<SEC-DOCUMENT>0000950123-11-031021.txt : 20110331
<SEC-HEADER>0000950123-11-031021.hdr.sgml : 20110331
<ACCEPTANCE-DATETIME>20110330205746
ACCESSION NUMBER:		0000950123-11-031021
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110331
DATE AS OF CHANGE:		20110330

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-165627
		FILM NUMBER:		11723532

	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

FILED BY:		

	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:		FWP

	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>FWP
<SEQUENCE>1
<FILENAME>n63734fwfwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
<TITLE>fwp</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Filed Pursuant to Rule&nbsp;433<BR>
Registration No.&nbsp;333-165627<BR>
Dated March&nbsp;30, 2011
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Supplementing the Preliminary Prospectus<BR>
Supplement dated March&nbsp;30, 2011</B><BR>
(To Prospectus dated March&nbsp;23, 2010)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>$1,750,000,000<BR>
Archer-Daniels-Midland Company<BR>
$750,000,000 4.479% Notes due 2021<BR>
$1,000,000,000 5.765% Debentures due 2041</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Final Term Sheet</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>March&nbsp;30, 2011</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Issuer:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Archer-Daniels-Midland Company</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ratings (Moody&#146;s/S&#038;P/Fitch)**:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A2/A/A</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Format:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SEC Registered</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ranking:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Unsecured</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trade Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;30, 2011</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Settlement Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;4, 2011</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Interest Payment Dates:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Semi-annually on March 1 and September 1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Interest Payment Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;1, 2011</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Day Count:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">30/360&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joint Lead Remarketing Agents:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citigroup Global Markets Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.P. Morgan Securities LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Co-Remarketing Agents
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Barclays Capital Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BNP Paribas Securities Corp.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank Securities Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Securities (USA)&nbsp;Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Morgan Stanley &#038; Co. Incorporated</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U><B><I>4.479% Notes due 2021</I></B></U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U><B><I>5.765% Debentures due 2041</I></B></U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Size:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$750,000,000&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$1,000,000,000&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Final Maturity:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;1, 2021
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;1, 2041</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Interest:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.479% per year; on
September&nbsp;1, 2011, the
first Interest Payment
Date, interest on the Notes
will be paid in an amount
equal to (a)&nbsp;interest at
the rate of 4.70% per year
from and including March&nbsp;1,
2011 to, but not including,
the Settlement Date and (b)
interest at the rate of
4.479% per year from and
including the Settlement
Date to, but not including,
such Interest Payment Date.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.765% per year; on
September&nbsp;1, 2011, the
first Interest Payment
Date, interest on the
Debentures will be paid in
an amount equal to (a)
interest at the rate of
4.70% per year from and
including March&nbsp;1, 2011 to,
but not including, the
Settlement Date and (b)
interest at the rate of
5.765% per year from and
including the Settlement
Date to, but not including,
such Interest Payment Date.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pricing Benchmark:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.625% due February&nbsp;15, 2021
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.250% due November&nbsp;15, 2040</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UST Spot (Price/Yield):
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">101-18; 3.437%&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-23; 4.513%&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Spread to Benchmark:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Plus 95 bps
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Plus 120 bps</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Yield to Maturity:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.387%&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.713%&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Coupon:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.479%&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.765%&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Price to Public:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100.729%, plus accrued
interest at the rate of
4.70% per year from and
including March&nbsp;1, 2011 to,
but not including, the
Settlement Date.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100.738%, plus accrued
interest at the rate of
4.70% per year from and
including March&nbsp;1, 2011 to,
but not including, the
Settlement Date.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total Price to Public
(including accrued
interest):
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">101.160%&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">101.168%&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Optional Redemption:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On or after June&nbsp;1, 2013,
the Notes will be
redeemable at the Issuer&#146;s
option, at any time in
whole or from time to time
in part at a redemption
price equal to (A)&nbsp;the
greater of (i)&nbsp;100% of the
principal amount of the
Notes being redeemed; and
(ii)&nbsp;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 360-day
year consisting of twelve
30-day months) at the
Treasury Rate, plus 15
basis points, plus (B)
accrued and unpaid interest
on the Notes to the
redemption date.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On or after June&nbsp;1, 2013,
the Debentures will be
redeemable at the Issuer&#146;s
option, at any time in
whole or from time to time
in part at a redemption
price equal to (A)&nbsp;the
greater of (i)&nbsp;100% of the
principal amount of the
Debentures being redeemed;
and (ii)&nbsp;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 360-day year consisting
of twelve 30-day months) at
the Treasury Rate, plus 20
basis points, plus (B)
accrued and unpaid interest
on the Debentures to the
redemption date.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CUSIP:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">039483 BB7
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">039483 BC5</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISIN:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US039483BB75
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US039483BC58</TD>
</TR>
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</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>**Note: A securities rating is not a recommendation to buy, sell or hold securities and may be
subject to revision or withdrawal at any time.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The issuer has filed registration statements (including prospectuses) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectuses
in those registration statements and other documents the issuer has filed with the SEC for more
complete information about the issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any remarketing agent
or any dealer participating in the offering will arrange to send you the prospectus if you request
it by calling Citigroup Global Markets Inc. toll-free at 1-877-858-5407 or e-mail</B>
<U><B>batprospectusdept@citigroup.com</B></U><B>; or J.P. Morgan Securities LLC (collect)&nbsp;at 212-834-4533; or
Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated toll-free at 1-800-294-1322 or e-mail</B>
<U><B>dg.prospectus&#95;requests@baml.com</B></U><B>.</B>
</DIV>


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