing fee in connection with the remarketing. We estimate
    that our total expenses for this offering, excluding remarketing
    fees, will be $1,350,000.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities have no established trading markets. We have
    been advised by the remarketing agents that they intend to make
    markets in the debt securities, but they are not obligated to do
    so and may discontinue market making at any time without notice.
    No assurance can be given as to the liquidity of the trading
    market for the debt securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to facilitate the remarketing of the
    4.70%&#160;debentures, the remarketing agents may engage in
    transactions that stabilize, maintain or otherwise affect the
    prices of the debt securities. These transactions consist of
    bids or purchases for the purpose of pegging, fixing or
    maintaining the prices of the debt securities. In general,
    purchases of debt securities for the purpose of stabilization,
    as well as other purchases by the remarketing agents for their
    own accounts, could cause the prices of the debt securities to
    be higher than it might be in the absence of these purchases. We
    and the remarketing agents make no representation or predication
    as to the direction or magnitude of any effect that the
    transactions described above may have on the prices of the debt
    securities. In addition, we and the remarketing agents make no
    representation that the remarketing agents will engage in these
    transactions or that these transactions, once commenced, will
    not be discontinued without notice.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The remarketing agents and their respective affiliates are
    full-service financial institutions engaged in various
    activities, which may include securities trading, commercial and
    investment banking, financial advisory, investment management,
    investment research, principal investment, hedging, financing
    and brokerage activities. Some of the remarketing agents and
    their affiliates have engaged in, and may in the future engage
    in, investment banking and other commercial dealings in the
    ordinary course of business with us. They have received
    customary fees and commissions for these transactions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, in the ordinary course of their business
    activities, the remarketing agents and their affiliates may make
    or hold a broad array of investments and actively trade debt and
    equity securities (or related derivative securities) and
    financial instruments (including bank loans) for their own
    account and for the accounts of their customers. Such
    investments and securities activities may involve securities
    <FONT style="white-space: nowrap">and/or</FONT>
    instruments of ours or our affiliates. The remarketing agents
    and their affiliates may also make investment recommendations
    <FONT style="white-space: nowrap">and/or</FONT>
    publish or express independent research views in respect of such
    securities or financial instruments and may hold, or recommend
    to clients that they acquire, long
    <FONT style="white-space: nowrap">and/or</FONT> short
    positions in such securities and instruments.
</DIV>
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    <BR>
    S-23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have agreed to indemnify the remarketing agents against
    certain liabilities, including liabilities under the Securities
    Act of 1933, or to contribute to payments the remarketing agents
    may be required to make because of any of those liabilities.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">European
    Economic Area</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In relation to each Member State of the European Economic Area
    which has implemented the Prospectus Directive (each, a
    &#147;Relevant Member State&#148;), each remarketing agent has
    represented and agreed that with effect from and including the
    date on which the Prospectus Directive is implemented in that
    Relevant Member State (the &#147;Relevant Implementation
    Date&#148;), it has not made and will not make an offer of debt
    securities which are the subject of the offering contemplated by
    this prospectus supplement to the public in that Relevant Member
    State other than:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to any legal entity which is a qualified investors as defined in
    the Prospectus Directive;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to fewer than 100 or, if the Relevant Member State has
    implemented the relevant provision of the 2010 PD Amending
    Directive, 150, natural or legal persons (other than qualified
    investors as defined in the Prospectus Directive), as permitted
    under the Prospectus Directive, subject to obtaining the prior
    consent of the representatives for any such offer;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in any other circumstances falling within Article&#160;3(2) of
    the Prospectus Directive.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of this provision, the expression &#147;an offer of
    debt securities to the public&#148; in relation to any debt
    securities in any Relevant Member State means the communication
    in any form and by any means of sufficient information on the
    terms of the offer and the debt securities to be offered so as
    to enable you to decide to purchase or subscribe for the debt
    securities, as the same may be varied in that Member State by
    any measure implementing the Prospectus Directive in that Member
    State, the expression &#147;Prospectus Directive&#148; means
    Directive 2003/71/EC (and amendments thereto, including the 2010
    PD Amending Directive, to the extent implemented in the Relevant
    Member State) and includes any relevant implementing measure in
    each Relevant Member State and the expression &#147;2010 PD
    Amending Directive&#148; means Directive 2010/73/EU.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">United
    Kingdom</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each remarketing agent has represented and agreed that:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it has only communicated or caused to be communicated and will
    only communicate or cause to be communicated an invitation or
    inducement to engage in investment activity (within the meaning
    of Section&#160;21 (financial promotion) of the Financial
    Service and Markets Act 2000 (the &#147;FSMA&#148;)) received by
    it in connection with the issue or sale of the debt securities
    in circumstances in which section&#160;21(1) of the FSMA does
    not apply to us;&#160;and
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it has complied and will comply with all applicable provisions
    of the FSMA with respect to anything done by it in relation to
    the debt securities in, from, or otherwise involving the United
    Kingdom.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Hong
    Kong</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities may not be offered or sold by means of any
    document other than (1)&#160;in circumstances which do not
    constitute an offer to the public within the meaning of the
    Companies Ordinance (Cap.32, Laws of Hong&#160;Kong);
    (2)&#160;to &#147;professional investors&#148; within the
    meaning of the Securities and Futures Ordinance (Cap.571, Laws
    of Hong Kong) and any rules made thereunder; or (3)&#160;in
    other circumstances which do not result in the document being a
    &#147;prospectus&#148; within the meaning of the Companies
    Ordinance (Cap.32, Laws of Hong Kong), and no advertisement,
    invitation or document relating to the debt securities may be
    issued or may be in the possession of any person for the purpose
    of issue (in each case whether in Hong Kong or elsewhere), which
    is directed at, or the contents of which are likely to be
    accessed or read by, the public in Hong Kong (except if
    permitted to do so under the laws of Hong Kong) other than with
    respect to debt securities which are or are intended to be
    disposed of only to persons outside Hong Kong or only to
    &#147;professional investors&#148; within the meaning of the
    Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong)
    and any rules made thereunder.
</DIV>
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    <BR>
    S-24
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<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Japan</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities have not been and will not be registered
    under the Securities and Exchange Law of Japan (the
    &#147;Securities and Exchange Law&#148;) and each remarketing
    agent has agreed that it will not offer or sell any securities,
    directly or indirectly, in Japan or to, or for the benefit of,
    any resident of Japan (which term as used herein means any
    person resident in Japan, including any corporation or other
    entity organized under the laws of Japan), or to others for
    re-offering or resale, directly or indirectly, in Japan or to a
    resident of Japan, except pursuant to an exemption from the
    registration requirements of, and otherwise in compliance with,
    the Securities and Exchange Law and any other applicable laws,
    regulations and ministerial guidelines of Japan.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Singapore</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus supplement and the accompanying prospectus have
    not been registered as a prospectus with the Monetary Authority
    of Singapore. Accordingly, this prospectus supplement and the
    accompanying prospectus and any other document or material in
    connection with the offer or sale, or invitation for
    subscription or purchase, of the debt securities may not be
    circulated or distributed, nor may the debt securities be
    offered or sold, or be made the subject of an invitation for
    subscription or purchase, whether directly or indirectly, to
    persons in Singapore other than (1)&#160;to an institutional
    investor under Section&#160;274 of the Securities and Futures
    Act, Chapter&#160;289 of Singapore (the &#147;SFA&#148;);
    (2)&#160;to a relevant person, or any person pursuant to
    Section&#160;275(1A), and in accordance with the conditions,
    specified in Section&#160;275 of the SFA; or (3)&#160;otherwise
    pursuant to, and in accordance with the conditions of, any other
    applicable provision of the SFA.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Where the debt securities are subscribed or purchased under
    Section&#160;275 by a relevant person which is: (1)&#160;a
    corporation (which is not an accredited investor) the sole
    business of which is to hold investments and the entire share
    capital of which is owned by one or more individuals, each of
    whom is an accredited investor, or (2)&#160;a trust (where the
    trustee is not an accredited investor) whose sole purpose is to
    hold investments and each beneficiary is an accredited investor,
    shares, debentures and units of shares and debt securities of
    that corporation or the beneficiaries&#146; rights and interest
    in that trust shall not be transferable for 6&#160;months after
    that corporation or that trust has acquired the debt securities
    under Section&#160;275 except: (A)&#160;to an institutional
    investor under Section&#160;274 of the SFA or to a relevant
    person, or any person pursuant to Section&#160;275(1A), and in
    accordance with the conditions, specified in Section&#160;275 of
    the SFA; (B)&#160;where no consideration is given for the
    transfer; or (C)&#160;by operation of law.
</DIV>

<A name='N63734209'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The validity of the debt securities will be passed upon for us
    by Faegre&#160;&#038; Benson LLP, Minneapolis, Minnesota.
    Certain tax matters in connection with the offering will be
    passed upon for us by McDermott Will&#160;&#038; Emery LLP,
    Chicago, Illinois. Certain legal matters relating to the
    offering will be passed upon for the remarketing agents by Mayer
    Brown LLP, Chicago, Illinois.
</DIV>
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    <BR>
    S-25
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<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><U>PROSPECTUS</U></B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="n63734b3n6373400.gif" alt="(ADM LOGO)"><B> </B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 24pt">Archer-Daniels-Midland
    Company</FONT></B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Debt Securities and Warrants to
    Purchase Debt Securities</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Common Stock and Warrants to
    Purchase Common Stock</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Stock Purchase Contracts and
    Stock Purchase Units</FONT></B>
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will provide the specific terms of these securities in
    supplements to this prospectus. You should read this prospectus
    and the applicable supplement carefully before you invest.
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our common stock is listed on the New York Stock Exchange under
    the symbol &#147;ADM.&#148;
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

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

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

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The date of this Prospectus is March&#160;23, 2010.
</DIV>

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

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

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

<DIV align="left">
<A name="N63734tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734110'><B>ABOUT THIS PROSPECTUS</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734111'><B>WHERE YOU CAN FIND MORE INFORMATION</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734112'><B>THE COMPANY</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734113'><B>USE OF PROCEEDS</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734114'><B>RATIO OF EARNINGS TO FIXED CHARGES</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734115'><B>DESCRIPTION OF DEBT SECURITIES</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734116'><B>DESCRIPTION OF CAPITAL STOCK</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734117'><B>DESCRIPTION OF WARRANTS</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734118'><B>DESCRIPTION OF STOCK PURCHASE CONTRACTS AND
    STOCK PURCHASE UNITS</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734119'><B>PLAN OF DISTRIBUTION</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#N63734120'><B>EXPERTS</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
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</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<A name='N63734110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus is part of a registration statement that we
    filed with the Securities and Exchange Commission using a
    &#147;shelf&#146; registration process. Under this shelf
    process, we may sell debt securities, warrants to purchase debt
    securities, common stock, warrants to purchase common stock,
    stock purchase contracts or stock purchase units in one or more
    offerings. We may sell these securities either separately or in
    units.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This 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. That 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;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The 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;
</DIV>

<A name='N63734111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We 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
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
    You may also read and copy any document we file with the SEC at
    its public reference room at 100&#160;F&#160;Street, N.E.,
    Washington,&#160;D.C. 20549. Please call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    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. For further information on obtaining
    copies of our public filings at the New York Stock Exchange, you
    should call
    <FONT style="white-space: nowrap">(212)&#160;656-5060.</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We &#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
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended June&#160;30, 2009 (which incorporates by
    reference certain portions of our definitive Notice and Proxy
    Statement for our Annual Meeting of Stockholders held on
    November&#160;5, 2009); our Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarters ended September&#160;30, 2009 and
    December&#160;31, 2009; our Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on February&#160;11, 2010, February&#160;23, 2010,
    March&#160;15, 2010, and March&#160;22, 2010; and any filings we
    make with the SEC under Sections&#160;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. Notwithstanding the foregoing, unless
    specifically stated otherwise, none of the information that we
    disclose under Items&#160;2.02 and 7.01 of any Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    that we may from time to time furnish to the SEC will be
    incorporated by reference into, or otherwise included in, this
    prospectus.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Secretary
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Archer-Daniels-Midland Company
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4666 Faries Parkway, Box 1470
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Decatur, Illinois 62525
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Phone:
    <FONT style="white-space: nowrap">(217)&#160;424-5200</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should rely only on the information 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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<A name='N63734112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    COMPANY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Every day, the 28,000&#160;people of Archer Daniels Midland
    Company turn crops into renewable products that meet the demands
    of a growing world. At more than 230 processing plants, we
    convert corn, oilseeds, wheat and cocoa into products for food,
    animal feed, chemical and energy uses. We operate the
    world&#146;s premier crop origination and transportation
    network, connecting crops and markets in more than 60 countries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We were incorporated in Delaware in 1923 as the successor to a
    business formed in 1902. Our executive offices are located at
    4666 Faries Parkway, Box 1470, Decatur, Illinois 62525. Our
    telephone number is
    <FONT style="white-space: nowrap">(217)&#160;424-5200.</FONT>
    We maintain an Internet web site at www.adm.com.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When we refer to &#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.
</DIV>

<A name='N63734113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    meeting our working capital requirements;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    funding capital expenditures and possible acquisitions of, or
    investments in, businesses and assets;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    repaying indebtedness originally incurred for general corporate
    purposes.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

<A name='N63734114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">RATIO OF
    EARNINGS TO FIXED CHARGES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth below is our consolidated ratio of earnings to fixed
    charges for each of the periods presented.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="19%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Six Months<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Ended<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="17" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Year Ended June&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2005</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.75x
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.23
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.54
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.54
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.84
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.18x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The ratio of earnings to fixed charges is calculated as follows:
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (earnings)
</DIV>

<CENTER style="font-size: 1pt; width: 13%; border-bottom: 1pt solid #000000"></CENTER>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (fixed charges)
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of calculating the ratios, earnings consist of:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pre-tax income from continuing operations before adjustment for
    noncontrolling interests in income from consolidated
    subsidiaries or income or loss from equity investees;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fixed charges;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amortization of capitalized interest;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    distributed income of equity investees;&#160;and
</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our share of pre-tax losses of equity investees for which
    charges arising from guarantees are included in fixed charges;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    minus capitalized interest;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    minus preference security dividend requirements of consolidated
    subsidiaries;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    minus the noncontrolling interest in pre-tax income of
    subsidiaries that have not incurred fixed charges.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of calculating the ratios, fixed charges consist of:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    interest expensed and capitalized;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amortized premiums, discounts and capitalized expenses related
    to indebtedness;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estimate of the interest portion of rental expense on
    operating leases;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    preference security dividend requirements of consolidated
    subsidiaries.
</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<A name='N63734115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF DEBT SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities will be issued under an indenture dated as
    of September&#160;20, 2006 between us and The Bank of New York
    Mellon (formerly known as The Bank of New York), as trustee. 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 of which this prospectus forms a
    part. You should read the indenture for additional information
    before you buy any debt securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because this section is a summary, it does not describe every
    aspect of the debt securities. This summary is subject to, and
    qualified in its entirety by reference to, all the provisions of
    the indenture, including definitions of certain terms used in
    the indenture. For example, in this section we use capitalized
    words to signify terms that have been specifically defined in
    the indenture. Some of the definitions are repeated herein, but
    for the rest you will need to read the indenture. We also
    include references in parentheses to certain sections of the
    indenture so that you can more easily locate these provisions.
    Whenever we refer to particular sections or defined terms of the
    indenture in this prospectus or in the applicable prospectus
    supplement, such sections or defined terms are incorporated by
    reference herein or in the prospectus supplement.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities will be our unsecured and unsubordinated
    obligations ranking on parity with all of our other unsecured
    and unsubordinated indebtedness.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture does not limit the amount of debt securities that
    we may issue and provides that we may issue debt securities from
    time to time in one or more series. <I>(Section&#160;301)</I>.
    Unless otherwise specified in the applicable prospectus
    supplement, we may, without the consent of the holders of a
    series of debt securities, issue additional debt securities of
    that series having the same ranking and the same interest rate,
    maturity date and other terms (except for the price to public
    and issue date) as such debt securities. Any such additional
    debt securities, together with the initial debt securities, will
    constitute a single series of debt securities under the
    applicable indenture. No additional debt securities of a series
    may be issued if an event of default under the applicable
    indenture has occurred and is continuing with respect to that
    series of debt securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A prospectus supplement relating to a series of debt securities
    being offered will include specific terms relating to the
    offering. <I>(Section&#160;301)</I>. These terms will include
    some or all of the following:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title of the debt securities of the series;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any limit on the total principal amount of the debt securities
    of that series;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the debt securities will be issuable as registered
    securities, bearer securities or both;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether any of the debt securities are to be issuable initially
    in temporary global form;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether any of the debt securities are to be issuable in
    permanent global form;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the person to whom interest on the debt securities is payable,
    if such person is not the person in whose name the debt
    securities are registered;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates on which the debt securities will mature and
    our ability to extend such date or dates;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if the debt securities bear interest:
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the interest rate or rates on the debt securities or the formula
    by which the interest rate or rates shall be determined;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates from which any interest will accrue;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any circumstances under which we may defer interest payments;
</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the record and interest payment dates for debt securities that
    are registered securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the 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;;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the interest rate or interest rate formula can be reset
    and, if so, the date or dates on which the interest rate or
    interest rate formula can be reset;
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the place or places where:
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we can make payments on the debt securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the debt securities can be presented for registration of
    transfer or exchange;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    notice and demands can be given to us relating to the debt
    securities and under the indenture;
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date, if any, after which and the price or prices (and other
    applicable terms and provisions) at which we may redeem the
    offered debt securities pursuant to any optional or mandatory
    redemption provisions that would permit or require us or the
    holders of the debt securities to redeem the debt securities
    prior to their final maturity;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any sinking fund or analogous provisions that would obligate us
    to redeem the debt securities, in whole or in part, before their
    final maturity;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the denominations in which any debt securities which are
    registered debt securities will be issuable, if other than
    denominations of $1,000 or multiples of $1,000;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the denominations in which any debt securities which are bearer
    securities will be issuable, if other than denominations of
    $5,000;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the currency or currencies of payment on the debt securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any index used to determine the amount of payments on the debt
    securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the portion of the principal payable upon acceleration of the
    debt securities following an event of default, if such portion
    is other than the principal amount of the debt securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any events of default which will apply to the debt securities in
    addition to those contained in the indenture;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any additional covenants applicable to the debt securities and
    whether certain covenants can be waived;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the provisions described below under the heading
    &#147;Defeasance&#148; apply to the debt securities;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other terms and provisions of the debt securities not
    inconsistent with the terms and provisions of the indenture.
    <I>(Section&#160;301)</I>.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the purchase price of any of the debt securities is
    denominated in a foreign currency or currencies, or if the
    principal of and any premium and interest on any series of debt
    securities is payable in a foreign 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 currency or currencies will
    be set forth in the applicable prospectus supplement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When we 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&#160;101)</I>.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Denominations,
    Registration and Transfer</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue the debt securities 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.&#160;dollars will be issued only in
    denominations of $1,000 and multiples of $1,000. Bearer
    securities denominated in U.S.&#160;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
</DIV>
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<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    supplement relating to debt securities denominated in a foreign
    currency will specify the denominations of the debt securities.
    <I>(Sections&#160;201, 203, 301 and 302)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless 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 must 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless we state otherwise in the applicable prospectus
    supplement, bearer securities will not be issued in exchange for
    registered securities. <I>(Section&#160;305)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Registered securities 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&#160;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&#160;1002)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We shall not be required to:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    issue, register the transfer of or exchange debt securities of
    any series during a period beginning at the opening of business
    15&#160;days before the day of the mailing of a notice of
    redemption of debt securities selected to be redeemed and ending
    at the close of business on:
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>&#149;&#160;</B>
</TD>
    <TD align="left">
    the day of mailing of the relevant notice of redemption, if debt
    securities of the series are issuable only as registered
    securities,&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>&#149;&#160;</B>
</TD>
    <TD align="left">
    the day of the first publication of the relevant notice of
    redemption, if debt securities of the series are issuable as
    bearer securities,&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>&#149;&#160;</B>
</TD>
    <TD align="left">
    the mailing of the relevant notice of redemption, if debt
    securities of that series are also issuable as registered
    securities and there is no publication;
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;305)</I>.
</TD>
</TR>

</TABLE>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Original
    Issue Discount Securities</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Debt securities may be issued 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
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
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<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>(Sections&#160;101 and 502)</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.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Payments
    and Paying Agents</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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)&#160;by check mailed to the address of
    the payee entitled to payment at the address listed in the
    security register, or (ii)&#160;by wire transfer to an account
    maintained by the payee as specified in the security register.
    <I>(Sections&#160;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&#160;307)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless 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&#160;States. <I>(Sections&#160;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 upon presentation
    and surrender of the coupon relating to that interest payment
    date. <I>(Section&#160;1001)</I>. No payment on any bearer
    security will be made:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at any of our offices or agencies in the United States;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by check mailed to any address in the United States;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by transfer to an account maintained in the United States.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.&#160;dollars will be made at the office of
    our paying agent in the United States if, and only if, payment
    of the full amount payable in U.S.&#160;dollars at all offices
    or agencies outside the United States is illegal or effectively
    precluded by exchange controls or other similar restrictions.
    <I>(Section&#160;1002)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless we state otherwise in the applicable prospectus
    supplement, the principal office of the trustee in New&#160;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&#160;States, and any other paying agent
    in the United States, initially designated by us for the debt
    securities. We may, at any time:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    designate additional paying agents;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rescind the designation of any paying agent;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    approve a change in the office through which any paying agent
    acts.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If 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:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a paying agent in each place of payment for that series in the
    United States for payments on any registered securities of that
    series;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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
</TD>
</TR>
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</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
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<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    on The International Stock Exchange of the United Kingdom and
    the Republic of Ireland, 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;&#160;and
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;1002)</I>.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any 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&#160;1003)</I>.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Securities</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Global Securities.</I>&#160;&#160;The debt securities may be
    issued initially in book-entry form and represented by one or
    more global securities in fully registered form without interest
    coupons which will be deposited with the trustee as custodian
    for The Depository Trust&#160;Company, which we refer to as
    &#147;DTC,&#148; and registered in the name of Cede&#160;&#038;
    Co. or another nominee designated by DTC. Except as set forth
    below, the global securities 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 securities may not be exchanged for certificated
    securities except in the limited circumstances described below.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All interests in the global securities will be subject to the
    rules and procedures of DTC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Certain Book-Entry Procedures for the Global
    Securities.</I>&#160;&#160;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 to change by
    DTC from time to time. We do not take any responsibility for
    these operations or procedures, and investors are urged to
    contact DTC or its participants directly to discuss these
    matters.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC has advised us that it is:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a limited-purpose trust company organized under the laws of the
    State of New York;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a &#147;banking organization&#148; within the meaning of the New
    York Banking Law;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a member of the Federal Reserve System;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a &#147;clearing corporation&#148; within the meaning of the New
    York Uniform Commercial Code, as amended;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a &#147;clearing agency&#148; registered pursuant to
    Section&#160;17A of the Securities Exchange Act of 1934.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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,
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expect that, pursuant to procedures established by DTC:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    upon deposit of each global security, DTC will credit, on its
    book-entry registration and transfer system, the accounts of
    participants with an interest in the global security;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    ownership of beneficial interests in the global securities will
    be shown on, and the transfer of ownership of beneficial
    interests in the global securities 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>
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    <BR>
    8
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<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 securities represented by a global security 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 security 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    So long as DTC or its nominee is the registered owner of a
    global security, DTC or that nominee, as the case may be, will
    be considered the sole legal owner or holder of the securities
    represented by that global security for all purposes of the
    securities and the indenture. Except as provided below, owners
    of beneficial interests in a global security will not be
    entitled to have the debt securities represented by that global
    security registered in their names, will not receive or be
    entitled to receive physical delivery of certificated securities
    and will not be considered the owners or holders of the
    securities 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 security 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 securities under
    the indenture or that global security. We understand that under
    existing industry practice, in the event that we request any
    action of holders of securities, or a holder that is an owner of
    a beneficial interest in a global security desires to take any
    action that DTC, as the holder of that global security, is
    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 securities by DTC or for maintaining, supervising or
    reviewing any records of DTC relating to the securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payments with respect to the principal of and interest on a
    global security 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 security under the indenture.
    Under the terms of the indenture, we and the trustee may treat
    the persons in whose names the debt securities, including the
    global securities, 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
    security. Payments by the participants and the indirect
    participants to the owners of beneficial interests in a global
    security 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Transfers between participants in DTC will be effected in
    accordance with DTC&#146;s procedures and will be settled in
    <FONT style="white-space: nowrap">same-day</FONT>
    funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although DTC has agreed to the foregoing procedures to
    facilitate transfers of interests in the global securities 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Certificated Securities.</I>&#160;&#160;We will issue
    certificated securities to each person that DTC identifies as
    the beneficial owner of the securities represented by the global
    securities upon surrender by DTC of the global securities only
    if:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;days of that notice;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an event of default has occurred and is continuing;&#160;or
</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we determine not to have the securities represented by a global
    security.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 securities. 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
    securities to be issued in certificated form.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Bearer
    Debt Securities</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Covenants
    Contained in the Indenture</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following definitions are used in this prospectus to
    describe certain covenants contained in the indenture.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Attributable Debt&#148;</I> means:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the balance sheet liability amount of capital leases as
    determined by generally accepted accounting principles, plus
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the amount of future minimum operating lease payments required
    to be disclosed by generally accepted accounting principles,
    less any amounts required to be paid on account of maintenance
    and repairs, insurance, taxes, assessments, water rates and
    similar charges, discounted using the methodology used to
    calculate the present value of operating lease payments in our
    most recent Annual Report to Stockholders reflecting that
    calculation.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The amount of Attributable Debt relating to an operating lease
    that can be terminated by the lessee with the payment of a
    penalty will be calculated based on the lesser of:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the aggregate amount of lease payments required to be made until
    the first date the lease can be terminated by the lessee plus
    the amount of the penalty,&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the aggregate amount of lease payments required to be made
    during the remaining term of the lease.
    <I>(Section&#160;101)</I>.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Net Tangible Assets&#148;</I> means the
    total amount of our assets, minus applicable reserves and other
    properly deductible items, minus
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all current liabilities, excluding Funded Debt included by
    reason of being renewable or extendible,&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all goodwill, trade names, patents, unamortized debt discount
    and expense, and other similar intangibles to the extent not
    deducted as reserves and deductible items set forth above,
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    all as set forth on our most recent consolidated balance sheet.
    <I>(Section&#160;101)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Funded Debt&#148;</I> means:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Indebtedness that matures more than 12&#160;months after the
    time of the computation of the amount thereof or that is
    extendible or renewable to a time more than 12&#160;months after
    the time of the computation of the amount thereof;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all guarantees of any such Indebtedness or of dividends, other
    than any guarantee in connection with the sale or discount by us
    or any Restricted Subsidiary of accounts receivable, trade
    acceptances and other paper arising in the ordinary course of
    business;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all preferred stock of any Subsidiary, taken at the greater of
    its voluntary or involuntary liquidation price at the time of
    any calculation hereunder, but exclusive of accrued dividends,
    if any.
</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Funded Debt does not include 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. <I>(Section&#160;101)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Indebtedness&#148;</I> means, except as set forth in
    the next sentence:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all items of indebtedness or liability, except capital and
    surplus, which under generally accepted accounting principles
    would be included in total liabilities on the liability side of
    a balance sheet as of the date that indebtedness is being
    determined;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    guarantees, endorsements (other than for purposes of collection)
    and other contingent obligations relating to, or to purchase or
    otherwise acquire, indebtedness of others, unless the amount is
    included in the preceding bullet point.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Indebtedness does not include any obligations or guarantees of
    obligations relating to lease rentals, even if the obligations
    or guarantees of obligations relating to lease rentals would be
    included as liabilities on the consolidated balance sheet of us
    and our Restricted Subsidiaries. <I>(Section&#160;101)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Principal Domestic Manufacturing Property&#148;</I>
    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, the gross book value of which exceeds 1% of our
    Consolidated Net Tangible Assets, other than any such building,
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;103(a)(1) of the
    Internal Revenue Code of 1986,&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that is not of material importance to the total business
    conducted by us and our Subsidiaries, taken as a whole.
    <I>(Section&#160;101)</I>.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A <I>&#147;Restricted Subsidiary&#148;</I> is any Subsidiary of
    ours, but does not include a Subsidiary (i)&#160;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)&#160;that is
    engaged primarily in financing our operations or the operations
    of our Subsidiaries, or both. <I>(Section&#160;101)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Secured Funded Debt&#148;</I> means Funded Debt which
    is secured by a mortgage, lien or other similar encumbrance upon
    any of our assets or those of our Restricted Subsidiaries.
    <I>(Section&#160;101)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A <I>&#147;Subsidiary&#148;</I> is a corporation or other entity
    in which we, or one or more of our other Subsidiaries, directly
    or indirectly, own more than 50% of the outstanding voting
    equity interests. <I>(Section&#160;101)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Wholly-owned Restricted Subsidiary&#148;</I> 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&#160;101)</I>.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Secured Funded Debt</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture limits the amount of Secured Funded Debt that we
    and our Restricted Subsidiaries may incur or otherwise create,
    including by guarantee. Neither we nor our Restricted
    Subsidiaries may incur or otherwise create any new Secured
    Funded Debt unless immediately after the incurrence or creation:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sum of:
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the aggregate principal amount of all of our outstanding Secured
    Funded Debt and that of our Restricted Subsidiaries (other than
    certain categories of Secured Funded Debt discussed below), plus
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the aggregate amount of our Attributable Debt and that of our
    Restricted Subsidiaries relating to sale and leaseback
    transactions,
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    does not exceed 15% of our Consolidated Net Tangible Assets.
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This limitation does not apply if the outstanding debt
    securities are secured equally and ratably with or prior to the
    new Secured Funded Debt. <I>(Section&#160;1007)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following categories of Secured Funded Debt will not be
    considered in determining whether we are in compliance with the
    covenant described in the first paragraph under the heading
    &#147;Restrictions on Secured Funded Debt&#148;:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Secured Funded Debt of a Restricted Subsidiary owing to us or to
    one of our Wholly-owned Restricted Subsidiaries;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Secured Funded Debt resulting from a mortgage, lien or other
    similar encumbrance in favor of the U.S.&#160;government or any
    state or any instrumentality thereof to secure certain payments;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Secured Funded Debt resulting from a mortgage, lien or other
    similar encumbrance on property, shares of stock or Indebtedness
    of any company existing at the time that the company becomes one
    of our Subsidiaries;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Secured Funded Debt resulting from a mortgage, lien or other
    similar encumbrance on property, shares of stock or Indebtedness
    which (1)&#160;exists at the time that the property, shares of
    stock or Indebtedness is acquired by us or one of our Restricted
    Subsidiaries, including acquisitions by merger or consolidation,
    (2)&#160;secures the payment of any part of the purchase price
    of or construction cost for the property, shares of stock or
    Indebtedness or (3)&#160;secures any Indebtedness incurred prior
    to, at the time of, or within 120&#160;days after, the
    acquisition of the property, shares of stock or Indebtedness or
    the completion of any construction of the property for the
    purpose of financing all or a part of the purchase price or
    construction cost of the property, shares of stock or
    Indebtedness, provided that, in all cases, we continue to comply
    with the covenant relating to mergers and consolidations
    discussed under the heading &#147;Restrictions on Mergers and
    Sales of Assets&#148; below;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Secured Funded Debt resulting from a mortgage, lien or other
    similar encumbrance in connection with the issuance of revenue
    bonds on which the interest is exempt from federal income tax
    under the Internal Revenue Code;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any extension, renewal or refunding of (1)&#160;any Secured
    Funded Debt permitted under the first paragraph under the
    heading &#147;Restrictions on Secured Funded Debt&#148; or
    (2)&#160;any Secured Funded Debt outstanding as of the date of
    the indenture. <I>(Section&#160;1007)</I>.
</TD>
</TR>

</TABLE>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Sale and Leaseback Transactions</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the indenture, neither we nor any Restricted Subsidiary
    may enter into any sale and leaseback transaction involving a
    Principal Domestic Manufacturing Property, except a sale by a
    Restricted Subsidiary to us or another Restricted Subsidiary or
    a lease not exceeding three years, by the end of which we intend
    to discontinue use of the property, and except for any
    transaction with a local or state authority that provides
    financial or tax benefits, unless:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the net proceeds of the sale are at least equal to the fair
    market value of the property;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    within 120&#160;days of the transfer, or two years if we hold
    the net proceeds of the sale in cash or cash equivalents, we
    purchase and retire debt securities
    <FONT style="white-space: nowrap">and/or</FONT> repay
    Funded Debt
    <FONT style="white-space: nowrap">and/or</FONT> make
    expenditures for the expansion, construction or acquisition of a
    Principal Domestic Manufacturing Property at least equal to the
    net proceeds of the sale.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the restriction does not apply if the aggregate
    principal amount of the fair market value of the property
    transferred in a sale and leaseback transaction and all Secured
    Funded Debt does not exceed 15% of our Consolidated Net Tangible
    Assets. <I>(Sections&#160;1007, 1008)</I>.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Mergers and Sales of Assets</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The 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 so long as:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the resulting or acquiring entity, if other than us, is
    organized and existing under the laws of a United States
    jurisdiction and assumes all of our responsibilities and
    liabilities under the indenture, including the payment of all
    amounts due on the debt securities and performance of the
    covenants in the indenture;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    immediately after the transaction, and giving effect to the
    transaction, no event of default under the indenture exists;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    steps have been taken to secure the debt securities equally and
    ratably with all indebtedness secured by a mortgage, lien or
    other similar encumbrance if as a result of such transaction,
    our properties or assets or Restricted Subsidiaries&#146;
    properties or assets would become subject to such mortgage, lien
    or other similar encumbrance not permitted pursuant to the
    provisions discussed above under the heading &#147;Restrictions
    on Secured Funded Debt&#148; without equally and ratably
    securing the debt securities;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;801)</I>.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we 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&#160;802)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the 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 and we would be permitted to
    become liable for an additional amount of Secured Funded Debt.
    <I>(Section&#160;803)</I>.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Modification
    and Waiver</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 a
    majority of the total principal amount of the outstanding debt
    securities of all series of debt securities affected by the
    modification or amendment, acting together as a class. However,
    the following modifications and amendments will not be effective
    against any holder without its consent:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a change in the stated maturity date of any payment of principal
    or interest;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a reduction in the principal amount of, or premium or interest
    on, any debt security or any change in the interest rate or
    method of calculating the interest rate applicable to any debt
    security;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a change in the premium payable upon redemption of any debt
    security;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a reduction in the amount of principal of an original issue
    discount debt security due and payable upon acceleration of the
    maturity of such debt security;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a change in place of payment where, or the currency in which,
    any payment on the debt securities is payable;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an impairment of a holder&#146;s right to sue us for the
    enforcement of payments due on the debt securities;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;902)</I>.
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 waive compliance by us with
    certain restrictive provisions of the indenture, on behalf of
    all holders of all series of debt securities to which such
    restrictive provision applies. <I>(Section&#160;1010)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the indenture, the holders of at least a majority of the
    total principal amount of the outstanding debt securities may,
    on behalf of all holders of such series of debt securities,
    waive any past default under the indenture, except:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a default in the payment of the principal of, or any premium or
    interest on, any debt securities of that series;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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>(Section&#160;513)</I>.
</TD>
</TR>

</TABLE>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Events of
    Default</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Event of Default,&#148; when used in the indenture with
    respect to any series of debt securities, means any of the
    following:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to pay interest on any debt security of that series for
    30&#160;days after the payment is due;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to pay the principal of, or any premium on, any debt
    security of that series when due;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to deposit any sinking fund payment on debt securities
    of that series when due;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to perform any other covenant in the indenture that
    applies to debt securities of that series for 90&#160;days after
    we have received written notice of the failure to perform in the
    manner specified in the indenture;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    default in respect of any Indebtedness for money borrowed by us
    or any consolidated Subsidiary, or under any mortgage, indenture
    or instrument under which such Indebtedness is issued or
    secured, including a default with respect to debt securities of
    any other series, which default results in the acceleration of
    Indebtedness with an aggregate outstanding principal amount in
    excess of $50,000,000, unless the acceleration is rescinded, or
    such debt is paid or waived within 10&#160;days after we have
    received written notice of the default in the manner specified
    in the indenture;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain events in bankruptcy, insolvency or
    reorganization;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other Event of Default that may be specified for the debt
    securities of that series when that series is created.
    <I>(Section&#160;501)</I>.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If 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,
    except that, if the Event of Default is caused by certain events
    in bankruptcy, insolvency or reorganization, the entire
    principal of all of the debt securities of the series will
    become due and payable immediately without any act on the part
    of the trustee or holders of the debt securities. 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>(Section&#160;502)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The prospectus supplement 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture requires us to file an officers&#146; certificate
    with the trustee each year that states, to the knowledge of the
    certifying officers, no defaults exist under the terms of the
    indenture. <I>(Section&#160;1009)</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&#160;602)</I>.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Other than its duties in the case of an 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&#160;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:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    conducting any proceeding for any remedy available to the
    trustee; or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    exercising any trust or power conferred upon the trustee.
    <I>(Sections 512, 603)</I>.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The 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:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the holder has previously given the trustee written notice of a
    continuing Event of Default with respect to the debt securities
    of that series;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the holders of at least 25% in aggregate principal amount of the
    outstanding debt securities of that series have made a written
    request to the trustee to begin such proceeding;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the holder has offered to the trustee reasonable indemnification;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the trustee has not started such proceeding within 60&#160;days
    after receiving the request;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;days. <I>(Section&#160;507)</I>.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;508)</I>.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Defeasance</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture includes provisions allowing defeasance of the
    debt securities of any series. In order to defease a series of
    debt securities, we would deposit with the trustee or another
    trustee money or U.S.&#160;Government Obligations sufficient to
    make all payments on those debt securities. If we make a
    defeasance deposit with respect to a series of debt securities,
    we may elect either:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to be discharged from all of our obligations on that series of
    debt securities, except for our obligations to register
    transfers and exchanges; to replace temporary or mutilated,
    destroyed, lost or stolen debt securities; to maintain an office
    or agency in respect of the debt securities and to hold moneys
    for payment in trust;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to be released from our restrictions described above relating to
    mergers and sales of assets, Secured Funded Debt and sale and
    leaseback transactions.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To establish the trust, we must deliver to the trustee an
    opinion of our counsel that the holders of that series of debt
    securities will not recognize income, gain or loss for federal
    income tax purposes as a result of the defeasance and will be
    subject to federal income tax on the same amount, in the same
    manner and at the same times as would have been the case if the
    defeasance had not occurred. <I>(Sections&#160;403 and 1011)</I>.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The term &#147;U.S.&#160;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&#160;101)</I>.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Notices</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless 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. 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 </I>
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>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>(Section&#160;106)</I>.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Title</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title to any bearer securities and any coupons issued with any
    bearer securities will pass by delivery. We and the trustee, and
    any of our 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 owner of the security or
    coupon, whether or not the debt security or coupon shall be
    overdue and notwithstanding any notice to the contrary, for the
    purpose of making payment and for all other purposes.
    <I>(Section&#160;308)</I>.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Replacement
    of Securities and Coupons</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will 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
    destroyed, lost or stolen securities or coupons 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&#160;306)</I>.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Governing
    Law</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture and the debt securities will be governed by, and
    construed in accordance with, the laws of the State of New York.
    <I>(Section&#160;114)</I>.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    Concerning the Trustee</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Bank of New York Mellon (formerly known as The Bank of New
    York) is the trustee under the indenture. From time to time, we
    maintain deposit accounts and conduct other banking transactions
    with the trustee in the ordinary course of business. The Bank of
    New York Mellon also serves as trustee for certain of our other
    senior unsecured debt obligations.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<A name='N63734116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF CAPITAL STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following description of our capital stock is subject to and
    qualified in its entirety by our certificate of incorporation
    and bylaws, which are incorporated by reference in the
    registration statement of which this prospectus forms a part,
    and by the provisions of applicable Delaware law. Under our
    certificate of incorporation, we are authorized to issue up to
    1,000,000,000&#160;shares of common stock without par value and
    500,000&#160;shares of preferred stock without par value.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Voting
    Rights</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each holder of our common stock is entitled to one vote per
    share on all matters to be voted upon by the stockholders.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Dividends</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to preferences that may be applicable to any outstanding
    preferred stock, the holders of our common stock are entitled to
    receive ratably such dividends, if any, as may be declared from
    time to time by the board of directors out of funds legally
    available for that purpose.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Rights
    Upon Liquidation</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event of our liquidation, dissolution or winding up, the
    holders of our common stock are entitled to share ratably in all
    assets remaining after payment of liabilities, subject to prior
    distribution rights of preferred stock, if any, then outstanding.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Preemptive
    or Conversion Rights</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holders of our common stock have no preemptive or conversion
    rights or other subscription rights. There are no redemption or
    sinking fund provisions applicable to the common stock.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Preferred
    Stock</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The board of directors has the authority, without action by the
    stockholders, to designate and issue preferred stock in one or
    more series and to designate certain rights, preferences and
    privileges of each series, which may be greater than the rights
    of the common stock. It is not possible to state the actual
    effect of the issuance of any shares of preferred stock upon the
    rights of holders of the common stock until the board of
    directors determines the specific rights of the holders of such
    preferred stock. However, the effects might include, among other
    things:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    restricting dividends on the common stock;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    diluting the voting power of the common stock;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    impairing the liquidation rights of the common stock;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    delaying or preventing a change in control of us without further
    action by the stockholders.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No shares of preferred stock are outstanding, and we have no
    present plans to issue any shares of preferred stock.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Anti-Takeover
    Effects of Our Certificate and Bylaws and Delaware Law</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Some provisions of Delaware law and our certificate of
    incorporation and bylaws could make the following more difficult:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    acquisition of us by means of a tender offer;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    acquisition of us by means of a proxy contest or
    otherwise;&#160;or
</TD>
</TR>

</TABLE>
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    <BR>
    17
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<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    removal of our incumbent officers and directors.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These provisions, summarized below, are expected to discourage
    coercive takeover practices and inadequate takeover bids. These
    provisions are also designed to encourage persons seeking to
    acquire control of us to first negotiate with our board. We
    believe that these provisions give our board the flexibility to
    exercise its fiduciary duties in a manner consistent with the
    interests of our stockholders.
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>STOCKHOLDER MEETINGS.</I>&#160;&#160;Under our bylaws, the
    board of directors, the chairman of the board, the president or
    the executive committee of the board may call special meetings
    of stockholders. Only stockholders owning a majority of our
    outstanding capital stock may request the secretary to call a
    special meeting.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>REQUIREMENTS FOR ADVANCE NOTIFICATION OF STOCKHOLDER
    NOMINATIONS AND PROPOSALS</I>.&#160;&#160;Our bylaws establish
    advance notice procedures with respect to stockholder proposals
    and the nomination of candidates for election as directors,
    other than nominations made by or at the direction of the board
    of directors or a committee of the board of directors.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>DELAWARE LAW.</I>&#160;&#160;We are subject to
    Section&#160;203 of the Delaware General Corporation Law. In
    general, Section&#160;203 prohibits a publicly held Delaware
    corporation from engaging in a &#147;business combination&#148;
    with an &#147;interested stockholder&#148; for a period of three
    years following the date the person became an interested
    stockholder, unless the &#147;business combination&#148; or the
    transaction in which the person became an interested stockholder
    is approved in a prescribed manner. Generally, a &#147;business
    combination&#148; includes a merger, asset or stock sale, or
    other transaction resulting in a financial benefit to the
    interested stockholder. Generally, an &#147;interested
    stockholder&#148; is a person who, together with affiliates and
    associates, owns or within three years prior to the
    determination of interested stockholder status, did own, 15% or
    more of a corporation&#146;s voting stock. The existence of this
    provision may have an anti-takeover effect with respect to
    transactions not approved in advance by the board of directors,
    including discouraging attempts that might result in a premium
    over the market price for the shares of common stock held by
    stockholders.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>CERTAIN REQUIREMENTS FOR STOCKHOLDER ACTION BY WRITTEN
    CONSENT</I>.&#160;&#160;Our certificate of incorporation
    provides that certain procedures, including notifying the board
    of directors and awaiting a record date, must be followed for
    stockholders to act by written consent without a meeting.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>NO CUMULATIVE VOTING.</I>&#160;&#160;Our certificate of
    incorporation and bylaws do not provide for cumulative voting in
    the election of directors.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>UNDESIGNATED PREFERRED STOCK.</I>&#160;&#160;The
    authorization of undesignated preferred stock makes it possible
    for the board of directors to issue preferred stock with voting
    or other rights or preferences that could impede the success of
    any attempt to change control of us. These and other provisions
    may have the effect of deferring hostile takeovers or delaying
    changes in control or management of us.
</TD>
</TR>

</TABLE>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    Agent and Registrar</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The transfer agent and registrar for our common stock is Hickory
    Point Bank&#160;&#038; Trust, fsb.
</DIV>
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    <BR>
    18
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<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='N63734117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF WARRANTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue warrants for the purchase of our debt securities
    issued under the indenture or for the purchase of our common
    stock. We may issue warrants alone or together with any debt
    securities or common stock offered by any prospectus supplement,
    and warrants may be attached to or separate from the debt
    securities or common stock. 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.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we offer warrants, the applicable prospectus supplement will
    identify the warrant agent and describe the terms of the
    warrants, including the following:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the offering price;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the currency for which warrants may be purchased;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation, aggregate principal amount, currency of
    denomination and payment, and terms of the debt securities or
    common stock purchasable upon exercise of the warrants;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the designation and terms of the debt securities
    or common stock issued with the warrants and the number of
    warrants issued with the debt securities or common stock;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the date on and after which the warrants and the
    related debt securities or common stock will be separately
    transferable;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the principal amount of debt securities or common stock
    purchasable upon exercise of one warrant, and the price at and
    the currency in which the principal amount of debt securities or
    common stock may be purchased upon such exercise;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date on which the right to exercise the warrants shall
    commence and the date on which the right to exercise shall
    expire;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    United States federal income tax considerations;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the warrants will be issued in registered or bearer
    form;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other terms of the warrants.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You may, at the corporate trust offices of the warrant agent or
    any other office indicated in the applicable prospectus
    supplement:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    exchange warrant certificates for new warrant certificates of
    different denominations;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if the warrant certificates are in registered form, present them
    for registration of transfer;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    exercise warrant certificates.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Before exercising warrants, holders of warrants will not have
    any of the rights of holders of the debt securities or common
    stock purchasable upon exercise, including the right to receive
    payments on the debt securities or common stock purchasable upon
    exercise or to enforce covenants in the indenture.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Exercise
    of Warrants</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each warrant will entitle the holder to purchase the principal
    amount of debt securities or common stock at the exercise price
    set forth in the applicable prospectus supplement. You may
    exercise warrants at any time up to 5:00&#160;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.
</DIV>
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    <BR>
    19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 or common stock,
    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 or
    common stock 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.
</DIV>
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    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='N63734118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF STOCK PURCHASE CONTRACTS<BR>
    AND STOCK PURCHASE UNITS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a general description of the terms of the stock
    purchase contracts and stock purchase units we may issue from
    time to time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement will describe the terms of
    any stock purchase contracts or stock purchase units and, if
    applicable, prepaid stock purchase contracts. The description in
    the prospectus supplement will be qualified in its entirety by
    reference to (1)&#160;the stock purchase contracts, (2)&#160;the
    collateral arrangements and depositary arrangements, if
    applicable, relating to such stock purchase contracts or stock
    purchase units and (3)&#160;if applicable, the prepaid stock
    purchase contracts and the document pursuant to which such
    prepaid stock purchase contracts will be issued.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Stock
    Purchase Contracts</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may issue stock purchase contracts, including contracts
    obligating holders to purchase from us, and obligating us to
    sell to holders, a fixed or varying number of shares of common
    stock at a future date or dates. The consideration per share of
    common stock may be fixed at the time that the stock purchase
    contracts are issued or may be determined by reference to a
    specific formula set forth in the stock purchase contracts. Any
    stock purchase contract may include anti-dilution provisions to
    adjust the number of shares issuable pursuant to such stock
    purchase contract upon the occurrence of certain events.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Stock
    Purchase Units</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The stock purchase contracts may be issued separately or as a
    part of units (&#147;stock purchase units&#148;), consisting of
    a stock purchase contract and debt securities, or debt or equity
    obligations of third parties, including U.S.&#160;Treasury
    securities, in each case securing holders&#146; obligations to
    purchase shares of common stock under the stock purchase
    contracts. The stock purchase contracts may require us to make
    periodic payments to holders of the stock purchase units, or
    vice versa, and such payments may be unsecured or prefunded and
    may be paid on a current or on a deferred basis. The stock
    purchase contracts may require holders to secure their
    obligations thereunder in a specified manner and in certain
    circumstances we may deliver newly issued prepaid stock purchase
    contracts upon release to a holder of any collateral securing
    such holder&#146;s obligations under the original stock purchase
    contract. Any one or more of the above securities, common stock
    or the stock purchase contracts or other collateral may be
    pledged as security for the holders&#146; obligations to
    purchase or sell the shares of common stock under the stock
    purchase contracts. The stock purchase contracts may also allow
    the holders, under certain circumstances, to obtain the release
    of the security for their obligations under such contracts by
    depositing with the collateral agent as substitute collateral
    U.S.&#160;Treasury securities with a principal amount at
    maturity equal to the collateral so released or the maximum
    number of shares deliverable by such holders under stock
    purchase contracts requiring the holders to sell shares of
    common stock to us.
</DIV>
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    <BR>
    21
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='N63734119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may sell securities 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
    or common stock alone or with warrants (which may or may not be
    detachable from the debt securities or common stock), and we may
    offer the warrants alone. If we issue any warrants, debt
    securities or common stock will be issuable upon exercise of the
    warrants. We also may offer stock purchase contracts alone, or
    as part of stock purchase units. We may offer the securities in
    exchange for our outstanding indebtedness.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Underwriters, dealers and agents that participate in the
    distribution of the securities offered under this prospectus may
    be underwriters as defined in the Securities Act of 1933, and
    any discounts or commissions received by them from us and any
    profit on the resale of the offered securities by them may be
    treated as underwriting discounts and commissions under the
    Securities Act. Any underwriters or agents will be identified
    and their compensation, including underwriting discounts and
    commissions, will be described in the applicable prospectus
    supplement. The prospectus supplement will also describe other
    terms of the offering, including the initial public offering
    price, any discounts or concessions allowed or reallowed or paid
    to dealers, and any securities exchanges on which the offered
    securities may be listed.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the 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,
    identity and sale of the securities offered under this
    prospectus by the selling security holders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When we 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each 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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Underwriters 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.
</DIV>
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    <BR>
    22
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#N63734tocpage">Table of Contents</A></H5><P>

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

<A name='N63734120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The consolidated financial statements of Archer Daniels Midland
    Company at June&#160;30, 2009 and 2008, and for each of the
    three years in the period ended June&#160;30, 2009, and the
    effectiveness of Archer Daniels Midland Company&#146;s internal
    control over financial reporting as of June&#160;30, 2009,
    included in Archer Daniels Midland Company&#146;s Current Report
    on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated March&#160;19, 2010 (including the schedule included
    therein), have been audited by Ernst&#160;&#038; Young LLP,
    independent registered public accounting firm, as set forth in
    its reports thereon, included therein, and incorporated herein
    by reference. Such consolidated financial statements are
    incorporated herein by reference in reliance upon such reports
    given on the authority of such firm as experts in accounting and
    auditing.
</DIV>
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    <BR>
    23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">$1,750,000,000</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="n63734b3n6373400.gif" alt="(ADM LOGO)"><FONT style="font-size: 14pt">
    </FONT>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 22pt">ARCHER-DANIELS-MIDLAND
    COMPANY</FONT></B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">$750,000,000  4.479%&#160;Notes
    due 2021</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">$1,000,000,000
    5.765%&#160;Debentures due 2041</FONT></B>
</DIV>

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

<CENTER style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></CENTER>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">Prospectus Supplement</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">March&#160;30, 2011</FONT></B>
</DIV>

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

<CENTER style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></CENTER>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Joint Lead Remarketing Agents</I>
</DIV>



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

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

    <B><FONT style="font-family: 'Times New Roman', Times">BofA
    Merrill Lynch<BR>
    Citi<BR>
    J.P. Morgan</FONT></B>
</DIV>

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

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

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Co-Remarketing Agents</I>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Barclays Capital</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">BNP PARIBAS</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Deutsche Bank
    Securities</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">HSBC</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Morgan Stanley</FONT></B>
</DIV>

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

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

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


</DIV>

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

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

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
