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<SEC-DOCUMENT>0000950152-09-003527.txt : 20090406
<SEC-HEADER>0000950152-09-003527.hdr.sgml : 20090406
<ACCEPTANCE-DATETIME>20090406073114
ACCESSION NUMBER:		0000950152-09-003527
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20090406
DATE AS OF CHANGE:		20090406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BORGWARNER INC
		CENTRAL INDEX KEY:			0000908255
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				133404508
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-149539
		FILM NUMBER:		09733875

	BUSINESS ADDRESS:	
		STREET 1:		3850 HAMLIN RD.
		CITY:			AUBURN HILLS
		STATE:			MI
		ZIP:			48326
		BUSINESS PHONE:		2487549200

	MAIL ADDRESS:	
		STREET 1:		3850 HAMLIN RD.
		CITY:			AUBURN HILLS
		STATE:			MI
		ZIP:			48326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BORG WARNER AUTOMOTIVE INC
		DATE OF NAME CHANGE:	19930628
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>c50412b5e424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML>
<HEAD>
<TITLE>424b5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD>
<FONT style="font-size: 10pt; font-family: Arial, Helvetica; color: #E8112D">The
information in this preliminary prospectus supplement is not
complete and may be changed. This preliminary prospectus
supplement and the accompanying prospectus are not an offer to
sell these securities and are not soliciting an offer to buy
these securities in any state where the offer or sale is not
permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; color: #E8112D">Subject
    to Completion<BR>
    Preliminary Prospectus Supplement dated April&#160;6,
    2009</FONT></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: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUPPLEMENT<BR>
    </FONT></U><FONT style="font-family: 'Times New Roman', Times">(To
    Prospectus dated March&#160;4, 2008)</FONT></B>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Filed
    pursuant to<BR>
    Rule&#160;424(b)(5)<BR>
    Registration
    <FONT style="white-space: nowrap">No.&#160;333-149539</FONT></FONT></B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">$275,000,000</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: #FFFFFF">
    <IMG src="c50412b5c5041200.gif" alt="(BORGWARNER LOGO)"><FONT style="font-size: 12pt">
    </FONT>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">%&#160;Convertible
    Senior Notes due 2012</FONT></B>
</DIV>

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

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=504 length=84 -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are offering $275,000,000 aggregate principal amount of
    our&#160;&#160;%&#160;Convertible Senior Notes due 2012.
    Interest on the notes will accrue
    from&#160;&#160;&#160;&#160;&#160;and will be payable
    semi-annually in arrears on April 15 and October 15 of each
    year, beginning October&#160;15, 2009. The notes will mature on
    April&#160;15, 2012, unless earlier repurchased by us or
    converted.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders may convert their notes at their option at any time
    prior to the close of business on the second scheduled trading
    day immediately preceding the maturity date for the notes. Upon
    conversion, we will pay or deliver, as the case may be, cash,
    shares of our common stock or a combination thereof at our
    election as described in this prospectus supplement. The initial
    conversion rate for the notes will
    be&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our common stock per $1,000 principal amount of notes,
    equivalent to an initial conversion price of approximately
    $&#160;&#160;&#160;&#160;&#160; per share of common stock. Such
    conversion rate will be subject to adjustment in certain events
    but will not be adjusted for accrued interest, including any
    additional interest.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following certain corporate transactions, we will increase the
    applicable conversion rate for a holder that elects to convert
    its notes in connection with such corporate transactions by a
    number of additional shares of our common stock as described in
    this prospectus supplement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may not redeem the notes prior to their stated maturity date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we undergo a fundamental change, as defined in this
    prospectus supplement, holders may require us to purchase all or
    a portion of their notes for cash at a price equal to 100% of
    the principal amount of the notes to be purchased plus any
    accrued and unpaid interest to, but excluding, the fundamental
    change purchase date, as defined herein.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be our senior unsecured obligations, will be
    equal in right of payment with our other senior unsecured debt
    and will be senior in right of payment to our debt that is
    expressly subordinated to the notes, if any. The notes will also
    be structurally subordinated to all debt and other liabilities
    and commitments (including trade payables) of our subsidiaries.
    The notes will also be effectively junior to our secured debt,
    if any, to the extent of the assets securing such debt.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will not be listed on any securities exchange. Our
    common stock is listed on the New York Stock Exchange under the
    symbol &#147;BWA.&#148; On April&#160;3, 2009, the last reported
    sale price of our common stock on the New York Stock Exchange
    was $24.63 per share.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in the notes involves risks. See &#147;Risk
    Factors&#148; beginning on
    <FONT style="white-space: nowrap">page&#160;S-10.</FONT></B>
</DIV>

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

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=504 length=84 -->

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="72%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Price to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Underwriting<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Proceeds to<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 nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Public (1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Discounts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Company (1)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Per Note
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</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: #FFFFFF">

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 27%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=137 -->

<DIV style="margin-top: 3pt; 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: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 9pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Plus accrued interest
    from&#160;&#160;&#160;, 2009 if settlement occurs after that
    date.
    </FONT></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: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have granted the underwriters the right to purchase up to an
    additional $41,250,000 principal amount of the notes within the
    <FONT style="white-space: nowrap">13-day</FONT>
    period beginning on the date the notes are first issued, solely
    to cover over-allotments.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus supplement or the
    accompanying prospectus is truthful or complete. Any
    representation to the contrary is a criminal offense.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters expect to deliver the notes to purchasers in
    book-entry form through the Depository Trust&#160;Company on or
    about&#160;&#160;&#160;, 2009.
    <B><I>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</I></B>
</DIV>

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

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=504 length=84 -->

<DIV style="margin-top: 3pt; 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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Joint
    Book-Running Managers</FONT></I></B>
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="1%%" align="center" nowrap>
    <B><FONT style="font-size: 16pt">Morgan Stanley <BR>
    </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: #FFFFFF">
<TR>
<TD width="21%">
&nbsp;
</TD>
<TD width="30%" align="center" nowrap>
    <B><FONT style="font-size: 16pt">&#160;&#160;Merrill
    Lynch&#160;&#038; Co.<BR>
    </FONT></B>
</TD>
<TD width="49%">
&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: #FFFFFF">
<TR>
<TD width="42%">
&nbsp;
</TD>
<TD width="14%" align="center" nowrap>
    <B><FONT style="font-size: 16pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Citi
    <BR>
    </FONT></B>
</TD>
<TD width="44%">
&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: #FFFFFF">
<TR>
<TD width="99%%">
&nbsp;
</TD>
<TD width="1%%" align="center" nowrap>
    <B><FONT style="font-size: 16pt">Deutsche Bank
    Securities</FONT></B>
</TD>
</TR>
</TABLE>

<DIV style="margin-top: 12pt; 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: #FFFFFF">
    April&#160;&#160;&#160;, 2009
</DIV>

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

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">

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

<DIV style="margin-top: 6pt; 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: #FFFFFF">

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

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

<DIV align="left">
<A name="tocpage"></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: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="94%">&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 -->
<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">
    <U><FONT style="font-size: 10pt">Page</FONT></U>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>Special Note About Forward-Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Capitalization</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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Price Range of Common Stock and Dividend
    Policy</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-19
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>Ratio of Earnings to Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-19
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Description of Notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Description of Capital Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Material United States Federal Income Tax
    Consequences</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-44
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Purchase of Convertible Note Hedge and Sale of
    Warrants</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-50
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Underwriters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-51
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-55
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-55
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-55
</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: #FFFFFF">

</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Prospectus</FONT></B>
</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: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="94%">&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 -->
<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">
    <U><FONT style="font-size: 10pt">Page</FONT></U>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Forward-Looking Statements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    About this Prospectus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    About BorgWarner Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Use of Proceeds
</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">
    Consolidated Ratio of Earnings to Fixed Charges
</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">
    Description of Securities
</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">
    Description of Debt Securities
</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">
    Description of Preferred Stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Description of Common Stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Description of Depositary Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Description of Warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Description of Units
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Forms of Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Plan of Distribution
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal Matters
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Experts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Where You Can Find More Information
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Incorporation of Documents by Reference
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</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: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information contained in this
    prospectus supplement and the accompanying prospectus and the
    documents incorporated by reference in this prospectus
    supplement and the accompanying prospectus. We have not
    authorized anyone to provide you with information that is
    different. If anyone provides you with different or inconsistent
    information, you should not rely on it. This document may be
    used only where it is legal to sell these securities. You should
    not assume that the information in this prospectus supplement
    and the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-1
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    accompanying prospectus is accurate as of any date other than
    the date of this prospectus supplement. Also, you should not
    assume that there has been no change in the affairs of
    BorgWarner since the date of this prospectus supplement.
</DIV>
<A name='101'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    NOTE&#160;ABOUT FORWARD-LOOKING STATEMENTS</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Statements in this prospectus supplement and in the accompanying
    prospectus and other materials filed or to be filed with the
    Securities and Exchange Commission (or otherwise made by
    BorgWarner or on BorgWarner&#146;s behalf) contain various
    forward-looking statements within the meaning of
    Section&#160;27A of the Securities Act of 1933, as amended, or
    the Securities Act, and Section&#160;21E of the Securities
    Exchange Act of 1934, as amended, or the Exchange Act, which
    represent our management&#146;s beliefs and assumptions
    concerning future events. When used in this prospectus
    supplement and in the accompanying prospectus and in other
    materials filed or to be filed with the SEC (or otherwise made
    by BorgWarner or on BorgWarner&#146;s behalf), forward-looking
    statements include, without limitation, statements regarding
    financial forecasts or projections, and our expectations,
    beliefs, intentions or future strategies that are signified by
    the words &#147;expects,&#148; &#147;anticipates,&#148;
    &#147;intends,&#148; &#147;believes,&#148; &#147;plans&#148; or
    similar language. These forward-looking statements are subject
    to risks, uncertainties and assumptions that could cause our
    actual results and the timing of certain events to differ
    materially from those expressed in the forward-looking
    statements. It is routine for our internal projections and
    expectations to change as the year or each quarter in the year
    progresses, and therefore it should be clearly understood that
    the internal projections, beliefs and assumptions upon which we
    base our expectations may change prior to the end of each
    quarter or year. Although these expectations may change, we may
    not inform you if they do.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should understand that many important factors, in addition
    to those discussed or incorporated by reference in this
    prospectus supplement or in the accompanying prospectus or other
    public communications, could cause our results to differ
    materially from those expressed in the forward-looking
    statements. Potential factors that could affect our results
    include, in addition to others not described in this prospectus
    supplement or in the accompanying prospectus or other public
    communications, are those described in the &#147;Risk
    Factors&#148; section of this prospectus supplement and the
    accompanying prospectus. In light of these risks and
    uncertainties, the forward-looking events discussed in this
    prospectus supplement or the accompanying prospectus or other
    public communications might not occur.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-2
</DIV><!-- END PAGE WIDTH -->
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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 -->
<A name='102'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This summary highlights selected information about our
    company and the offer and sale of notes. This summary is not
    complete and does not contain all of the information that may be
    important to you. You should read carefully this entire
    prospectus supplement and the accompanying prospectus, including
    the &#147;Risk Factors&#148; section, and the other documents
    that we refer to and incorporate by reference herein for a more
    complete understanding of us and this offering. In particular,
    we incorporate by reference important business and financial
    information into this prospectus supplement and the accompanying
    prospectus. As used in this prospectus supplement and the
    accompanying prospectus, the terms &#147;BorgWarner&#148;,
    &#147;we&#148;, &#147;us&#148;, &#147;our&#148; and similar
    terms refer to BorgWarner Inc. and its subsidiaries, unless the
    context indicates otherwise.</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">BorgWarner
    Inc.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BorgWarner Inc. is a leading, global supplier of highly
    engineered automotive systems and components, primarily for
    powertrain applications. Our products help improve vehicle
    performance, fuel efficiency, stability and air quality. These
    products are manufactured and sold worldwide, primarily to
    original equipment manufacturers (&#147;OEMs&#148;) of
    light-vehicles (passenger cars, sport-utility vehicles, vans and
    light-trucks). Our products are also sold to other OEMs of
    commercial trucks, buses and agricultural and off-highway
    vehicles. We also manufacture and sell our products to certain
    other tier&#160;one vehicle systems suppliers to the OEMs and
    into the aftermarket for light and commercial vehicles. We
    operate manufacturing facilities serving customers in the
    Americas, Europe and Asia, and we are an original equipment
    supplier to every major automotive OEM in the world.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Recent
    Developments</FONT></I></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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Industry
    Trends</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The global credit crisis and recession have continued adversely
    to affect the automotive industry and, as a result, our business
    and financial performance, including in our recently completed
    quarter ended March&#160;31, 2009. Additional information
    regarding the effect on us of adverse conditions in the
    automotive industry and related sectors is set forth under the
    heading &#147;Risk Factors&#148; in our annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008, which is incorporated
    into this prospectus supplement by reference, including under
    the sub-headings &#147;Our industry is cyclical and our results
    of operations will be adversely affected by industry
    downturns,&#148; &#147;We are dependent on market segments that
    use our key products and would be affected by decreasing demand
    in those segments,&#148; &#147;Suppliers&#146; economic distress
    could result in the disruption of our operations and have a
    material effect on our business&#148; and &#147;Conditions in
    the automotive industry may adversely affect our business.&#148;
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Pending
    Revolving Credit Facility</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our $600&#160;million multi-currency revolving credit facility
    will expire, under its current terms, on July&#160;22, 2009. We
    are currently negotiating an extension or renewal of the
    facility. If these negotiations were unsuccessful, it could
    adversely affect our liquidity and ability to operate. We expect
    that any renewed or extended facility would contain additional
    covenants and that the maximum borrowing amount under any such
    extended or renewed facility, taken together with the amount of
    the proceeds of this offering, will be less than the maximum
    borrowing amount under the current facility. We have received
    indications of interest in respect of a total of approximately
    $220&#160;million of borrowing capacity from the banks that have
    responded to date, though these indications are subject to
    revocation or revision. The reduction in the liquidity available
    to us resulting from a lower maximum borrowing amount may in the
    future impact our ability to respond to financial challenges and
    to exploit business opportunities. In addition, we anticipate
    that the facility will be guaranteed by our existing and future
    direct and indirect domestic and, to the extent no material
    adverse tax consequences would result, foreign subsidiaries. We
    also anticipate that under the terms of the renewed or extended
    facility, if our senior, unsecured, long-term indebtedness is at
    any time rated less than or equal to BB+ by Standard&#160;&#038;
    Poor&#146;s and less than or equal to Ba1 by Moody&#146;s
    Investors Service, then we will be required to secure the
    facility with collateral including our machinery and equipment,
    inventory and other goods, accounts receivable and intercompany
    debt. Our senior, unsecured long-term indebtedness is currently
    rated BBB by Standard&#160;&#038; Poor&#146;s and Ba1 by
    Moody&#146;s Investors Service.
</DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-3
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<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 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2008 and December&#160;31, 2007 there were
    no outstanding borrowings under our revolving credit facility.
    Affiliates of the underwriters act as administrative agent,
    syndication agent and lenders under our multi-currency revolving
    credit facility. See &#147;Underwriters.&#148;
</DIV>

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

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=84 -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BorgWarner was incorporated in Delaware in 1987. Our principal
    executive offices are located at 3850 Hamlin Road, Auburn Hills,
    Michigan 48326, and our telephone number is
    <FONT style="white-space: nowrap">(248)&#160;754-9200.</FONT>
    Our website address is www.borgwarner.com. Information contained
    on our website is not a prospectus and does not constitute part
    of this prospectus supplement or the accompanying prospectus.
</DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<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 -->

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">Summary
    Financial Data</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our summary consolidated
    financial information. We derived the operating data and other
    financial data for the three years ended December&#160;31, 2008
    and balance sheet data as of such dates from our consolidated
    financial statements incorporated by reference into this
    prospectus supplement. This information should be read in
    conjunction with the consolidated financial statements and
    related notes thereto incorporated by reference into this
    prospectus supplement.
</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&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="9%" 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="9%" 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="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>For the Period Ended December&#160;31,</B>
</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><FONT style="font-size: 9pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">2006</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(in millions, except per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Statement of Operations Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,263.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,328.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,585.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cost of sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,425.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,378.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,735.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Gross profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    838.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    949.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    849.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Selling, general and administrative expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    542.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    531.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    498.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Restructuring expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    127.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    84.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Goodwill impairment charge
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    156.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Other income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6.8
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7.5
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Operating income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    424.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    274.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Equity in affiliates&#146; earnings, net of tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (38.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (40.3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (35.9
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Interest expense and finance charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Earnings before income taxes and minority interest
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    430.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    270.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Provision for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Minority interest, net of tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net earnings (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (35.6
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    288.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    211.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Earnings (loss) per share&#160;&#150; basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.31
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.49
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.84
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Earnings (loss) per share&#160;&#150; diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.31
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Other Financial Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Operating margin
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Pre-tax margin
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Ratio of earnings to fixed charges (a)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.14
</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">
    8.44
</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">
    5.88
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net cash provided by operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    400.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    603.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    442.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net cash used in investing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (485.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (368.0
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (341.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net cash provided by (used in) financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (159.3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (59.9
</TD>
<TD nowrap align="left" valign="bottom">
    )
</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: #FFFFFF">

</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&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="9%" 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="9%" 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="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of December&#160;31,</B>
</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><FONT style="font-size: 9pt">2008</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">2007</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">2006</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Balance Sheet Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    103.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    188.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    123.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Marketable securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,644.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,958.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,584.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    780.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    636.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    721.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Minority interest
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    117.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    162.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,006.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,321.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,875.4
</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: #FFFFFF">

</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 30%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=137 -->

<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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;&#160;&#160;&#160;&#160;In the computation of our
    ratios of earnings to fixed charges, earnings consist of
    earnings before income taxes, minority interests and equity in
    affiliate earnings, plus fixed charges, amortization of
    capitalized interest, and dividends received from equity
    affiliates, less capitalized interest. Fixed charges consist of
    interest expensed and capitalized and
    <FONT style="white-space: nowrap">one-third</FONT> of
    rental expense (approximate portion representing interest).
</DIV>
</DIV><!-- End box 1 -->

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

<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 -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Offering</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The summary below describes the principal terms of the notes.
    Certain of the terms and conditions described below are subject
    to important limitations and exceptions. The &#147;Description
    of Notes&#148; section of this prospectus supplement contains a
    more detailed description of the terms and conditions of the
    notes.
</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: #FFFFFF"><!-- TABLE 06 -->

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

<TR>
    <TD valign="top">
    <B>Issuer</B></TD>
    <TD></TD>
    <TD valign="bottom">
    BorgWarner Inc.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Notes Offered</B></TD>
    <TD></TD>
    <TD valign="bottom">
    $275,000,000 aggregate principal amount
    of&#160;&#160;&#160;&#160;&#160;%&#160;Convertible Senior Notes
    due 2012. We have also granted the underwriters the option to
    purchase within the 13-day period beginning on the date the
    notes are first issued, up to an additional $41,250,000
    aggregate principal amount of notes, solely to cover
    over-allotments.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Maturity Date</B></TD>
    <TD></TD>
    <TD valign="bottom">
    April&#160;15, 2012, subject to earlier repurchase or conversion.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Ranking</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will be equal in right of payment with all of our
    existing and future unsecured senior debt and senior in right of
    payment to our debt that is expressly subordinated to the notes,
    if any. The indenture pursuant to which the notes will be issued
    will not limit the amount of debt that we or our subsidiaries
    may incur. The notes will be structurally subordinated to all
    debt and other liabilities and commitments (including trade
    payables) of our subsidiaries. The notes will also be
    effectively junior to our secured debt, if any, to the extent of
    the value of the assets securing such debt.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    As of December&#160;31, 2008, our subsidiaries had
    $1,645.2&#160;million of total liabilities.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Interest and Payment Dates</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Interest on the notes will accrue at a rate
    of&#160;&#160;&#160;&#160;&#160;% per annum on the principal
    amount
    from&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2009, payable semi-annually in arrears on April 15 and October
    15 of each year, beginning on October&#160;15, 2009.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Optional Redemption</B></TD>
    <TD></TD>
    <TD valign="bottom">
    We may not redeem the notes prior to their stated maturity date.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Conversion Rights</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Holders may convert their notes at their option at any time
    prior to the close of business on the second scheduled trading
    day immediately preceding the maturity date of the notes, into
    equal multiples of $1,000 principal amount.</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 initial conversion rate for the notes will
    be&#160;&#160;&#160;&#160;&#160;&#160;shares of our common stock
    per $1,000 principal amount of notes, equivalent to an initial
    conversion price of approximately
    $&#160;&#160;&#160;&#160;&#160; per share of common stock. Such
    conversion rate will be subject to adjustment in certain events
    but will not be adjusted for accrued interest, including any
    additional interest.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Upon conversion, we will pay or deliver, as the case may be,
    cash, shares of our common stock or a combination thereof at our
    election. We refer to our obligation to pay or deliver these
    amounts as our conversion obligation. If we satisfy our
    conversion obligation solely in cash or through payment and
    delivery, as the case may be, of a combination of cash and
    shares of our common stock, the amount of cash and shares of our
    common stock, if any, due upon conversion will be based on a
    daily conversion value (as described herein) calculated on a
    proportionate basis for each trading day in the 40
    <FONT style="white-space: nowrap">trading-day</FONT>
    cash settlement averaging period (as described herein). </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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    <BR>
    S-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<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 -->

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

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    See &#147;Description of Notes&#151;Conversion
    Rights&#151;Settlement upon Conversion.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In addition, following certain corporate transactions, we will
    increase the applicable conversion rate for a holder who elects
    to convert in connection with such corporate transactions by a
    number of additional shares of our common stock as described
    under &#147;Description of Notes&#151;Conversion
    Rights&#151;Adjustment to Shares Delivered upon Conversion upon
    Certain Corporate Transactions.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    You will not receive any additional cash payment, including any
    additional interest, upon conversion of a note except in
    circumstances described in &#147;Description of
    Notes&#151;Conversion Rights&#151;General.&#148; Instead,
    interest will be deemed paid by the cash, shares of our common
    stock or a combination thereof paid or delivered, as the case
    may be, to you upon conversion of a note.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Fundamental Change</B></TD>
    <TD></TD>
    <TD valign="bottom">
    If we undergo a fundamental change (as defined under
    &#147;Description of Notes&#151;Fundamental Change Permits
    Holders to Require us to Purchase Notes&#148;), you will have
    the option to require us to purchase all or any portion of your
    notes. The fundamental change purchase price will be 100% of the
    principal amount of the notes to be purchased plus any accrued
    and unpaid interest, including any additional interest, to but
    excluding the fundamental change purchase date. We will pay cash
    for all notes so purchased.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Use of Proceeds</B></TD>
    <TD></TD>
    <TD valign="bottom">
    We estimate that the proceeds from this offering will be
    approximately $266.8&#160;million ($306.8&#160;million if the
    underwriters exercise their option to purchase additional notes
    in full), after deducting fees and before estimated expenses.</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 expect to use the remaining net proceeds of the offering for
    general corporate purposes, including to repay short-term
    indebtedness, after applying a portion of the net proceeds for
    the cost of the convertible note hedges after such cost is
    offset by the proceeds of the warrant transactions described in
    &#147;Purchase of Convertible Note Hedge and Sale of
    Warrants.&#148;</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 cost of the convertible note hedges, after being partially
    offset by the proceeds from the sale of the warrants, was
    approximately $&#160;&#160;&#160;&#160;&#160;&#160;million. If
    the underwriters exercise their over-allotment option to
    purchase additional notes, we will use a portion of the net
    proceeds from the sale of additional notes to increase the
    number of shares underlying the convertible note hedges and we
    expect to increase the number of shares underlying the sold
    warrant transactions as well (which would result in additional
    proceeds to us), in each case on a pro rata basis. We expect to
    use the remaining proceeds, together with the proceeds from the
    sale of additional warrants, for general corporate purposes. See
    &#147;Convertible Note Hedge and Warrant Transactions.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Book-Entry Form</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will be issued in book-entry form and will be
    represented by permanent global certificates deposited with, or
    on behalf of, The Depository Trust&#160;Company, which we refer
    to as DTC, and registered in the name of a nominee of DTC.
    Beneficial interests in any of the notes will be shown on, and
    transfers will be effected only through,  </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

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    <BR>
    S-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<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 -->

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

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    records maintained by DTC or its nominee, and any such interest
    may not be exchanged for certificated securities, except in
    limited circumstances described herein. See &#147;Description of
    Notes&#151;Book-Entry, Settlement and Clearance.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Trading Symbol for Our<BR>
    Common Stock</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Our common stock is listed on the New York Stock Exchange under
    the symbol &#147;BWA.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Convertible Note Hedge and Warrant Transactions</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Concurrently with the pricing of the notes, we have entered into
    convertible note hedge transactions with respect to our common
    stock (the &#147;convertible note hedges&#148;) with one or more
    of the underwriters or their respective affiliates, whom we
    refer to as the hedge counterparties. The convertible note
    hedges will cover, subject to customary anti-dilution
    adjustments,
    approximately&#160;&#160;&#160;&#160;&#160;&#160;million shares
    of our common stock, assuming the underwriters do not exercise
    their over-allotment option. Separately and concurrently with
    the pricing of the notes, we have entered into warrant
    transactions whereby we will sell to the hedge counterparties
    warrants to acquire, subject to customary anti-dilution
    adjustments,
    approximately&#160;&#160;&#160;&#160;&#160;&#160;million shares
    of our common stock (the &#147;sold warrant transactions&#148;),
    assuming the underwriters do not exercise their over-allotment
    option. If the underwriters exercise their over-allotment option
    to purchase additional notes, the number of shares underlying
    the convertible note hedges will automatically increase and we
    expect to increase the number of shares underlying the sold
    warrant transactions as well, in each case on a pro rata basis.</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 convertible note hedges are expected to reduce the potential
    dilution with respect to our common stock upon conversion of the
    notes in the event that the market value per share of our common
    stock, as measured under the convertible note hedges, at the
    time of exercise is greater than the strike price of the
    convertible note hedges, which corresponds to the initial
    conversion price of the notes and is similarly subject to
    customary antidilution adjustments. If, however, the
    volume-weighted price per share of our common stock exceeds the
    strike price of the sold warrants when they expire, there would
    be additional dilution from the issuance of common stock
    pursuant to the warrants.</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 convertible note hedges and sold warrant transactions are
    separate transactions (in each case entered into by us with the
    hedge counterparties), are not part of the terms of the notes
    and will not affect the holders&#146; rights under the notes. As
    a holder of the notes, you will not have any rights with respect
    to the convertible note hedges or the sold warrant transactions.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    For a discussion of the impact of any market or other activity
    by the hedge counterparties (or their respective affiliates) in
    connection with the convertible note hedge and sold warrant
    transactions, see &#147;Risk Factors&#151;Risks Relating to the
    Notes&#151;The convertible note hedge and warrant transactions
    may affect the value of the notes and our common stock.&#148;</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<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 -->

<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: #FFFFFF"><!-- TABLE 06 -->

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

<TR>
    <TD valign="top">
    <B>U.S. Federal Income Tax Consequences</B></TD>
    <TD></TD>
    <TD valign="bottom">
    Holders are urged to consult their own tax advisors with respect
    to the federal, state, local and foreign tax consequences of
    purchasing, owning and disposing of the notes and the common
    stock issuable upon conversion of the notes. See &#147;Material
    United States Federal Income Tax Considerations.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Trustee</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The trustee for the notes is The Bank of New York Mellon
    Trust&#160;Company, National Association.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Governing Law</B></TD>
    <TD></TD>
    <TD valign="bottom">
    The indenture and the notes will be governed by the laws of the
    State of New York.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>You should refer to the section entitled &#147;Risk
    Factors&#148; and other information included or incorporated by
    reference in this prospectus supplement for an explanation of
    certain risks of investing in the notes.</I>
</DIV>
</DIV><!-- End box 1 -->

<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: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='103'>
<DIV style="margin-top: 12pt; 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>An investment in the notes involves certain risks. You should
    carefully consider the risks described below, as well as the
    other information included or incorporated by reference in this
    prospectus supplement and the accompanying prospectus, before
    making an investment decision. Our business, financial condition
    or results of operations could be materially adversely affected
    by any of these risks. The market or trading price of the notes
    could decline due to any of these risks, and you may lose all or
    part of your investment. In addition, please read &#147;Special
    Note About Forward-Looking Statements&#148; in this prospectus
    supplement where we describe additional uncertainties associated
    with our business and the forward-looking statements included or
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus. Please note that additional risks not
    presently known to us or that we currently deem immaterial may
    also impair our business and operations.</I>
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Relating to Our Business</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain risks relating to us and our business are described
    under the heading &#147;Risk Factors&#148; in our Annual Report
    on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008, which is incorporated
    by reference into this prospectus supplement, and which you
    should carefully review and consider. Additional discussion of
    the potential impact on us of certain recent developments is set
    forth above under &#147;Recent Developments.&#148;
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Relating to Our Common Stock</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    market price of our common stock may be volatile, which could
    cause the value of your investment in BorgWarner to
    decline.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any of the following factors could affect the market price of
    our common stock:
</DIV>

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

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

<TR>
    <TD width="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    general market, political and economic conditions;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    changes in earnings estimates and recommendations by financial
    analysts;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our failure to meet financial analysts&#146; performance
    expectations;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    changes in market valuations of other automotive suppliers.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, many of the risks that are described elsewhere in
    this &#147;Risk Factors&#148; section and under the heading
    &#147;Risk Factors&#148; in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008 (which is incorporated
    by reference into this prospectus supplement) could materially
    and adversely affect our stock price. The stock markets have
    experienced price and volume volatility that has affected many
    companies&#146; stock prices. Stock prices for many companies
    have experienced wide fluctuations that have often been
    unrelated to the operating performance of those companies.
    Fluctuations such as these may affect the market price of our
    common stock.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    companies may have difficulty acquiring us due to provisions
    under our corporate charter and by-laws, as well as Delaware
    law.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Provisions in our restated certificate of incorporation, our
    amended and restated by-laws and under Delaware law could make
    it more difficult for other companies to acquire us, even if
    that acquisition would benefit our stockholders. Our restated
    certificate of incorporation and amended and restated by-laws
    contain the following provisions, among others, which may
    inhibit an acquisition of our company by a third party:
</DIV>

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

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

<TR>
    <TD width="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our board of directors is divided into three classes of
    directors, each serving staggered, three-year terms;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    directors may be removed only for cause and only upon the
    affirmative vote of holders of at least 80% of our outstanding
    voting power;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any alteration, amendment or repeal of the sections of the
    restated certificate of incorporation regarding the composition,
    election and classification of the board of directors requires
    the approval of the holders of at least 80% of our outstanding
    voting power;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our board of directors may issue up to 25,000,000&#160;shares of
    preferred stock without a stockholder vote;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    when it is evaluating any proposal from another party to make a
    tender offer for our equity securities, merge or consolidate us
    with another corporation or purchase or otherwise acquire
    substantially all of our properties and assets, our board of
    directors must give due consideration to all relevant factors,
</TD>
</TR>

</TABLE>

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

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

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

<TR>
    <TD width="10%"></TD>
    <TD width="4%"></TD>
    <TD width="86%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    including the social and economic effects on our employees,
    customers, suppliers and other constituents and the communities
    in which we operate or are located;
</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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    directors will not be personally liable for monetary damages to
    us or our stockholders for breach of fiduciary duty as a
    director, with limited exceptions;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    specified persons, including our directors, officers, employees
    or agents, are indemnified by us to the full extent permitted by
    the Delaware General Corporation Law, and we may enter into
    agreements with any person providing for indemnification greater
    or different than that provided by our certificate of
    incorporation.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are also subject to provisions of Delaware law that prohibit
    us from engaging in any business combination with any
    &#147;interested stockholder,&#148; meaning generally that a
    stockholder who beneficially owns 15% or more of our stock
    cannot acquire us for a period of three years from the date this
    person became an interested stockholder, unless various
    conditions are met, such as approval of the transaction by our
    board of directors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any of these restrictions could have the effect of delaying or
    preventing a change of control.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Relating to the Notes,</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    complete the extension or renewal of our revolving credit
    facility on the currently anticipated terms certain of our
    subsidiaries will be required to guarantee the facility and
    under specified circumstances we will be required to secure the
    facility; as a result any borrowings under that facility will be
    effectively senior to the notes.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our obligations under the notes will be unsecured. Our
    $600&#160;million multi-currency revolving credit facility will
    expire, under its current terms, on July&#160;22, 2009 and we
    are currently negotiating an extension or renewal of the
    facility. We expect that any renewed or extended facility would
    contain additional covenants, provide for certain subsidiary
    guarantees and require us to provide security under certain
    circumstances. We anticipate that under the terms of the renewed
    or extended facility, if our senior, unsecured, long-term
    indebtedness is at any time rated less than or equal to BB+ by
    Standard&#160;&#038; Poor&#146;s and less than or equal to Ba1
    by Moody&#146;s Investors Service, we will be required to secure
    the facility with collateral including our machinery and
    equipment, inventory and other goods, accounts receivable and
    intercompany debt. Our senior, unsecured long-term indebtedness
    is currently rated BBB by Standard&#160;&#038; Poor&#146;s and
    Ba1 by Moody&#146;s Investors Service. In addition, we
    anticipate that the facility will be guaranteed by our existing
    and future direct and indirect domestic and, to the extent no
    material adverse tax consequences would result, foreign
    subsidiaries. In the event of our bankruptcy, liquidation,
    reorganization or other winding up, (a)&#160;assets that secure
    debt will be available to pay obligations on the notes only
    after all debt secured by those assets has been repaid in full
    and (b)&#160;assets of our subsidiaries will be available to our
    creditors only after satisfaction of the subsidiaries&#146;
    obligations, including any guaranties of the revolving credit
    facility and it is possible that payment obligations under the
    revolving credit facility would be satisfied and obligations
    under the notes would not.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Recent
    developments in the convertible debt markets may adversely
    affect the market value of the notes.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The convertible debt markets have experienced unprecedented
    disruptions resulting from, among other things, the recent
    instability in the credit and capital markets and the emergency
    orders issued by the Securities and Exchange Commission (the
    &#147;SEC&#148;) on September 17 and 18, 2008 (and extended on
    October&#160;1, 2008). These orders were issued as a stop-gap
    measure while Congress worked to provide a comprehensive
    legislative plan to stabilize the credit and capital markets.
    Among other things, these orders temporarily imposed a
    prohibition on effecting short sales of the common stock of
    certain financial companies. As a result, the SEC orders made
    the convertible arbitrage strategy that many convertible notes
    investors employ difficult to execute for outstanding
    convertible notes of those companies whose common stock was
    subject to the short sale prohibition. The SEC orders expired at
    11:59&#160;p.m., New York City Time, on Wednesday,
    October&#160;8, 2008. However, the SEC and New York Stock
    Exchange are currently considering instituting other limitations
    on effecting short sales (such as the up-tick rule), and other
    regulatory organizations may do the same. Any future
    governmental actions that interfere with the ability of
    convertible notes investors to effect short sales on the
    underlying common stock could significantly affect the market
    value of convertible securities, including the notes.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-11
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    will have the ability to incur substantially more indebtedness,
    including secured indebtedness.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our indenture governing the notes offered hereby do not contain
    any restrictions on our ability to incur additional
    indebtedness; although our other financing agreements contain
    certain such limitations, noteholders do not have any rights
    under such agreements. If we and our subsidiaries incur
    significant additional indebtedness, the related risks that we
    face could intensify.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Your
    right to receive payments on the notes is effectively junior to
    those lenders who have a security interest in our
    assets.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our obligations under the notes will be unsecured. If we incur
    secured indebtedness and subsequently default under that
    indebtedness, the lenders could declare all of the funds
    borrowed thereunder, together with accrued interest, immediately
    due and payable. If we were unable to repay such indebtedness,
    the lenders could foreclose on the pledged assets to the
    exclusion of holders of the notes, even if an event of default
    exists under the indenture governing the notes offered hereby at
    such time. In any such event, because the notes will not be
    secured by any of our assets, it is possible that there would be
    no assets remaining from which payments could be made on the
    notes or, if any assets remained, they might be insufficient to
    satisfy fully our obligations under the notes. Additionally, in
    the event of our bankruptcy, liquidation, reorganization or
    other winding up, assets that secure debt will be available to
    pay obligations on the notes only after all debt secured by
    those assets has been repaid in full.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">As a
    holder of notes, you will not be entitled to any rights with
    respect to our common stock, but you will be subject to all
    changes made with respect to our common stock.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you hold notes, you will not be entitled to any rights with
    respect to our common stock (including, without limitation,
    voting rights and rights to receive any dividends or other
    distributions on our common stock), but you will be subject to
    all changes affecting our common stock. You will have the rights
    with respect to our common stock only if you receive our common
    stock upon conversion and only as of the date when you become an
    owner of the shares of our common stock upon such conversion.
    For example, in the event that an amendment is proposed to our
    charter or by-laws requiring stockholder approval and the record
    date for determining the stockholders of record entitled to vote
    on the amendment occurs prior to the date you are deemed the
    owner of the shares of our common stock, if any, due upon
    conversion, you will not be entitled to vote on the amendment,
    although you will nevertheless be subject to any changes in the
    powers, preferences or special rights of our common stock.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    market price of the notes is expected to be significantly
    affected by the market price of our common stock, which may be
    volatile and will be affected by factors beyond our
    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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect that the market price of our notes will be
    significantly affected by the market price of our common stock.
    This may result in greater volatility in the market price of the
    notes than would be expected for nonconvertible debt securities.
    The market price of our common stock will likely continue to
    fluctuate in response to the factors discussed elsewhere in
    &#147;Risk Factors,&#148; including under the subheading,
    &#147;&#151;&#160;Risks Relating to Our Common Stock,&#148; and
    in &#147;Forward-Looking Statements,&#148; among others, many of
    which are beyond our control.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Upon
    conversion of the notes, you may receive less proceeds than
    expected because the value of our common stock may decline (or
    not appreciate as much as you may expect) between the day that
    you exercise your conversion right and the day the conversion
    value of your notes is finally determined.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless we elect to deliver solely shares of our common stock in
    respect of our conversion obligation, we will satisfy our
    conversion obligation to holders by paying cash in respect of a
    specified portion of our conversion obligation and by delivering
    shares of our common stock in settlement of any amounts in
    excess of such specified portion of our conversion obligation.
    Accordingly, upon conversion of a note, you may not receive any
    shares of our common stock, or you may receive fewer shares of
    our common stock relative to the conversion value of that note.
    In addition, unless we elect to deliver solely shares of our
    common stock in respect of our conversion obligation, settlement
    of conversions may be delayed up to the 122nd day following the
    conversion date. See &#147;Description of Notes&#151;Conversion
    Rights&#151;Settlement upon Conversion.&#148; As a result, upon
    conversion of the notes, you may receive less proceeds than
    expected because the value of our common stock may decline (or
    not appreciate as much as you may expect) between the day that
    you exercise your conversion right and the day the conversion
    value of your notes is finally determined.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-12
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    notes are not protected by restrictive covenants.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture governing the notes does not contain any financial
    or operating covenants or restrictions on the payments of
    dividends, the incurrence of indebtedness or the issuance or
    repurchase of securities by us or any of our subsidiaries. In
    addition, the indenture does not contain covenants or other
    provisions to afford protection to holders of the notes in the
    event of a fundamental change involving us except to the extent
    described under &#147;Description of Notes&#151;Fundamental
    Change Permits Holders to Require Us to Purchase Notes&#148; and
    &#147;Description of Notes&#151;Conversion
    Rights&#151;Adjustment to Shares Delivered upon Conversion upon
    Certain Corporate Transactions.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    conversion rate for notes may not be adjusted for all dilutive
    events.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The conversion rate of the notes is subject to adjustment for
    certain events, including, but not limited to, the issuance of
    stock dividends on our common stock, the issuance of certain
    rights or warrants, subdivisions, combinations, distributions of
    capital stock, indebtedness or assets, cash dividends and
    certain issuer tender or exchange offers as described under
    &#147;Description of Notes&#151;Conversion
    Rights&#151;Conversion Rate Adjustments.&#148; Such conversion
    rate will not be adjusted, however, for other events, such as a
    third-party tender or exchange offer or an issuance of common
    stock for cash, that may adversely affect the trading price of
    the notes or our common stock. In addition, an event that
    adversely affects the value of the notes may occur, and that
    event may not result in an adjustment to such conversion rate.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not have the ability to raise the funds necessary to purchase
    the notes upon a fundamental change as required by the indenture
    governing the notes.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders may require us to purchase their notes upon a
    fundamental change as described under &#147;Description of
    Notes&#151;Fundamental Change Permits Holders to Require Us to
    Purchase Notes.&#148; A fundamental change may also constitute
    an event of default, and result in the effective acceleration of
    the maturity of our then-existing indebtedness. There can be no
    assurance that we would have sufficient financial resources, or
    would be able to arrange financing, to pay the fundamental
    change purchase price for the notes surrendered by the holders
    in cash. In addition, the terms of our financing agreements may
    limit our ability to pay any fundamental change purchase price.
    Failure by us to purchase the notes when required will result in
    an event of default with respect to the notes.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Some
    significant restructuring transactions may not constitute a
    fundamental change, in which case we would not be obligated to
    offer to purchase the notes.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the occurrence of certain fundamental change transactions
    described under &#147;Description of Notes,&#148; you have the
    right to require us to repurchase your notes. However, the
    fundamental change provisions will only afford protection to
    holders of notes in the event of certain transactions. Other
    transactions such as leveraged recapitalizations, refinancings,
    restructurings, or acquisitions initiated by us may not
    constitute a fundamental change requiring us to repurchase the
    notes. In the event of any such transaction, the holders would
    not have the right to require us to repurchase the notes, even
    though each of these transactions could increase the amount of
    our indebtedness or otherwise adversely affect our capital
    structure or any credit ratings, thereby adversely affecting the
    holders of notes.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    adjustment to the applicable conversion rate for notes converted
    in connection with a specified corporate transaction may not
    adequately compensate you for any lost value of your notes as a
    result of such transaction.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a specified corporate transaction constituting a make-whole
    fundamental change, as described under &#147;Description of
    Notes,&#148; occurs, under certain circumstances we will
    increase the applicable conversion rate by a number of
    additional shares of our common stock for notes converted in
    connection with such specified corporate transaction. The
    increase in the applicable conversion rate will be determined
    based on the date on which the specified corporate transaction
    becomes effective and the price paid per share of our common
    stock in, or the price of our common stock over a five
    <FONT style="white-space: nowrap">trading-day</FONT>
    period immediately preceding the effective date of, such
    transaction, as described under &#147;Description of
    Notes&#151;Conversion Rights&#151;Adjustment to Shares Delivered
    upon Conversion
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">
    upon Certain Corporate Transactions.&#148; The adjustment to the
    applicable conversion rate for notes converted in connection
    with a specified corporate transaction may not adequately
    compensate you for any lost value of your notes as a result of
    such transaction. In addition, if the stock price for such
    transaction (determined as described under &#147;Description of
    Notes&#151;Conversion Rights&#151;Adjustment to Shares Delivered
    upon Conversion upon Certain Corporate Transactions&#148;) is
    greater than $&#160;&#160;&#160;&#160;&#160; per share, or if
    such price is less than $&#160;&#160;&#160;&#160;&#160; per
    share (each such price, subject to adjustment), no adjustment
    will be made to the applicable conversion rate.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our obligation to increase the applicable conversion rate in
    connection with any such specified corporate transaction could
    be considered a penalty, in which case the enforceability
    thereof would be subject to general principles of reasonableness
    of economic remedies.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    fundamental change provisions may delay or prevent an otherwise
    beneficial takeover attempt of us.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The fundamental change purchase rights, which will allow
    noteholders to require us to purchase all or a portion of their
    notes upon the occurrence of a fundamental change, as defined in
    &#147;Description of Notes,&#148; and the provisions requiring
    an increase to the conversion rate for conversions in connection
    with make-whole fundamental changes may in certain circumstances
    delay or prevent a takeover of us and the removal of incumbent
    management that might otherwise be beneficial to investors.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Your
    ability to transfer the notes may be limited by the absence of
    an active trading market, and there is no assurance that any
    active trading market will develop for the notes.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes are a new issue of securities for which there is no
    established public market. We do not intend to apply for listing
    of the notes on any securities exchange or arrange for the notes
    to be quoted on any quotations system. We have been advised by
    the representatives of the underwriters that they intend to make
    a market in the notes as permitted by applicable laws and
    regulations; however, the representatives are not obligated to
    make a market in the notes, and they may discontinue their
    market-making activities at any time without notice. Therefore,
    an active market for the notes may not develop or, if developed,
    may not continue. The liquidity of any market for the notes will
    depend upon the number of holders of the notes, our performance,
    the market for similar securities, the interest of securities
    dealers in making a market in the notes and other factors. A
    liquid trading market may not develop for the notes. If a market
    develops, the notes could trade at prices that may be lower than
    the initial offering price of the notes. If an active market
    does not develop or is not maintained, the price and liquidity
    of the notes may be adversely affected.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Conversion
    of the notes may dilute the ownership interest of existing
    stockholders, including holders who have previously converted
    their notes.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The conversion of some or all of the notes may dilute the
    ownership interests of existing stockholders. Any sales in the
    public market of any of our common stock issuable upon such
    conversion could adversely affect prevailing market prices of
    our common stock. In addition, the anticipated conversion of the
    notes into shares of our common stock or a combination of cash
    and shares of our common stock could depress the price of our
    common stock.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">You
    may be subject to tax upon an adjustment to, or a failure to
    adjust, the conversion rate of the notes even though you do not
    receive a corresponding cash distribution.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The conversion rate of the notes is subject to adjustment in
    certain circumstances, including the payment of certain cash
    dividends. If the conversion rate is adjusted as a result of a
    distribution that is taxable to our common stockholders, such as
    a cash dividend, you will be deemed to have received for
    U.S.&#160;federal income tax purposes a taxable dividend to the
    extent of our earnings and profits without the receipt of any
    cash. In addition, a failure to adjust (or adjust adequately)
    the conversion rate after an event that increases your
    proportionate interest in us could be treated as a deemed
    taxable dividend to you. If you are a Non-U.S Holder (as defined
    in &#145;&#145;Material United States&#160;Federal Income Tax
    Consequences&#148;), such deemed dividend may be subject to
    U.S.&#160;federal withholding tax (currently at a 30% rate, or
    such lower rate as may be specified by an applicable treaty),
    which may be set off against subsequent payments on the notes.
    See &#147;Description of Notes&#151;Conversion
    Rights&#151;Conversion Rate Adjustment&#148; and &#147;Material
    United States&#160;Federal Income Tax Consequences.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a make-whole fundamental change occurs on or prior to the
    maturity date of the notes, under some circumstances, we will
    increase the conversion rate for notes converted in connection
    with such make-whole fundamental change. Such increase may be
    treated as aft distribution subject to U.S.&#160;federal income
    tax as a dividend. See &#147;Material United States&#160;Federal
    Income Tax Consequences.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    convertible note hedge and warrant transactions may affect the
    value of the notes and our common stock.</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have entered into convertible note hedge transactions with
    the hedge counterparties concurrently with the pricing of the
    notes. The convertible note hedge transactions are expected to
    reduce the potential dilution upon conversion of the notes.
    Separately, we also have entered into warrant transactions with
    the hedge counterparties at that time. The warrant transactions
    could separately have a dilutive effect from the issuance of
    common stock pursuant to the warrants. If the underwriters
    exercise their option to purchase additional notes to cover
    over-allotments, the number of shares underlying the convertible
    note hedge transactions will automatically increase and we
    expect to increase the number of shares underlying the warrant
    transactions as well, in each case on a pro rata basis. In
    connection with hedging these transactions, the hedge
    counterparties or their respective affiliates:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    may enter into various derivative transactions with respect to
    our common stock, concurrently with and shortly after the
    pricing of the notes;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    may enter into, or may unwind, various derivative transactions
    <FONT style="white-space: nowrap">and/or</FONT>
    purchase or sell our common stock in secondary market
    transactions following the pricing of the notes and prior to
    maturity of the notes (and are likely to do so during any cash
    settlement averaging period related to any conversion of the
    notes).
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Such activities could have the effect of increasing, or
    preventing a decline in, the trading price of our common stock
    concurrently with or following the pricing of the notes and
    could have the effect of decreasing the trading price of our
    common stock during any cash settlement averaging period related
    to a conversion of the notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The hedge counterparties or their respective affiliates are
    likely to modify their hedge positions from time to time prior
    to conversion or maturity of the notes by purchasing and selling
    shares of our common stock, or other of our securities or
    instruments that they may wish to use in connection with such
    hedging. In particular, such hedging modifications may occur
    during the cash settlement averaging period, if any, for a
    conversion of notes, which may have a negative effect on the
    value of the consideration received following the conversion of
    those notes. In addition, we intend to exercise options we hold
    under the convertible note hedge transactions whenever notes are
    converted. In order to unwind their hedge positions with respect
    to those exercised options, the hedge counterparties or their
    respective affiliates may sell shares of our common stock in
    secondary market transactions or unwind various derivative
    transactions with respect to our common stock during the cash
    settlement averaging period, if any, for the converted notes. In
    addition, if the convertible note hedge and warrant option
    transactions fail to become effective when this offering of
    notes is completed, or if the offering is not completed, the
    hedge counterparties or their respective affiliates may unwind
    their hedge positions with respect to our common stock, which
    could adversely affect the value of our common stock and, as a
    result, the value of the notes. The effect, if any, of any of
    these transactions and activities on the trading price of our
    common stock or the notes will depend in part on market
    conditions and cannot be ascertained at this time, but any of
    these activities could adversely affect the value of our common
    stock and the value of the notes and, as a result, the number of
    shares and value of the common stock you will receive upon
    conversion of the notes and, under certain circumstances, your
    ability to convert the notes. See &#147;Purchase of Convertible
    Note Hedge and Sale of Warrants.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    accounting method for convertible debt securities that may be
    settled in cash, such as the notes, is the subject of recent
    changes that could have a material effect on our reported
    financial results. </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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
     In May 2008, the Financial Accounting Standards Board
    (&#147;FASB&#148;) issued FASB Staff Position
    <FONT style="white-space: nowrap">No.&#160;APB&#160;14-1,</FONT>
    Accounting for Convertible Debt Instruments That May be Settled
    in Cash Upon Conversion (Including Partial Cash Settlement)
    (&#147;FSP APB 14-1&#148;). Under FSP APB 14-1, an entity must
    separately account for the liability and equity components of
    the convertible debt instruments (such as the notes) that may be
    settled entirely or partially in cash upon conversion in a
    manner that reflects the issuer&#146;s economic interest cost.
    The effect
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-15
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">
    of FSP APB 14-1 on the accounting for the notes is that the
    equity component would be included in the additional paid-in
    capital section of stockholders&#146; equity on our consolidated
    balance sheet and the value of the equity component would be
    treated as original issue discount for purposes of accounting
    for the debt component of the notes. FSP APB 14-1 is effective
    for fiscal years beginning after December&#160;15, 2008, and for
    interim periods within those fiscal years, with retrospective
    application required. As a result, because of our adoption of
    FSP APB 14-1 for fiscal 2009, we will be required to record a
    greater amount of non-cash interest expense in current periods
    presented as a result of the amortization of the discounted
    carrying value of the notes to their face amount over the term
    of the notes. We will report lower net income in our financial
    results because FSP APB 14-1 will require interest to include
    both the current period&#146;s amortization of the debt discount
    and the instrument&#146;s coupon interest, which could adversely
    affect our reported or future financial results, the trading
    price of our common stock and the trading price of the notes.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-16
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='104'>
<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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We estimate that the proceeds from this offering will be
    approximately $266.8&#160;million ($306.8&#160;million if the
    underwriters exercise their option to purchase additional notes
    in full), after deducting fees and before estimated expenses.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect to use the remaining net proceeds of the offering for
    general corporate purposes, including to repay
    <FONT style="white-space: nowrap">short-term</FONT>
    indebtedness, after applying a portion of the net proceeds for
    the cost of the convertible note hedges after such cost is
    offset by the proceeds of the warrant transactions described in
    &#147;Purchase of Convertible Note Hedge and Sale of
    Warrants.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The cost of the convertible note hedges, after being partially
    offset by the proceeds from the sale of the warrants, was
    approximately $&#160;&#160;&#160;&#160;&#160;&#160;million. If
    the underwriters exercise their over-allotment option to
    purchase additional notes, we will use a portion of the net
    proceeds from the sale of additional notes to increase the
    number of shares underlying the convertible note hedges and also
    expect the hedge counterparties to increase the number of shares
    underlying the sold warrant transactions (which would result in
    additional proceeds to us), in each case on a pro rata basis. We
    expect to use the remaining proceeds, together with the proceeds
    from the sale of additional warrants, for general corporate
    purposes, including the repayment of certain short-term
    indebtedness we have incurred to fund working capital
    requirements. As of March&#160;31, 2009, we had various forms of
    short-term indebtedness that carried a weighted average annual
    interest rate of 4.0% with a weighted average maturity of
    60&#160;days. See &#147;Convertible Note Hedge and Warrant
    Transactions.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='105'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our cash and cash equivalents
    balances and our capitalization as of December&#160;31, 2008:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    on an actual basis;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    on an as adjusted basis to give effect to (i)&#160;the issuance
    and sale of $275,000,000 aggregate principal amount
    of&#160;&#160;% convertible senior notes due 2012 in this
    offering, after deducting the underwriting discounts and
    commissions and before estimated offering expenses (assuming no
    exercise of the underwriters&#146; over-allotment option to
    purchase additional notes), and (ii)&#160;the use of a portion
    of the proceeds from this offering to fund the net cost of the
    convertible note hedge and warrant 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This table should be read in conjunction with our consolidated
    financial statements and related notes incorporated by reference
    in this prospectus supplement and the accompanying prospectus.
    See &#147;Where You Can Find More Information&#148; in this
    prospectus supplement and &#147;Where You Can Find More
    Information&#148; and &#147;Incorporation by Reference&#148; in
    the accompanying prospectus.
</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&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="9%" 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="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of December&#160;31, 2008</B>
</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><FONT style="font-size: 9pt">Actual</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">As Adjusted(2)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    103.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Notes payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    183.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Current portion of long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    136.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    459.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    New %&#160;Convertible Senior Notes due 2012(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    780.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Stockholders&#146; equity:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Preferred stock, $0.01&#160;par value; authorized shares:
    5,000,000; none issued
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Common stock, $0.01&#160;par value; authorized shares:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    150,000,000; issued shares: 117,699,542; outstanding shares:
    115,532,372
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Non-voting common stock, $0.01&#160;par value; authorized
    shares: 25,000,000; none issued and outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Capital in excess of par value
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    977.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Retained earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,200.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Accumulated other comprehensive income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (85.9
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Common stock held in treasury, at cost: 2,167,170&#160;shares in
    2008 and 1,078,137&#160;shares in 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (87.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,006.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 52%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=240 -->

<DIV style="margin-top: 3pt; 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: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 9pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Assuming no exercise of the
    over-allotment option.
    </FONT></TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 9pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">In May 2008, FASB issued FSP No.
    APB&#160;14-1. FSP No.&#160;APB 14-1 specifies that issuers of
    convertible debt that may be wholly or partially settled in cash
    should separately account for the liability and equity
    components in a manner that will reflect the entity&#146;s
    nonconvertible debt borrowing rate when interest cost is
    recognized in subsequent periods. The new FSP became effective
    for BorgWarner on January&#160;1, 2009, and for pro forma
    purposes, BorgWarner has bifurcated the notes and the accretion
    of the equity component to increase interest expense under U.S.
    Generally Accepted Accounting Principles. The as adjusted pro
    forma amounts reflect the bifurcation of the notes as of
    December&#160;31, 2008. Based upon our current estimated cost of
    debt and anticipated convertible coupon rate, we anticipate the
    amortization of the discounted carrying value of the notes to
    their face amount over the term of the notes will occur at a
    rate per annum in the range of approximately 7% to 10%. The
    actual rate will not be known until pricing terms for the notes
    have been established and may be higher or lower than we
    currently anticipate.
    </FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='106'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PRICE
    RANGE OF COMMON STOCK AND DIVIDEND POLICY</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is traded on the New York Stock Exchange under
    the symbol BWA. The table below shows the high and low sales
    prices for our common stock for the periods indicated.
</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&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="4%" 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="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<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><FONT style="font-size: 9pt">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Low</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>2007 Quarter Ended</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    March 31
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    39.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    June 30
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    43.43
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    36.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    September 30
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    48.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    December 31
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    53.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    46.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>2008 Quarter Ended</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    March 31
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    51.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    40.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    June 30
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    55.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    42.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    September 30
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30.82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    December 31
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>2009 Quarter Ended</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    March 31
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14.62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    June 30 (through April 3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.40
</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: #FFFFFF">

</DIV>

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

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=0 -->



<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All amounts have been restated, per the
    <FONT style="white-space: nowrap">2-for-1</FONT>
    stock split that was effected through a stock dividend on
    December&#160;17, 2007.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of March&#160;31, 2009, there were approximately 2,452
    holders of record of our common stock. On April&#160;3, 2009,
    the last reported sale price of our common stock on the New York
    Stock Exchange was $24.63 per share.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;5, 2009, we announced the temporary suspension of
    our quarterly dividend until global economic conditions improve.
    We intend to reinstate our dividend as soon as the automotive
    industry returns to a normalized level of activity. See
    &#147;Market for the Registrant&#146;s Common Equity, Related
    Stockholder Matters and Issuer Purchases of Equity
    Securities&#148; in our
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008 for information about
    the dividends we paid during the past five years.
</DIV>
<A name='108'>
<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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our ratio of earnings to fixed
    charges for each of the periods indicated. In the computation of
    our ratios of earnings to fixed charges, earnings consist of
    earnings before income taxes, minority interests and equity in
    affiliate earnings, plus fixed charges, amortization of
    capitalized interest, and dividends received from equity
    affiliates, less capitalized interest. Fixed charges consist of
    interest expensed and capitalized and one-third of rental
    expense (approximate portion representing interest).
</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="22%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD colspan="9" align="center" valign="bottom">
    <B>Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 10pt">2008
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 10pt">2007
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 10pt">2006
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 10pt">2005
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 10pt">2004
    </FONT>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    1.14x
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8.44x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.88x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.75x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8.55x
</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: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='109'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF NOTES</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Set forth below is a description of the terms of
    our&#160;&#160;&#160;&#160;&#160;%&#160;Convertible Senior Notes
    due 2012, or the &#147;notes,&#148; which are a series of
    &#147;senior debt securities&#148; as described in the
    accompanying prospectus. This description supplements, and
    should be read together with, the description of the general
    terms and provisions of the senior debt securities, set forth in
    the accompanying prospectus under the caption &#147;Description
    of Debt Securities.&#148; This Description of Notes, however,
    supersedes information set forth in the accompanying prospectus
    under the caption &#147;Description of Debt Securities&#148; to
    the extent inconsistent, and the notes will not be subject to
    certain provisions described in the accompanying prospectus, as
    specified below.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will issue the notes under a supplemental indenture, to be
    entered into upon the closing of this offering, to the senior
    indenture dated as of September&#160;23, 1999 (which we refer
    to, as supplemented, as the &#147;indenture&#148;) between us
    and The Bank of New York Trust&#160;Company, N.A., as trustee
    (which we refer to as the &#147;trustee&#148;). The terms of the
    notes include those expressly set forth in the indenture and
    those made part of the indenture by reference to certain
    provisions of the Trust&#160;Indenture Act of 1939, as amended,
    which we refer to as the &#147;Trust&#160;Indenture Act.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may request a copy of the indenture from us. See &#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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description is a summary of the material
    provisions of the notes and the indenture and does not purport
    to be complete. This summary is subject to, and is qualified by
    reference to, all the provisions of the notes and the indenture,
    including the definitions of certain terms used in these
    documents. We urge you to read the indenture because it, and not
    this description, defines your rights as a holder of the notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this description, references to &#147;the
    Company,&#148; &#147;we,&#148; &#147;our&#148; and
    &#147;us&#148; refer only to BorgWarner Inc., and not to its
    subsidiaries.
</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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are offering $275,000,000 aggregate principal amount of the
    notes (or $316,250,000 if the underwriters exercise their
    over-allotment option in full). The notes will mature on
    April&#160;15, 2012, subject to earlier repurchase or conversion.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    will be our general unsecured senior obligations;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    will be issued in denominations of $1,000 and integral 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    will be represented by one or more registered notes in global
    form, but in limited circumstances may be represented by notes
    in definitive form as described below under
    &#147;&#151;Book-Entry, Settlement and Clearance;&#148;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    will not be subject to redemption at our option;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    will be equal in right of payment with our other unsecured
    senior debt and senior in right of payment to our debt that is
    expressly subordinated to the notes, if any;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    will be structurally subordinated to all liabilities of our
    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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    will be effectively junior to our secured debt, if any, to the
    extent of the value of the assets securing such debt.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes may be converted at an initial conversion rate
    of&#160;&#160;&#160;&#160;&#160; shares of our common stock per
    $1,000 principal amount of notes (equivalent to an initial
    conversion price of approximately
    $&#160;&#160;&#160;&#160;&#160; per share of common stock). The
    applicable conversion rate is subject to adjustment if certain
    events occur.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon conversion of a note, we will pay or deliver, as the case
    may be, cash, shares of our common stock or a combination
    thereof at our election as described below under
    &#147;&#151;Conversion Rights&#151;Settlement upon
    Conversion.&#148; Holders will not receive any additional cash
    payment for interest or additional interest, if any,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    accrued and unpaid to the conversion date except under the
    circumstances described below under &#147;&#151;Conversion
    Rights&#151;General.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will not be subject to the provisions described in the
    accompanying prospectus under the captions &#147;Description of
    Debt Securities&#151;Senior Debt&#151;Limitation on Liens,&#148;
    &#147;Description of Debt Securities&#151;Senior
    Debt&#151;Limitation on Sale/Leaseback Transactions&#148; or
    &#147;Description of Debt Securities&#151;Defeasance and
    Covenant Defeasance.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We use the term &#147;note&#148; in this prospectus supplement
    to refer to each $1,000 principal amount of notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may from time to time repurchase notes in open market
    purchases or negotiated transactions without prior notice to
    holders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may, without the consent of the holders, reopen the indenture
    and issue additional notes under the indenture with the same
    terms and with the same CUSIP number as the notes offered hereby
    in an unlimited aggregate principal amount, provided that no
    such additional notes may be issued unless they will be fungible
    with the notes offered hereby for U.S.&#160;federal income tax
    and securities law purposes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The registered holder of a note will be treated as the owner of
    it for all purposes, and all references herein to
    &#147;holders&#148; refer to the registered holders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other than restrictions described under &#147;&#151;Fundamental
    Change Permits Holders to Require Us to Purchase Notes&#148; and
    &#147;&#151;Consolidation, Merger and Sale of Assets&#148;
    below, and except for the provisions set forth under
    &#147;&#151;Conversion Rights&#151;&#160;Adjustment to Shares
    Delivered upon Conversion upon Certain Corporate
    Transactions,&#148; the indenture does not contain any covenants
    or other provisions designed to afford holders of the notes
    protection in the event of a highly leveraged transaction
    involving us or in the event of a decline in our credit rating
    as a result of a takeover, recapitalization, highly leveraged
    transaction or similar restructuring involving us that could
    adversely affect the holders.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Payments
    on the Notes; Paying 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payments in respect of the principal and interest, including
    additional interest, if any, on global notes registered in the
    name of The Depository Trust&#160;Company or its nominee will be
    payable to The Depository Trust&#160;Company or its nominee, as
    the case may be, in its capacity as the registered holder 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any certificated notes may be presented for payment at the
    office or agency designated by us (which will be in the Borough
    of Manhattan, New York City). Initially, the corporate trust
    office of the trustee will serve as such office, as our paying
    agent and registrar.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may change the paying agent or registrar without prior notice
    to the holders of the notes, and we may act as paying agent or
    registrar.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    and Exchange</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A holder may transfer or exchange notes at the office of the
    registrar in accordance with the indenture. The registrar and
    the trustee may require a holder, among other things, to furnish
    appropriate endorsements and transfer documents. No service
    charge will be imposed by us, the trustee or the registrar for
    any registration of transfer or exchange of notes, but any tax
    or similar governmental charge required by law or permitted by
    the indenture because a holder requests any shares to be issued
    in a name other than such holder&#146;s name will be paid by
    such holder. We are not required to transfer or exchange any
    note surrendered for repurchase or conversion except for any
    portion of that note not being repurchased or converted, as the
    case may be.
</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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will bear interest at a rate
    of&#160;&#160;&#160;&#160;&#160;% per annum. Interest will
    accrue
    from&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and will be payable semi-annually in arrears on April 15 and
    October 15 of each year, beginning October&#160;15, 2009.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Interest will be paid to the person in whose name a note is
    registered at the close of business on April 1 or
    October&#160;1, as the case may be (whether or not a business
    day), immediately preceding the relevant interest payment
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-21
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">
    date. Interest on the notes will be computed on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    composed of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months. If any interest payment date falls on a date that is not
    a business day, such payment of interest (or principal in the
    case of the final maturity date for the notes) will be postponed
    until the next succeeding business day, and no interest or other
    amount will be paid as a result of any such postponement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A &#147;business day&#148; means each Monday, Tuesday,
    Wednesday, Thursday and Friday that is not a day on which the
    banking institutions in New York City are authorized or
    obligated by law or executive order to close or be closed.
</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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be our general unsecured obligations and will
    rank senior in right of payment to all future indebtedness that
    is expressly subordinated in right of payment to the notes, if
    any. The notes will rank equally in right of payment with all of
    our existing and future unsecured senior debt. The notes will
    effectively rank junior to our secured debt, if any, to the
    extent of the assets securing such indebtedness. In the event of
    our bankruptcy, liquidation, reorganization or other winding up,
    our assets that secure such secured debt, if any, will be
    available to pay obligations on the notes only after all such
    secured indebtedness has been repaid in full from such assets.
    We advise you that there may not be sufficient assets remaining
    to pay amounts due on any or all notes then outstanding. The
    indenture governing the notes offered hereby will not limit our
    ability or the ability of our subsidiaries to incur additional
    indebtedness in the future, including senior secured
    indebtedness.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be effectively subordinated in right of payment
    to all indebtedness and other liabilities and commitments
    (including trade payables) of our subsidiaries. As of
    December&#160;31, 2008, our subsidiaries had
    $1,645.2&#160;million of total liabilities.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">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%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">General</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders may convert each of their notes at an initial conversion
    rate
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our common stock per $1,000 principal amount of notes
    (equivalent to an initial conversion price of approximately
    $&#160;&#160;&#160;&#160;&#160; per share of common stock) at
    any time prior to the close of business on the second scheduled
    trading day immediately preceding the maturity date for the
    notes. Upon conversion of a note, we will satisfy our conversion
    obligation by paying or delivering, as the case may be, cash,
    shares of our common stock or a combination thereof at our
    election, all as set forth below under &#147;&#151;Settlement
    upon Conversion.&#148; If we satisfy our conversion obligation
    solely in cash or through payment and delivery of a combination
    of cash and shares of our common stock, the amount of cash and
    shares of our common stock, if any, due upon conversion will be
    based on a daily conversion value (as defined below under
    &#147;&#151;Settlement upon Conversion&#148;) calculated on a
    proportionate basis for each trading day in the 40
    <FONT style="white-space: nowrap">trading-day</FONT>
    cash settlement averaging period (as defined below under
    &#147;&#151;Settlement upon Conversion&#148;). The trustee will
    initially act as the conversion agent.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The conversion rate and the corresponding conversion price in
    effect at any given time are referred to as the &#147;applicable
    conversion rate&#148; and the &#147;applicable conversion
    price,&#148; respectively, and will be subject to adjustment as
    described below under &#147;&#151;Conversion Rate
    Adjustments&#148; and &#147;&#151;Adjustment to Shares Delivered
    upon Conversion upon Certain Corporate Transactions.&#148; The
    applicable conversion price at any given time will be computed
    by dividing $1,000 by the applicable conversion rate at such
    time. A holder may convert fewer than all of such holder&#146;s
    notes so long as the notes converted are an integral multiple of
    $1,000 principal amount.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon conversion, a holder will not receive any additional cash
    payment for accrued and unpaid interest and additional interest,
    if any, unless such conversion occurs between a regular record
    date and the interest payment date to which it relates. Except
    in such case, our settlement of conversions as described below
    under &#147;&#151;Settlement upon Conversion&#148; will be
    deemed to satisfy our obligation to pay:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the principal amount of the note;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    accrued and unpaid interest and additional interest, if any, to,
    but not including, the conversion date.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a result, accrued and unpaid interest and additional
    interest, if any, to, but not including, the conversion date
    will be deemed to be paid in full rather than cancelled,
    extinguished or forfeited.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-22
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the preceding paragraph, if notes are converted
    after 5:00&#160;p.m., New York City time, on a regular record
    date but prior to 9:00&#160;a.m., New York City time, on the
    immediately following interest payment date, holders of such
    notes at 5:00&#160;p.m., New York City time, on the regular
    record date will receive payment of the interest and additional
    interest, if any, payable on such notes on the corresponding
    interest payment date notwithstanding the conversion of such
    notes at any time after the close of business on the applicable
    regular record date. Any notes surrendered for conversion by a
    holder during the period from 5:00&#160;p.m., New York City
    time, on any regular record date to 9:00&#160;a.m., New York
    City time, on the immediately following interest payment date,
    must be accompanied by funds equal to the amount of interest and
    additional interest, if any, payable on the notes so converted;
    provided that no such payment need 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="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if we have specified a fundamental change purchase date (as
    defined below) that is after a regular record date and on or
    prior to the corresponding interest payment date;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    to the extent of any overdue interest, if any overdue interest
    exists at the time of conversion with respect to such
    note;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if the notes are surrendered for conversion after
    5:00&#160;p.m., New York City time, on the regular record date
    immediately preceding the maturity date.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a holder converts notes, we will pay any documentary, stamp
    or similar issue or transfer tax due on the issuance of any
    shares of our common stock upon the conversion, unless the tax
    is due because the holder requests any shares to be issued in a
    name other than the holder&#146;s name, in which case the holder
    will pay that tax.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The &#147;conversion date&#148; with respect to a note means the
    date on which the holder of the note has complied with all
    requirements under the indenture to convert a note.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Conversion
    Procedures</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you hold a beneficial interest in a global note, to convert
    you must comply with DTC&#146;s procedures for converting a
    beneficial interest in a global note and, if required, pay funds
    equal to the amount of interest and additional interest, if any,
    payable on the next interest payment date and all transfer or
    similar taxes, if any.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you hold a certificated note, to convert you must:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    complete and manually sign the conversion notice on the back of
    the note, or a facsimile of the conversion 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    deliver the conversion notice, which is irrevocable, and the
    note to the conversion agent;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if required, furnish appropriate endorsements and transfer
    documents;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if required, pay all transfer or similar taxes;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if required, pay funds equal to interest (including additional
    interest, if any) payable on the next interest payment date.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a holder has already delivered a purchase notice as described
    under &#147;&#151;Fundamental Change Permits Holders to Require
    Us to Purchase Notes&#148; with respect to a note, the holder
    may not surrender that note for conversion until the holder has
    withdrawn the purchase notice in accordance with 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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Settlement
    upon Conversion</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon conversion, we may choose to deliver either cash, shares of
    our common stock or a combination of cash and shares of our
    common stock, as 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All conversions on or after December&#160;15, 2011 will be
    settled in the same relative proportions of cash
    <FONT style="white-space: nowrap">and/or</FONT>
    shares of our common stock, which we refer to as the
    &#147;settlement method.&#148; If we have not delivered a notice
    of our election of settlement method prior to December&#160;15,
    2011, we will be deemed to have elected to deliver cash and
    shares of our common stock in respect of our conversion
    obligation, as described in the third bullet point of the third
    paragraph below, and the specified dollar amount (as defined
    below) will be equal to $1,000.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-23
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to December&#160;15, 2011, we will use the same settlement
    method for all conversions occurring on any given conversion
    date. Except for any conversions that occur on or after
    December&#160;15, 2011, we will not have any obligation to use
    the same settlement method with respect to conversions that
    occur on different trading days.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In other words, we may choose on one trading day to settle
    conversions in shares of our common stock only, and choose on
    another trading day to settle in cash, shares of our common
    stock or a combination of cash and shares of our common stock.
    If we elect to do so, we will inform holders so converting
    through the trustee of the settlement method we have selected
    (including the specified dollar amount, if applicable) no later
    than the second business day immediately following the related
    conversion date. If we do not make such an election, we will be
    deemed to have elected to deliver cash and shares of our common
    stock in respect of our conversion obligation, as described in
    the third bullet point below, and the specified dollar amount
    will be equal to $1,000.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Settlement amounts will be computed 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="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if we elect to satisfy our conversion obligation solely in
    shares of our common stock, we will deliver to the converting
    holder a number of shares of our common stock equal to (1)
    (i)&#160;the aggregate principal amount of notes to be converted
    <I>divided by </I>(ii)&#160;$1,000, <I>multiplied by</I>
    (2)&#160;the applicable conversion rate;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if we elect to satisfy our conversion obligation solely in cash,
    we will deliver to the converting holder, in respect of each
    $1,000 principal amount of notes being converted, cash in an
    amount equal to the sum of the daily conversion values for each
    of the 40 consecutive trading days during the related cash
    settlement averaging period;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if we elect to satisfy our conversion obligation through
    delivery of a combination of cash and shares of our common
    stock, we will deliver to the converting holder in respect of
    each $1,000 principal amount of notes being converted a
    &#147;settlement amount&#148; equal to the sum of the daily
    settlement amounts for each of the 40 consecutive trading days
    during the related cash settlement averaging period.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The &#147;daily settlement amount,&#148; for each of the 40
    consecutive trading days during the cash settlement averaging
    period, will 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="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    cash equal to the lesser of (i)&#160;a dollar amount per note to
    be received upon conversion as specified by us in the notice
    regarding our chosen settlement method (the &#147;specified
    dollar amount&#148;), if any, <I>divided by </I>40 (such
    quotient being referred to as the &#147;daily measurement
    value&#148;) and (ii)&#160;the daily conversion value;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    to the extent the daily conversion value exceeds the daily
    measurement value, a number of shares equal to (i)&#160;the
    difference between the daily conversion value and the daily
    measurement value, <I>divided by </I>(ii)&#160;the daily VWAP of
    our common stock for such trading day.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Daily conversion value&#148; means, for each of the 40
    consecutive trading days during the cash settlement averaging
    period, one-fortieth (1/40th) of the product of (i)&#160;the
    applicable conversion rate and (ii)&#160;the daily VWAP of our
    common stock on such trading day.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Daily VWAP&#148; of our common stock, in respect of any
    trading day, means the per share volume-weighted average price
    on the New York Stock Exchange as displayed under the heading
    &#147;Bloomberg VWAP&#148; on Bloomberg page&#160;BWA.N
    &#060;equity&#062; AQR (or its equivalent successor if such page
    is not available) in respect of the period from the scheduled
    open of trading until the scheduled close of trading of the
    primary trading session on such trading day (or if such
    volume-weighted average price is unavailable, the market value
    of one share of our common stock on such trading day as
    determined by our board of directors in a commercially
    reasonable manner, using a volume-weighted average price method)
    and will be determined without regard to
    <FONT style="white-space: nowrap">after-hours</FONT>
    trading or any other trading outside of the regular trading
    session.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Cash settlement averaging period,&#148; with respect to
    any note, means the 40 consecutive
    <FONT style="white-space: nowrap">trading-day</FONT>
    period beginning on, and including, the third trading day
    immediately following the related conversion date, except that
    &#147;cash settlement averaging period&#148; means, with respect
    to any conversion date occurring during the period beginning on,
    and including, December&#160;15, 2011 and ending at
    5:00&#160;p.m., New York City time, on the second
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    scheduled trading day immediately prior to the maturity date,
    the 40 consecutive trading day period beginning on, and
    including, the
    42<SUP style="font-size: 85%; vertical-align: top">nd</SUP>&#160;scheduled

    trading day prior to the maturity date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Trading day&#148; means a day during which trading in our
    common stock generally occurs on the primary exchange or
    quotation system on which our common stock then trades or is
    quoted and there is no market disruption event.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Market disruption event&#148; means (1)&#160;a failure by
    the primary exchange or quotation system on which our common
    stock trades or is quoted to open for trading during its regular
    trading session or (2)&#160;the occurrence or existence, prior
    to 1:00&#160;p.m., New York City time, on any trading day for
    our common stock, of an aggregate one
    <FONT style="white-space: nowrap">half-hour</FONT>
    period of any suspension or limitation imposed on trading (by
    reason of movements in price exceeding limits permitted by the
    stock exchange or otherwise) in our common stock or in any
    options, contracts or future contracts relating to our common
    stock.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Scheduled trading day&#148; means any day that is
    scheduled to be a trading day.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We generally will deliver the conversion consideration in
    respect of any notes that you convert by the third trading day
    immediately following the last trading day of the cash
    settlement averaging period. However:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if we elect to satisfy our conversion obligation solely in
    shares of our common stock, we will deliver the conversion
    consideration due in respect of conversion on the third trading
    day immediately following the relevant conversion 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if prior to the conversion date for any converted notes our
    common stock has been replaced by reference property (as defined
    under &#147;&#151;Conversion Rate Adjustments&#148; below)
    consisting solely of cash (pursuant to the provisions described
    under &#147;&#151;Conversion Rate Adjustments&#148;), we will
    deliver the conversion consideration due in respect of
    conversion on the third trading day immediately following the
    relevant conversion date.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, if any information required in
    order to calculate the conversion consideration deliverable will
    not be available as of the applicable settlement date, we will
    deliver the additional shares of our common stock resulting from
    that adjustment on the third trading day after the earliest
    trading day on which such calculation can be made. Further, if
    application of the provisions described in the second sentence
    of this paragraph would result in settlement of a conversion
    during the 10 trading days immediately following the effective
    date of a fundamental change, settlement will instead take place
    on the tenth trading day following the relevant effective date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will not issue fractional shares of our common stock upon
    conversion of notes. Instead, we will pay cash in lieu of
    fractional shares based on the daily VWAP of our common stock on
    the relevant conversion date (if we elect to satisfy our
    conversion obligation solely in shares of our common stock) or
    based on the daily VWAP of our common stock on the last trading
    day of the relevant cash settlement averaging period (in the
    case of any other settlement method).
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Conversion
    Rate Adjustments</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable conversion rate will be adjusted as described
    below, except that we will not make any adjustments to the
    conversion rate if holders of the notes participate (as a result
    of holding the notes, and at the same time as common stock
    holders participate) in any of the transactions described below
    as if such holders of the notes held a number of shares of our
    common stock equal to the applicable conversion rate,
    <I>multiplied by </I>the principal amount (expressed in
    thousands) of notes held by such holder, without having to
    convert their notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;If we issue solely shares of our common stock as a
    dividend or distribution on all or substantially all of our
    shares of our common stock, or if we effect a share split or
    share combination of our common stock, the applicable conversion
    rate will be adjusted based on the following formula:
</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: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="73%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="middle">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>CR</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>=</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>CR<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB></I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>x</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="middle">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
<BR><I>OS<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=208 iwidth=23 length=24 -->OS<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB></I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="middle">
&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: #FFFFFF">

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    where,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CR<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB>
    = the applicable conversion rate in effect immediately prior to
    the open of business on the ex-dividend date for such dividend
    or distribution, or immediately prior to the open of business on
    the effective date of such share split or share combination, 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CR = the applicable conversion rate in effect immediately after
    the open of business on the ex-dividend date for such dividend
    or distribution, or immediately after the open of business on
    the effective date of such share split or share combination, 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    OS<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB>
    = the number of shares of our common stock outstanding
    immediately prior to the open of business on the ex-dividend
    date for such dividend or distribution, or immediately prior to
    the open of business on the effective date of such share split
    or share combination, as the case may be;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    OS = the number of shares of our common stock outstanding
    immediately after such dividend or distribution, or immediately
    after the effective date of such share split or share
    combination, 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;If we distribute to all or substantially all holders of
    our common stock any rights, options or warrants entitling them
    for a period of not more than 60 calendar days from the record
    date for such distribution to subscribe for or purchase shares
    of our common stock, at a price per share less than the average
    of the last reported sale prices of our common stock for the 10
    consecutive
    <FONT style="white-space: nowrap">trading-day</FONT>
    period ending on, and including, the trading day immediately
    preceding the declaration date for such distribution, the
    applicable conversion rate will be increased based on the
    following formula (provided that the applicable conversion rate
    will be readjusted to the extent that such rights, options or
    warrants are not exercised prior to their expiration or are not
    distributed):
</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: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="65%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="middle">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>CR</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>=</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>CR<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB></I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>x</I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="middle">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
<BR><I>OS<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB> + X<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=208 iwidth=47 length=48 -->OS<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB> + Y</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="middle">
&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: #FFFFFF">

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    where,
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CR<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB>
    = the applicable conversion rate in effect immediately prior to
    the open of business on the ex-dividend date for such
    distribution;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CR = the applicable conversion rate in effect immediately after
    the open of business on the ex-dividend date for such
    distribution;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    OS<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB>
    = the number of shares of our common stock outstanding
    immediately prior to the open of business on the ex-dividend
    date for such distribution;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    X = the total number of shares of our common stock issuable
    pursuant to such rights, options or warrants;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Y = the number of shares of our common stock equal to the
    aggregate price payable to exercise such rights, options or
    warrants <I>divided by </I>the average of the last reported sale
    prices of our common stock over the 10 consecutive
    <FONT style="white-space: nowrap">trading-day</FONT>
    period ending on, and including, the trading day immediately
    preceding the ex-dividend date for such distribution.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this clause (2), in determining whether any
    rights, options or warrants entitle the holders to subscribe for
    or purchase our common stock at less than the average of the
    last reported sale prices of our common stock for each trading
    day in the applicable 10 consecutive
    <FONT style="white-space: nowrap">trading-day</FONT>
    period, there shall be taken into account any consideration we
    receive for such rights, options or warrants and any amount
    payable on exercise thereof, with the value of such
    consideration if other than cash to be determined by our board
    of directors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;If we distribute shares of our capital stock, evidences
    of our indebtedness or other assets or property of ours to all
    or substantially all holders of our common stock, excluding
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    dividends or distributions (including share splits) referred to
    in clause&#160;(1) or (2)&#160;above;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    dividends or distributions paid exclusively in cash;&#160;and
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    spin-offs to which the provisions set forth below in this
    clause&#160;(3) shall apply, then the applicable conversion rate
    will be increased based on the following formula:
</TD>
</TR>

</TABLE>

<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: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="9%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="58%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="middle">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>CR</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>=</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>CR<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB></I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>x</I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="middle">
    <I>SP<SUB style="font-size: 85%; vertical-align: text-bottom">0<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=2083 iwidth=59 length=60 --></SUB>SP<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB>
    &#8722; FMV</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="middle">
&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: #FFFFFF">

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    where,
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CR<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB>
    = the applicable conversion rate in effect immediately prior to
    the open of business on the ex-dividend date for such
    distribution;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CR = the applicable conversion rate in effect immediately after
    the open of business on the ex-dividend date for such
    distribution;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    SP<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB>
    = the average of the last reported sale prices of our common
    stock over the 10 consecutive
    <FONT style="white-space: nowrap">trading-day</FONT>
    period ending on, and including, the trading day immediately
    preceding the ex-dividend date for such distribution;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    FMV = the fair market value (as determined by our board of
    directors) of the shares of capital stock, evidences of
    indebtedness, assets or property distributed with respect to
    each outstanding share of our common stock as of the open of
    business on the ex-dividend date for such distribution.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the then fair market value of the portion of the shares of
    capital stock, evidences of indebtedness or other assets or
    property so distributed applicable to one share of common stock
    is equal to or greater than the average of the last reported
    sales prices of the common stock over the 10 consecutive
    <FONT style="white-space: nowrap">trading-day</FONT>
    period ending on the trading day immediately preceding the
    ex-dividend date for such distribution, in lieu of the foregoing
    adjustment, adequate provisions shall be made so that each
    holder of a note shall have the right to receive on conversion
    in respect of each note held by such holder, in addition to the
    number of shares of common stock to which such holder is
    entitled to receive, the amount and kind of securities and
    assets such holder would have received had such holder already
    owned a number of shares of common stock equal to the applicable
    conversion rate immediately prior to the record date for the
    distribution of the securities or assets.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to an adjustment pursuant to this clause&#160;(3)
    where there has been a payment of a dividend or other
    distribution on our common stock of shares of capital stock of
    any class or series, or similar equity interest, of or relating
    to a subsidiary or other business unit, which we refer to as a
    &#147;spin-off,&#148; the applicable conversion rate will be
    increased based on the following formula:
</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: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="9%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="58%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="middle">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>CR</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>=</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>CR<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB></I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>x</I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="middle">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
<BR><I>FMV + MP<SUB style="font-size: 85%; vertical-align: text-bottom">0<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=208 iwidth=59 length=60 --></SUB>MP<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB></I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="middle">
&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: #FFFFFF">

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    where,
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CR<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB>
    = the applicable conversion rate in effect immediately prior to
    the open of business on the ex-dividend date for the spin-off;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CR = the applicable conversion rate in effect immediately after
    the open of business on the ex-dividend date for the spin-off;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    FMV = the average of the last reported sale prices of the
    capital stock or similar equity interest distributed to holders
    of our common stock applicable to one share of our common stock
    over the first 10 consecutive
    <FONT style="white-space: nowrap">trading-day</FONT>
    period immediately following, and including, the ex-dividend
    date for the spin-off (such period, the &#147;valuation
    period&#148;);&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    MP<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB>
    = the average of the last reported sale prices of our common
    stock over the valuation period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The adjustment to the applicable conversion rate under the
    preceding paragraph of this clause&#160;(3) will be made
    immediately after the open of business on the day after the last
    day of the valuation period, but will be given effect as of the
    open of business on the ex-dividend date for the spin-off. If
    the ex-dividend date for the spin-off is less than 10 trading
    days prior to, and including, the end of the cash settlement
    averaging period in respect of any conversion, references within
    this clause&#160;(3) to 10 trading days shall be deemed
    replaced, for purposes of calculating
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    the affected daily conversion rates in respect of that
    conversion, with such lesser number of trading days as have
    elapsed from, and including, the ex-dividend date for the
    spin-off to, and including, the last trading day of such cash
    settlement averaging period. For purposes of determining the
    applicable conversion rate, in respect of any conversion during
    the 10 trading days commencing on the ex-dividend date for any
    spin-off, references within the portion of this clause&#160;(3)
    related to &#147;spin-offs&#148; to 10 trading days shall be
    deemed replaced with such lesser number of trading days as have
    elapsed from, and including, the ex-dividend date for such
    spin-off to, but excluding, the relevant conversion date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;If we make or pay any cash dividend or distribution to
    all, or substantially all, holders of our outstanding common
    stock, the applicable conversion rate will be increased based on
    the following formula:
</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: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="8%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="69%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="middle">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>CR</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>=</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>CR<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB></I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>x</I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="middle">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
<BR><I>SP<SUB style="font-size: 85%; vertical-align: text-bottom">0<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=208 iwidth=47 length=48 --></SUB>SP<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB> &#8722; C</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="middle">
&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: #FFFFFF">

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    where,
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CR<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB>
    = the applicable conversion rate in effect immediately prior to
    the open of business on the ex-dividend date for such
    distribution;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CR = the applicable conversion rate in effect immediately after
    the open of business on the ex-dividend date for such
    distribution;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    SP<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB>
    = the average of the last reported sale prices of our common
    stock over the 10 consecutive
    <FONT style="white-space: nowrap">trading-day</FONT>
    period ending on, and including, the trading day immediately
    preceding the ex-dividend date for such distribution;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    C = the amount in cash per share we pay or distribute to holders
    of our common stock.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any dividend or distribution described in this
    clause&#160;(4) is declared but not so paid or made, the new
    conversion rate shall be readjusted to the conversion rate that
    would then be in effect if such dividend or distribution had not
    been declared.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;If we or any of our subsidiaries makes a payment in
    respect of a tender offer or exchange offer for our common stock
    and, if the cash and value of any other consideration included
    in the payment per share of common stock exceeds the average of
    the last reported sale prices of our common stock over the 10
    consecutive
    <FONT style="white-space: nowrap">trading-day</FONT>
    period commencing on, and including, the trading day next
    succeeding the last date on which tenders or exchanges may be
    made pursuant to such tender or exchange offer (the
    &#147;expiration date&#148;), the applicable conversion rate
    will be increased based on the following formula:
</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: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="19%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="55%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="middle">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>CR</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>=</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>CR<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB></I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="middle">
    <I>x</I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="middle">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
<BR><I>AC + (SP x OS)<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=208 iwidth=83 length=84 -->OS<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB> x SP</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="middle">
&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: #FFFFFF">

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    where,
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CR<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB>
    = the applicable conversion rate in effect immediately prior to
    the open of business on the trading day next succeeding the
    expiration date;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CR = the applicable conversion rate in effect immediately after
    the open of business on the trading day next succeeding the
    expiration date;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AC = the aggregate value of all cash and any other consideration
    (as determined by our board of directors) paid or payable for
    shares purchased in such tender or exchange offer;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    OS<SUB style="font-size: 85%; vertical-align: text-bottom">0</SUB>
    = the number of shares of our common stock outstanding
    immediately prior to the time (the &#147;expiration time&#148;)
    such tender or exchange offer expires (prior to giving effect to
    such tender offer or exchange offer);
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    OS = the number of shares of our common stock outstanding
    immediately after the expiration time (after giving effect to
    such tender offer or exchange offer);&#160;and
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    SP = the average of the last reported sale prices of our common
    stock over the 10 consecutive
    <FONT style="white-space: nowrap">trading-day</FONT>
    period commencing on, and including, the trading day next
    succeeding the expiration date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The adjustment to the applicable conversion rate under the
    preceding paragraph of this clause&#160;(5) will be given effect
    at the open of business on the trading day next succeeding the
    expiration date. If the trading day next succeeding the
    expiration date is less than 10 trading days prior to, and
    including, the end of the cash settlement averaging period in
    respect of any conversion, references within this
    clause&#160;(5) to 10 trading days shall be deemed replaced, for
    purposes of calculating the affected daily conversion rates in
    respect of that conversion, with such lesser number of trading
    days as have elapsed from, and including, the trading day next
    succeeding the expiration date to, and including, the last
    trading day of such cash settlement averaging period. For
    purposes of determining the applicable conversion rate, in
    respect of any conversion during the 10 trading days commencing
    on the trading day next succeeding the expiration date,
    references within this clause&#160;(5) to 10 trading days shall
    be deemed replaced with such lesser number of trading days as
    have elapsed from, and including, the trading day next
    succeeding the expiration date to, but excluding, the relevant
    conversion date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we elect to satisfy our conversion obligation through delivery
    of a combination of cash and common stock and shares of common
    stock are deliverable to settle the daily settlement amount for
    a given trading day within the cash settlement averaging period
    applicable to notes that you have converted,
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any distribution or transaction described in clauses&#160;(1) to
    (5)&#160;above has not yet resulted in an adjustment to the
    applicable conversion rate on the trading day in
    question,&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the shares you will receive in respect of such trading day are
    not entitled to participate in the relevant distribution or
    transaction (because they were not held on a related record date
    or otherwise),
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    then we will adjust the number of shares that we deliver to you
    in respect of the relevant trading day to reflect the relevant
    distribution or transaction.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we elect to satisfy our conversion obligation solely in shares
    of 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any distribution or transaction described in clauses&#160;(1) to
    (5)&#160;above has not yet resulted in an adjustment to the
    applicable conversion rate on the conversion 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the shares you will receive on settlement are not entitled to
    participate in the relevant distribution or transaction (because
    they were not held on a related record date or otherwise),
</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: #FFFFFF">
    then we will adjust the number of shares that we deliver to you
    in respect of the relevant trading day to reflect the relevant
    distribution or transaction.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as stated herein, we will not adjust the applicable
    conversion rate for the issuance of shares of our common stock
    or any securities convertible into or exchangeable for shares of
    our common stock or the right, option or warrant to purchase
    shares of our common stock or such convertible or exchangeable
    securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we adjust the conversion rate pursuant to the above
    provisions, we will issue a press release containing the
    relevant information (and make the press release available on
    our website).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any reclassification of our 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    a consolidation, merger, combination or binding share exchange
    involving us;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    a sale or conveyance to another person of all or substantially
    all of our property and assets,
</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: #FFFFFF">
    in each case, in which holders of our outstanding common stock
    are entitled to receive cash, securities or other property for
    their shares of our common stock (&#147;reference
    property&#148;), you will be entitled thereafter to convert your
    notes into the kind and amount of shares of stock, other
    securities or other property or assets (including cash or any
    combination thereof) that a holder of a number of shares of our
    common stock equal to the conversion rate
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-29
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    immediately prior to such transaction would have owned or been
    entitled to receive upon such transaction; <I>provided </I>that,
    at and after the effective time of any such transaction, any
    amount otherwise payable in cash upon conversion of the notes
    will continue to be payable as described under the provision
    under &#147;&#151;&#160;Settlement upon Conversion,&#148;
    including our right to determine the form of consideration as
    described therein.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the notes become convertible into reference property, we will
    issue a press release containing the relevant information (and
    make the press release available on our website).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of the foregoing, the type and amount of
    consideration that holders of our common stock are entitled to
    in the case of reclassifications, consolidations, mergers,
    combinations, binding share exchanges, sales or transfers of
    assets or other transactions that cause our common stock to be
    converted into the right to receive more than a single type of
    consideration because the holders of our common stock have the
    right to elect the type of consideration they receive will be
    deemed to be the weighted average of the types and amounts of
    consideration received by the holders of our common stock that
    affirmatively make such an election. We will notify holders of
    the weighted average as soon as practicable after such
    determination is made.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are permitted to increase the applicable conversion rate of
    the notes by any amount for a period of at least 20 business
    days if our board of directors determines that such increase
    would be in our best interest. We may also (but are not required
    to) increase the applicable conversion rate to avoid or diminish
    income tax to holders of our common stock or rights to purchase
    shares of our common stock in connection with a dividend or
    distribution of shares (or rights to acquire shares) or similar
    event. We will not take any action that would result in
    adjustment of the conversion rate, pursuant to the provisions
    described above, in such a manner as to result in the reduction
    of the conversion price to less than the par value per share of
    our common stock.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A holder may, in some circumstances, including the distribution
    of cash dividends to holders of our shares of common stock, be
    deemed to have received a distribution or dividend subject to
    U.S.&#160;federal income tax as a result of an adjustment or the
    nonoccurrence of an adjustment to the applicable conversion
    rate. For a discussion of the U.S.&#160;federal income tax
    treatment of an adjustment to the applicable conversion rate,
    see &#147;Material United States Federal Income Tax
    Consequences&#148; elsewhere in this 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the extent that we have a rights plan in effect upon
    conversion of the notes (<I>i.e., </I>a poison pill), you will
    receive, in addition to any common stock received in connection
    with such conversion, the rights under the rights plan, unless
    prior to any conversion, the rights have separated from the
    common stock, in which case the applicable conversion rate will
    be adjusted at the time of separation as if we distributed to
    all holders of our common stock, shares of our capital stock,
    evidences of indebtedness or other assets or property as
    described in clause&#160;(3) above, subject to readjustment in
    the event of the expiration, termination or redemption of such
    rights.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable conversion rate will not be adjusted:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    upon the issuance of any shares of our common stock pursuant to
    any present or future plan providing for the reinvestment of
    dividends or interest payable on our securities and the
    investment of additional optional amounts in shares of our
    common stock under any plan;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    upon the issuance of any shares of our common stock or options
    or rights to purchase those shares pursuant to any present or
    future employee, director or consultant benefit plan or program
    of, or assumed by, us or any 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    upon the issuance of any shares of our common stock pursuant to
    any option, warrant, right or exercisable, exchangeable or
    convertible security not described in the preceding bullet and
    outstanding as of the date the notes were first issued;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    for a change in the par value of our 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    for accrued and unpaid interest and additional interest, if any.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Adjustments to the applicable conversion rate will be calculated
    to the nearest 1/10,000th&#160;of a share. We will not be
    required to make an adjustment in the conversion rate unless the
    adjustment would require a change of at least 1% in the
    conversion rate. However, we will carry forward any adjustments
    that are less than 1% of the conversion rate and make such
    carried forward adjustment, regardless of whether the aggregate
    adjustment is less than 1%,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    (i)&#160;upon any conversion of notes and (ii)&#160;on each of
    the 42 scheduled trading days immediately preceding the maturity
    date. Except as described in this section or in
    &#147;&#151;Adjustment to Shares Delivered upon Conversion upon
    Certain Corporate Transactions,&#148; we will not adjust the
    conversion rate.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Adjustment
    to Shares Delivered upon Conversion upon Certain Corporate
    Transactions</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you elect to convert your notes at any time from, and
    including, the effective date of a &#147;make-whole fundamental
    change&#148; (as defined below) to, and including, the second
    scheduled trading day immediately preceding the related
    fundamental change purchase date (as defined below), or if a
    make-whole fundamental change does not also constitute a
    fundamental change as described under &#147;&#151;Fundamental
    Change Permits Holders to Require Us to Purchase Notes&#148; the
    40th&#160;trading day immediately following the effective date
    of such make-whole fundamental change (such period, the
    &#147;make-whole fundamental change period&#148;), the
    applicable conversion rate will be increased by an additional
    number of shares of our common stock (these shares being
    referred to as the additional shares) as described below. We
    will notify holders of the anticipated effective date of such
    make-whole fundamental change and issue a press release (and
    make the press release available on our website) as soon as
    practicable after we first determine the anticipated effective
    date of such make-whole fundamental change. We will use
    commercially reasonable efforts to make such determination in
    time to deliver such notice no later than 50 business days in
    advance of such anticipated effective date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A &#147;make-whole fundamental change&#148; means any
    transaction or event that constitutes a fundamental change under
    clause&#160;(1) or (2)&#160;of the definition of fundamental
    change as described under &#147;&#151;Fundamental Change Permits
    Holders to Require Us to Purchase Notes&#148; below (in the case
    of any fundamental change described in clause&#160;(2) of the
    definition thereof, determined without regard to the proviso in
    such definition, but subject to the paragraphs immediately
    following clause&#160;(5) of the definition thereof).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of additional shares by which the conversion rate for
    the notes will be increased for conversions that occur during
    the make-whole fundamental change period will be determined by
    reference to the table below, based on the date on which the
    make-whole fundamental change occurs (the &#147;effective
    date&#148;) and the price (the &#147;stock price&#148;) paid or
    deemed paid per share of our common stock in the make-whole
    fundamental change. If holders of our common stock receive only
    cash in the case of a make-whole fundamental change described in
    clause&#160;(2) under the definition of fundamental change, the
    stock price shall be the cash amount paid per share of our
    common stock. In the case of any other make-whole fundamental
    change, the stock price shall be the average of the last
    reported sales prices of our common stock over the five
    <FONT style="white-space: nowrap">trading-day</FONT>
    period ending on the trading day immediately preceding the
    effective date of such make-whole fundamental change.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The stock prices set forth in the first row of the table below
    (<I>i.e.,</I> column headers) will be adjusted as of any date on
    which the applicable conversion rate of the notes is otherwise
    adjusted. The adjusted stock prices will equal the stock prices
    applicable immediately prior to such adjustment, multiplied by a
    fraction, the numerator of which is the applicable conversion
    rate in effect immediately prior to the adjustment giving rise
    to the stock price adjustment and the denominator of which is
    the applicable conversion rate as so adjusted. The number of
    additional shares will be adjusted in the same manner as the
    applicable conversion rate as set forth under
    &#147;&#151;Conversion Rate Adjustments.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth numbers of additional shares to
    be received per $1,000 principal amount of notes based on
    hypothetical stock prices and effective dates:
</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&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="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
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    <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 -->
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    <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 -->
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    <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="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=10 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=10 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=11 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=11 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=11 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=11 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=12 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=12 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=12 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=12 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=13 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=13 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=13 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=13 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=14 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=14 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=14 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=14 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="50" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Stock Price</B>
</TD>
<TD>
&nbsp;
</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><FONT style="font-size: 9pt">Effective Date</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">$</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">$</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">$</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">$</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">$</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">$</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">$</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">$</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">$</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">$</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">$</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">$</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">$</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    April&#160;15, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
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&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
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&nbsp;
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&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
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&nbsp;
</TD>
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&nbsp;
</TD>
<TD>
&nbsp;
</TD>
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&nbsp;
</TD>
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&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
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&nbsp;
</TD>
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&nbsp;
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<TD>
&nbsp;
</TD>
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&nbsp;
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&nbsp;
</TD>
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&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    April&#160;15, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
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<TD nowrap align="left" valign="bottom">
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<TD nowrap align="left" valign="bottom">
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<TD nowrap align="right" valign="bottom">
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<TD nowrap align="left" valign="bottom">
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</TD>
<TD nowrap align="right" valign="bottom">
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<TD nowrap align="left" valign="bottom">
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<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    April&#160;15, 2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
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</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: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exact stock prices and effective dates may not be set forth
    in the table above, in which case:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if the stock price is between two stock prices in the table or
    the effective date is between two effective dates in the table,
    the number of additional shares will be determined by a
    straight-line interpolation between the number of additional
    shares set forth for the higher and lower stock prices and the
    earlier and later effective dates, based on a
    <FONT style="white-space: nowrap">365-day</FONT>
    year, as applicable;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if the stock price is greater than
    $&#160;&#160;&#160;&#160;&#160; per share (subject to
    adjustment), no additional shares will be issued upon
    conversion;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if the stock price is less than $&#160;&#160;&#160;&#160;&#160;
    per share (subject to adjustment), no additional shares will be
    issued upon conversion.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, in no event will the total number
    of shares of our common stock issuable upon conversion of notes
    exceed&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    per $1,000 principal amount of such notes, subject to
    adjustments in the same manner as the applicable conversion rate
    as set forth under &#147;&#151;Conversion Rate Adjustments.&#148;
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Fundamental
    Change Permits Holders to Require Us to Purchase Notes</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a fundamental change (as defined below in this section)
    occurs at any time, you will have the right, at your option, to
    require us to purchase all of your notes or any portion of the
    principal amount thereof that is equal to $1,000, or an integral
    multiple of $1,000, on a date (the date being referred to as the
    &#147;fundamental change purchase date&#148;) of our choosing
    that is not less than 20 or more than 35 business days after the
    date on which we notify holders of the occurrence of the
    effective date for such fundamental change. The price we are
    required to pay is equal to 100% of the principal amount of the
    notes to be purchased plus accrued and unpaid interest,
    including any additional interest, to but excluding the
    fundamental change purchase date (unless the fundamental change
    purchase date is after a regular record date and on or prior to
    the interest payment date to which it relates, in which case
    interest accrued to the interest payment date will be paid to
    holders of the notes as of the preceding record date and the
    price we are required to pay to the holder surrendering the note
    for repurchase will be equal to 100% of the principal amount of
    notes subject to repurchase and will not include any accrued and
    unpaid interest, including any additional interest). Any notes
    purchased by us will be paid for in cash.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A &#147;fundamental change&#148; will be deemed to have occurred
    at the time after the notes are originally issued when any of
    the following occurs:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;a &#147;person&#148; or &#147;group&#148; within the
    meaning of Section&#160;13(d) of the Exchange Act other than us
    or our subsidiaries, files a Schedule&#160;TO or any schedule,
    form or report under the Exchange Act disclosing that such
    person or group has become the direct or indirect ultimate
    &#147;beneficial owner,&#148; as defined in
    <FONT style="white-space: nowrap">Rule&#160;13d-3</FONT>
    under the Exchange Act, of our common equity representing more
    than 50% of the voting power of our common equity;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;consummation of any binding share exchange, exchange
    offer, tender offer, consolidation or merger of us pursuant to
    which our common stock will be converted into cash, securities
    or other property or any sale, lease or other transfer in one
    transaction or a series of transactions of all or substantially
    all of the consolidated assets of us and our subsidiaries, taken
    as a whole, to any person other than one or more of our
    subsidiaries (any such exchange, offer, consolidation, merger,
    transaction or series of transactions being referred to herein
    as an &#147;event&#148;); <I>provided, however</I>, that any
    such event where the holders of more than 50% of our shares of
    common stock immediately prior to such event, own, directly or
    indirectly, more than 50% of all classes of common equity of the
    continuing or surviving person or transferee or the parent
    thereof immediately after such event shall not be a fundamental
    change;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;the first day on which continuing directors cease to
    constitute at least a majority of our board of directors;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;our stockholders approve any plan or proposal for our
    liquidation or dissolution;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;our common stock (or other common stock into which the
    notes are then convertible) ceases to be listed on at least one
    U.S.&#160;national securities exchange.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-32
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No transaction or event described in clause&#160;(2) above will
    constitute a fundamental change if:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    at least 90% of the consideration, excluding cash payments for
    fractional shares, in the transaction or event that would
    otherwise have constituted a fundamental change consists of
    shares of common stock that are traded on a U.S.&#160;national
    securities exchange or that will be so traded when issued or
    exchanged in connection with the relevant transaction or event
    (these securities being referred to as &#147;publicly traded
    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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    as a result of this transaction or event the notes become
    convertible into such publicly traded securities, excluding cash
    payments for fractional shares (subject to the provisions set
    forth above under &#147;&#151;Settlement upon Conversion&#148;).
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any transaction in which our common stock is replaced by the
    securities of another entity occurs, following completion of any
    related make-whole fundamental change period and any related
    fundamental change purchase date, references to us in the
    definition of &#147;fundamental change&#148; above will apply to
    such other entity instead. In addition, a filing that would
    otherwise constitute a fundamental change under clause&#160;(1)
    above will not constitute a fundamental change if (x)&#160;the
    filing occurs in connection with a transaction in which our
    common stock is replaced by the securities of another entity and
    (y)&#160;no such filing is made or is in effect with respect to
    common equity representing more than 50% of the voting power of
    such other entity.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Continuing director&#148; means a director who either was
    a member of our board of directors on the date of original
    issuance of the notes or who becomes a member of our board of
    directors subsequent to that date and whose election,
    appointment or nomination for election by our stockholders, is
    duly approved by a majority of the continuing directors on our
    board of directors at the time of such approval, either by a
    specific vote or by approval of the proxy statement issued by us
    on behalf of our entire board of directors in which such
    individual is named as nominee for director.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On or before the 20th&#160;day after the occurrence of a
    fundamental change, we will provide to all holders of the notes
    and the trustee and paying agent a notice of, and issue a press
    release (and make the press release available on our website) in
    respect of, the occurrence of the fundamental change and of the
    resulting purchase right. Such notice will state, 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="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the events causing a fundamental change;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the effective date of the fundamental change, and whether the
    fundamental change is a make-whole fundamental change, in which
    case the effective date of the make-whole fundamental change;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the last date on which a holder may exercise the purchase right;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the fundamental change purchase 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the fundamental change purchase date;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if applicable, the name and address of the paying agent and the
    conversion agent;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if applicable, the applicable conversion rate and any
    adjustments to the applicable conversion rate;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if applicable, that the notes with respect to which a
    fundamental change purchase notice has been delivered by a
    holder may be converted only if the holder withdraws the
    fundamental change purchase notice in accordance with the terms
    of the indenture;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the procedures that holders must follow to require us to
    purchase their notes.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To exercise your fundamental change purchase right, you must
    deliver, on or before the scheduled trading day immediately
    preceding the fundamental change purchase date, the notes to be
    purchased, duly endorsed for transfer, together with a written
    purchase notice and the form entitled &#147;Form of Fundamental
    Change Purchase Notice&#148; on the reverse side of the notes
    duly completed, to the paying agent. Your purchase notice must
    state:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if certificated notes have been issued, the certificate numbers
    of your notes to be delivered for purchase;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-33
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the portion of the principal amount of notes to be purchased,
    which must be $1,000 or an integral multiple thereof;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    that the notes are to be purchased by us pursuant to the
    applicable provisions of the notes and the indenture.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the notes are not in certificated form, the notice given by
    each holder must comply with appropriate DTC procedures.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may withdraw any purchase notice (in whole or in part) by a
    written notice of withdrawal delivered to the paying agent prior
    to 5:00&#160;p.m., New York City time, on the scheduled trading
    day immediately preceding the fundamental change purchase date.
    The notice of withdrawal must state:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the principal amount of the withdrawn notes;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    if certificated notes have been issued, the certificate numbers
    of the withdrawn notes;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the principal amount, if any, which remains subject to the
    purchase notice.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the notes are not in certificated form, the withdrawal notice
    given by each holder must comply with appropriate DTC procedures.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will be required to purchase the notes that have been validly
    surrendered for purchase and not withdrawn on the fundamental
    change purchase date. You will receive payment of the
    fundamental change purchase price promptly following the later
    of the fundamental change purchase date or the time of
    book-entry transfer or the delivery of your notes. If the paying
    agent holds money or securities sufficient to pay the
    fundamental change purchase price of the notes on the
    fundamental change purchase date, then:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the notes will cease to be outstanding and interest, including
    any additional interest, if any, will cease to accrue (whether
    or not book-entry transfer of the notes is made or whether or
    not the note is delivered to the paying agent);&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    all other rights of the holder will terminate (other than the
    right to receive the fundamental change purchase price and
    previously accrued and unpaid interest (including any additional
    interest) upon book-entry transfer or delivery of the notes).
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purchase rights of the holders could discourage a potential
    acquirer of us, even if the acquisition may be beneficial to
    you. The fundamental change purchase feature, however, is not
    the result of management&#146;s knowledge of any specific effort
    to obtain control of us by any means or part of a plan by
    management to adopt a series of anti-takeover provisions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term fundamental change is limited to specified transactions
    and may not include other events that might adversely affect our
    financial condition. In addition, the requirement that we offer
    to purchase the notes upon a fundamental change may not protect
    holders in the event of a highly leveraged transaction,
    reorganization, merger or similar transaction involving us.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No notes may be repurchased by us at the option of the holders
    upon a fundamental change if the principal amount of the notes
    has been accelerated, and such acceleration has not been
    rescinded, on or prior to such date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The definition of fundamental change includes a phrase relating
    to the sale, lease or other transfer of &#147;all or
    substantially all&#148; of our consolidated assets. There is no
    precise, established definition of the phrase
    &#147;substantially all&#148; under applicable law. Accordingly,
    the ability of a holder of the notes to require us to purchase
    its notes as a result of the sale, lease or other transfer of
    less than all of our assets may be uncertain.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a fundamental change were to occur, we may not have enough
    funds to pay the fundamental change purchase price. In addition,
    we have, and may in the future incur, other indebtedness with
    similar change of control provisions permitting our debt holders
    to accelerate upon the occurrence of similar events and that may
    contain negative covenants limiting our ability to purchase the
    notes upon the occurrence of a fundamental change. See
    &#147;Risk Factors&#151;&#160;Risks Relating to the
    Notes&#160;&#151; We may not have the ability to raise the funds
    necessary to purchase
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-34
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    the notes upon a fundamental change or when required at the
    option of a holder.&#148; If we fail to purchase the notes when
    required following a fundamental change, we will be in default
    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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with any fundamental change purchase offer, we
    will:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    comply with the provisions of
    <FONT style="white-space: nowrap">Rule&#160;13e-4,</FONT>
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    and any other tender offer rules under the Exchange Act;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    file a Schedule&#160;TO or any successor or similar schedule, if
    required, under the Exchange Act;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    otherwise comply with all federal and state securities laws in
    connection with any offer by us to purchase the notes.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will not be required to make a fundamental change purchase
    offer if a third party makes the fundamental change purchase
    offer in the manner, at the times and otherwise in compliance
    with the requirements set forth in the indenture applicable to a
    fundamental change purchase offer made by us and purchases all
    notes validly tendered and not withdrawn under such fundamental
    change purchase offer.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Consolidation,
    Merger and Sale 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture provides that we shall not consolidate with or
    merge with or into, or convey, transfer or lease all or
    substantially all of our properties and assets to, another
    person unless (1)&#160;if we are not the resulting, surviving or
    transferee person, the resulting, surviving or transferee person
    is a corporation organized and existing under the laws of the
    United States of America, any state thereof or the District of
    Columbia, and such person expressly assumes by supplemental
    indenture all of our obligations under the notes and the
    indenture; (2)&#160;immediately after giving effect to such
    transaction, no default has occurred and is continuing under the
    indenture; and (3)&#160;other conditions specified in the
    indenture are met.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon any such consolidation, merger or transfer, the resulting,
    surviving or transferee corporation (if not us) shall succeed
    to, and may exercise every right and power of, the Company 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although these types of transactions are permitted under the
    indenture, certain of the foregoing transactions could
    constitute a fundamental change (as defined above) permitting
    each holder to require us to purchase the notes of such holder
    as described above.
</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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the following is an &#147;event of default&#148; under
    the indenture:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;default in the payment in respect of the principal of
    any note at its maturity, upon required repurchase, upon
    declaration of acceleration or otherwise;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;default in the payment of any interest (including
    additional interest, if any) upon any note when it becomes due
    and payable, and continuance of such default for a period of
    30&#160;days;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;default in the performance, or breach, of any covenant
    or agreement by us in the indenture (other than a covenant or
    agreement a default in whose performance or whose breach is
    specifically dealt with in clauses&#160;(1) or (2)&#160;above or
    (6)&#160;below), and continuance of such default or breach for a
    period of 90&#160;days after written notice thereof has been
    given to us by the trustee or to the trustee and us by the
    holders of at least 25% in aggregate principal amount of the
    outstanding notes;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;a default or defaults under any bonds, debentures,
    notes or other evidences of indebtedness (other than the notes)
    by us or any of our subsidiaries that is a &#147;significant
    subsidiary&#148; (or any group of subsidiaries that, taken
    together, would constitute a &#147;significant subsidiary&#148;
    as defined in
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    under the Securities Act) having, individually or in the
    aggregate, a principal or similar amount outstanding of at least
    $25&#160;million, whether such indebtedness now exists or shall
    hereafter be created, which default or defaults shall have
    resulted in the acceleration of the maturity of such
    indebtedness prior to its express maturity or shall constitute a
    failure to pay at least $25&#160;million of such indebtedness
    when due and payable after the expiration of any applicable
    grace period with respect thereto;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-35
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;the entry against us or any of our subsidiaries that is
    a &#147;significant subsidiary&#148; (or any group of
    subsidiaries that, taken together, would constitute a
    &#147;significant subsidiary&#148; as defined in
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    under the Securities Act) of a final judgment or final judgments
    for the payment of money in an aggregate amount in excess of
    $25&#160;million (excluding any amounts covered by insurance),
    by a court or courts of competent jurisdiction, which judgments
    remain undischarged, unwaived, unstayed, unbonded or unsatisfied
    for a period of 60 consecutive days;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;the failure to comply with the obligation to convert
    the notes into common stock, cash or a combination of cash and
    common stock, as applicable, upon exercise of a holder&#146;s
    conversion right and such failure continues for five days;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;our failure to timely issue a fundamental change notice
    in accordance with the terms of the indenture described in
    &#147;&#151;Fundamental Change Permits Holders to Require Us to
    Purchase Notes&#148;;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (8)&#160;certain events in bankruptcy, insolvency or
    reorganization relating to us or any of our subsidiaries that is
    a &#147;significant subsidiary&#148; (or any group of
    subsidiaries that, taken together, would constitute a
    &#147;significant subsidiary&#148; as defined in
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    under the Securities Act).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an event of default occurs and is continuing, the trustee by
    notice to us, or the holders of at least 25% in principal amount
    of the outstanding notes, by notice to us and the trustee, may,
    and the trustee at the request of such holders shall, declare
    100% of the principal of and accrued and unpaid interest,
    including any additional interest, on all the notes to be due
    and payable. Upon such a declaration, such principal and accrued
    and unpaid interest, including any additional interest, will be
    due and payable immediately. However, upon an event of default
    arising out of the bankruptcy provisions described in
    clause&#160;(8) above, the aggregate principal amount and
    accrued and unpaid interest, including any additional interest,
    will be due and payable immediately.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, if we so elect, the sole remedy
    of holders for an event of default relating to any obligation to
    file reports as described under &#147;&#151;Reports&#148; below
    will, for the first 180&#160;days after the occurrence of such
    an event of default (which will be the 90th&#160;day after
    written notice is provided to us in accordance with an event of
    default pursuant to clause&#160;(3) above), consist exclusively
    of the right to receive additional interest on the notes at an
    annual rate equal to (x)&#160;0.25% of the outstanding principal
    amount of the notes for the first 90&#160;days an event of
    default is continuing in such
    <FONT style="white-space: nowrap">180-day</FONT>
    period and (y)&#160;0.50% of the outstanding principal amount of
    the notes for the remaining 90&#160;days an event of default is
    continuing in such
    <FONT style="white-space: nowrap">180-day</FONT>
    period. Additional interest will be payable in arrears on each
    interest payment date following the occurrence of such event of
    default in the same manner as regular interest on the notes. On
    the 181st&#160;day after such event of default (if such
    violation is not cured or waived prior to such 181st&#160;day),
    the notes will be subject to acceleration as provided above. The
    provisions of the indenture described in this paragraph will not
    affect the rights of holders of notes in the event of the
    occurrence of any other event of default. In the event we do not
    elect to pay additional interest upon an event of default in
    accordance with this paragraph, the notes will be subject to
    acceleration as provided above.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to elect to pay additional interest as the sole remedy
    during the first 180&#160;days after the occurrence of an event
    of default relating to the failure to comply with the reporting
    obligations in accordance with the immediately preceding
    paragraph, we must notify all holders of record of notes and the
    trustee and paying agent of such election on or before the close
    of business on the 5th&#160;business day after the date on which
    such event of default otherwise would occur. Upon our failure to
    timely give such notice or pay additional interest, the notes
    will be immediately subject to acceleration as provided above.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holders of a majority in principal amount of the outstanding
    notes may waive all past defaults (except with respect to
    nonpayment of principal or interest, including any additional
    interest, failure to repurchase any notes when required or
    failure to deliver, upon conversion, cash, shares of our common
    stock or a combination thereof, as the case may be) and rescind
    any such acceleration with respect to the notes and its
    consequences.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the provisions of the indenture relating to the
    duties of the trustee, if an event of default occurs and is
    continuing, the trustee will be under no obligation to exercise
    any of the rights or powers under the indenture at the request
    or direction of any of the holders unless such holders have
    offered to the trustee indemnity or security reasonably
    satisfactory to it against any loss, liability or expense.
    Except to enforce the right to receive payment of
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-36
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    principal or interest, including any additional interest, when
    due, no holder may pursue any remedy with respect to the
    indenture or the notes unless:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;such holder has previously given the trustee written
    notice that an event of default is continuing;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;holders of at least 25% in principal amount of the
    outstanding notes have requested the trustee to pursue the
    remedy;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;such holders have offered the trustee security or
    indemnity reasonably satisfactory to it against any loss,
    liability or expense;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;the trustee has not complied with such request within
    60&#160;days after the receipt of the request and the offer of
    security or indemnity;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;the holders of a majority in principal amount of the
    outstanding notes have not given the trustee a direction that,
    in the opinion of the trustee, is inconsistent with such request
    within such
    <FONT style="white-space: nowrap">60-day</FONT>
    period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to certain restrictions, the holders of a majority in
    principal amount of the outstanding notes are given the right to
    direct the time, method and place of conducting any proceeding
    for any remedy available to the trustee or of exercising any
    trust or power conferred on the trustee. The indenture provides
    that in the event an event of default has occurred and is
    continuing, the trustee will be required in the exercise of its
    powers to use the degree of care that a prudent person would use
    in the conduct of its own affairs. The trustee, however, may
    refuse to follow any direction that conflicts with law or the
    indenture or that the trustee determines is unduly prejudicial
    to the rights of any other holder or that would involve the
    trustee in personal liability. Prior to taking any action under
    the indenture, the trustee will be entitled to indemnification
    against all losses and expenses caused by taking or not taking
    such action.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture provides that if a default occurs and is
    continuing and is known to the trustee, the trustee must mail to
    each holder notice of the default within 90&#160;days after it
    occurs. Except in the case of a default in the payment of
    principal of or interest, including any additional interest, on
    any note, the trustee may withhold notice if and so long as a
    committee of trust officers of the trustee in good faith
    determines that withholding notice is in the interests of the
    holders. In addition, we are required to deliver to the trustee,
    within 120&#160;days after the end of each fiscal year, a
    certificate indicating whether the signers thereof know of any
    default that occurred during the previous year. We are also
    required to deliver to the trustee, within 30&#160;days after
    the occurrence thereof, written notice of any events which would
    constitute certain defaults, their status and what action we are
    taking or propose to take in respect thereof.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Modification
    and Amendment</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to certain exceptions, the indenture or the notes may be
    amended with the consent of the holders of at least a majority
    in aggregate principal amount of the notes then outstanding
    (including without limitation, consents obtained in connection
    with a purchase of, or tender offer or exchange offer for,
    notes) and, subject to certain exceptions, any past default or
    compliance with any provisions may be waived with the consent of
    the holders of a majority in aggregate principal amount of the
    notes then outstanding (including, without limitation, consents
    obtained in connection with a purchase of, or tender offer or
    exchange offer for, notes).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    However, without the consent of each holder of an outstanding
    note affected, no amendment may, among other things:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;reduce the percentage in aggregate principal amount of
    notes whose holders must consent to an amendment of the
    indenture or to waive any past default;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;reduce the rate of or extend the stated time for
    payment of interest, including any additional interest, on any
    note;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;reduce the principal amount or extend the stated
    maturity of any note;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;make any change that impairs or adversely affects the
    conversion rights of any notes;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-37
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;reduce the fundamental change purchase price of any
    note or amend or modify in any manner adverse to the holders of
    notes our obligation to make payment of that price, whether
    through an amendment or waiver of provisions in the covenants,
    definitions or otherwise;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;make any note payable in a currency other than that
    stated in the note or change any note&#146;s place of payment;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;change the ranking of the notes;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (8)&#160;impair the right of any holder to receive payment of
    principal of and interest, including any additional interest, on
    such holder&#146;s notes on or after the due dates therefor or
    to institute suit for the enforcement of any payment on or with
    respect to such holder&#146;s notes;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (9)&#160;make any change in the amendment provisions which
    require each holder&#146;s consent or in the waiver provisions
    of the indenture;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (10)&#160;reduce the quorum or voting requirements 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, without the consent of any
    holder, we and the trustee may amend the indenture or the notes
    to:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;cure any ambiguity, omission, defect or inconsistency
    in the indenture or the notes in a manner that does not
    materially adversely affect the rights of any holder;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;conform the terms of the indenture or the notes to the
    description thereof in this prospectus supplement and the
    accompanying prospectus;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;provide for the assumption by a successor corporation
    of our obligations under the indenture as described above under
    the heading &#147;&#151;Consolidation, Merger and Sale of
    Assets;&#148;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;add guarantees with respect to the notes;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;secure the notes;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;add to our covenants for the benefit of the holders or
    surrender any right or power conferred upon us;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;make any change that does not materially adversely
    affect the rights of any holder;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (8)&#160;appoint a successor trustee with respect to the
    notes;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (9)&#160;comply with any requirement under the
    Trust&#160;Indenture Act.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consent of the holders is not necessary under the indenture
    to approve the particular form of any proposed amendment. It is
    sufficient if such consent approves the substance of the
    proposed amendment. After an amendment under the indenture
    becomes effective, we are required to mail to the holders a
    notice briefly describing such amendment. However, the failure
    to give such notice to all the holders, or any defect in the
    notice, will not impair or affect the validity of the amendment.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Discharge</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may satisfy and discharge our obligations under the indenture
    by delivering to the registrar for cancellation all outstanding
    notes or by depositing with the trustee or delivering to the
    holders, as applicable, after the notes have become due and
    payable, whether at the stated maturity, any fundamental change
    purchase date or upon conversion or otherwise, cash or cash and
    shares of our common stock, if any (solely to satisfy
    outstanding conversions, if applicable), sufficient to pay all
    of the outstanding notes and all other sums payable under the
    indenture by us. Such discharge is subject to terms contained 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Calculations
    in Respect of Notes</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise provided above, we will be responsible for
    making all calculations called for under the indenture and the
    notes. These calculations include, but are not limited to,
    determinations of the last reported sale
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-38
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    prices of our common stock, accrued interest payable on the
    notes and the applicable conversion rate. We will make all these
    calculations in good faith and, absent manifest error, our
    calculations will be final and binding on holders of notes. We
    will provide a schedule of our calculations to each of the
    trustee and the conversion agent, and each of the trustee and
    conversion agent is entitled to rely conclusively upon the
    accuracy of our calculations without independent verification.
    The trustee will forward our calculations to any holder upon the
    request of that holder.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Reports</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture provides that any documents or reports that we are
    required to file with the SEC pursuant to Section&#160;13 or
    15(d) of the Exchange Act must be furnished by us to the trustee
    within 15&#160;days after the same are required to be filed with
    the SEC (giving effect to any grace period provided by
    <FONT style="white-space: nowrap">Rule&#160;12b-25</FONT>
    under the Exchange Act). Documents filed by us with the SEC via
    the EDGAR system will be deemed furnished to the trustee as of
    the time such documents are filed via EDGAR.
</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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise described herein, notice to registered
    holders of the notes will be given by mail to the addresses as
    they appear in the security register. Notices will be deemed to
    have been given on the date of such mailing.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bank of New York Trust&#160;Company, N.A. is the trustee,
    security registrar, paying agent and conversion agent.
</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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture provides that it and the notes will be governed
    by, and construed in accordance with, the laws of the State of
    New York.
</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: #FFFFFF">

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

<DIV style="margin-top: 6pt; 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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Global Notes</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be initially issued in the form of one or more
    registered notes in global form, without interest coupons, which
    we refer to as the global notes. Upon issuance, each of the
    global notes will be deposited with the trustee as custodian for
    DTC and registered in the name of Cede&#160;&#038; Co., as
    nominee 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ownership of beneficial interests in a global note will be
    limited to persons who have accounts with DTC, which we refer to
    as DTC participants, or persons who hold interests through DTC
    participants. 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="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    upon deposit of a global note with DTC&#146;s custodian, DTC
    will credit portions of the principal amount of the global note
    to the accounts of DTC participants designated by the
    underwriters;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    ownership of beneficial interests in a global note will be shown
    on, and transfer of ownership of those interests will be
    effected only through, records maintained by DTC (with respect
    to interests of DTC participants) and the records of DTC
    participants (with respect to other owners of beneficial
    interests in the global note).
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beneficial interests in global notes may not be exchanged for
    notes in physical, certificated form except in the limited
    circumstances described below.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Book-Entry
    Procedures for the Global Notes</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All interests in the global notes will be subject to the
    operations and procedures of DTC. We provide the following
    summary of those operations and procedures solely for the
    convenience of investors. The operations and
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-39
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    procedures of DTC are controlled by that settlement system and
    may be changed at any time. Neither we nor the underwriters are
    responsible for those operations or procedures.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    a &#147;banking organization&#148; within the meaning of the New
    York State 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    a &#147;clearing corporation&#148; within the meaning of the
    Uniform Commercial 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    a &#147;clearing agency&#148; registered under Section&#160;17A
    of the Exchange Act.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    DTC was created to hold securities for its participants and to
    facilitate the clearance and settlement of securities
    transactions between its participants through electronic
    book-entry changes to the accounts of its participants.
    DTC&#146;s participants include securities brokers and dealers,
    including the underwriters; banks and trust companies; clearing
    corporations and other organizations. Indirect access to
    DTC&#146;s system is also available to others such as banks,
    brokers, dealers and trust companies; these indirect
    participants clear through or maintain a custodial relationship
    with a DTC participant, either directly or indirectly. Investors
    who are not DTC participants may beneficially own securities
    held by or on behalf of DTC only through DTC participants or
    indirect participants 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    So long as DTC&#146;s nominee is the registered owner of a
    global note, that nominee will be considered the sole owner or
    holder of the notes represented by that global note for all
    purposes under the indenture. Except as provided below, owners
    of beneficial interests in a global note:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    will not be entitled to have notes represented by the global
    note registered in their names;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    will not receive or be entitled to receive physical,
    certificated notes;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    will not be considered the owners or holders of the notes under
    the indenture for any purpose, including with respect to the
    giving of any direction, instruction or approval to the trustee
    under the indenture.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a result, each investor who owns a beneficial interest in a
    global note must rely on the procedures of DTC to exercise any
    rights of a holder of notes under the indenture (and, if the
    investor is not a participant or an indirect participant in DTC,
    on the procedures of DTC participant through which the investor
    owns its interest).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payments of principal and interest (including any additional
    interest) with respect to the notes represented by a global note
    will be made by the trustee to DTC&#146;s nominee as the
    registered holder of the global note. Neither we nor the trustee
    will have any responsibility or liability for the payment of
    amounts to owners of beneficial interests in a global note, for
    any aspect of the records relating to or payments made on
    account of those interests by DTC, or for maintaining,
    supervising or reviewing any records of DTC relating to those
    interests.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payments by participants and indirect participants in DTC to the
    owners of beneficial interests in a global note will be governed
    by standing instructions and customary industry practice and
    will be the responsibility of those participants or indirect
    participants and DTC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Transfers between participants in DTC will be effected under
    DTC&#146;s procedures and will be settled in
    <FONT style="white-space: nowrap">same-day</FONT>
    funds.
</DIV>

<DIV style="margin-top: 9pt; 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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certificated
    Notes</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notes in physical, certificated form will be issued and
    delivered to each person that DTC identifies as a beneficial
    owner of the related notes 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="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    DTC notifies us at any time that it is unwilling or unable to
    continue as depositary for the global notes and a successor
    depositary is not appointed within 90&#160;days;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    DTC ceases to be registered as a clearing agency under the
    Exchange Act and a successor depositary is not appointed within
    90&#160;days;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    an event of default in respect of the notes has occurred and is
    continuing.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-40
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='110'>
<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: #FFFFFF">

    <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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Authorized
    Capitalization</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of the date of this prospectus supplement, our capital
    structure consists of 390,000,000&#160;shares of common stock,
    par value $0.01 per share, 25,000,000&#160;shares of non-voting
    common stock, par value $0.01&#160;per&#160;share, and
    5,000,000&#160;shares of preferred stock, par value $0.01 per
    share. As of March&#160;2, 2009, an aggregate of
    115,825,717&#160;shares of our common stock were issued and
    outstanding, and no shares of preferred stock or non-voting
    common stock were issued and 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Stock and Non-Voting Common 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock and non-voting common stock are substantially
    identical except that the holders of our common stock are
    entitled to one vote per share on any matter to be voted upon by
    stockholders while holders of non-voting common stock have no
    voting rights on most matters. Holders of non-voting common
    stock are entitled to any voting rights provided by applicable
    law and also have the right to vote as a separate class on any
    amendment to the section of our restated certificate of
    incorporation that describes their voting rights and on any
    amendment of any provision of the restated certificate of
    incorporation that adversely affects the powers, preferences or
    special rights of holders of non-voting common stock.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bank holding companies that purchased common stock from us in a
    1987 transaction and certain of their affiliates and transferees
    who hold common stock have the right to convert it into
    non-voting common stock. In specified circumstances, holders of
    non-voting common stock have the right to convert it into common
    stock. No non-voting common stock is currently outstanding.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holders of our common stock and non-voting common stock are
    entitled to such dividends as our board of directors may declare
    from time to time from legally available funds subject to the
    preferential rights of the holders of any shares of our
    preferred stock that we may issue in the future.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our amended and restated certificate of incorporation does not
    provide for cumulative voting in connection with the election of
    directors. Accordingly, directors will be elected by a plurality
    of the shares voting once a quorum is present. No holder of our
    common stock or non-voting common stock has any preemptive right
    to subscribe for any shares of capital stock issued in the
    future.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon any voluntary or involuntary liquidation, dissolution or
    winding up of our affairs, the holders of our common stock and
    non-voting common stock are entitled to share, on a <I>pro rata
    </I>basis, all assets remaining after payment to creditors and
    subject to prior distribution rights of the holders of any
    shares of preferred stock that we may issue in the future. All
    of the outstanding shares of common stock are, and the shares of
    common stock issuable upon the conversion of the notes offered
    pursuant to this prospectus supplement, when issued and paid
    for, will be, fully paid and non-assessable.
</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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No shares of our preferred stock are currently outstanding.
    Under our restated certificate of incorporation, our board of
    directors, without further action by our stockholders, is
    authorized to issue up to 5,000,000&#160;shares of preferred
    stock in one or more classes or series. The board may fix or
    alter the rights, preferences and privileges of the preferred
    stock, along with any limitations or restrictions, including
    voting rights, dividend rights, conversion rights, redemption
    privileges and liquidation preferences of each class or series
    of preferred stock. The preferred stock could have voting or
    conversion rights that could adversely affect the voting power
    or other rights of holders of our common stock. The issuance of
    preferred stock could also have the effect, under certain
    circumstances, of delaying, deferring or preventing a change of
    control of our company.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-41
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Anti-Takeover
    Effects of Certain Provisions of Delaware Law and Our Restated
    Certificate of Incorporation and Amended and Restated
    By-Laws</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Effect of Delaware Anti-Takeover Statute.</I>&#160;&#160;We
    are subject to Section&#160;203 of the Delaware General
    Corporation Law, an anti-takeover law. In general,
    Section&#160;203 prohibits a Delaware corporation from engaging
    in any business combination with any interested stockholder for
    a period of three years following the date that the stockholder
    became an interested stockholder, unless:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    prior to that date, the board of directors of the corporation
    approved either the business combination or the transaction that
    resulted in the stockholder becoming an interested stockholder;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    upon consummation of the transaction that resulted in the
    stockholder becoming an interested stockholder, the interested
    stockholder owned at least 85% of the voting stock of the
    corporation outstanding at the time the transaction commenced,
    excluding for purposes of determining the number of shares of
    voting stock outstanding (but not the voting stock owned by the
    interested stockholder) those shares owned by persons who are
    directors and also officers and by excluding employee stock
    plans in which employee participants do not have the right to
    determine confidentially whether shares held subject to the plan
    will be tendered in a tender or exchange 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    on or subsequent to that date, the business combination is
    approved by the board of directors of the corporation and
    authorized at an annual or special meeting of stockholders, and
    not by written consent, by the affirmative vote of at least 66
    2/3% of the outstanding voting stock that is not owned by the
    interested stockholder.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;203 defines &#147;business combination&#148; to
    include 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="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any merger or consolidation involving the corporation and the
    interested stockholder;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any sale, transfer, pledge or other disposition of 10% or more
    of the assets of the corporation involving the interested
    stockholder;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    subject to certain exceptions, any transaction that results in
    the issuance or transfer by the corporation of any stock of the
    corporation to the interested stockholder;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    any transaction involving the corporation that has the effect of
    increasing the proportionate share of the stock of any class or
    series of the corporation beneficially owned by the interested
    stockholder;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the receipt by the interested stockholder of the benefit of any
    loans, advances, guarantees, pledges or other financial benefits
    provided by or through the corporation.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, Section&#160;203 defines an interested stockholder
    as any entity or person beneficially owning 15% or more of the
    outstanding voting stock of the corporation, or who beneficially
    owns 15% or more of the outstanding voting stock of the
    corporation at anytime within a three year period immediately
    prior to the date of determining whether such person is an
    interested stockholder, and any entity or person affiliated with
    or controlling or controlled by any of these entities or persons.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Restated Certificate of Incorporation and Amended and
    Restated By-Laws Provisions</I>. Our restated certificate of
    incorporation and amended and restated by-laws include
    provisions that may have the effect of discouraging, delaying or
    preventing a change in control or an unsolicited acquisition
    proposal that a stockholder might consider favorable, including
    a proposal that might result in the payment of a premium over
    the market price for the shares held by stockholders. These
    provisions are summarized in the following paragraphs.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Classified Board of Directors and Removal Only for Cause.</I>
    Our restated certificate of incorporation provides for the
    division of our board of directors into three classes of
    directors, each serving staggered, three-year terms. In
    addition, our restated certificate of incorporation and our
    amended and restated by-laws provide that directors may be
    removed only for cause and only upon the affirmative vote of
    holders of at least 80% of our outstanding voting power. Our
    restated certificate of incorporation further provides generally
    that any alteration, amendment or repeal of its sections
    regarding the composition, election and classification of the
    board of directors requires the approval of the holders of at
    least 80% of our outstanding voting power.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-42
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Consideration of &#147;Other Constituencies.&#148; </I>Our
    restated certificate of incorporation provides that when it is
    evaluating any proposal from another party to&#151;
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    make a tender offer for our equity 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    merge or consolidate us with another corporation&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    purchase or otherwise acquire substantially all of our
    properties and assets,
</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: #FFFFFF">
    our board of directors must give due consideration to all
    relevant factors, including the social and economic effects on
    our employees, customers, suppliers and other constituents and
    the communities in which we operate or are located.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Limitation of Directors&#146; Liability and Indemnification
    of Directors, Officers and Others.</I> Our restated certificate
    of incorporation provides that a director will not be personally
    liable for monetary damages to us or our stockholders for breach
    of fiduciary duty as a director, except for liability:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    for any breach of the director&#146;s duty of loyalty to us or
    our 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    for acts or omissions not in good faith or which involve
    intentional misconduct or a knowing violation of law;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    for paying a dividend or approving a stock repurchase or
    redemption in violation of Section&#160;174 of the Delaware
    General Corporation Law;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    for any transaction from which the director derived an improper
    personal benefit.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our restated certificate of incorporation also provides that
    each of our current or former directors, officers, employees or
    agents, or each such person who is or was serving or who had
    agreed to serve at our request as a director, officer, employee
    or agent of another corporation, partnership, joint venture,
    trust or other enterprise (including the heirs, executors,
    administrators or estate of that person), will be indemnified by
    us to the full extent permitted by the Delaware General
    Corporation Law. Our restated certificate of incorporation also
    specifically authorizes us to enter into agreements with any
    person providing for indemnification greater or different than
    that provided by our certificate of incorporation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Authorized but Unissued or Undesignated Capital Stock</I>.
    Our authorized capital stock consists of 390,000,000&#160;shares
    of common stock, 25,000,000&#160;shares of non-voting common
    stock, and 5,000,000&#160;shares of preferred stock. The
    authorized but unissued (and in the case of preferred stock,
    undesignated) stock may be issued by the board of directors in
    one or more transactions. In this regard, our restated
    certificate of incorporation grants the board of directors broad
    power to establish the rights and preferences of authorized and
    unissued preferred stock. The issuance of shares of preferred
    stock pursuant to the board&#146;s authority described above
    could decrease the amount of earnings and assets available for
    distribution to holders of common stock and adversely affect the
    rights and powers, including voting rights, of such holders and
    may have the effect of delaying, deferring or preventing a
    change in control. The board of directors does not currently
    intend to seek stockholder approval prior to any issuance of
    preferred stock, unless otherwise required by law.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Special Meetings of Stockholders.</I> Our amended and
    restated by-laws provide that special meetings of our
    stockholders may be called only by the chairman of the board of
    directors or the board of directors pursuant to a resolution
    approved by a majority of the total number of directors or by a
    person or committee expressly so authorized by the board of
    directors pursuant to a resolution approved by a majority of the
    total number of directors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>No Stockholder Action by Written Consent.</I> Our restated
    certificate of incorporation and amended and restated by-laws
    provide that an action required or permitted to be taken at any
    annual or special meeting of our stockholders may be taken only
    at a duly called annual or special meeting of stockholders. This
    provision prevents stockholders from initiating or effecting any
    action by written consent and thereby taking actions opposed by
    the board.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Notice Procedures.</I> Our amended and restated by-laws
    establish advance notice procedures with regard to all
    stockholder proposals to be brought before meetings of our
    stockholders, including proposals relating to the nomination of
    candidates for election as directors, the removal of directors
    and amendments to our amended and
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-43
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">
    restated certificate of incorporation or amended and restated
    by-laws. These procedures provide that notice of such
    stockholder proposals must be timely given in writing to our
    Secretary prior to the meeting. Generally, to be timely, for an
    annual meeting the notice must be received at our principal
    executive offices not more than 120&#160;days and not less than
    90&#160;days prior to the first anniversary of the previous
    year&#146;s meeting. For a special meeting the notice generally
    must be received at our principal executive offices not more
    than 120&#160;days and not less than 90&#160;days prior to the
    meeting date. The notice must contain certain information
    specified in the amended and restated by-laws.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Stockholder Rights Plan Expired</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our stockholder rights plan, which is further described in the
    attached base prospectus dated March&#160;4, 2008, expired on
    July&#160;22, 2008. The rights were neither redeemed nor
    exchanged prior to expiration.
</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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transfer agent and registrar for our common stock is Mellon
    Investor Services.
</DIV>
<A name='111'>
<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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following summary describes the material United States
    federal income tax consequences of the acquisition, ownership
    and disposition of the notes. This summary is based on the
    Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;), applicable Treasury regulations and
    administrative and judicial decisions. Legislative, judicial and
    administrative changes may occur, possibly with retroactive
    effect, that could affect the accuracy of the statements
    described herein. This summary generally is addressed only to
    original purchasers of the notes for their original offering
    price, deals only with notes held as capital assets and does not
    purport to address all United States federal income tax matters
    that may be relevant to investors in special tax situations,
    such as insurance companies, tax-exempt organizations, financial
    institutions, dealers in securities or currencies, traders in
    securities that elect to mark to market, holders of notes that
    are held as a hedge or as part of a hedging, straddle or
    conversion transaction, certain former citizens or residents of
    the United States, or United States holders (as defined below)
    whose functional currency is not the United States dollar.
    Persons considering the purchase of the notes should consult
    their own tax advisors concerning the application of United
    States federal income tax laws, as well as the laws of any
    state, local or foreign taxing jurisdictions and the application
    of any United States federal tax other than the income tax,
    including, but not limited to the United States federal gift tax
    and estate tax, to their particular situations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a partnership (including an entity treated as a partnership
    for United States federal income tax purposes) holds a note, the
    treatment of a partner in the partnership will generally depend
    upon the status of the partner and upon the activities of the
    partnership. A holder of a note that is a partnership, and the
    partners in such a partnership, should consult their tax
    advisors about the United States federal income tax consequences
    of holding and disposing of the notes.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As used herein, the term U.S.&#160;Holder means a beneficial
    owner of a note that is (i)&#160;a citizen or individual
    resident of the United States, (ii)&#160;a corporation
    (including an entity treated as a corporation for United States
    federal income tax purposes) created or organized in the United
    States, any state or the District of Columbia, (iii)&#160;an
    estate whose income is subject to United States federal income
    tax on a net income basis in respect of the note, or (iv)&#160;a
    trust if a United States court can exercise primary supervision
    over the trust&#146;s administration and one or more
    &#147;United States persons&#148; (as defined under the Code)
    are authorized to control all substantial decisions of the trust
    (or certain trusts that have made a valid election to be treated
    as a United States person). The term U.S.&#160;Holder also
    includes certain former citizens and residents of the United
    States.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Payments
    of Stated Interest</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is expected, and therefore this discussion assumes, that the
    notes will be issued without original issue discount for
    U.S.&#160;federal income tax purposes. Accordingly, stated
    interest paid on a note will be taxable to a U.S.&#160;Holder as
    ordinary interest income at the time it accrues or is received
    in accordance with the U.S.&#160;Holder&#146;s
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-44
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">
    method of accounting for federal income tax purposes. If,
    however, the notes&#146; principal amount exceeds the issue
    price by more than a de minimis amount (defined under applicable
    Treasury Regulations as a portion of the principal amount equal
    to the product of 0.25&#160;percent and the number of complete
    years to maturity of the notes), a U.S.&#160;Holder will be
    required to include such excess in income as original issue
    discount, as it accrues, in accordance with a constant yield
    method based on a compounding of interest before the receipt of
    cash payments attributable to this income.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Additional
    Interest Payments</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may be required to pay additional interest if we fail to
    timely file certain required documents with the SEC. Because we
    believe the likelihood that we will be obligated to pay any such
    additional interest is remote, we are taking the position and
    this discussion assumes that the notes will not be treated as
    contingent payment debt instruments under the applicable
    Treasury Regulations. Assuming our position is respected, if we
    do become obligated to pay additional interest, such amounts
    will be treated as ordinary interest income and taxed as
    described under &#147;&#151;Payments of Stated Interest&#148;
    above. Our position is not binding on the Internal Revenue
    Service (&#147;IRS&#148;). If the IRS were to successfully
    challenge our position, a U.S.&#160;Holder may be required to
    accrue interest income based upon a &#147;comparable
    yield,&#148; regardless of the holder&#146;s method of
    accounting. The &#147;comparable yield&#148; is the yield at
    which we would issue a fixed rate non-convertible debt
    instrument with no contingent payments, but with terms and
    conditions similar to those of the notes, and such yield would
    be higher than the stated coupon on the notes. In addition, any
    gain on the sale, exchange, retirement or other taxable
    disposition of the notes (including any gain realized on the
    conversion of a note) would be recharacterized as ordinary
    income. U.S.&#160;Holders should consult their tax advisors
    regarding the tax consequences of the notes being treated as
    contingent payment debt instruments. The remainder of this
    discussion assumes that the notes are not treated as contingent
    payment debt instruments.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sale,
    Exchange or Retirement of the Notes</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as described below under &#147;&#151;Conversion into
    Common Stock&#148; and &#147;&#151;Conversion into Common Stock
    and Cash&#148;, upon the sale, exchange or retirement of a note
    (including any purchase of notes by us in the case of a
    fundamental change), a U.S.&#160;Holder will recognize taxable
    gain or loss equal to the difference between the amount realized
    on the sale, exchange or retirement and the
    U.S.&#160;Holder&#146;s adjusted tax basis in the note. For
    these purposes, the amount realized does not include any amount
    attributable to accrued interest. Amounts attributable to
    accrued interest are treated as interest as described under
    &#147;&#151;Payments of Stated Interest&#148; above. A
    U.S.&#160;Holder&#146;s adjusted tax basis in a note will
    generally equal the amount that the U.S.&#160;Holder paid for
    the note.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gain or loss realized on the sale, exchange or retirement of a
    note will generally be capital gain or loss and will be
    long-term capital gain or loss if at the time of sale, exchange
    or retirement the note has been held for more than one year.
    Long-term capital gains recognized by non-corporate U.S. Holders
    currently are taxed at a maximum 15 percent federal rate
    (effective for tax years through 2010, after which the maximum
    rate is scheduled to increase to 20 percent). The deductibility
    of capital losses may be subject to limitations.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Conversion
    into Common Stock</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as discussed below, a U.S.&#160;Holder generally will not
    recognize gain or loss upon the conversion of a note solely into
    shares of our common stock. The fair market value of the common
    stock received with respect to accrued interest will be taxed as
    such, as discussed under &#147;&#151;Payments of Stated
    Interest&#148; above.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A U.S.&#160;Holder&#146;s tax basis in the common stock received
    upon a conversion of a note (other than common stock received
    with respect to accrued interest) will equal the tax basis of
    the note that was converted (excluding the portion of the tax
    basis that is allocable to a fractional share, as described in
    the paragraph below). A U.S.&#160;Holder&#146;s tax basis in the
    common stock received with respect to accrued interest will
    equal the fair market value of the stock received.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Receipt of cash in lieu of a fractional common share will
    generally be treated as a sale of such fractional common share,
    and a U.S.&#160;Holder will recognize capital gain or loss upon
    such sale in an amount equal to the difference between the
    amount of cash received and the amount of adjusted tax basis
    allocable to the fractional common share. A
    U.S.&#160;Holder&#146;s tax basis in a fractional share will be
    determined by allocating the holder&#146;s tax basis
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-45
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">
    in the common stock between the common stock received upon
    conversion and the fractional share, in accordance with their
    respective fair market values.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Holder&#146;s holding period for the common stock
    received will include the holder&#146;s holding period for the
    note converted, except that the holding period of any common
    stock received with respect to accrued interest will commence on
    the day after the date of receipt.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Conversion
    into Cash</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a U.S.&#160;Holder converts a note and receives from us
    solely cash, the holder will recognize gain or loss in the same
    manner as if such holder had disposed of the note in a taxable
    disposition as described under &#147;&#151;Sale, Exchange or
    Retirement of the Notes&#148; above.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Conversion
    into Common Stock and Cash</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a U.S.&#160;Holder converts a note and receives from us a
    combination of common stock and cash, we intend to take the
    position (and the following discussion assumes) that the
    conversion will be treated as a recapitalization for
    U.S.&#160;federal income tax purposes, although the tax
    treatment is uncertain.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assuming such treatment, a U.S.&#160;Holder will recognize
    capital gain, but not loss, equal to the excess of the sum of
    the fair market value of the common stock and cash received
    (other than amounts attributable to accrued interest, which will
    be treated as such as described under &#147;&#151;Payments of
    Stated Interest&#148; above) over the holder&#146;s adjusted tax
    basis in the note, but in no event will the capital gain
    recognized exceed the amount of cash received (excluding cash
    attributable to accrued interest or received in lieu of a
    fractional share).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In such circumstances, a U.S.&#160;Holder&#146;s tax basis in
    the common stock received upon a conversion of a note (other
    than common stock received with respect to accrued interest, but
    including any basis allocable to a fractional share) will equal
    the tax basis of the note that was converted, reduced by the
    amount of cash received (excluding cash received in lieu of a
    fractional share and cash attributable to accrued interest), and
    increased by the amount of gain, if any, recognized, as
    described in the preceding paragraph. A U.S.&#160;Holder&#146;s
    tax basis in the common stock received with respect to accrued
    interest will equal the fair market value of the stock received.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Receipt of cash in lieu of a fractional common share will
    generally be treated as a sale of such fractional common share,
    and a U.S.&#160;Holder will recognize capital gain or loss upon
    such sale in an amount equal to the difference between the
    amount of cash received and the amount of adjusted tax basis
    allocable to the fractional common share. A
    U.S.&#160;Holder&#146;s tax basis in a fractional share will be
    determined by allocating the holder&#146;s tax basis in the
    common stock between the common stock received upon conversion
    and the fractional share, in accordance with their respective
    fair market values.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Capital gain recognized by U.S.&#160;Holders upon conversion
    will be long-term capital gain if at the time of conversion the
    notes have been held for more than one year. Long-term capital
    gains recognized by non-corporate U.S. Holders currently are
    taxed at a maximum 15 percent federal rate (effective for tax
    years through 2010, after which the maximum rate is scheduled to
    increase to 20 percent).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A U.S.&#160;Holder&#146;s holding period for common stock
    received upon conversion will include the period during which
    such holder held the notes, except that the holding period of
    any common stock received with respect to accrued interest will
    commence on the day after the date of receipt.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The conversion of a note and consequent receipt of both common
    stock and cash might alternatively be characterized as a sale of
    a portion of the note for the cash received which would be
    subjected to tax in the manner described under &#147;&#151;Sale,
    Exchange or Retirement of the Notes&#148; above and as a
    conversion of a portion of the note into common stock, which
    would be treated in the manner described under
    &#147;&#151;Conversion Into Common Stock&#148; above. Under this
    alternative characterization, a U.S.&#160;holder would not
    recognize gain or loss with respect to our common stock received
    (other than stock attributable to accrued interest), and the
    U.S.&#160;Holder&#146;s holding period for such stock would
    include the period during which such holder held the notes. In
    such case, the holder&#146;s basis in the note would be
    allocated pro rata between the common stock and cash received,
    in accordance with their fair market values.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-46
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S.&#160;Holders should consult their tax advisors regarding
    the tax treatment of the receipt of cash and common stock for
    notes upon conversion.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Possible
    Effect of a Consolidation or Merger</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In certain situations, we may consolidate with or merge into
    another entity (as described above under &#147;Description of
    Notes&#151;Conversion rights&#151;Consolidation, Merger and Sale
    of Assets&#148;). Depending on the circumstances, a change in
    the obligor of the notes as the result of a consolidation or
    merger could result in a deemed taxable exchange to a
    U.S.&#160;Holder and the modified note could be treated as newly
    issued at that time, potentially resulting in the recognition of
    taxable gain or loss.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Constructive
    Dividends</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The conversion rate of the notes will be adjusted in certain
    circumstances. Under the Code and applicable Treasury
    Regulations, adjustments that have the effect of increasing a
    holder&#146;s interest in our assets or earnings and profits
    may, in some circumstances, result in a deemed distribution to
    the holder.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we were to make a distribution of cash or property to
    stockholders (for example, distributions of evidences of
    indebtedness or assets) and the conversion rate of the notes
    were increased pursuant to the antidilution provisions of the
    indenture, such increase would be deemed to be a distribution to
    the U.S.&#160;Holders. In addition, any other increase in the
    conversion rate of the notes (including an adjustment to the
    conversion rate in connection with a fundamental change) may,
    depending on the circumstances, be deemed to be a distribution
    to the U.S.&#160;Holders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In certain circumstances, the failure to make an adjustment of
    the conversion rate may result in a taxable distribution to
    holders of our common stock or holders of notes, if as a result
    of such failure the proportionate interest of the stockholders
    or the note holders (as the case may be) in the assets or
    earnings and profits of us is increased.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any deemed distribution will be taxed in the same manner as an
    actual distribution. See &#147;&#151;Taxation of Distributions
    Paid On Common Stock&#148; below. However, it is unclear whether
    such deemed distributions would be eligible for the reduced tax
    rate applicable to certain dividends paid to non-corporate
    holders or for the dividends-received deduction applicable to
    certain dividends paid to corporate holders. U.S.&#160;Holders
    should consult their tax advisors as to the tax consequences of
    receiving constructive dividends.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Distributions Paid On Common Stock</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the extent paid out of current or accumulated earnings and
    profits, distributions paid on common shares, other than certain
    pro rata distributions of common shares, will be treated as a
    taxable dividend when received. If a distribution exceeds our
    current and accumulated earnings and profits, the excess will be
    first treated as a tax-free return of the
    U.S.&#160;Holder&#146;s investment, up to the
    U.S.&#160;Holder&#146;s tax basis in the common stock. Any
    remaining excess will be treated as a capital gain. Dividends
    received by non-corporate U.S.&#160;Holders in tax years prior
    to 2011 will be eligible to be taxed at reduced rates if the
    U.S.&#160;Holders meet certain holding period and other
    applicable requirements. Dividends received by corporate
    U.S.&#160;Holders will be eligible for the dividends-received
    deduction if the U.S.&#160;Holders meet certain holding period
    and other applicable requirements.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sale
    or Other Disposition of Common Stock</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For U.S.&#160;federal income tax purposes, gain or loss a
    U.S.&#160;Holder realizes on the sale or other disposition of
    common stock will be capital gain or loss, and will be long-term
    capital gain or loss if the holding period for the common stock
    is more than one year. The amount of the U.S.&#160;Holder&#146;s
    gain or loss will be equal to the difference between the amount
    realized on the disposition and the U.S.&#160;Holder&#146;s
    adjusted tax basis in the common stock disposed of. Long-term
    capital gains recognized by non-corporate U.S. Holders currently
    are taxed at a maximum 15 percent federal rate (effective for
    tax years through 2010, after which the maximum rate is
    scheduled to increase to 20 percent). The deductibility of
    capital losses may be subject to limitations.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-47
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">Backup
    Withholding and Information Reporting</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Information returns will be filed with the IRS in connection
    with payments on the notes, dividends on the common stock and
    the proceeds from a sale or other disposition of the notes or
    the common stock. A U.S.&#160;Holder will be subject to
    U.S.&#160;backup withholding on these payments if the
    U.S.&#160;Holder fails to provide its taxpayer identification
    number to the paying agent and comply with certain certification
    procedures or otherwise establish an exemption from backup
    withholding. The amount of any backup withholding from a payment
    to a U.S.&#160;Holder will be allowed as a credit against the
    U.S.&#160;Holder&#146;s U.S.&#160;federal income tax liability
    and may entitle the U.S.&#160;Holder to a refund, provided that
    the required information is timely furnished to the IRS.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A
    <FONT style="white-space: nowrap">&#147;Non-U.S.&#160;Holder&#148;</FONT>
    is a beneficial owner (other than a partnership or other entity
    treated as a partnership for U.S.&#160;federal income tax
    purposes) of a note that is not a U.S.&#160;Holder.
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    are urged to consult their own tax advisors concerning the
    United States federal income tax, United States federal gift tax
    and estate tax, as well as state and local tax consequences of
    the purchase, ownership, and conversion and taxable disposition
    of the notes or common stock under their particular situations.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Payments
    on the Notes</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the discussion below concerning backup withholding,
    payments of principal, interest (including original issue
    discount, if any), and premium on the notes by us or any paying
    agent to any
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    will not be subject to U.S.&#160;federal withholding tax,
    provided that, in the case of interest,
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    does not own, actually or constructively, 10&#160;percent or
    more of the total combined voting power of all classes of our
    stock entitled to vote and is not a controlled foreign
    corporation related, directly or indirectly, 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the certification requirement described below has been fulfilled
    with respect to the beneficial owner.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certification
    Requirement</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Interest and original issue discount, if any, on a note will not
    be exempt from withholding tax unless the beneficial owner of
    the note certifies on a properly executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN,</FONT>
    under penalties of perjury, that it is not a United States
    person.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    of a note is engaged in a trade or business in the United
    States, and if interest (including original issue discount, if
    any), on the note is effectively connected with the conduct of
    this trade or business, the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder,</FONT>
    although exempt from the withholding tax discussed in the
    preceding paragraphs, will generally be taxed in the same manner
    as a U.S.&#160;Holder (see &#147;Tax Consequences to
    U.S.&#160;Holders&#148; above), subject to an applicable income
    tax treaty providing otherwise, except that the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    will be required to provide to us a properly executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    in order to claim an exemption from withholding tax. These
    holders are urged to consult their own tax advisors with respect
    to other U.S.&#160;tax consequences of the ownership and
    disposition of notes including the possible imposition of a
    branch profits tax at a rate of 30&#160;percent (or a lower
    treaty rate).
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sale,
    Exchange or Other Disposition of Notes or Shares of Common
    Stock</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 U.S.&#160;federal income tax on
    gain recognized on a sale or other disposition of notes or
    common stock, unless:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the gain is effectively connected with a trade or business of
    the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    in the United States, subject to an applicable income tax treaty
    providing otherwise,&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    we are or have been a U.S.&#160;real property holding
    corporation, as defined in the Code, at any time within the
    five-year period preceding the disposition or the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder&#146;s</FONT>
    holding period, whichever period is shorter, and either
    (a)&#160;the common stock has ceased to be traded on an
    established securities market prior to the beginning of the
    calendar year in which the sale or disposition occurs or
    (b)&#160;the
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-48
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder:</FONT>
    (1)&#160;beneficially owns, or is deemed to own, more than
    5&#160;percent of our common stock; (2)&#160;beneficially owns,
    or is deemed to own, more than 5&#160;percent of the notes; or
    (3)&#160;beneficially owns, or is deemed to own, notes which, on
    any date on which the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    acquires any notes, have a fair market value of more than
    5&#160;percent of the fair market value of our common stock.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe we are not, and we do not anticipate becoming, a
    U.S.&#160;real property holding corporation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    is engaged in a trade or business in the United States and gain
    recognized by the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    on a sale or other disposition of notes or common stock is
    effectively connected with a conduct of such trade or business,
    the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    will generally be taxed in the same manner as a U.S.&#160;Holder
    (see &#147;Tax Consequences to U.S.&#160;Holders&#148; above),
    subject to an applicable income tax treaty providing otherwise.
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    whose gain from dispositions of notes or common stock may be
    effectively connected with a conduct of a trade or business in
    the United States are urged to consult their own tax advisors
    with respect to the U.S.&#160;tax consequences of the ownership
    and disposition of notes and common stock, including the
    possible imposition of a branch profits tax.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Dividends</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends (including deemed dividends on the notes described
    above under &#147;Tax Consequences to
    U.S.&#160;Holders&#151;Constructive Dividends&#148;) paid to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    of common stock generally will be subject to withholding tax at
    a 30&#160;percent rate or a reduced rate specified by an
    applicable income tax treaty. In order to obtain a reduced rate
    of withholding, a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    will be required to provide a properly executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    certifying its entitlement to benefits under a treaty.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the case of any constructive dividend, it is possible that
    the U.S.&#160;federal tax on the constructive dividend would be
    withheld from interest, shares of common stock or sales proceeds
    subsequently paid or credited to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder.</FONT>
    A
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    who is subject to withholding tax under such circumstances
    should consult its own tax advisor as to whether it can obtain a
    refund for all or a portion of the withholding tax.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The withholding tax does not apply to dividends paid to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    who provides a properly executed
    <FONT style="white-space: nowrap">Form&#160;W-8ECI,</FONT>
    certifying that the dividends are effectively connected with the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder&#146;s</FONT>
    conduct of a trade or business within the United States.
    Instead, the effectively connected dividends will be subject to
    regular U.S.&#160;income tax as if the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    were a U.S.&#160;resident. A
    <FONT style="white-space: nowrap">non-U.S.&#160;corporation</FONT>
    receiving effectively connected dividends may also be subject to
    an additional &#147;branch profits tax&#148; imposed at a rate
    of 300&#160;percent (or a lower treaty rate).
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Backup
    Withholding and Information Reporting</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Information returns will be filed with the IRS in connection
    with payments on the notes and on the common stock. Unless the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    complies with certification procedures to establish that it is
    not a United States person, information returns may be filed
    with the IRS in connection with the proceeds from a sale or
    other disposition of the notes or common stock and the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    may be subject to United&#160;States backup withholding on
    payments on the notes and on the common stock or on the proceeds
    from a sale or other disposition of the notes or common stock.
    The certification procedures required to claim the exemption
    from withholding tax on interest (including original issue
    discount, if any), described above will satisfy the
    certification requirements necessary to avoid the backup
    withholding tax as well. The amount of any backup withholding
    from a payment to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    will be allowed as a credit against the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder&#146;s</FONT>
    U.S.&#160;federal income tax liability and may entitle the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    to a refund, provided that the required information is timely
    furnished to the IRS.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-49
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='112'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PURCHASE
    OF CONVERTIBLE NOTE&#160;HEDGE AND SALE 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Concurrently with the pricing of the notes, we have entered into
    convertible note hedge transactions with respect to our common
    stock (the &#147;convertible note hedges&#148;) with one or more
    of the underwriters or their respective affiliates, whom we
    refer to as the hedge counterparties. The convertible note
    hedges will cover, subject to customary anti-dilution
    adjustments,
    approximately&#160;&#160;&#160;&#160;&#160;&#160;million shares
    of our common stock, assuming the underwriters do not exercise
    their over-allotment option. Separately and concurrently with
    the pricing of the notes, we have entered into warrant
    transactions whereby we will sell to the hedge counterparties
    warrants to acquire, subject to customary anti-dilution
    adjustments, approximately&#160;&#160;&#160;&#160;&#160;million
    shares of our common stock (the &#147;sold warrant
    transactions&#148;), assuming the underwriters do not exercise
    their over-allotment option. If the underwriters exercise their
    over-allotment option to purchase additional notes, the number
    of shares underlying the convertible note hedges will
    automatically increase and we expect to increase the number of
    shares underlying the sold warrant transactions as well, in each
    case on a pro rata basis.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The convertible note hedges are expected to reduce the potential
    dilution with respect to our common stock upon conversion of the
    notes in the event that the market value per share of our common
    stock, as measured under the convertible note hedges, at the
    time of exercise is greater than the strike price of the
    convertible note hedges, which corresponds to the initial
    conversion price of the notes and is similarly subject to
    customary antidilution adjustments. If, however, the
    volume-weighted price per share of our common stock exceeds the
    strike price of the sold warrants when they expire, there would
    be additional dilution from the issuance of common stock
    pursuant to the warrants.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The convertible note hedges and sold warrant transactions are
    separate transactions (in each case entered into by us with the
    hedge counterparties), are not part of the terms of the notes
    and will not affect the holders&#146; rights under the notes. As
    a holder of the notes, you will not have any rights with respect
    to the convertible note hedges or the sold warrant transactions.
    For a discussion of the impact of any market or other activity
    by the hedge counterparties (or their respective affiliates) in
    connection with the convertible note hedge and sold warrant
    transactions, see &#147;Risk Factors&#151;Risks Relating to the
    Notes&#151;The convertible note hedge and warrant transactions
    may affect the value of the notes and our common stock.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-50
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='113'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">UNDERWRITERS</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Morgan Stanley&#160;&#038; Co. Incorporated, Merrill Lynch,
    Pierce, Fenner&#160;&#038; Smith Incorporated, Citigroup Global
    Markets Inc. and Deutsche Bank Securities Inc. are acting as
    joint book-running managers of the offering and Morgan Stanley
    &#038; Co. Incorporated and Merrill Lynch, Pierce, Fenner &#038;
    Smith Incorporated are acting as representatives of the
    underwriters named below. Under the terms and subject to the
    conditions in an underwriting agreement dated the date of this
    prospectus, the underwriters named below have severally agreed
    to purchase, and we have agreed to sell to them, severally, the
    principal amount of notes indicated below:
</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&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="19%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom">
    <B>Principal Amount of<BR>
    </B>
</TD>
<TD>
&nbsp;
</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><FONT style="font-size: 9pt">Name</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Notes to Be Purchased</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Morgan Stanley &#038; Co. Incorporated
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -45pt; margin-left: 45pt">
    Merrill Lynch, Pierce, Fenner &#038; Smith <BR>
    Incorporated
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Citigroup Global Markets Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Deutsche Bank Securities Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Total: $
</TD>
<TD nowrap align="right" valign="bottom">
    275,000,000
</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: #FFFFFF">

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters and the representatives are collectively
    referred to as the &#147;underwriters&#148; and the
    &#147;representatives,&#148; respectively. The underwriters are
    offering the notes subject to their acceptance of the notes from
    us and subject to prior sale. The underwriting agreement
    provides that the obligations of the several underwriters to pay
    for and accept delivery of the notes offered by this prospectus
    supplement are subject to the approval of certain legal matters
    by their counsel and to certain other conditions. The
    underwriters are obligated to take and pay for all of the notes
    offered by this prospectus supplement if any such notes are
    taken. However, the underwriters are not required to take or pay
    for the notes covered by the underwriters&#146; over-allotment
    option 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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters initially propose to offer part of the notes
    directly to the public at the offering price listed on the cover
    page of this prospectus supplement and part to certain dealers.
    After the initial offering of the notes, the offering price and
    other selling terms may from time to time be varied by the
    representatives.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have granted to the underwriters an option within the 13-day
    period beginning on the date the notes are first issued to
    purchase up to an additional $41,250,000 principal amount of
    notes at the public offering price listed on the cover page of
    this prospectus supplement, less underwriting discounts and
    commissions. The underwriters may exercise this option solely
    for the purpose of covering over-allotments, if any, made in
    connection with the offering of the notes offered by this
    prospectus. To the extent the option is exercised, each
    underwriter will become obligated, subject to certain
    conditions, to purchase about the same percentage of the
    aggregate principal amount of notes as the principal amount of
    notes listed next to the underwriter&#146;s name in the
    preceding table bears to the aggregate principal amount of notes
    listed next to the names of all underwriters in the preceding
    table.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows the per note and total public offering
    price, underwriting discounts and commissions, and proceeds
    before expenses to us of the offering. These amounts are shown
    assuming both no exercise and full exercise of the
    underwriters&#146; option to purchase up to an additional
    $41,250,000 principal amount of notes.
</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="63%">&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="6%" 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="8%" 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="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 9pt" 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="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</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><FONT style="font-size: 9pt">Per Note</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">No Exercise</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Full Exercise</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Public offering price(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Underwriting discounts and commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Proceeds, before expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</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: #FFFFFF">

</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: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 9pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Plus accrued interest
    from&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2009 if settlement occurs after that date.
    </FONT></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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The estimated offering expenses payable by us, exclusive of
    underwriting discounts and commissions, are approximately
    $265,000.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is listed on the New York Stock Exchange under
    the trading symbol &#147;BWA.&#148; The notes are a new issue of
    securities for which there is no established public market. We
    do not intend to apply for listing of the notes on any
    securities exchange or arrange for the notes to be quoted on any
    quotations system. We have been
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-51
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">
    advised by the underwriters that they intend to make a market in
    the notes, but the underwriters 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, if any, for the notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We and all directors and executive officers have agreed that,
    without the prior written consent of Morgan Stanley&#160;&#038;
    Co. Incorporated and Merrill Lynch, Pierce, Fenner&#160;&#038;
    Smith Incorporated on behalf of the underwriters, we and they
    will not, during the period ending 90&#160;days after the date
    of this prospectus supplement:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;offer, pledge, sell, contract to sell, sell any option
    or contract to purchase, purchase any option or contract to
    sell, grant any option, right or warrant to purchase, lend, or
    otherwise transfer or dispose of, directly or indirectly, any
    shares of common stock or any securities convertible into or
    exercisable or exchangeable for shares of common stock,
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;enter into any swap or other arrangement that transfers
    to another, in whole or in part, any of the economic
    consequences of ownership of the common stock, whether any such
    transaction described in clause&#160;1 immediately above or this
    clause&#160;2 is to be settled by delivery of common stock or
    such other securities, in cash or otherwise,&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;file any registration statement with the Securities and
    Exchange Commission relating to the offering of any shares of
    common stock or any securities convertible into or exercisable
    or exchangeable for common stock.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, each such person agrees that, without the prior
    written consent of Morgan Stanley&#160;&#038; Co. Incorporated
    and Merrill Lynch, Pierce, Fenner&#160;&#038; Smith Incorporated
    on behalf of the underwriters, it will not, during the period
    ending 90&#160;days after the date of this prospectus
    supplement, make any demand for, or exercise any right with
    respect to, the registration of any shares of common stock or
    any security convertible into or exercisable or exchangeable for
    common stock. Each such person further agrees and consents to
    the entry of stop transfer instructions with our transfer agent
    and registrar against the transfer of such person&#146;s shares
    of common stock except in compliance with the foregoing
    restrictions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The restrictions described in the immediately preceding
    paragraph do not apply to:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the sale of notes in this offering;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the issuance by us of shares of common stock upon the exercise
    of an option or warrant or the conversion of a security
    outstanding on the date hereof of which the underwriters have
    been advised in writing;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the issuance by us of common stock or grant by us of options to
    purchase common stock pursuant to existing employee benefit
    plans;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    the establishment of a trading plan pursuant to
    <FONT style="white-space: nowrap">Rule&#160;10b5-1</FONT>
    under the Exchange Act for the transfer of shares of common
    stock, <U>provided</U> that such plan does not provide for the
    transfer of common stock during the
    <FONT style="white-space: nowrap">90-day</FONT>
    restricted period;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    transactions relating to shares of common stock or other
    securities acquired in open market transactions after the
    completion of the public offering, <U>provided</U> that no
    filing under Section&#160;16(a) of the Exchange Act shall be
    required or shall be voluntarily made in connection with
    subsequent sales of common stock or other securities acquired in
    such open market transactions;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    transfers of shares of common stock or any security convertible
    into common stock as a bona fide gift; <U>provided</U> that in
    the case of any such transfer, the donee shall deliver a
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreement substantially in the form attached to the underwriting
    agreement and no filing under Section&#160;16(a), reporting a
    reduction in beneficial ownership of shares of common stock,
    shall be required or shall be voluntarily made during the
    <FONT style="white-space: nowrap">90-day</FONT>
    restricted period;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    distributions of shares of common stock or any other security
    convertible into common stock to limited partners or
    stockholders of such director or named executive officer,
    <U>provided</U> that in the case of any such distribution, the
    distributee shall deliver a
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreement substantially in the form attached to
</TD>
</TR>

</TABLE>

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    <BR>
    S-52
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

<TR>
    <TD width="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    the underwriting agreement and no filing under
    Section&#160;16(a), reporting a reduction in beneficial
    ownership of shares of common stock, shall be required or shall
    be voluntarily made during the
    <FONT style="white-space: nowrap">90-day</FONT>
    restricted period.
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to facilitate the offering of the notes and our common
    stock, the underwriters may engage in transactions that
    stabilize, maintain or otherwise affect the price of the notes
    or our common stock. Specifically, the underwriters may sell
    more notes than they are obligated to purchase under the
    underwriting agreement, creating a short position. A short sale
    is covered if the short position is no greater than the number
    of notes available for purchase by the underwriters under the
    over-allotment option. The underwriters can close out a covered
    short sale by exercising the over-allotment option or purchasing
    notes in the open market. In determining the source of notes to
    close out a covered short sale, the underwriters will consider,
    among other things, the open market price of notes compared to
    the price available under the over-allotment option. The
    underwriters may also sell notes in excess of the over-allotment
    option, creating a naked short position. The underwriters must
    close out any naked short position by purchasing notes in the
    open market. A naked short position is more likely to be created
    if the underwriters are concerned that there may be downward
    pressure on the price of the notes in the open market after
    pricing that could adversely affect investors who purchase in
    this offering. As an additional means of facilitating this
    offering, the underwriters may bid for, and purchase, shares of
    common stock in the open market to stabilize the price of the
    common stock. These activities may raise or maintain the market
    price of the common stock above independent market levels or
    prevent or retard a decline in the market price of the common
    stock. The underwriters are not required to engage in these
    activities and may end any of these activities at any time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have entered into convertible note hedge transactions with
    the hedge counterparties concurrently with the pricing of the
    notes. The convertible note hedge transactions are expected to
    reduce the potential dilution upon conversion of the notes.
    Separately, we also have entered into warrant transactions with
    the hedge counterparties at that time. The warrant transactions
    could separately have a dilutive effect from the issuance of
    common stock pursuant to the warrants. If the underwriters
    exercise their option to purchase additional notes to cover
    over-allotments, the number of shares underlying the convertible
    note hedge transactions will automatically increase and we
    expect to increase the number of shares underlying the warrant
    transactions as well, in each case on a pro rata basis. In
    connection with hedging these transactions, the hedge
    counterparties or their respective affiliates:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    may enter into various derivative transactions with respect to
    our common stock, concurrently with and shortly after the
    pricing of the notes;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    may enter into, or may unwind, various derivative transactions
    <FONT style="white-space: nowrap">and/or</FONT>
    purchase or sell our common stock in secondary market
    transactions following the pricing of the notes and prior to
    maturity of the notes (and are likely to do so during any cash
    settlement averaging period related to any conversion of the
    notes).
</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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Such activities could have the effect of increasing, or
    preventing a decline in, the trading price of our common stock
    concurrently with or following the pricing of the notes and
    could have the effect of decreasing the trading price of our
    common stock during any cash settlement averaging period related
    to a conversion of the notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The hedge counterparties or their respective affiliates are
    likely to modify their hedge positions from time to time prior
    to conversion or maturity of the notes by purchasing and selling
    shares of our common stock, or other of our securities or
    instruments that they may wish to use in connection with such
    hedging. In particular, such hedging modifications may occur
    during the cash settlement averaging period, if any, for a
    conversion of notes, which may have a negative effect on the
    value of the consideration received following the conversion of
    those notes. In addition, we intend to exercise options we hold
    under the convertible note hedge transactions whenever notes are
    converted. In order to unwind their hedge positions with respect
    to those exercised options, the hedge counterparties or their
    respective affiliates may sell shares of our common stock in
    secondary market transactions or unwind various derivative
    transactions with respect to our common stock during the cash
    settlement averaging period, if any, for the converted notes.
    The effect, if any, of any of these transactions and activities
    on the trading price of our common stock or the notes will
    depend in part on market conditions and cannot be ascertained at
    this time, but any of these activities could adversely affect
    the value of our common stock and the value of the notes and, as
    a result, the number of shares and value of the common stock you
    will receive upon conversion of the notes and, under certain
    circumstances, your ability to convert the notes. See &#147;Risk
    Factors&#151;Risks Relating to the Notes&#151;The convertible
</DIV>

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    <BR>
    S-53
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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: #FFFFFF">
    note hedge and warrant transactions may affect the value of the
    notes and our common stock&#148; and &#147;Purchase of
    Convertible Note Hedge and Sale of Warrants.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain of the underwriters and their affiliates have provided
    from time to time, and continue to provide, investment banking
    and other services to us, and they may do so in the future.
    Affiliates of the underwriters act as administrative agent,
    syndication agent and lenders under our multi-currency revolving
    credit facility. See &#147;Summary&#151;Recent
    Developments.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We and the underwriters have agreed to indemnify each other
    against certain liabilities, including liabilities under the
    Securities Act.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A prospectus in electronic format may be made available on
    websites maintained by one or more underwriters participating in
    this offering. The representatives may agree to allocate a
    percentage of the aggregate principal amount of notes to
    underwriters for sale to their online brokerage account holders.
    Internet distributions will be allocated by the representatives
    to underwriters that may make Internet distributions on the same
    basis as other allocations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In relation to each Member State of the European Economic Area
    which has implemented the Prospectus Directive, each underwriter
    acknowledges that with effect from and including the date on
    which the Prospectus Directive is implemented in that Member
    State it has not made and will not make an offer of the notes to
    the public in that Member State, except that it may, with effect
    from and including such date, make an offer of notes to the
    public in that Member State:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;at any time to legal entities which are authorized or
    regulated to operate in the financial markets or, if not so
    authorized or regulated, whose corporate purpose is solely to
    invest in securities;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;at any time to any legal entity which has two or more
    of (1)&#160;an average of at least 250&#160;employees during the
    last financial year; (2)&#160;a total balance sheet of more than
    &#128;43,000,000 and (3)&#160;an annual net turnover of more
    than &#128;50,000,000, as shown in its last annual or
    consolidated accounts;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;at any time in any other circumstances which do not
    require the publication by us of a prospectus pursuant to
    Article&#160;3 of the Prospectus Directive.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the purposes of the above, the expression an &#147;offer of
    the notes to the public&#148; in relation to any notes in any
    Member State means the communication in any form and by any
    means of sufficient information on the terms of the offer and
    the notes common stock to be offered so as to enable an investor
    to decide to purchase or subscribe the notes, as the same may be
    varied in that Member State by any measure implementing the
    Prospectus Directive in that Member State and the expression
    Prospectus Directive means Directive 2003/71/EC and includes any
    relevant implementing measure in that Member State.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each underwriter acknowledges that 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 of
    the Financial Services and Markets Act 2000)&#160;in connection
    with the issue or sale of the notes in circumstances in which
    Section&#160;21(1) of such Act does not apply to us and it has
    complied and will comply with all applicable provisions of such
    Act with respect to anything done by it in relation to any the
    notes in, from or otherwise involving the United Kingdom.
</DIV>

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    <BR>
    S-54
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<A name='114'>
<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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The validity of the notes will be passed on for us by Miller,
    Canfield, Paddock and Stone, P.L.C., Detroit, Michigan, and for
    the Underwriters by Cleary Gottlieb Steen&#160;&#038; Hamilton
    LLP, New York, New York.
</DIV>
<A name='115'>
<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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consolidated financial statements as of December&#160;31,
    2008 and 2007, and for each of the three years in the period
    ended December&#160;31, 2008 and management&#146;s report on the
    effectiveness of internal control over financial reporting as of
    December&#160;31, 2008, included and incorporated by reference
    in the registration statement, including this prospectus
    supplement and the accompanying prospectus, have been audited by
    Deloitte&#160;&#038; Touche LLP, an independent registered
    public accounting firm, as stated in their reports, which are
    included and incorporated by reference herein, and have been so
    included and incorporated in reliance upon the reports of such
    firm given upon their authority as experts in accounting and
    auditing.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As more fully described in our Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K/A</FONT>
    filed February&#160;12, 2009 and incorporated herein by
    reference, we have recently changed our independent auditor and
    PricewaterhouseCoopers LLP has been appointed to serve as our
    independent auditor for 2009.
</DIV>
<A name='116'>
<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: #FFFFFF">

    <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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file annual, quarterly and current reports, proxy statements
    and other information with the SEC under the Exchange Act. You
    may read and copy any documents we file with the SEC at the
    SEC&#146;s Public Reference Room located at
    100&#160;F&#160;Street, N.E., Washington,&#160;D.C. 20549. You
    may obtain information on the operation of the public reference
    room by calling the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330.</FONT>
    Our SEC filings also are available from the SEC&#146;s website
    at
    <FONT style="white-space: nowrap">http://www.sec.gov,</FONT>
    which contains reports, proxy and information statements, and
    other information regarding issuers that file electronically.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BorgWarner has filed a registration statement (together with all
    amendments to the registration statement, collectively, the
    &#147;Registration Statement&#148;) with the SEC under the
    Securities Act, with respect to the securities offered under
    this prospectus supplement. This prospectus supplement and the
    accompanying prospectus do not contain all of the information
    included in the Registration Statement and the exhibits and
    schedules thereto. For further information with respect to
    BorgWarner and our securities, we refer you to the Registration
    Statement and the exhibits thereto. Statements in this
    prospectus supplement and the prospectus concerning the
    provisions of documents are necessarily summaries of such
    documents, and each such statement is qualified in its entirety
    by reference to the copy of the applicable document filed with
    the SEC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148; into
    this prospectus supplement the information we file with them,
    which means that we can disclose important information to you by
    referring you to those documents. Any statement contained or
    incorporated by reference in this prospectus supplement shall be
    deemed to be modified or superseded for purposes of this
    prospectus supplement to the extent that a statement contained
    herein, or in any subsequently filed document which also is
    incorporated by reference herein, modifies or superseded such
    earlier statement. Any statement so modified or superseded shall
    not be deemed, except as so modified or superseded, to
    constitute a part of this prospectus supplement. We incorporate
    by reference the documents listed below, other than information
    that we have &#147;furnished&#148; (as distinguished from
    &#147;filed&#148;) on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    which information is expressly not incorporated by reference
    herein:
</DIV>

<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="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008, filed on
    February&#160;12, 2009;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K/A</FONT>
    filed February&#160;12, 2009 and our Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed February&#160;12, 2009 (excluding portions furnished under
    Items&#160;2.02 and 7.01), March&#160;4, 2009, March&#160;9,
    2009 and March&#160;31, 2009; 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    our Proxy Statement on Schedule&#160;14A, relating to our annual
    meeting of stockholders to be held on April&#160;29, 2009, filed
    on March&#160;17, 2009.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-55
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<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: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All documents we file with the SEC pursuant to
    Sections&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act
    after the date of this prospectus supplement and before all of
    the notes offered pursuant to this prospectus supplement are
    sold are incorporated by reference in this prospect supplement
    from the date of filing of the documents, except for information
    furnished under Item&#160;2.02 or Item&#160;7.01 of
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    which is not deemed filed and not incorporated by reference
    herein. Information that we filed with the SEC will
    automatically update and may replace information in this
    prospectus supplement and information previously filed with the
    SEC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may obtain any of these incorporated documents from us
    without charge, excluding any exhibits to these documents unless
    the exhibit is specifically incorporated by reference in such
    document, by requesting them from us in writing or by telephone
    at the following address:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BorgWarner Inc.<BR>
    3850 Hamlin Road<BR>
    Auburn Hills, Michigan 48326<BR>
    Attention: Corporate Secretary<BR>
    <FONT style="white-space: nowrap">(248)&#160;754-9200</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Documents may also be available on our website at
    www.borgwarner.com. Information contained on our website is not
    a prospectus and does not constitute part of this prospectus
    supplement.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-56
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">
    <B><FONT style="font-size: 14pt">$750,000,000</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: #FFFFFF">
    <IMG src="c50412b5n5041201.gif" alt="(BORGWARNER LOGO)"><FONT style="font-size: 14pt">
    </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: #FFFFFF">
    <B><FONT style="font-size: 14pt">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: #FFFFFF">
    <B><FONT style="font-size: 12pt">Preferred Stock<BR>
    Voting Common Stock<BR>
    Non-Voting Common Stock<BR>
    Depositary Shares<BR>
    Warrants<BR>
    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: #FFFFFF">
    We may offer any combination of the securities described in this
    prospectus in different series from time to time in amounts, at
    prices and on terms to be determined at or prior to the time of
    the offering. We will provide you with specific terms of the
    applicable offered securities in one or more supplements to this
    prospectus. The aggregate initial offering price of the
    securities that we may issue under this prospectus will not
    exceed $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: #FFFFFF">
    We urge you to read this prospectus and any accompanying
    prospectus supplement carefully before you make your investment
    decision. This prospectus may not be used to make sales of the
    offered securities unless it is accompanied by a prospectus
    supplement describing the method and terms of the offering of
    those offered securities. We may sell the securities, or we may
    distribute them through underwriters or dealers. In addition,
    the underwriters may overallot a portion of 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: #FFFFFF">
    Our voting common stock is listed for trading on the New York
    Stock Exchange, Inc. under the symbol &#147;BWA.&#148; Unless we
    state otherwise in a prospectus supplement, we will not list any
    other of these securities on any securities exchange. On
    March&#160;3, 2008, the last reported sale price of our voting
    common stock on the New York Stock Exchange was $42.80.
    Prospective purchasers of voting common stock are urged to
    obtain current information as to the market prices of the voting
    common stock.
</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: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus or any accompanying
    prospectus supplement is truthful or complete. Any
    representation to the contrary is a criminal offense.</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: #FFFFFF">
    Our principal office is located at 3850 Hamlin Road, Auburn
    Hills, Michigan 48326. Our telephone number is
    <FONT style="white-space: nowrap">(248)&#160;754-9200.</FONT>
    Our website can be found at <I>www.borgwarner.com</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: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">The date of
    this prospectus is March&#160;4, 2008.
    </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: #FFFFFF">
    An investment in these securities involves risks. See
    Item&#160;1.A Risk Factors in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2007.
</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: #FFFFFF">
    No person is authorized to give any information or to make any
    representations other than those contained or incorporated by
    reference in this prospectus or the accompanying prospectus
    supplement, and, if given or made, such information or
    representations must not be relied upon as having been
    authorized. This prospectus and the accompanying prospectus
    supplement do not constitute an offer to sell or the
    solicitation of an offer to buy any securities other than the
    securities described in the accompanying 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 or the accompanying prospectus supplement, nor any
    sale made hereunder and thereunder shall, under any
    circumstances, create any implication that there has been no
    change in our affairs since the date hereof or that the
    information contained or incorporated by reference herein or
    therein is correct as of any time subsequent to the date of such
    information.
</DIV>

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

</DIV><!-- END PAGE WIDTH -->
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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 -->

<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: #FFFFFF">

    <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="tocpage"></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: #FFFFFF">
<!-- 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 -->
<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><U>Page</U></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>Forward-Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>About this Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>About BorgWarner Inc.&#160;</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>Use of Proceeds</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='#122'>Consolidated Ratio of Earnings to Fixed
    Charges</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='#123'>Description of 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='#124'>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='#125'>Description of Preferred Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#126'>Description of Common Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#127'>Description of Depositary Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#128'>Description of Warrants</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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#129'>Description of Units</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#130'>Forms of Securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#131'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#132'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#133'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#134'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#135'>Incorporation of Documents by Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</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: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='118'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</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: #FFFFFF">
    <B>Certain statements contained or incorporated by reference in
    this prospectus, including without limitation, statements
    containing the words &#147;believes,&#148;
    &#147;anticipates,&#148; &#147;hopes,&#148; &#147;intends,&#148;
    &#147;expects,&#148; &#147;plans,&#148; and other similar words
    may constitute &#147;forward-looking statements&#148; within the
    meaning of the Private Securities Litigation Reform Act of 1995.
    All statements, other than statements of historical fact
    contained or incorporated by reference in this prospectus, that
    we expect or anticipate will or may occur in the future,
    including, without limitation, statements included in this
    prospectus under &#147;About BorgWarner Inc.&#148; and located
    elsewhere in this prospectus regarding our financial position,
    business strategy and measures to implement that strategy,
    including changes to operations, competitive strengths, goals,
    expansion and growth of our business and operations, plans,
    references to future success and other such matters, are
    forward-looking statements. These statements are based on
    assumptions and analyses made by us in light of our experience
    and our perception of historical trends, current conditions and
    expected future developments, as well as other factors we
    believe are appropriate in the circumstances. These
    forward-looking statements involve known and unknown risks,
    uncertainties and other factors, including those described in
    the section entitled &#147;Risk Factors&#148; in this prospectus
    or supplements to be provided with this prospectus, as well as
    other factors that might be described from time to time in our
    reports filed with the SEC, that may cause our actual results to
    differ materially from expectations.</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: #FFFFFF">
    <B>Consequently, all of the forward-looking statements contained
    or incorporated by reference in this prospectus are qualified by
    these cautionary statements, and there can be no assurances that
    the actual results or developments anticipated by us will be
    realized or, even if substantially realized, that they will have
    the expected consequences to, or effects on, us and our
    subsidiaries or our business or operations. Given these
    uncertainties, prospective investors are cautioned not to place
    undue reliance on those forward-looking statements. All
    subsequent forward-looking statements attributable to us or
    persons acting on our behalf are expressly qualified in their
    entirety by any of those factors described above and in the
    documents containing such forward-looking statements. We
    disclaim any obligation to update or to announce publicly any
    updates or revisions to any of the forward-looking statements
    contained or incorporated by reference in this prospectus to
    reflect any change in our expectations with regard thereto or
    any change in events, conditions, circumstances or assumptions
    underlying the statements.</B>
</DIV>
<A name='119'>
<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: #FFFFFF">

    <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: #FFFFFF">
    This prospectus is part of a registration statement that we
    filed with the Securities and Exchange Commission
    (&#147;SEC&#148;) using a &#147;shelf&#148; registration
    process. Under this shelf process, we may sell any combination
    of the securities described in this prospectus in one or more
    offerings up to a total dollar amount of proceeds of
    $750,000,000. This prospectus provides you with a general
    description of the securities we may offer. However, it does not
    contain all of the information in the registration statement.
    Each time we sell securities, we will provide a prospectus
    supplement or more than one prospectus supplement, together with
    one or more pricing supplements
    <FONT style="white-space: nowrap">and/or</FONT>
    product supplements (together referred to herein as a
    &#147;prospectus supplement&#148;) that will contain specific
    information about the terms of the offering. Prospectus
    supplements may also add, update or change information contained
    in this prospectus. We urge you to read both this prospectus and
    any prospectus supplement, together with additional information
    described under the heading &#147;Where You Can Find More
    Information.&#148; The information in this prospectus speaks
    only as of the date indicated on the cover of this document
    unless the information specifically indicates that another date
    applies. References in this prospectus to the terms
    &#147;we&#148; or &#147;us&#148; or other similar terms mean
    BorgWarner Inc. unless we state otherwise or the context
    indicates otherwise.
</DIV>
<A name='120'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    BORGWARNER INC.</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: #FFFFFF">
    We are a leading, global supplier of highly engineered systems
    and components, primarily for powertrain applications. The
    Company&#146;s products help improve vehicle performance, fuel
    efficiency, air quality and vehicle stability. These products
    are manufactured and sold worldwide, primarily to original
    equipment manufacturers (&#147;OEMs&#148;) of light-vehicles
    (i.e., passenger cars, sport-utility vehicles
    (&#147;SUVs&#148;), cross-over vehicles, vans and light-trucks).
    The Company&#146;s products are also sold to other OEMs of
    commercial trucks, buses and agricultural
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    and off-highway vehicles. The Company also manufactures and
    sells its products to certain Tier&#160;One vehicle systems
    suppliers and into the aftermarket for light and commercial
    vehicles. The Company operates manufacturing facilities serving
    customers in the Americas, Europe and Asia, and is an original
    equipment supplier to every major automotive OEM in the world.
</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: #FFFFFF">
    The Company reports its results under two reporting segments:
    Engine and Drivetrain. The Engine Group&#146;s products
    currently fall into the following major categories:
    turbochargers, chain products, emissions systems, thermal
    systems, diesel cold start and gasoline ignition technology and
    diesel cabin heaters. The Drivetrain Group&#146;s major products
    are transmission components and systems, and 4WD and AWD torque
    management systems.
</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: #FFFFFF">
    Our executive offices are located at 3850 Hamlin Road, Auburn
    Hills, Michigan 48326. Our telephone number is
    <FONT style="white-space: nowrap">(248)&#160;754-9200.</FONT>
    Our website can be found at www.borgwarner.com. Additional
    information regarding us, including our audited financial
    statements and descriptions of our business, is contained in the
    documents incorporated by reference in this prospectus. See
    &#147;Where You Can Find More Information&#148; below and
    &#147;Incorporation of Documents by Reference&#148; below.
</DIV>
<A name='121'>
<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: #FFFFFF">

    <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: #FFFFFF">
    Unless we inform you otherwise in a prospectus supplement, we
    intend to use the net proceeds of any securities sold for
    general corporate purposes, which may include, among other
    things, additions to working capital, repayment or refinancing
    of existing indebtedness or other corporate obligations,
    financing of capital expenditures and acquisitions, investment
    in existing and future projects, and repurchases and redemptions
    of securities. Pending any specific application, we may
    initially invest funds in short-term marketable securities or
    apply them to the reduction of short-term indebtedness.
</DIV>
<A name='122'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CONSOLIDATED
    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: #FFFFFF">
    Our consolidated ratios of earnings to fixed charges for the
    periods indicated below were as follows:
</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: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="9%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="16%">&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="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="16%">&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="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="16%">&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="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="16%">&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="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<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>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2003</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.44
</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">
    5.88
</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">
    6.75
</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">
    8.55
</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">
    7.04
</TD>
<TD nowrap align="left" valign="bottom">
    x
</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: #FFFFFF">

</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: #FFFFFF">
    In the computation of our ratios of earnings to fixed charges,
    earnings consist of earnings before income taxes, minority
    interests and equity in affiliate earnings, plus fixed charges,
    amortization of capitalized interest, and dividends received
    from equity affiliates, less capitalized interest. Fixed charges
    consist of interest expensed and capitalized and one-third of
    rental expense (approximate portion representing interest).
</DIV>
<A name='123'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF 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: #FFFFFF">
    This prospectus contains a summary of the debt securities,
    preferred stock, voting common stock, non-voting common stock,
    depositary shares, warrants and units that we may offer. These
    summaries are not meant to be a complete description of each
    security. However, this prospectus and the accompanying
    prospectus supplement contain the material terms and conditions
    for each 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: #FFFFFF">
    Any of the securities described herein and in a prospectus
    supplement may be issued separately or as part of a unit
    consisting of two or more securities, which may or may not be
    separable from one another.
</DIV>
<A name='124'>
<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: #FFFFFF">

    <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: #FFFFFF">
    The following descriptions of the terms of the debt securities
    set forth certain general terms and provisions of the debt
    securities. The particular terms of the debt securities offered
    by any prospectus supplement and the extent, if any, to which
    such general provisions may apply to the debt securities so
    offered will be described in the prospectus supplement relating
    to such offered debt securities. To the extent that any
    prospectus supplement is inconsistent with any provision in this
    summary, the information contained in such prospectus supplement
    will
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    control. The debt securities that will be our senior debt
    securities will be issued under an Indenture dated as of
    September&#160;23, 1999, as supplemented (the &#147;Senior Debt
    Indenture&#148;), between us and The Bank of New York
    Trust&#160;Company, N.A. (the &#147;Senior Trustee&#148;). The
    debt securities that will be our subordinated debt
    (&#147;Subordinated Debt Securities&#148;) will be issued under
    an Indenture (the &#147;Subordinated Debt Indenture&#148; and,
    collectively with the Senior Debt Indenture, the
    &#147;Indentures&#148;), to be entered into between us and a
    trustee to be determined (the &#147;Subordinated Trustee&#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: #FFFFFF">
    The Senior Debt Indenture has been filed with the SEC as an
    exhibit to our current report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed October&#160;6, 1999 and is incorporated herein by
    reference. The forms of the senior debt securities have been
    filed, or will be filed, with the SEC and incorporated by
    reference as exhibits to the registration statement and you
    should read them for the provisions that may be important to
    you. The forms of the Subordinated Debt Indenture and the
    Subordinated Debt Securities have been filed, or will be filed,
    with the SEC and incorporated by reference as exhibits to the
    registration statement and you should read them for the
    provisions that may be important to you. The Indentures are
    subject to and governed by the Trust&#160;Indenture Act of 1939,
    as amended (the &#147;Trust&#160;Indenture Act&#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: #FFFFFF">
    We have summarized certain provisions of the Indentures and the
    debt securities below. The summary is not complete and is
    subject to, and qualified in its entirety by reference to, the
    Indentures and the debt securities. Capitalized terms used in
    the summary have the meanings set forth in the applicable
    Indenture unless otherwise defined herein.
</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: #FFFFFF">

    <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: #FFFFFF">
    The debt securities will be our unsecured senior or subordinated
    obligations. The Indentures do not limit the amount of debt
    securities that we may issue thereunder and provide that we may
    issue debt securities under the Indentures from time to time in
    one or more series.
</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: #FFFFFF">
    Reference is made to the prospectus supplement for the following
    terms of and information relating to the offered debt securities
    (to the extent such terms are applicable to such debt
    securities):
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    classification as senior or subordinated 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the specific designation, aggregate principal amount, purchase
    price and denomination of the offered 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the currency or units based on or relating to currencies in
    which such debt securities are denominated
    <FONT style="white-space: nowrap">and/or</FONT> in
    which principal (and premium, if any)
    <FONT style="white-space: nowrap">and/or</FONT> any
    interest will or may be 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any date of 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the method by which amounts payable in respect of principal,
    premium (if any) or interest on, or upon the redemption of, such
    debt securities may be calculated, and any currencies or
    indices, or value, rate or price, relevant to such calculation;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    interest rate or rates (or the method by which such rate or
    rates will be determined), if any;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates on which any such interest or other amounts
    will be 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the place or places where the principal of and interest, if any,
    on the offered debt securities will be 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any redemption, repayment or sinking fund provisions for the
    offered 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the offered debt securities will be issuable in
    registered form or bearer form (&#147;Bearer Securities&#148;)
    or both and, if Bearer Securities are issuable, any restrictions
    applicable to the exchange of one form for another and to the
    offer, sale and delivery of Bearer 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any applicable U.S.&#160;federal income tax consequences,
    including whether and under what circumstances we will pay
    additional amounts on offered debt securities held by a person
    who is not a U.S.&#160;person (as defined in this prospectus or
    the applicable prospectus supplement) in respect of any tax,
    assessment or governmental charge withheld or deducted and, if
    so, whether we will have the option to redeem such debt
    securities rather than pay such additional amounts;
</TD>
</TR>

</TABLE>

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

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

<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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the anticipated market for the offered 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other specific terms of the offered debt securities,
    including any additional or different events of default,
    remedies or covenants provided for with respect to such debt
    securities, and any terms which may be required by or advisable
    under applicable laws or regulations.
</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: #FFFFFF">
    Debt securities may be presented for exchange and registered
    debt securities may be presented for transfer in the manner, at
    the places and subject to the restrictions set forth in the debt
    securities and the prospectus supplement. Such services will be
    provided without charge, other than any tax or other
    governmental charge payable in connection therewith, but subject
    to the limitations provided in the applicable Indenture. Bearer
    Securities and the coupons, if any, attached to such Bearer
    Securities will be transferable by delivery.
</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: #FFFFFF">
    Debt securities may bear interest at a fixed rate or a floating
    rate. Debt securities bearing no interest or interest at a rate
    that at the time of issuance is below the prevailing market rate
    may be sold at a discount below their stated principal amount.
    Special U.S.&#160;federal income tax considerations applicable
    to any such discounted debt securities or to certain debt
    securities issued at par which are treated as having been issued
    at a discount for U.S.&#160;federal income tax purposes, will be
    described in the relevant 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: #FFFFFF">
    We may issue debt securities from time to time with payment
    terms that are calculated by reference to the value or price of
    one or more currencies or indices. Holders of such debt
    securities may receive a payment of the principal amount on any
    principal payment date, or a payment of interest on any interest
    payment date, that is greater than or less than the amount of
    principal or interest otherwise payable on such dates, or a
    redemption amount on any redemption date that is greater than or
    less than the principal amount of such debt securities,
    depending upon the value or price on such dates of the
    applicable currency or index. Information for determining the
    amount of principal, premium (if any), interest or redemption
    amounts payable on any date, the currencies, commodities or
    indices to which the amount payable on such date is linked and
    certain additional tax considerations will be set forth in the
    relevant 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Definitions</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: #FFFFFF">
    &#147;<I>Attributable Indebtedness&#148;</I> means, with respect
    to any Sale/Leaseback Transaction as of any particular time, the
    present value (discounted at the rate of interest implicit in
    the terms of the lease) of the obligations of the lessee under
    such lease for Net Rental Payments during the remaining term of
    the lease (including any period for which such lease has been
    extended).
</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: #FFFFFF">
    &#147;<I>Consolidated Net Tangible Assets&#148;</I> means the
    total amount of assets (less applicable reserves and other
    properly deductible items) after deducting therefrom
    (1)&#160;all current liabilities (excluding any current
    liabilities which are by their terms extendible or renewable at
    the option of the obligor thereon to a time more than
    12&#160;months after the time as of which the amount thereof is
    being computed), (2)&#160;all goodwill, trade names, trademarks,
    patents, unamortized debt discount and expense and other like
    intangibles and (3)&#160;appropriate adjustments on account of
    minority interests of other Persons holding stock of our
    Subsidiaries, all as set forth on our most recent balance sheet
    (but, in any event, as of a date within 150&#160;days of the
    date of determination) and computed in accordance with generally
    accepted accounting principles.
</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: #FFFFFF">
    &#147;<I>Consolidated Net Worth&#148;</I> means the amount of
    total stockholders&#146; equity shown in our most recent
    consolidated statement of financial position.
</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: #FFFFFF">
    &#147;<I>Current Assets&#148;</I> of any Person includes all
    assets of such Person that would in accordance with generally
    accepted accounting principles be classified as current 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: #FFFFFF">
    &#147;<I>Current Liabilities&#148;</I> of any Person includes
    all liabilities of such Person that would in accordance with
    generally accepted accounting principles be classified as
    current 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: #FFFFFF">
    &#147;<I>Net Rental Payments&#148;</I> under any lease for any
    period means the sum of the rental and other payments required
    to be paid in such period by the lessee thereunder, not
    including, however, any amounts required to be paid by such
    lessee (whether or not designated as rental or additional
    rental) on account of maintenance and repairs, insurance, taxes,
    assessments or similar charges.
</DIV>

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

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

<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: #FFFFFF">
    &#147;<I>Non-Recourse Indebtedness&#148;</I> means our
    indebtedness or the indebtedness of any of our Subsidiaries in
    respect of which the recourse of the holder of such
    indebtedness, whether direct or indirect and whether contingent
    or otherwise, is effectively limited to specified assets, and
    with respect to which neither we nor any of our Subsidiaries
    provide any credit support.
</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: #FFFFFF">
    &#147;<I>Person&#148;</I> means any individual, corporation,
    partnership, joint venture, association, joint-stock company,
    trust, unincorporated organization or government or any agency
    or political subdivision 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: #FFFFFF">
    &#147;<I>Principal Property&#148;</I> means any manufacturing
    plant or warehouse, together with the land upon which it is
    erected and fixtures comprising a part thereof, that we own or
    that is owned by one of our Subsidiaries which constitutes a
    &#147;significant subsidiary&#148; as defined in
    <FONT style="white-space: nowrap">Rule&#160;1-02</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    of the Securities Exchange Act of 1934, as amended (the
    &#147;Exchange Act&#148;), and is located in the United States,
    the gross book value (without deduction of any reserve for
    depreciation) of which on the date as of which the determination
    is being made is an amount which exceeds 1% of Consolidated Net
    Tangible Assets, other than any such manufacturing plant or
    warehouse or any portion thereof (together with the land upon
    which it is erected and fixtures comprising a part thereof)
    (1)&#160;which is financed by industrial development bonds or
    (2)&#160;which, in the opinion of our board of directors, is not
    of material importance to our total business conducted and the
    total business conducted by our Subsidiaries, taken as a whole.
    As of the date of this prospectus, we have only one
    manufacturing plant or warehouse that constituted a Principal
    Property.
</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: #FFFFFF">
    &#147;<I>Sale/Leaseback Transaction&#148;</I> means any
    arrangement with any Person pursuant to which we or any of our
    Subsidiaries lease for a period of more than three years, any
    real or personal property, which property we have or such
    Subsidiary has sold or transferred or will sell or transfer to
    such Person in contemplation of such leasing.
</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: #FFFFFF">
    &#147;<I>Subsidiary&#148;</I> of a Person means (1)&#160;any
    corporation more than 50% of the outstanding securities having
    ordinary voting power of which is owned, directly or indirectly,
    by such Person or by one or more of its Subsidiaries, or by such
    Person and one or more of its Subsidiaries, or (2)&#160;any
    partnership or similar business organization more than 50% of
    the ownership interests having ordinary voting power of which
    shall at the time be so owned. For the purposes of this
    definition, &#147;Securities Having Ordinary Voting Power&#148;
    means securities or other equity interests that ordinarily have
    voting power for the election of directors, or persons having
    management power with respect to the Person, whether at all
    times or only so long as no senior class of securities has such
    voting power by reason of any contingency.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Senior
    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: #FFFFFF">
    The debt securities and coupons, if any, appertaining thereto
    that will constitute part of our senior debt will be issued
    under the Senior Debt Indenture and will rank <I>pari passu
    </I>with all of our other unsecured and unsubordinated debt.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Limitation
    On Liens</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: #FFFFFF">
    The Senior Debt Indenture provides that we will not, and will
    not permit any of our Subsidiaries to, issue, assume or
    guarantee any indebtedness for money borrowed (&#147;Debt&#148;)
    if such Debt is secured by a mortgage, pledge, security interest
    or lien (a &#147;Mortgage&#148; or &#147;Mortgages&#148;) upon
    any of our Principal Properties or of any of our
    Subsidiaries&#146; Principal Properties or upon any shares of
    stock or other stock or other equity interest or indebtedness of
    any of our Subsidiaries (whether such property, shares of stock
    or other equity interest or indebtedness is now owned or
    hereafter acquired) which owns any Principal Property, without
    in any such case effectively providing that the debt securities
    shall be secured equally and ratably with (or prior to) such
    Debt; <U>provided</U>, <U>however</U>, that the foregoing
    restrictions shall not apply 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    mortgages existing on the date the debt securities are
    originally issued or mortgages provided for under the terms of
    agreements existing on such date;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    mortgages on Current Assets securing Current Liabilities;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    mortgages on any property we or any of our Subsidiaries acquire,
    construct, alter or improve after the date of the Indenture that
    are created or assumed contemporaneously with or within one year
    after such acquisition
</TD>
</TR>

</TABLE>

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

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

<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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    (or, in the case of property constructed, altered or improved,
    after the completion and commencement of commercial operation of
    such property, whichever is later) to secure or provide for the
    payment of the purchase price or cost of such property, provided
    that in the case of any such construction, alteration or
    improvement the mortgages shall not apply to any property we or
    any of our Subsidiaries theretofore owned, other than
    (1)&#160;the property so altered or improved and (2)&#160;any
    theretofore unimproved real property on which the property so
    constructed or altered, or the improvement, is located;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    existing mortgages on property we or any of our Subsidiaries
    acquire (including mortgages on any property acquired from a
    Person that is consolidated with or merged with or into us or
    any of our Subsidiaries) or mortgages outstanding at the time
    any Person becomes one of our Subsidiaries that are not incurred
    in connection with such entity becoming 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    mortgages in our or any of our Subsidiaries&#146; favor;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    mortgages on any property (1)&#160;in favor of domestic or
    foreign governmental bodies to secure partial, progress, advance
    or other payments pursuant to any contract or statute,
    (2)&#160;securing indebtedness incurred to finance all or any
    part of the purchase price or cost of constructing, installing
    or improving the property subject to such mortgages, including
    mortgages to secure Debt of the pollution control or industrial
    revenue bond type, or (3)&#160;securing indebtedness issued or
    guaranteed by the United States, any state, any foreign country
    or any department, agency, instrumentality or political
    subdivision of any such jurisdiction;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any extension, renewal or replacement (or successive extensions,
    renewals or replacements), in whole or in part, of any mortgage
    referred to in the foregoing bullet points; provided, however,
    that the principal amount of Debt secured thereby shall not
    exceed the principal amount of Debt so secured at the time of
    such extension, renewal or replacement, together with the
    reasonable costs related to such extension, renewal or
    replacement, and that such extension, renewal or replacement
    shall be limited to all or a part of the property that secured
    the mortgage so extended, renewed or replaced (plus improvements
    on such property).
</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: #FFFFFF">
    Notwithstanding the foregoing, we and any of our Subsidiaries
    may, without securing the debt securities, issue, assume or
    guarantee secured Debt (that would otherwise be subject to the
    foregoing restrictions) in an aggregate amount that, together
    with all other such secured Debt and the aggregate amount of our
    and our Subsidiaries&#146; Attributable Indebtedness deemed to
    be outstanding in respect of all Sale/Leaseback Transactions
    entered into pursuant to the provisions described below under
    <I>&#147;&#151;&#160;Limitation on Sale/Leaseback
    Transactions&#148;</I> (excluding any such Sale/Leaseback
    Transactions the proceeds of which have been applied in
    accordance with clauses&#160;(2) or (3)&#160;under the
    <I>&#147;&#151;&#160;Limitation on Sale/Leaseback
    Transactions&#148; </I>covenant described below), does not
    exceed 10% of the Consolidated Net Worth, as shown on a
    consolidated balance sheet as of a date not more than
    90&#160;days prior to the proposed transaction we prepare in
    accordance with generally accepted accounting principles in the
    United States of America. Limitation On Sale/Leaseback
    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: #FFFFFF">
    The Senior Debt Indenture provides that we will not, and will
    not permit any of our Subsidiaries to, enter into any
    Sale/Leaseback Transaction with any Person (other than us or one
    of our Subsidiaries) 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at the time of entering into such Sale/Leaseback Transaction, we
    or such Subsidiary would be entitled to incur Debt, in a
    principal amount equal to the Attributable Indebtedness with
    respect to such Sale/Leaseback Transaction, secured by a
    mortgage on the property subject to such Sale/Leaseback
    Transaction, pursuant to the provisions of the covenant
    described under <I>&#147;&#151;&#160;Limitation on Liens&#148;
    </I>without equally and ratably securing the debt securities
    pursuant to such provisions;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    after the date on which debt securities are first issued, and
    within a period commencing six months prior to the consummation
    of such Sale/Leaseback Transaction and ending six months after
    the consummation thereof, we or such Subsidiary shall have
    expended for property used or to be used in our or such
    Subsidiary&#146;s ordinary course of business (including amounts
    expended for additions, expansions, alterations, repairs and
    improvements thereto) an amount equal to all or a portion of the
    net proceeds of such Sale/Leaseback Transaction, and we shall
    have elected to designate such amount as a credit against such
    Sale/Leaseback Transaction (with any such amount not being so
    designated to be applied as set forth in clause&#160;(3)
    below);&#160;or
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    during the
    <FONT style="white-space: nowrap">12-month</FONT>
    period after the effective date of such Sale/Leaseback
    Transaction, we shall have applied to the voluntary defeasance
    or retirement of debt securities or any of our <I>pari passu</I>
    indebtedness an amount equal to the net proceeds of the sale or
    transfer of the property leased in such Sale/Leaseback
    Transaction, which amount shall not be less than the fair value
    of such property at the time of entering into such
    Sale/Leaseback Transaction (adjusted to reflect any amount we
    expended as set forth in clause&#160;(2) above), less an amount
    equal to the principal amount of such debt securities and
    <I>pari passu </I>indebtedness we voluntarily defeased or
    retired within such
    <FONT style="white-space: nowrap">12-month</FONT>
    period and not designated as a credit against any other
    Sale/Leaseback Transaction we or any of our Subsidiaries entered
    into during such period.
</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: #FFFFFF">
    Unless otherwise specified in the prospectus supplement relating
    to a particular series of offered debt securities, the covenants
    applicable to the debt securities would not necessarily afford
    holders protection in the event that we are involved in a highly
    leveraged or other transaction, or in the event of a material
    adverse change in our financial position or results of
    operations. Unless otherwise specified in the prospectus
    supplement relating to a particular series of offered debt
    securities, the debt securities do not contain any other
    provisions that are designed to afford protection in the event
    that we are involved in a highly leveraged transaction.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Subordinated
    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: #FFFFFF">
    The debt securities and coupons, if any, attached to such debt
    securities that will constitute part of the Subordinated Debt
    Securities will be issued under the Subordinated Debt Indenture
    and will be subordinate and junior in right of payment, to the
    extent and in the manner set forth in the Subordinated Debt
    Indenture, to all of our Senior Indebtedness. The Subordinated
    Debt Indenture defines &#147;Senior Indebtedness&#148; as all of
    our indebtedness, including indebtedness we have guaranteed or
    assumed, for borrowed money or evidenced by bonds, debentures,
    notes, letters of credit, interest rate exchange agreements,
    currency exchange agreements, commodity forward contracts or
    other similar instruments, or indebtedness or obligations with
    respect to any lease of real or personal property whether
    existing on the date hereof or hereinafter incurred, and any
    guarantee, amendments, renewals, extensions, modifications and
    refundings of any such indebtedness or obligation, provided that
    Senior Indebtedness shall not include (1)&#160;obligations that,
    when incurred and without respect to any election under
    Section&#160;1111(b) of Title&#160;11, United States Code, were
    without recourse to the issuer, (2)&#160;our obligations to any
    of our Subsidiaries and (3)&#160;any other obligations which by
    the terms of the instrument creating or evidencing the same are
    specifically designated as not being senior in right of payment
    to the Subordinated 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: #FFFFFF">
    In the event (1)&#160;of any insolvency or bankruptcy
    proceedings, or any receivership, liquidation or other similar
    proceedings including reorganization in respect of our company
    or a substantial part of our property, or (2)&#160;that
    (a)&#160;a default shall have occurred with respect to the
    payment of principal of (and premium, if any) or any interest on
    or other monetary amounts due and payable on any Senior
    Indebtedness or (b)&#160;there shall have occurred an event of
    default (other than a default in the payment of principal,
    premium, if any, or interest, or other monetary amounts due and
    payable) with respect to any Senior Indebtedness, as defined
    therein or in the instrument under which the same is
    outstanding, permitting the holder or holders thereof to
    accelerate the maturity thereof, and such default or event of
    default shall not have been cured or waived or shall not have
    ceased to exist, unless, in the case of a default under
    clause&#160;(b) above, the default with respect to the Senior
    Indebtedness is cured or waived, or 180&#160;days pass after
    notice of the default is given to the holders of Senior
    Indebtedness (unless the maturity of such Senior Indebtedness
    has been accelerated), then the holders of all Senior
    Indebtedness shall first be entitled to receive payment of the
    full amount unpaid thereon, or provision shall be made, in
    accordance with the relevant Senior Indebtedness, for such
    payment in money or money&#146;s worth, before the holders of
    any of the Subordinated Debt Securities or coupons are entitled
    to receive a payment on account of the principal of (and
    premium, if any) or any interest on the indebtedness evidenced
    by such Subordinated Debt Securities or of such coupons. No new
    period of suspension of payments under clause&#160;(b) above may
    be commenced by reason of the same event of default (or any
    other event of default that existed or was continuing on the
    date of the commencement of such period) within twelve months
    after the first such notice relating thereto.
</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: #FFFFFF">
    Without limitation of the foregoing, upon any acceleration of
    the Subordinated Debt Securities because of an event of default,
    we must promptly notify the holders of Senior Indebtedness of
    such acceleration, and may not pay the Subordinated Debt
    Securities unless (A)&#160;120&#160;days pass after such
    acceleration and (B)&#160;the terms of the Subordinated Debt
    Indenture permit such payment at such time.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    By reason of such subordination, in the event of our bankruptcy,
    insolvency or liquidation, our creditors who are holders of
    Senior Indebtedness and our general creditors may recover more,
    ratably, than holders of the Subordinated Debt Securities.
    Certain of our contingent obligations, including certain
    guarantees, letters of credit, interest rate exchange
    agreements, currency exchange agreements and commodity forward
    contracts, would constitute Senior Indebtedness if we became
    obligated to pay such contingent obligations.
</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: #FFFFFF">
    We expect from time to time to incur additional indebtedness
    constituting Senior Indebtedness. The Subordinated Debt
    Indenture does not prohibit or limit the incurrence of
    additional Senior Indebtedness or any other indebtedness and
    does not require us to adhere to financial covenants or similar
    restrictions. To the extent we issue Subordinated Debt
    Securities, we refer you to the applicable prospectus supplement
    for the amount of Senior Indebtedness 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Conversion
    and Exchange</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: #FFFFFF">
    The terms, if any, on which debt securities of any series will
    be convertible into or exchangeable for our common stock or
    preferred stock, property or cash, or a combination of any of
    the foregoing, will be summarized in the prospectus supplement
    relating thereto. Such terms may include provisions for
    conversion or exchange, either on a mandatory basis, at the
    option of the holder, or at our option, in which case the number
    of our shares of common stock or preferred stock to be received
    by the holders of the debt securities would be calculated
    according to the factors and at such time as summarized in the
    related prospectus supplement. The prospectus supplement will
    also summarize the material federal income tax consequences
    applicable to such convertible or exchangeable 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: #FFFFFF">

    <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: #FFFFFF">
    An &#147;Event of Default&#148; is defined under each Indenture
    with respect to debt securities of any series issued under such
    Indenture as being:
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    default in the payment of any interest on any debt security when
    it becomes due and payable, and continuance of such default for
    a period of 30&#160;days;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    default in the payment of the principal of any debt security at
    its 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    default in our performance (or our breach) of any of our
    covenants or agreements in such Indenture, continued for
    90&#160;days after we receive written 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    acceleration of, or any failure to pay at final maturity, any of
    our or our Subsidiaries&#146; Debt (other than the debt
    securities or Non-Recourse Indebtedness) in an aggregate amount
    in excess of $25&#160;million if such acceleration is not
    rescinded or annulled, or such indebtedness shall not have been
    discharged, within 15&#160;days after we receive written notice
    thereof;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain events of our or of one of our Significant
    Subsidiaries&#146; bankruptcy, insolvency or reorganization.
</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: #FFFFFF">
    Each Indenture provides that if an Event of Default, other than
    certain events with respect to our bankruptcy, insolvency or
    reorganization, shall occur and be continuing, then the Senior
    Trustee or the Subordinated Trustee, as the case may be, or the
    holders of not less than 25% in aggregate principal amount of
    the outstanding debt securities may, by a notice in writing to
    us (and to the Senior Trustee or the Subordinated Trustee, as
    the case may be, if given by the holders), declare the principal
    of the debt securities, and all accrued and unpaid interest
    thereon, to be due and payable immediately. If an Event of
    Default with respect to certain events of our bankruptcy,
    insolvency or reorganization shall occur and be continuing, then
    the principal on the debt securities, and all accrued and unpaid
    interest thereon, shall be due and payable immediately without
    any act on the part of the Senior Trustee or the Subordinated
    Trustee, as the case may be, or any 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: #FFFFFF">
    The holders of not less than a majority in principal amount of
    the outstanding debt securities may, on behalf of the holders of
    all of the debt securities, waive any past default under the
    Indenture and its consequences, except a default (1)&#160;in
    respect of the payment of principal of or interest on the debt
    securities or (2)&#160;in respect of a covenant or provision
    that cannot be modified or amended without the consent of each
    holder.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    Under each Indenture we are required to file annually with the
    Senior Trustee or the Subordinated Trustee, as the case may be,
    an officers&#146; certificate as to our compliance with all
    conditions and covenants. Each Indenture will provide that the
    Senior Trustee or the Subordinated Trustee, as the case may be,
    may withhold notice to the holders of the debt securities of any
    default (except payment defaults on the debt securities) if it
    considers it to be in the interest of such holders to do so.
</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: #FFFFFF">
    Subject to the provisions of each Indenture relating to the
    duties of the Senior Trustee or the Subordinated Trustee, as the
    case may be, each Indenture provides that when an Event of
    Default occurs and is continuing, the Senior Trustee or the
    Subordinated Trustee, as the case may be, will be under no
    obligation to exercise any of its rights or powers under such
    Indenture at the request or direction of any of the holders,
    unless such holders shall have offered to the Senior Trustee or
    the Subordinated Trustee, as the case may be, reasonable
    security or indemnity. Subject to such provisions concerning the
    rights of the Senior Trustee or the Subordinated Trustee, as the
    case may be, the holders of a majority in aggregate principal
    amount of the outstanding debt securities will have the right to
    direct the time, method and place of conducting any proceeding
    for any remedy available to the Senior Trustee or the
    Subordinated Trustee, as the case may be, or exercising any
    trust or power conferred on the Senior Trustee or the
    Subordinated Trustee, as the case may be, under such 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Consolidation,
    Merger and Sale 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: #FFFFFF">
    Each Indenture provides that we will not consolidate with or
    merge into any other corporation, or convey, transfer or lease,
    or permit one or more of our Significant Subsidiaries to convey,
    transfer or lease, all or substantially all of our property and
    assets on a consolidated basis, to any Person unless
    (1)&#160;either we are the continuing corporation or such
    corporation or Person assumes by supplemental indenture all of
    our obligations under such Indenture and the debt securities
    issued thereunder, (2)&#160;immediately after such transaction
    no Default or Event of Default shall exist and (3)&#160;the
    surviving corporation or such Person is a corporation,
    partnership or trust organized and validly existing under the
    laws of the United States of America, any state thereof or the
    District of Columbia.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Modification
    or 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: #FFFFFF">
    Each Indenture provides that we may modify and amend such
    Indenture, and the Senior Trustee or the Subordinated Trustee,
    as the case may be, may modify and amend such Indenture with the
    consent of the holders of not less than a majority in principal
    amount of the outstanding debt securities; provided that no such
    modification or amendment may, without the consent of each
    holder, 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    change the maturity of the principal of, or any installment of
    interest 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the principal amount of, or the rate of interest 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    change the place or currency of payment of principal of, or
    interest 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    impair the right to institute suit for the enforcement of any
    such payment on or after the maturity 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the percentage of holders necessary to modify or amend
    such Indenture or to consent to any waiver thereunder or reduce
    the requirements for voting or quorum described below;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    modify the foregoing requirements or reduce the percentage of
    outstanding debt securities necessary to waive any past default.
</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: #FFFFFF">
    Each Indenture provides that we may modify and amend such
    Indenture, and the Senior Trustee or the Subordinated Trustee,
    as the case may be, may modify and amend such Indenture without
    the consent of any holder for any of the following 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to evidence the succession of another Person to our company and
    the assumption by such Person of our covenants contained in such
    Indenture and 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to add covenants of our company for the benefit of the holders
    or to surrender any right or power conferred upon our company;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to add Events of Default;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to secure 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to evidence and provide for the acceptance of appointment by a
    successor Senior Trustee or a successor Subordinated Trustee, as
    the case may be;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to cure any ambiguity, defect or inconsistency in such
    Indenture; provided such action does not adversely affect the
    interests of the holders;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to supplement any of the provisions of such Indenture to the
    extent necessary to permit or facilitate defeasance and
    discharge of the debt securities; provided such action shall not
    adversely affect the interests of the holders;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to conform with the requirements of the Trust&#160;Indenture Act.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Defeasance
    and Covenant 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: #FFFFFF">
    We may, at our option and at any time, terminate our obligations
    with respect to the outstanding debt securities
    (&#147;Defeasance&#148;). Defeasance means that we will be
    deemed to have paid and discharged the entire indebtedness
    represented by the outstanding debt securities, except for
    (1)&#160;the rights of the holders of outstanding debt
    securities to receive payment in respect of the principal of and
    interest on such debt securities when such payments are due,
    (2)&#160;our obligations to issue temporary debt securities,
    register and transfer or exchange any debt securities, replace
    mutilated, destroyed, lost or stolen debt securities, maintain
    an office or agency for payments in respect of the debt
    securities and segregate and hold money in trust, (3)&#160;the
    rights, powers, trusts, duties and immunities of the Senior
    Trustee or the Subordinated Trustee, as the case may be, and
    (4)&#160;the Defeasance provisions of the applicable Indenture.
    In addition, we may, at our option and at any time, elect to
    terminate our obligations with respect to the debt securities
    (being primarily the restrictions described under
    <I>&#147;&#151;&#160;Limitation on Liens&#148; </I>and
    <I>&#147;&#151;&#160;Limitation on Sale/Leaseback
    Transactions&#148;</I>), and any omission to comply with such
    obligations will not constitute a Default or an Event of Default
    with respect to the debt securities (&#147;Covenant
    Defeasance&#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: #FFFFFF">
    In order to exercise either Defeasance or Covenant Defeasance:
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we must irrevocably deposit with the Senior Trustee or the
    Subordinated Trustee, as the case may be, in trust, for the
    benefit of the holders, cash in United States dollars,
    U.S.&#160;Government Obligations, or a combination thereof, in
    such amounts as will be sufficient, in the opinion of a
    nationally recognized firm of independent public accountants, to
    pay the principal of and interest on the outstanding debt
    securities to 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we must deliver to the Senior Trustee or the Subordinated
    Trustee, as the case may be, an opinion of counsel to the effect
    that the holders of the outstanding debt securities will not
    recognize income, gain or loss for federal income tax purposes
    as a result of such Defeasance or Covenant Defeasance, and will
    be subject to federal income tax on the same amounts, in the
    same manner and at the same times as would have been the case if
    such Defeasance or Covenant Defeasance had not occurred (in the
    case of Defeasance, such opinion must refer to and be based upon
    a ruling of the Internal Revenue Service issued, or a change in
    applicable federal income tax laws occurring, after the date
    hereof);
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no Default or Event of Default shall have occurred and be
    continuing on the date of such deposit or, insofar as the last
    bullet point under the first paragraph under
    &#147;&#151;&#160;Events of Default&#148; is concerned, at any
    time during the period ending the 91st&#160;day after the date
    of deposit (it being understood that this condition shall not be
    deemed satisfied until the expiration of such period);
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such Defeasance or Covenant Defeasance shall not cause the
    Senior Trustee or the Subordinated Trustee, as the case may be,
    to have a conflicting interest (as defined by the
    Trust&#160;Indenture Act) with respect to any of our 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such Defeasance or Covenant Defeasance shall not result in a
    breach or violation of, or constitute a default under, the
    applicable Indenture or any material agreement or instrument to
    which we are a party or by which we are bound;&#160;and
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we shall have delivered to the Senior Trustee or the
    Subordinated Trustee, as the case may be, an officers&#146;
    certificate and an opinion of counsel, each stating that all
    conditions precedent under the applicable Indenture to either
    Defeasance or Covenant Defeasance, as the case may be, have been
    complied with and that no violations under agreements governing
    any other outstanding Debt would result.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Satisfaction
    and Discharge</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: #FFFFFF">
    Each Indenture provides that it will be discharged and will
    cease to be of further effect (except as to any surviving rights
    of registration of transfer or exchange of the debt securities,
    as expressly provided for in such Indenture) as to all
    outstanding debt securities when (1)&#160;either (a)&#160;all
    the debt securities theretofore authenticated and delivered
    (except lost, stolen or destroyed debt securities which have
    been replaced or paid and debt securities for whose payment
    money or certain U.S.&#160;Government Obligations has
    theretofore been deposited in trust or segregated and held in
    trust by us and thereafter repaid to us or discharged from such
    trust) have been delivered to the Senior Trustee or the
    Subordinated Trustee, as the case may be, for cancellation or
    (b)&#160;all debt securities not theretofore delivered to the
    Senior Trustee or the Subordinated Trustee, as the case may be,
    for cancellation have become due and payable or will become due
    and payable at maturity within one year and we have irrevocably
    deposited or caused to be deposited with the Senior Trustee or
    the Subordinated Trustee, as the case may be, funds in an amount
    sufficient to pay and discharge the entire indebtedness on the
    debt securities not theretofore delivered to the Senior Trustee
    or the Subordinated Trustee, as the case may be, for
    cancellation, for principal of and interest on the debt
    securities to the date of deposit together with irrevocable
    instructions from us directing the Senior Trustee or the
    Subordinated Trustee, as the case may be, to apply such funds to
    the payment thereof at maturity; (2)&#160;we have paid or have
    caused to be paid all other sums payable under such Indenture by
    us; and (3)&#160;we have delivered to the Senior Trustee or the
    Subordinated Trustee, as the case may be, an officers&#146;
    certificate and an opinion of counsel stating that all
    conditions precedent under such Indenture relating to the
    satisfaction and discharge of such Indenture have been complied
    with.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Legal
    Ownership</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Street
    Name and Other Indirect Holders</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: #FFFFFF">
    Investors who hold debt securities in &#147;street name&#148;
    through accounts at banks or brokers will generally not be
    recognized by us as legal holders of debt securities. Instead,
    we, the Senior Trustee and the Subordinated Trustee will
    recognize only the registered holder, bank or broker, or the
    financial institution the bank or broker uses to hold its debt
    securities. These intermediary banks, brokers and other
    financial institutions pass along principal, interest and other
    payments on the debt securities, either because they agree to do
    so in their customer agreements or because they are legally
    required to do so. Street name and other indirect holders should
    consult their banks or brokers for information on their
    procedures with respect to these matters.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Direct
    Holders</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: #FFFFFF">
    Our obligations, as well as the obligations of the Senior
    Trustee and the Subordinated Trustee and those of any third
    parties employed by us, the Senior Trustee and the Subordinated
    Trustee, under the debt securities run only to persons who are
    registered as holders of debt securities. As noted above, we do
    not have obligations to you if you hold in street name or other
    indirect means, either because you choose to hold debt
    securities in that manner or because the debt securities are
    issued in the form of global securities as described below. For
    example, once we make payment to the registered holder, we have
    no further responsibility for the payment even if that holder is
    legally required to pass the payment along to you as a street
    name customer but does not do so.
</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: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Global
    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: #FFFFFF">
    If we choose to issue debt securities in the form of global
    securities, the ultimate beneficial owners of global securities
    can only be indirect holders. We require that the global
    security be registered in the name of a financial institution we
    select. We also require that the debt securities included in the
    global security not be transferred to the name of any other
    direct holder unless the special circumstances described in the
    section &#147;Forms of Securities&#148; below occur. The
    financial institution that acts as the sole direct holder of the
    global security is called the depositary.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    Any person wishing to own a security must do so indirectly by
    virtue of an account with a broker, bank or other financial
    institution that in turn has an account with the depositary.
    Each prospectus supplement will indicate whether a series of
    debt securities covered by that prospectus supplement will be
    issued only in the form of global 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Trustees</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: #FFFFFF">
    The Indentures and provisions of the Trust&#160;Indenture Act
    incorporated by reference therein contain limitations on the
    rights of the Senior Trustee or the Subordinated Trustee, as the
    case may be thereunder, should the Senior Trustee or the
    Subordinated Trustee, as the case may be, become one of our
    creditors, to obtain payment of claims in certain cases. We may
    from time to time maintain bank accounts and have other
    customary banking relationships with and obtain credit
    facilities and lines of credit from the Senior Trustee or the
    Subordinated Trustee, in the ordinary course of business;
    <U>provided</U>, <U>however</U>, that if the Senior Trustee or
    the Subordinated Trustee, as the case may be, acquires any
    conflicting interest (as defined in Section 310(b) of the
    Trust&#160;Indenture Act), it must eliminate such conflict or
    resign. We have appointed the Senior Trustee, at the offices
    specified in the Senior Debt Indenture, as registrar, principal
    paying agent and transfer agent for the senior debt securities.
    We will appoint the Subordinated Trustee, at the offices
    specified in the Subordinated Debt Indenture, as registrar,
    principal paying agent and transfer agent for the Subordinated
    Debt Securities. In such capacities, the Senior Trustee or the
    Subordinated Trustee, as the case may be, will be responsible
    for, among other things, (1)&#160;maintaining a record of the
    aggregate holdings of global securities and accepting debt
    securities for exchange and registration of transfer,
    (2)&#160;ensuring that payments of principal of and interest on
    global securities and other debt securities received from us by
    the Senior Trustee or the Subordinated Trustee, as the case may
    be, are duly paid to The Depository Trust&#160;Company
    (&#147;DTC&#148;) or its nominee or the holders thereof, as the
    case may be, and (3)&#160;transmitting to us any notices from
    holders of debt securities. We will cause the transfer agent to
    act as a registrar. We may vary or terminate the appointment of
    the transfer agent or appoint additional or other transfer
    agents or approve any change in the office through which any
    transfer agent acts.
</DIV>
<A name='125'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF PREFERRED 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Authorized
    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: #FFFFFF">
    Our restated certificate of incorporation authorizes us to issue
    5,000,000&#160;shares of preferred stock, par value $0.01 per
    share. We may issue shares of preferred stock from time to time
    in one or more series, without stockholder approval, when
    authorized by our board of directors.
</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: #FFFFFF">
    Upon issuance of a particular series of preferred stock, our
    board of directors is authorized, to specify:
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of shares to be included in 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the annual dividend rate for the series and any
    restrictions&#160;or conditions on the payment of dividends;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the manner in which dividends are to be paid;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the redemption price, if any, and the terms and conditions of
    redemption;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any retirement or sinking fund provisions for the purchase or
    redemption 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if the series is convertible or exchangeable, the terms and
    conditions of conversion or exchange;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the amounts payable to holders upon our liquidation, dissolution
    or winding up;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the priority of such 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the voting rights of such series;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other rights, preferences and limitations relating to the
    series.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
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<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: #FFFFFF">
    The ability of our board of directors to authorize, without
    stockholder approval, the issuance of preferred stock with
    conversion and other rights, may adversely affect the rights of
    holders of our voting common stock, non-voting common stock or
    other series of preferred stock that may be outstanding.
</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: #FFFFFF">
    No shares of our preferred stock are currently issued and
    outstanding. Five hundred thousand shares of preferred stock
    have been designated as Series&#160;A Junior Participating
    Preferred Stock reserved for issuance under the Rights
    Agreement, dated as of July&#160;22, 1998, between us and Mellon
    Investor Services, L.L.C., as rights agent. See
    &#147;Description of Common Stock&#160;&#151;&#160;Stockholder
    Rights Plan&#148; below.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Specific
    Terms of a Series of 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: #FFFFFF">
    The preferred stock we may offer will be issued in one or more
    series. Shares of preferred stock, when issued against full
    payment of its purchase price, will be fully paid and
    non-assessable. Their par value or liquidation preference,
    however, will not be indicative of the price at which they will
    actually trade after their issue. If necessary, the prospectus
    supplement will provide a description of U.S.&#160;federal
    income tax consequences relating to the purchase and ownership
    of the series of preferred stock offered by that 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: #FFFFFF">
    The preferred stock will have the dividend, liquidation,
    redemption and voting rights discussed below, unless otherwise
    described in a prospectus supplement relating to a particular
    series. A prospectus supplement will discuss the following
    features of the series of preferred stock to which it relates:
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designations and stated value per share;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of shares offered;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the amount of liquidation preference per share;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the initial public offering price at which the preferred stock
    will be issued;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the dividend rate, the method of its calculation, the dates on
    which dividends would be paid and the dates, if any, from which
    dividends would cumulate;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether dividends are to be paid in cash or other securities or
    property;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any redemption or sinking fund provisions;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the voting rights of the preferred 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any conversion or exchange rights;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any additional dividend, liquidation, redemption, sinking fund
    and other rights, preferences, privileges, limitations and
    restrictions.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Rank</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: #FFFFFF">
    Unless otherwise stated in the prospectus supplement, the
    preferred stock will have priority over our voting and
    non-voting common stock with respect to dividends and
    distribution of assets, but will rank junior to all our
    outstanding indebtedness for borrowed money. Any series of
    preferred stock could rank senior, equal or junior to our other
    capital stock, as may be specified in a prospectus supplement,
    as long as our restated certificate of incorporation so permits.
</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: #FFFFFF">

    <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: #FFFFFF">
    Holders of each series of preferred stock shall be entitled to
    receive cash dividends to the extent specified in the prospectus
    supplement when, as and if declared by our board of directors,
    from funds legally available for the payment of dividends. The
    rates and dates of payment of dividends of each series of
    preferred stock will be stated in the prospectus supplement.
    Dividends will be payable to the holders of record of preferred
    stock as they appear on our books on the record dates fixed by
    our board of directors. Dividends on any series of preferred
    stock may be cumulative or non-cumulative, as discussed in the
    prospectus supplement.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Convertibility
    and Exchangeability</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: #FFFFFF">
    Shares of a series of preferred stock may be convertible or
    exchangeable into shares of our common stock, another series of
    preferred stock or other securities or property. The conversion
    or exchange may be mandatory or optional. The applicable
    prospectus supplement will specify whether the preferred stock
    being offered has any conversion or exchange features, and will
    describe all the related terms and conditions.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption</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: #FFFFFF">
    The terms, if any, on which shares of preferred stock of a
    series may be redeemed will be discussed 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">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: #FFFFFF">
    Upon any voluntary or involuntary liquidation, dissolution or
    winding up of the affairs of our company, holders of each series
    of preferred stock will be entitled to receive distributions
    upon liquidation in the amount described in the related
    prospectus supplement plus an amount equal to any accrued and
    unpaid dividends for the then-current dividend period (including
    any accumulation in respect of unpaid dividends for prior
    dividend periods, if dividends on that series of preferred stock
    are cumulative). These distributions will be made before any
    distribution is made on any securities ranking junior to the
    preferred stock with respect to liquidation, including our
    common stock. If the liquidation amounts payable relating to the
    preferred stock of any series and any other securities ranking
    on a parity regarding liquidation rights are not paid in full,
    the holders of the preferred stock of that series will share
    ratably in proportion to the full liquidation preferences of
    each security. Holders of our preferred stock will not be
    entitled to any other amounts from us after they have received
    their full liquidation preference.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    Agent</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: #FFFFFF">
    The transfer agent for each series of preferred stock will be
    named and described in the prospectus supplement for that series.
</DIV>
<A name='126'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF COMMON STOCK</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: #FFFFFF">
    The following summary description of our common stock is based
    on the provisions of our restated certificate of incorporation
    and by-laws and the applicable provisions of the Delaware
    general corporation law. This information is qualified entirely
    by reference to the provisions of our restated certificate of
    incorporation, our by-laws and the Delaware general corporation
    law. For information on how to obtain copies of our restated
    certificate of incorporation and by-laws, see &#147;Where You
    Can Find More Information&#148; below.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Authorized
    Capital</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: #FFFFFF">
    We currently have authority to issue 180,000,000&#160;shares of
    capital stock, consisting of 5,000,000&#160;shares of preferred
    stock, $0.01&#160;par value, 150,000,000&#160;shares of voting
    common stock, $0.01&#160;par value, and 25,000,000&#160;shares
    of non-voting common stock, $0.01&#160;par value. As of
    December&#160;31, 2007, 116,128,572&#160;shares of our voting
    common stock were issued and outstanding, and no shares of our
    non-voting common stock or preferred stock were issued or
    outstanding.
</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: #FFFFFF">
    The rights of the holders of our voting and non-voting common
    stock discussed below are subject to the rights that our board
    of directors may from time to time confer on holders of our
    preferred stock issued in the future. These rights may adversely
    affect the rights of holders of our voting common stock,
    non-voting common stock, or both.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Requirements
    for Advance Notification or Stockholder Proposals and
    Nominations</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: #FFFFFF">
    Our by-laws contain provisions requiring that a stockholder
    deliver advance notice of any business that such stockholder
    intends to raise at an annual meeting of stockholders and
    providing for procedures to be followed if a stockholder wishes
    to nominate a person to be elected as a director. To be timely,
    the stockholder must give written notice to our Secretary not
    less than 90&#160;days or more than 120&#160;days prior to the
    first anniversary of the preceding
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
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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: #FFFFFF">
    year&#146;s annual meeting. If the date of the next annual
    meeting is more than 30&#160;days before, or more than
    60&#160;days after, the first anniversary of the preceding
    year&#146;s annual meeting, the stockholder must deliver notice
    to our Secretary not earlier than the 120th&#160;day prior to
    such annual meeting and not later than the close of business on
    the later of the 90th&#160;day prior to such annual meeting or
    the 10th&#160;day following the day on which public announcement
    of the date of such meeting is first made.
</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: #FFFFFF">
    The notice must provide information about the stockholder giving
    the notice and the beneficial owner, if any, on whose behalf the
    nomination or proposal is being made, each person whom the
    stockholder proposes to nominate for election or reelection as
    director, and the business to be brought before the meeting. In
    addition, if we plan to increase the size of our board of
    directors, and we do not publicly announce all of the nominees
    for election or specify the size of the increased board of
    directors at least 70&#160;days prior to the first anniversary
    of the preceding year&#146;s annual meeting, a stockholder will
    have 10&#160;days following the date of our public announcement
    to give notice with respect to nominees for any new positions
    created by such increase.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Meetings</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: #FFFFFF">
    Subject to the rights of holders of preferred stock, special
    meetings of stockholders may be called only by our board of
    directors pursuant to a resolution approved by a majority of the
    total number of directors, or by a person or committee expressly
    so authorized by our board of directors pursuant to a resolution
    approved by a majority of the total number of directors.
    According to our by-laws, if we call a special meeting to elect
    directors to our board of directors, a stockholder may nominate
    individuals for election if such stockholder delivers notice to
    our Secretary not earlier than the 120th&#160;day prior to such
    special meeting and not later than the close of business on the
    later of the 90th&#160;day prior to such special meeting or the
    10th&#160;day following the day on which public announcement is
    first made of the date of the special meeting and of the
    nominees proposed by our board of directors to be elected at
    such meeting.
</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: #FFFFFF">

    <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: #FFFFFF">
    Each holder of our common stock is entitled to one vote per
    share in the election of directors and on all other matters
    submitted to a vote of stockholders, and does not have
    cumulative voting rights. In general, holders of our non-voting
    common stock do not have voting rights, other than those
    required by law. However, holders of non-voting common stock may
    vote as a separate class on amendments to the restated
    certificate of incorporation that adversely affect their powers,
    preferences or special rights as holders of non-voting 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">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: #FFFFFF">
    Qualified institutional investors who are subject to regulatory
    requirements that forbid or limit their right to own general
    voting stock may convert their common stock into non-voting
    common stock on a share-for-share basis as needed to satisfy
    applicable regulatory requirements, or directly purchase
    non-voting common stock because of such regulatory requirements.
    Thereafter, the non-voting common stock may be converted into
    common stock on a share-for-share basis in such circumstances as
    are permitted by applicable regulatory requirements.
</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: #FFFFFF">

    <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: #FFFFFF">
    Subject to any preferential rights of any of our outstanding
    preferred stock, holders of our common stock and non-voting
    common stock, treated as a single class, are entitled to
    receive, based on the number of shares held, cash dividends when
    and as declared by our board of directors from funds legally
    available for such 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: #FFFFFF">

    <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: #FFFFFF">
    If we liquidate, holders of our common stock and non-voting
    common stock, treated as a single class, are entitled to
    receive, based on the number of shares held, all of the assets
    available for distribution to stockholders after payment of all
    prior claims, including any preferential liquidation rights of
    any preferred stock outstanding at that time. The holders of our
    common stock and non-voting common stock do not have any
    redemption rights.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">No Action
    by Written Consent</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: #FFFFFF">
    Subject to the rights of holders of preferred stock, any action
    required or permitted to be taken by our stockholders must be
    effected at an annual or special meeting of stockholders and may
    not be affected by any consent in writing by such 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    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: #FFFFFF">
    The holders of our common stock and non-voting common stock do
    not have preemptive rights to subscribe to any additional shares
    of any class of our capital stock. All of our outstanding shares
    of common stock are, and, upon conversion or exchange, any
    issued shares of our common stock
    <FONT style="white-space: nowrap">and/or</FONT>
    non-voting common stock will be, fully paid and non-assessable.
    Our common stock and non-voting common stock do not have any
    sinking fund provisions.
</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: #FFFFFF">
    Our voting common stock is listed for trading on the New York
    Stock Exchange under the symbol &#147;BWA&#148; and the transfer
    agent and registrar for our voting common stock is Mellon
    Investor Services, L.L.C.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Some
    Important Charter and Statutory Provisions</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: #FFFFFF">
    Our restated certificate of incorporation provides for the
    division of our board of directors into three classes of
    directors, each serving staggered, three-year terms. In
    addition, our restated certificate of incorporation and our
    by-laws provide that directors may be removed only for cause and
    only upon the affirmative vote of holders of at least 80% of our
    outstanding voting power. Our restated certificate of
    incorporation further provides generally that any alteration,
    amendment or repeal of its sections regarding the composition,
    election and classification of our board of directors requires
    the approval of the holders of at least 80% of our outstanding
    voting power.
</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: #FFFFFF">
    Our restated certificate of incorporation also provides that
    when it is evaluating any proposal from another party to
    (1)&#160;make a tender offer for our equity securities,
    (2)&#160;merge or consolidate us with another corporation or
    (3)&#160;purchase or otherwise acquire substantially all of our
    properties and assets, our board of directors must give due
    consideration to all relevant factors, including the social and
    economic effects on our employees, customers, suppliers and
    other constituents and the communities in which we operate or
    are located.
</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: #FFFFFF">
    Our restated certificate of incorporation provides that a
    director will not be personally liable for monetary damages to
    us or our stockholders for breach of fiduciary duty as a
    director, except for liability:
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for any breach of the director&#146;s duty of loyalty to us or
    our 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for acts or omissions not in good faith or which involve
    intentional misconduct or a knowing violation of 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for paying a dividend or approving a stock repurchase or
    redemption in violation of Section&#160;174 of the Delaware
    general corporation law;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for any transaction from which the director derived an improper
    personal benefit.
</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: #FFFFFF">
    Our restated certificate of incorporation also provides that
    each of our current or former directors, officers, employees or
    agents, or each such person who is or was serving or who had
    agreed to serve at our request as a director, officer, employee
    or agent of another corporation, partnership, joint venture,
    trust or other enterprise (including the heirs, executors,
    administrators or estate of that person), will be indemnified by
    us to the fullest extent permitted by the Delaware general
    corporation law. Our restated certificate of incorporation also
    specifically authorizes us to enter into agreements with any
    person providing for indemnification greater or different than
    that provided by our restated certificate of incorporation.
</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: #FFFFFF">
    These provisions may have the effect of deterring hostile
    takeovers or delaying changes in control of our company or our
    management.
</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: #FFFFFF">
    We are subject to the provisions of Section&#160;203 of the
    Delaware general corporation law. In general, the statute
    prohibits a publicly held Delaware corporation from engaging in
    a &#147;business combination&#148; with an &#147;interested
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    stockholder&#148; for a period of three years after the date of
    the transaction in which the person became an interested
    stockholder, 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    prior to that date, the board of directors approved either the
    business combination or the transaction that resulted in the
    stockholder becoming an interested stockholder;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    when the transaction that resulted in such person becoming an
    interested stockholder was completed, the interested stockholder
    owned at least 85% of the voting stock of the corporation
    outstanding at the time the transaction began, excluding, for
    purposes of determining the number of shares outstanding, shares
    owned by some directors or employee stock plans;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on or after the date the stockholder became an interested
    stockholder, the business combination is approved by the board
    of directors and authorized by the affirmative vote, and not by
    the written consent, of at least two-thirds of outstanding
    voting stock, excluding the stock owned by the interested
    stockholder.
</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: #FFFFFF">
    For purposes of Section&#160;203, a &#147;business
    combination&#148; includes a merger, asset sale, or other
    transaction resulting in a financial benefit to the interested
    stockholder. An &#147;interested stockholder&#148; is a person,
    other than the corporation and any direct or indirect
    majority-owned subsidiary of the corporation, who together with
    affiliates and associates, owns or, as an affiliate or
    associate, within three years prior, did own, 15% or more of the
    corporation&#146;s outstanding voting 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Stockholder
    Rights Plan</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: #FFFFFF">
    On July&#160;21, 1998, our board of directors adopted a
    stockholder rights plan and, on July&#160;22, 1998, signed a
    rights agreement with Mellon Investor Services, L.L.C., as
    rights agent. A copy of our rights agreement has been filed as
    an exhibit to the registration statement of which this
    prospectus is a part and is incorporated by reference into this
    prospectus. Under our stockholder rights plan, one preferred
    stock purchase right is attached to each outstanding share of
    our common stock. We refer to these preferred stock purchase
    rights as the &#147;rights.&#148; Each share of common stock and
    each share of non-voting common stock issued in the future will
    also receive a right until the rights become exercisable. Until
    a right is exercised, the holder of a right does not have any
    additional rights as a stockholder. These rights will expire on
    July&#160;22, 2008, unless they are previously redeemed or
    exchanged by us as described below. These rights trade
    automatically with our common stock and non-voting common stock
    and will separate from the common stock and non-voting common
    stock and become exercisable only under the 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: #FFFFFF">
    In general, the rights will become exercisable when the first of
    the following events happen:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;ten calendar days after a public announcement that a
    person or group has acquired beneficial ownership of 20% or more
    of the sum of our outstanding common stock and non-voting common
    stock;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;ten business days, or such other date determined by our
    board of directors, after the beginning of, or announcement of
    an intention to begin, a tender offer or exchange offer that
    would result in a person or group beneficially owning 20% or
    more of the sum of our outstanding common stock and non-voting
    common stock.
</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: #FFFFFF">
    If the rights become exercisable, holders of the rights will be
    able to purchase from us one one-hundredth of a share of our
    Series&#160;A Junior Participating Preferred Stock at a price of
    $300, subject to adjustment. However, all rights owned by any
    persons or groups triggering the event shall be void. If a
    person or group acquires 20% or more of the sum of our
    outstanding common stock and non-voting common stock then each
    right will entitle the holder (other than the 20% or more person
    or group that triggered the rights) to purchase a number of
    shares of our common stock in respect of rights attached to our
    common stock, or a number of shares of our non-voting common
    stock in respect of rights attached to our non-voting common
    stock, in either case having a market value of two times the
    exercise price of the right.
</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: #FFFFFF">
    If we are acquired in a merger or other business combination
    transaction, or 50% or more of our consolidated assets or
    earning power are sold after a person or group acquires 20% or
    more of the sum of our outstanding common stock and non-voting
    common stock, then each right will entitle the holder (other
    than the 20% or more person or group that triggered the rights)
    to purchase a number of shares of common stock of the surviving
    or acquiring corporation having a market value of two times the
    exercise price of the right.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">
    At any time after a person or group has acquired beneficial
    ownership of 20% or more of our outstanding common stock and
    non-voting common stock, our board of directors may, at its
    option, exchange all or any part of the then outstanding and
    exercisable rights for shares of common stock or shares of
    Series&#160;A Preferred Stock at an exchange ratio of one share
    of common stock or one one-hundredth of a share of Series&#160;A
    Junior Participating Preferred Stock per right. However, our
    board of directors will not be empowered to affect such exchange
    at any time after any person or group becomes the beneficial
    owner of 50% or more of our outstanding common stock.
</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: #FFFFFF">
    Our board of directors may redeem the rights for $.01 per right
    at any time before a person or group has acquired beneficial
    ownership of 20% or more of the sum of our outstanding common
    stock and non-voting common stock. Our board of directors may
    generally reduce the 20% trigger to the higher of (1)&#160;the
    largest percentage then known to our company beneficially owned
    by a person or group or (2)&#160;10%, and may otherwise amend
    the rights at any time before a person or group has acquired
    beneficial ownership of 20% or more of the sum of our
    outstanding common stock and non-voting common stock. The rights
    will expire at the close of business on July&#160;22, 2008
    unless we redeem them before that date.
</DIV>
<A name='127'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF DEPOSITARY SHARES</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Fractional
    Shares of 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: #FFFFFF">
    We may elect to offer fractional interests in shares of our
    preferred stock instead of whole shares of preferred stock. If
    so, we will allow a depositary to issue to the public depositary
    shares, each of which will represent a fractional interest as
    described in the prospectus supplement, of a share 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Deposit
    Agreement</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: #FFFFFF">
    The shares of the preferred stock underlying any depositary
    shares will be deposited under a separate deposit agreement
    between us and a bank or trust company acting as depositary with
    respect to that series. The depositary will have its principal
    office in the United States and have a combined capital and
    surplus of at least $50,000,000. The prospectus supplement
    relating to a series of depositary shares will include the name
    and address of the depositary. Under the deposit agreement, each
    owner of a depositary share will be entitled, in proportion of
    its fractional interest in a share of the preferred stock
    underlying that depositary share, to all the rights and
    preferences of that preferred stock, including dividend, voting,
    redemption, conversion, exchange and liquidation rights.
</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: #FFFFFF">
    Depositary shares will be evidenced by one or more depositary
    receipts issued under the deposit agreement.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dividends
    and Other Distributions</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: #FFFFFF">
    The depositary will distribute all cash dividends or other cash
    distributions in respect of the preferred stock to each record
    depositary shareholder based on the number of the depositary
    shares owned by that holder on the relevant record date. The
    depositary will distribute only that amount which can be
    distributed without attributing to any depositary shareholders a
    fraction of one cent, and any balance not so distributed will be
    added to and treated as part of the next sum received by the
    depositary for distribution to record depositary shareholders.
</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: #FFFFFF">
    If there is a distribution other than in cash, the depositary
    will distribute property to the entitled record depositary
    shareholders, unless the depositary determines that it is not
    feasible to make that distribution. In that case the depositary
    may, with our approval, adopt the method it deems equitable and
    practicable for making that distribution, including any sale of
    property and the distribution of the net proceeds from this sale
    to the concerned 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: #FFFFFF">
    Each deposit agreement will also contain provisions relating to
    the manner in which any subscription or similar rights we offer
    to preferred stockholders of the relevant series will be made
    available to depositary shareholders.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Withdrawal
    of 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: #FFFFFF">
    Upon surrender of depositary receipts at the depositary&#146;s
    office, the holder of the relevant depositary shares will be
    entitled to the number of whole shares of the related preferred
    stock series and any money or other property
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">
    those depositary shares represent. Depositary shareholders will
    be entitled to receive whole shares of the related preferred
    stock series on the basis described in the prospectus
    supplement, but holders of those whole preferred stock shares
    will not afterwards be entitled to receive depositary shares in
    exchange for their shares. If the depositary receipts the holder
    delivers evidence a depositary share number exceeding the whole
    share number of the related preferred stock series to be
    withdrawn, the depositary will deliver to that holder a new
    depositary receipt evidencing the excess number of depositary
    shares.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption
    and 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: #FFFFFF">
    The terms on which the depositary shares relating to the
    preferred stock of any series may be redeemed, and any amounts
    distributable upon our liquidation, dissolution or winding up,
    will be described 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Convertibility
    and Exchangeability</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: #FFFFFF">
    Shares of a series of preferred stock may be convertible or
    exchangeable into shares of our common stock, another series of
    preferred stock or other securities or property. The conversion
    or exchange may be mandatory or optional. The applicable
    prospectus supplement will specify whether the preferred stock
    being offered has any conversion or exchange features, and will
    describe all the related terms and conditions.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Voting</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: #FFFFFF">
    Upon receiving notice of any meeting at which preferred
    stockholders of any series are entitled to vote, the depositary
    will mail the information contained in that notice to the record
    depositary shareholders relating to those series of preferred
    stock. Each depositary shareholder on the record date will be
    entitled to instruct the depositary on how to vote the shares of
    preferred stock underlying that holder&#146;s depositary shares.
    The depositary will vote the preferred stock shares underlying
    those depositary shares according to those instructions, and we
    will take reasonably necessary actions to enable the depositary
    to do so. If the depositary does not receive specific
    instructions from the depositary shareholders relating to that
    preferred stock, it will abstain from voting those preferred
    stock shares, unless otherwise discussed 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendment
    and Termination of Deposit Agreement</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: #FFFFFF">
    We and the depositary may amend the depositary receipt form
    evidencing the depositary shares and the related deposit
    agreement. However, any amendment that significantly affects the
    rights of the depositary shareholders will not be effective
    unless holders of a majority of the outstanding depositary
    shares approve that amendment. We or the depositary may
    terminate a deposit agreement 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have redeemed or reacquired all outstanding depositary shares
    relating to the deposit agreement,
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all preferred stock of the relevant series has been
    withdrawn,&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    there has been a final distribution in respect of the preferred
    stock of any series in connection with our liquidation,
    dissolution or winding up and such distribution has been made to
    the related depositary shareholders.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Charges
    of Depositary</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: #FFFFFF">
    We will pay all charges of each depositary in connection with
    the initial deposit and any redemption of the preferred stock.
    Depositary shareholders will be required to pay any other
    transfer and other taxes and governmental charges and any other
    charges expressly provided in the deposit agreement to be for
    their accounts.
</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: #FFFFFF">

    <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: #FFFFFF">
    We and each depositary and any of our respective agents may
    treat the registered owner of any depositary share as the
    absolute owner of that share, whether or not any payment in
    respect of that depositary share is overdue and despite any
    notice to the contrary, for any purpose. See &#147;Forms of
    Securities&#148; below.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Resignation
    and Removal of Depositary</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: #FFFFFF">
    A depositary may resign at any time by issuing us a notice of
    resignation, and we may remove any depositary at any time by
    issuing it a notice of removal. Resignation or removal will take
    effect upon the appointment of a successor depositary and its
    acceptance of appointment. That successor depositary must:
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    be appointed within 60&#160;days after delivery of the notice of
    resignation or removal,
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    be a bank or trust company having its principal office in the
    United States,&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    have a combined capital and surplus of at least $50,000,000.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Miscellaneous</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: #FFFFFF">
    Each depositary will forward to the relevant depositary
    shareholders all our reports and communications that we are
    required to furnish to preferred stockholders of any series.
</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: #FFFFFF">
    Neither we nor the depositary will be liable if either of us is
    prevented or delayed by law or any circumstance beyond its
    control in performing its obligations under any deposit
    agreement. Our obligations and the obligations of each
    depositary under any deposit agreement will be limited to
    performance in good faith of their duties under that agreement,
    and they will not be obligated to prosecute or defend any legal
    proceeding in respect of any depositary shares or preferred
    stock unless they are provided with satisfactory indemnity. They
    may rely upon written advice of counsel or accountants, or
    information provided by persons presenting preferred stock for
    deposit, depositary shareholders or other persons believed to be
    competent and on documents believed to be genuine.
</DIV>
<A name='128'>
<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: #FFFFFF">

    <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: #FFFFFF">
    We may issue warrants for the purchase of our debt securities,
    preferred stock, common stock, depositary shares or units.
    Warrants may be issued independently or together with debt
    securities, preferred stock, common stock, depositary shares or
    units, and may be attached to or separate from those 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Warrant
    Agreements</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: #FFFFFF">
    Each series of warrants will be evidenced by certificates issued
    under a separate warrant agreement to be entered into between us
    and a bank that we select as warrant agent with respect to such
    series. The warrant agent will have its principal office in the
    U.S.&#160;and have a combined capital and surplus of at least
    $50,000,000.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Issuance
    In Series</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: #FFFFFF">
    The prospectus supplement relating to a series of warrants will
    mention the name and address of the warrant agent. The
    prospectus supplement will describe the terms of the series of
    warrants in respect of which this prospectus is being delivered,
    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: #FFFFFF">
    <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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the currency for which the 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and terms of the securities with which the
    warrants are issued and the number of warrants issued with each
    security or each principal amount of 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date on which the warrants and the related securities 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of warrants to purchase debt securities, the
    principal amount of debt securities that can be purchased upon
    exercise, and the price for purchasing those 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of warrants to purchase preferred stock, depositary
    shares or common stock, the number of depositary shares or
    shares of preferred stock or common stock, as the case may be,
    that can be purchased upon the exercise, and the price for
    purchasing those shares;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of warrants to purchase units upon exercise, the
    number and type of units that can be purchased upon exercise,
    and the price of those units;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the dates on which the right to exercise the warrants will
    commence and 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    material U.S.&#160;federal income tax consequences of holding or
    exercising those 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the terms of the securities issuable upon exercise of those
    warrants;&#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: #FFFFFF">
    <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: #FFFFFF">
    Warrant certificates may be exchanged for new warrant
    certificates of different denominations, may be presented for
    transfer registration, and may be exercised at the warrant
    agent&#146;s corporate trust office or any other office
    indicated in the prospectus supplement. If the warrants are not
    separately transferable from the securities with which they were
    issued, this exchange may take place only if the certificates
    representing the related securities are also exchanged. Prior to
    warrant exercise, warrantholders will not have any rights as
    holders of the underlying securities, including the right to
    receive any principal, premium, interest, dividends, or payments
    upon our liquidation, dissolution or winding up or to exercise
    any voting rights.
</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: #FFFFFF">

    <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: #FFFFFF">
    Each warrant will entitle the holder to purchase the securities
    specified in the prospectus supplement at the exercise price
    mentioned in, or calculated as described in, the prospectus
    supplement. Unless otherwise specified in the prospectus
    supplement, warrants may be exercised at any time up to
    5:00&#160;p.m., New York time, on the expiration date mentioned
    in that prospectus supplement. After the close of business on
    the expiration date, unexercised warrants will become void.
</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: #FFFFFF">
    Warrants may be exercised by delivery of the warrant certificate
    representing the warrants to be exercised, or in the case of
    global securities, as described below under &#147;Forms of
    Securities,&#148; by delivery of an exercise notice for those
    warrants, together with certain information, and payment to the
    warrant agent in immediately available funds, as provided in the
    prospectus supplement, of the required purchase amount. The
    information required to be delivered will be on the reverse side
    of the warrant certificate and in the prospectus supplement.
    Upon receipt of payment and the warrant certificate or exercise
    notice properly executed at the office indicated in the
    prospectus supplement, we will, in the time period the relevant
    warrant agreement provides, issue and deliver the securities
    purchasable upon such exercise. If fewer than all of the
    warrants represented by such warrant certificates are exercised,
    a new warrant certificate will be issued for the remaining
    amount of warrants.
</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: #FFFFFF">
    If mentioned in the prospectus supplement, securities may be
    surrendered as all or part of the exercise price for 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Antidilution
    Provisions</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: #FFFFFF">
    As will be provided in a prospectus supplement, in the case of
    warrants to purchase common stock or securities convertible into
    or exchangeable for common stock, the exercise price payable and
    the number of shares of common stock purchasable upon warrant
    exercise may be adjusted in certain events, 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the issuance of a stock dividend to common stockholders or a
    combination, subdivision or reclassification of 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the issuance of rights, warrants or options to all common and
    preferred stockholders entitling them to purchase common stock
    for an aggregate consideration per share less than the current
    market price per share of 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any distribution to our common stockholders of evidences of our
    indebtedness of assets, excluding cash dividends or
    distributions referred to above;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other events mentioned in the prospectus supplement.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<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: #FFFFFF">
    No adjustment in the number of shares or securities purchasable
    upon warrant exercise will be required until cumulative
    adjustments require an adjustment of at least 1% of such number.
    No fractional shares will be issued upon warrant exercise, but
    we will pay the cash value of any fractional shares otherwise
    issuable.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Modification</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: #FFFFFF">
    Unless provided otherwise in an applicable prospectus
    supplement, we and any warrant agent may amend any warrant
    agreement and the terms of the related warrants by executing a
    supplemental warrant agreement, without any such
    warrantholders&#146; consent, for the purpose 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    curing any ambiguity, any defective or inconsistent provision
    contained in the warrant agreement, or making any other
    corrections to the warrant agreement that are not inconsistent
    with the provisions of the warrant 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    evidencing the succession of another corporation to us and its
    assumption of our covenants contained in the warrant agreement
    and 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    appointing a successor depository, if the warrants are issued in
    the form of global 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    evidencing a successor warrant agent&#146;s acceptance of
    appointment with respect to 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    adding to our covenants for the warrantholders&#146; benefit or
    surrendering any right or power we have under the warrant
    agreement;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    issuing warrants in definitive form, if such warrants are
    initially issued in the form of global 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amending the warrant agreement and the warrants as we deem
    necessary or desirable and that will not adversely affect the
    warrantholders&#146; interests in any material respect.
</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: #FFFFFF">
    Unless provided otherwise in an applicable prospectus
    supplement, we and the warrant agent may also amend any warrant
    agreement and the related warrants by a supplemental agreement
    with the consent of the holders of a majority of the unexercised
    warrants affected by such amendment, for the purpose of adding,
    modifying or eliminating any of the warrant agreement&#146;s
    provisions or of modifying the warrantholders&#146; rights.
    However, no such amendment 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduces the number or amount of securities receivable upon
    warrant 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    shortens the time period during which the warrants may be
    exercised;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    otherwise adversely affects the exercise rights of
    warrantholders in any material respect;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduces the number of unexercised warrants the consent of
    holders of which is required for amending the warrant agreement
    or the related 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    may be made without the consent of each holder affected by that
    amendment.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Consolidation,
    Merger and Sale 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: #FFFFFF">
    Unless provided otherwise in an applicable prospectus
    supplement, each warrant agreement will provide that we may
    consolidate or merge with or into any other corporation or sell,
    lease, transfer or convey all or substantially all of our assets
    to any other corporation. However, any successor or acquirer of
    such assets must assume all of our obligations under the
    relevant warrant agreement and for the unexercised warrants, as
    appropriate, and we or that successor corporation must not
    immediately be in default under that warrant agreement.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Enforceability
    of Rights By Holders 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: #FFFFFF">
    Each warrant agent will act solely as our agent under the
    relevant warrant agreement and will not assume any obligation or
    relationship of agency or trust for any warrantholder. A single
    bank or trust company may act as warrant agent for more than one
    issue of warrants. A warrant agent will have no duty or
    responsibility in case we default in performing our obligations
    under the relevant warrant agreement or warrant, including any
    duty or responsibility to initiate any legal proceedings or to
    make any demand upon us. Any warrantholder may, without the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    warrant agent&#146;s consent or consent of any other
    warrantholder, enforce by appropriate legal action its right to
    exercise that warrant.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Replacement
    of Warrant Certificates</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: #FFFFFF">
    We will replace any destroyed, lost, stolen or mutilated warrant
    certificate upon delivery to us and the relevant warrant agent
    of satisfactory evidence of the ownership of that warrant
    certificate and of its destruction, loss, theft or mutilation,
    and (in the case of mutilation) surrender of that warrant
    certificate to the relevant warrant agent, unless we have, or
    the warrant agent has, received notice that the warrant
    certificate has been acquired by a bona fide purchaser. That
    warrantholder will also be required to provide indemnity
    satisfactory to us and the relevant warrant agent before a
    replacement warrant certificate 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: #FFFFFF">

    <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: #FFFFFF">
    We and the warrant agents and any of our respective agents may
    treat the registered holder of any warrant certificate as the
    absolute owner of the warrants evidenced by that certificate for
    any purpose and as the person entitled to exercise the rights
    attaching to the warrants so requested, despite any notice to
    the contrary. See &#147;Forms of Secuirties&#148; below.
</DIV>
<A name='129'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF 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: #FFFFFF">
    We may issue units comprised of one or more debt securities,
    shares of preferred stock, shares of common stock and warrants
    in any combination. Each unit will be issued so that the holder
    of the unit is also the holder of each security included in the
    unit. Thus, the holder of a unit will have the rights and
    obligations of a holder of each included security. The unit
    agreement under which a unit is issued may provide that the
    securities included in the unit may not be held or transferred
    separately, at any time or at any time before a specified 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: #FFFFFF">
    The prospectus supplement may describe:
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and terms of the units and of the securities
    comprising the units, including whether and under what
    circumstances those securities may be held or transferred
    separately;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any provisions of the governing unit agreement that differ from
    those described below;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any provisions for the issuance, payment, settlement, transfer
    or exchange of the units or of the securities comprising the
    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: #FFFFFF">
    The provisions described in this section, as well as those
    described under &#147;Description of Debt Securities,&#148;
    &#147;Description of Preferred Stock,&#148; &#147;Description of
    Common Stock&#148; and &#147;Description of Warrants,&#148; will
    apply to each unit and to any debt security, preferred stock,
    common stock or warrant, respectively, included in each unit.
</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: #FFFFFF">
    We may issue units in such amounts and in as many distinct
    series as we wish. This section summarizes terms of the units
    that apply generally to all series.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Unit
    Agreements</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: #FFFFFF">
    We will issue the units under one or more unit agreements to be
    entered into between us and a bank or other financial
    institution, as unit agent. We may add, replace or terminate
    unit agents from time to time. We will identify the unit
    agreement under which each series of units will be issued and
    the unit agent under that agreement in the 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: #FFFFFF">
    The following provisions will generally apply to all unit
    agreements unless otherwise stated 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Enforcement
    of 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: #FFFFFF">
    The unit agent under a unit agreement will act solely as our
    agent in connection with the units issued under that agreement.
    The unit agent will not assume any obligation or relationship of
    agency or trust for or with any holders of
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    25
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">
    those units or of the securities comprising those units. The
    unit agent will not be obligated to take any action on behalf of
    those holders to enforce or protect their rights under the units
    or the included 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: #FFFFFF">
    Except as indicated in the next paragraph, a holder of a unit
    may, without the consent of the unit agent or any other holder,
    enforce its rights as holder under any security included in the
    unit, in accordance with the terms of that security and the
    indenture, warrant agreement or other instrument under which
    that security is issued. Those terms are described elsewhere in
    this prospectus under the sections relating to debt securities,
    preferred stock, common stock and warrants.
</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: #FFFFFF">
    Notwithstanding the foregoing, a unit agreement may limit or
    otherwise affect the ability of a holder of units issued under
    that agreement to enforce its rights, including any right to
    bring a legal action, with respect to those units or any
    securities, other than debt securities, that are included in
    those units. Limitations of this kind will be described 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Modification
    Without Consent of 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: #FFFFFF">
    Unless provided otherwise in an applicable prospectus
    supplement, we and the applicable unit agent may amend any unit
    or unit agreement without the consent of any holder:
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to cure any ambiguity;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to correct or supplement any defective or inconsistent
    provision;&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to make any other change that we believe is necessary or
    desirable and will not adversely affect the interests of the
    affected holders in any material respect.
</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: #FFFFFF">
    We do not need any approval to make changes that affect only
    units to be issued after the changes take effect. We may also
    make changes that do not adversely affect a particular unit in
    any material respect, even if they adversely affect other units
    in a material respect. In those cases, we do not need to obtain
    the approval of the holder of the unaffected unit; we need only
    obtain any required approvals from the holders of the affected
    units.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Modification
    With Consent of 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: #FFFFFF">
    Unless provided otherwise in an applicable prospectus
    supplement, we may not amend any particular unit or a unit
    agreement with respect to any particular unit unless we obtain
    the consent of the holder of that unit, if the amendment would:
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    impair any right of the holder to exercise or enforce any right
    under a security included in the unit if the terms of that
    security require the consent of the holder to any changes that
    would impair the exercise or enforcement of that right,&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the percentage of outstanding units or any series or
    class the consent of whose holders is required to amend that
    series or class, or the applicable unit agreement with respect
    to that series or class, as described below.
</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: #FFFFFF">
    Unless provided otherwise in an applicable prospectus
    supplement, any other change to a particular unit agreement and
    the units issued under that agreement would require the
    following approval:
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the change affects only the units of a particular series
    issued under that agreement, the change must be approved by the
    holders of a majority of the outstanding units 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If the change affects the units of more than one series issued
    under that agreement, it must be approved by the holders of a
    majority of all outstanding units of all series affected by the
    change, with the units of all the affected series voting
    together as one class for this purpose.
</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: #FFFFFF">
    These provisions regarding changes with majority approval also
    apply to changes affecting any securities issued under a unit
    agreement, as the governing document.
</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: #FFFFFF">
    In each case, the required approval must be given by written
    consent.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    26
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">Unit
    Agreements Will Not Be Qualified Under Trust&#160;Indenture
    Act</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: #FFFFFF">
    No unit agreement will be qualified as an indenture, and no unit
    agent will be required to qualify as a trustee, under the
    Trust&#160;Indenture Act. Therefore, holders of units issued
    under unit agreements will not have the protections of the
    Trust&#160;Indenture Act with respect to their units.
</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: #FFFFFF">

    <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: #FFFFFF">
    We and the unit agents and any of our respective agents may
    treat the registered holder of any unit certificate as an
    absolute owner of the units evidenced by that certificate for
    any purpose and as the person entitled to exercise the rights
    attaching to the units so requested, despite any notice to the
    contrary. See &#147;Forms of Securities&#148; below.
</DIV>
<A name='130'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORMS&#160;OF
    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: #FFFFFF">
    Each debt security, warrant, purchase contract and unit will be
    represented either by a certificate issued in definitive form to
    a particular investor or by one or more global securities
    representing the entire issuance of securities. Both
    certificated securities in definitive form and global securities
    may be issued either (1)&#160;in registered form, where our
    obligation runs to the holder of the security named on the face
    of the security or, if a registry is kept, the registered owner
    of the note in the registry, or (2)&#160;subject to the
    limitations explained below under &#147;&#151;&#160;Limitations
    on Issuance of Bearer Securities and Bearer Debt Warrants,&#148;
    in bearer form, where our obligation runs to the bearer of the
    security. Definitive securities name you or your nominee as the
    owner of the security (other than definitive bearer securities,
    which the holder thereof will be the owner), and in order to
    transfer or exchange these securities or to receive payments
    other than interest or other interim payments, you or your
    nominee must physically deliver the securities to the trustee,
    registrar, paying agent or other agent, as applicable.
    Registered global securities name a depositary or its nominee as
    the owner of the debt securities, warrants, purchase contracts
    or units represented by these global securities (other than
    global bearer securities, which the holder thereof will be the
    owner). The depositary maintains a computerized system that will
    reflect each investor&#146;s beneficial ownership of the
    securities through an account maintained by the investor with
    its broker/dealer, bank, trust company or other representative,
    as we explain more fully below.
</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: #FFFFFF">

    <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: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Registered
    Global 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: #FFFFFF">
    We may issue registered debt securities, warrants, purchase
    contracts and units in the form of one or more fully registered
    global securities that will be deposited with a depositary or
    its nominee identified in the applicable prospectus supplement
    and registered in the name of that depositary or nominee. In
    those cases, one or more registered global securities will be
    issued in a denomination or aggregate denominations equal to the
    portion of the aggregate principal or face amount of the
    securities to be represented by registered global securities.
    Unless and until it is exchanged in whole for securities in
    definitive registered form, a registered global security may not
    be transferred except as a whole by and among the depositary for
    the registered global security, the nominees of the depositary
    or any successors of the depositary or those nominees.
</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: #FFFFFF">
    If not described below, any specific terms of the depositary
    arrangement with respect to any securities to be represented by
    a registered global security will be described in the prospectus
    supplement relating to those securities. We anticipate that the
    following provisions will apply to all depositary arrangements.
</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: #FFFFFF">
    Ownership of beneficial interests in a registered global
    security will be limited to persons, called participants, that
    have accounts with the depositary or persons that may hold
    interests through participants. Upon the issuance of a
    registered global security, the depositary will credit, on its
    book entry registration and transfer system, the
    participants&#146; accounts with the respective principal or
    face amounts of the securities beneficially owned by the
    participants. Any dealers, underwriters or agents participating
    in the distribution of the securities will designate the
    accounts to be credited. Ownership of beneficial interests in a
    registered global security will be shown on, and the transfer of
    ownership interests will be effected only through, records
    maintained by the depositary, with respect to interests of
    participants, and on the records of participants, with respect
    to interests of persons holding through participants. The laws
    of some states may require that some purchasers of securities
    take physical delivery of these
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    27
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">
    securities in definitive form. These laws may impair your
    ability to own, transfer or pledge beneficial interests in
    registered global 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: #FFFFFF">
    So long as the depositary, or its nominee, is the registered
    owner of a registered global security, that depositary or its
    nominee, as the case may be, will be considered the sole owner
    and holder of the securities represented by the registered
    global security for all purposes under the applicable indenture,
    warrant agreement, purchase contract or unit agreement. Except
    as described below, owners of beneficial interests in a
    registered global security will not be entitled to have the
    securities represented by the registered global security
    registered in their names, will not receive or be entitled to
    receive physical delivery of the securities in definitive form
    and will not be considered the owners or holders of the
    securities under the applicable indenture, warrant agreement,
    purchase contract or unit agreement. Accordingly, each person
    owning a beneficial interest in a registered global security
    must rely on the procedures of the depositary for that
    registered global security and, if that person is not a
    participant, on the procedures of the participant through which
    the person owns its interest, to exercise any rights of a holder
    under the applicable indenture, warrant agreement, purchase
    contract or unit agreement. We understand that under existing
    industry practices, if we request any action of holders or if an
    owner of a beneficial interest in a registered global security
    desires to give or take any action that a holder is entitled to
    give or take under the applicable indenture, warrant agreement,
    purchase contract or unit agreement, the depositary for the
    registered global security would authorize the participants
    holding the relevant beneficial interests to give or take that
    action, and the participants would authorize beneficial owners
    owning through them to give or take that action or would
    otherwise act upon the instructions of beneficial owners holding
    through them.
</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: #FFFFFF">
    Principal, interest payments on debt securities, other amounts
    due under debt securities and any payments to holders with
    respect to warrants, purchase contract or units, represented by
    a registered global security registered in the name of a
    depositary or its nominee will be made to the depositary or its
    nominee, as the case may be, as the registered owner of the
    registered global security. None of us, the trustees, the
    warrant agents, the unit agents or any of our other agents,
    agent of the trustees or agent of the warrant agents or unit
    agents will have any responsibility or liability for any aspect
    of the records relating to payments made on account of
    beneficial ownership interests in the registered global security
    or for maintaining, supervising or reviewing any records
    relating to those beneficial ownership interests.
</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: #FFFFFF">
    We expect that the depositary for any of the securities
    represented by a registered global security, upon receipt of any
    payment of principal, interest, other amounts or other
    distribution of underlying securities or other property to
    holders on that registered global security, will immediately
    credit participants&#146; accounts in amounts proportionate to
    their respective beneficial interests in that registered global
    security as shown on the records of the depositary. We also
    expect that payments by participants to owners of beneficial
    interests in a registered global security held through
    participants will be governed by standing customer instructions
    and customary practices, as is now the case with the securities
    held for the accounts of customers registered in &#147;street
    name,&#148; and will be the responsibility of those 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: #FFFFFF">
    If the depositary for any of these securities represented by a
    registered global security is at any time unwilling or unable to
    continue as depositary or ceases to be a clearing agency
    registered under the Securities Exchange Act of 1934, and a
    successor depositary registered as a clearing agency under the
    Securities Exchange Act of 1934 is not appointed by us within
    90&#160;days, we will issue securities in definitive form in
    exchange for the registered global security that had been held
    by the depositary. In addition, the indenture permits us at any
    time and in our sole discretion to decide not to have any of the
    securities represented by one or more registered global
    securities. However, The Depository Trust&#160;Company, New
    York, New York has advised us that, under its current practices,
    it would notify its participants of our request, but will only
    withdraw beneficial interests from the global securities at the
    request of each DTC participant. We will issue securities in
    definitive form in exchange for the registered global security
    or all the securities representing those securities. Any
    securities issued in definitive form in exchange for a
    registered global security will be registered in the name or
    names that the depositary gives to the relevant trustee, warrant
    agent, unit agent or other relevant agent of ours or theirs. It
    is expected that the depositary&#146;s instructions will be
    based upon directions received by the depositary from
    participants with respect to ownership of beneficial interests
    in the registered global security that had been held by the
    depositary.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    28
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">Bearer
    Global 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: #FFFFFF">
    The securities may also be issued in the form of one or more
    bearer global securities that will be deposited with a common
    depositary for the Euroclear System and Clearstream Banking,
    societe anonyme or with a nominee for the depositary identified
    in the prospectus supplement relating to those securities. The
    specific terms and procedures, including the specific terms of
    the depositary arrangement, with respect to any securities to be
    represented by a bearer global security will be described in the
    prospectus supplement relating to those 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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Issuance of Bearer Securities and Bearer Debt
    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: #FFFFFF">
    In compliance with United States federal income tax laws and
    regulations, bearer securities, including bearer securities in
    global form, and bearer debt warrants will not be offered, sold,
    resold or delivered, directly or indirectly, in the United
    States or its possessions or to United States persons, as
    defined below, except as otherwise permitted by United States
    Treasury Regulations
    <FONT style="white-space: nowrap">Section&#160;1.163-5(c)</FONT>
    (2) (i) (D). Any underwriters, agents or dealers participating
    in the offerings of bearer securities or bearer debt warrants,
    directly or indirectly, must agree 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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    they will not, in connection with the original issuance of any
    bearer securities or during the restricted period, as defined in
    United States Treasury Regulations
    <FONT style="white-space: nowrap">Section&#160;1.163-5(c)</FONT>
    (2) (i) (D) (7)&#160;which we refer to as the &#147;restricted
    period,&#148; offer, sell, resell or deliver, directly or
    indirectly, any bearer securities in the United States or its
    possessions or to United States persons, other than as permitted
    by the applicable Treasury Regulations described above,&#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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    they will not, at any time, offer, sell, resell or deliver,
    directly or indirectly, any bearer debt warrants in the United
    States or its possessions or to United States persons, other
    than as permitted by the applicable Treasury Regulations
    described 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, any underwriters, agents or dealers must have
    procedures reasonably designed to ensure that their employees or
    agents who are directly engaged in selling bearer securities or
    bearer debt warrants are aware of the above restrictions on the
    offering, sale, resale or delivery of bearer securities or
    bearer debt warrants.
</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: #FFFFFF">
    Bearer securities, other than temporary global debt securities
    and bearer securities that satisfy the requirements of United
    States Treasury Regulations
    <FONT style="white-space: nowrap">Section&#160;1.163-5(c)(2)</FONT>
    (i)(D)(3)(iii) and any coupons appertaining thereto will not be
    delivered in permanent global form or definitive bearer form,
    and no interest will be aid thereon, unless we have received a
    signed certificate in writing, or an electronic certificate
    described in United States Treasury Regulations
    <FONT style="white-space: nowrap">Section&#160;1.163-5(c)(2)(i)(D)(3)(ii),</FONT>
    stating that on the date of that certificate the relevant
    interest in the bearer security:
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    is owned by a person that is not a United States person;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    is owned by a United States person that (a)&#160;is a foreign
    branch of a United States financial institution, as defined in
    applicable United States Treasury Regulations, which we refer to
    as a &#147;financial institution,&#148; purchasing for its own
    account or for resale, or (b)&#160;is acquiring the bearer
    security through a foreign branch of a United States financial
    institution and who holds the bearer security through that
    financial institution through that date, and in either case
    (a)&#160;or (b)&#160;above, each of those United States
    financial institutions agrees, on its own behalf or through its
    agent, that it will comply with the requirements of
    Section&#160;165(j)(3)(A), (B)&#160;or (C)&#160;of the Internal
    Revenue Code of 1986 and the Treasury Regulations thereunder;
</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: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    or is owned by a United States or foreign financial institution
    for the purposes of resale during the restricted period and,
    whether or not also described in the first or second clause
    above, the financial institution certifies that it has not
    acquired the bearer security for purposes of resale directly or
    indirectly to a United States person or to a person within the
    United States or its possessions.
</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: #FFFFFF">
    We will not issue bearer debt warrants in definitive form.
</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: #FFFFFF">
    We will make payments on bearer securities and bearer debt
    warrants only outside the United States and its possessions
    except as permitted by the above Treasury Regulations.
</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: #FFFFFF">
    Bearer securities, other than temporary global securities, and
    any coupons or talons issued with bearer securities will bear
    the following legend: &#147;Any United States person who holds
    this obligation will be subject to
</DIV>

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    <BR>
    29
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<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: #FFFFFF">
    limitations under the United States income tax laws, including
    the limitations provided in sections&#160;165(j) and 1287(a) of
    the Internal Revenue Code.&#148; The sections referred to in
    this legend provide that, with exceptions, a United States
    person will not be permitted to deduct any loss, and will not be
    eligible for capital gain treatment with respect to any gain
    realized on the sale, exchange or redemption of that bearer
    security or coupon.
</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: #FFFFFF">
    As used in this section, the term bearer securities includes
    bearer securities that are part of units and the term bearer
    debt warrants includes bearer debt warrants that are part of
    units. As used herein, the term &#147;United States person&#148;
    means a citizen or resident of the United States for United
    States federal income tax purposes, a corporation or
    partnership, including an entity treated as a corporation or
    partnership for United States federal income tax purposes,
    created or organized in or under the laws of the United States,
    or any state of the United States or the District of Columbia,
    or an estate or trust the income of which is subject to United
    States federal income taxation regardless of its source. As used
    herein, &#147;United States&#148; means the United States of
    America (including the states thereof and the District of
    Columbia) and &#147;its possessions&#148; include Puerto Rico,
    the U.S.&#160;Virgin Islands, Guam, American Samoa, Wake Island
    and the Northern Mariana Islands.
</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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Form of
    Securities Included in 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: #FFFFFF">
    The form of any warrant included in a unit will correspond to
    the form of the unit and of any other security included in that
    unit.
</DIV>
<A name='131'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</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: #FFFFFF">
    We may sell the debt securities in
    <FONT style="white-space: nowrap">and/or</FONT>
    outside the United States: (1)&#160;through underwriters or
    dealers; (2)&#160;directly to one or more purchasers; or
    (3)&#160;through agents. The applicable prospectus supplement
    with respect to the debt securities will set forth the terms of
    the offering of the debt securities, including the name or names
    of any underwriters or agents, if any, the purchase price of the
    debt securities and the proceeds to us from such sale. In
    addition, the applicable prospectus supplement will set forth
    any delayed delivery arrangements, any underwriting discounts
    and other items constituting underwriters&#146; compensation,
    any initial public offering price and any discounts or
    concessions allowed or re-allowed or paid to dealers.
</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: #FFFFFF">
    Any initial public offering price and any discount or
    concessions allowed or reallowed or paid to dealers may be
    changed 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: #FFFFFF">
    If underwriters are used in the sale, the debt securities will
    be acquired by the underwriters for their own account and may be
    resold from time to time in one or more transactions including
    negotiated transactions, at a fixed public offering price or at
    varying prices determined at the time of sale. The debt
    securities may be offered to the public either through
    underwriting syndicates represented by one or more managing
    underwriters or directly by one or more firms acting as
    underwriters. The underwriter or underwriters with respect to a
    particular underwritten offering of debt securities will be
    named in the prospectus supplement relating to such offering
    and, if an underwriting syndicate is used, the managing
    underwriter or underwriters will be set forth on the cover of
    such prospectus supplement. Unless otherwise set forth in the
    prospectus supplement relating thereto, the obligations of the
    underwriters to purchase the offered debt securities will be
    subject to conditions precedent and the underwriters will be
    obligated to purchase all the offered debt securities if any are
    purchased.
</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: #FFFFFF">
    If dealers are used in the sale of debt securities in respect of
    which this prospectus is delivered, we will sell such debt
    securities to the dealers as principals. The dealers may then
    resell such debt securities to the public at varying prices to
    be determined by such dealers at the time of resale. The names
    of the dealers and the terms of the transaction will be set
    forth in the prospectus supplement relating thereto.
</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: #FFFFFF">
    The debt securities may be sold through agents we designate from
    time to time. Any agent involved in the offer or sale of the
    debt securities in respect to which this prospectus is delivered
    will be named, and any commissions payable by us to such agent
    will be set forth, in the prospectus supplement relating
    thereto. Unless otherwise indicated in the prospectus
    supplement, any such agent will be acting on a best efforts
    basis for the period of its appointment.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<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: #FFFFFF">
    We may sell the debt securities directly to institutional
    investors or others, who may be deemed to be underwriters within
    the meaning of the Securities Act of 1933, as amended, with
    respect to any resale thereof. The terms of any such sales,
    including the terms of any bidding or auction process, will be
    described in the prospectus supplement relating thereto.
</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: #FFFFFF">
    Agents, dealers and underwriters may be entitled under
    agreements entered into with us to indemnification by us against
    certain civil liabilities, including liabilities under the
    Securities Act, or to contribution with respect to payments
    which such agents, dealers or underwriters may be required to
    make in respect thereof. Agents, dealers and underwriters may be
    our customers, engage in transactions with us, or perform
    services for us in the ordinary course of business. In
    connection with an offering, certain persons participating in
    such offering may engage in transactions that stabilize,
    maintain or otherwise affect the price of the debt securities.
    Specifically, such persons may overallot such offering, creating
    a syndicate short position. In addition, such persons may bid
    for, and purchase, the debt securities in the open market to
    cover syndicate shorts or to stabilize the price of the debt
    securities. Finally, such persons may reclaim selling
    concessions allowed for distributing the debt securities in an
    offering, if such persons repurchase previously distributed debt
    securities in syndicate covering transactions, in stabilization
    transactions or otherwise. Any of these activities may stabilize
    or maintain the market price of the debt securities above
    independent market levels. Such persons are not required to
    engage in these activities, and may end any of these activities
    at any time. The debt securities may or may not be listed on a
    national securities exchange. We cannot assure you as to the
    future liquidity of the trading market, if any, for any debt
    securities issued.
</DIV>
<A name='132'>
<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: #FFFFFF">

    <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: #FFFFFF">
    Legal matters relating to the securities offered hereby will be
    passed upon for us by Miller, Canfield, Paddock and Stone
    P.L.C., Detroit, Michigan.
</DIV>
<A name='133'>
<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: #FFFFFF">

    <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: #FFFFFF">
    The financial statements, incorporated in this Registration
    Statement by reference from the Company&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-</FONT><FONT style="font-variant: SMALL-CAPS">K,</FONT>
    and the effectiveness of BorgWarner&#146;s internal control over
    financial reporting, have been audited by Deloitte&#160;&#038;
    Touche LLP, an independent registered public accounting firm, as
    stated in their reports, which are incorporated herein by
    reference. Such financial statements have been so incorporated
    in reliance upon the reports of such firm given upon their
    authority as experts in accounting and auditing.
</DIV>
<A name='134'>
<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: #FFFFFF">

    <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: #FFFFFF">
    We are a reporting company and file annual, quarterly and
    current reports, proxy statements and other information with the
    SEC. We have filed with the SEC a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    under the Securities Act with respect to the securities we are
    offering under this prospectus. This prospectus does not contain
    all of the information set forth in the registration statement
    and the exhibits to the registration statement. For further
    information with respect to us and the securities we are
    offering under this prospectus, we refer you to the registration
    statement and the exhibits and schedules filed as a part of the
    registration statement. You may read and copy the registration
    statement, as well as our reports, proxy statements and other
    information, at the SEC&#146;s public reference rooms at
    100&#160;F&#160;Street, N.E., Washington,&#160;D.C. 20549. You
    can request copies of these documents by writing to the SEC and
    paying a fee for the copying cost. Please call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for more information about the operation of the public reference
    room. The SEC maintains a website
    <FONT style="white-space: nowrap">(http://www.sec.gov)</FONT>
    that contains reports, proxy, and information statements and
    other information regarding registrants that file electronically
    with the SEC (such as us). In addition, you can read and copy
    our SEC filings at the offices of the New&#160;York Stock
    Exchange, Inc., 20&#160;Broad Street, New York, New York 10005.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    31
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='135'>
<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: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF DOCUMENTS BY REFERENCE</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: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148;
    certain of our publicly filed documents into this prospectus,
    which means that we may disclose material information to you by
    referring you to those documents. The information incorporated
    by reference is considered to be part of this prospectus and any
    later information that we file with the SEC will automatically
    update and supersede this information. We incorporate by
    reference the documents listed below and any additional
    documents we file with the SEC under Sections&#160;13(a), 13(c),
    14 or 15(d) of the Exchange Act (other than current reports or
    portions thereof furnished under Item&#160;2.02 or
    Item&#160;7.01 of
    <FONT style="white-space: nowrap">Form&#160;8-K)</FONT>
    at any time after the initial filing of the registration
    statement, whether before or after it is declared effective,
    until the offering of the securities is terminated.
</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: #FFFFFF">
    The following documents that we previously filed with the SEC
    (SEC File
    <FONT style="white-space: nowrap">No.&#160;001-12162)</FONT>
    are incorporated by reference; provided, however, that we are
    <U>not</U> incorporating, in each case, any document or
    information deemed to have been furnished and not filed in
    accordance with SEC rules:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;Our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2007, filed on
    February&#160;14, 2008;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Our definitive Proxy Statement on Schedule&#160;14A,
    relating to our 2007 annual meeting of stockholders filed on
    March&#160;23, 2007.
</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: #FFFFFF">
    We will provide at no cost to any person to whom a copy of this
    prospectus is delivered, on written or oral request, a copy of
    any or all of the documents incorporated by reference, other
    than exhibits to those documents, unless specifically
    incorporated by reference. You should direct any requests for
    documents to BorgWarner Inc., 3850 Hamlin Road, Auburn Hills,
    Michigan 48326, Attention: Corporate Secretary.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    32
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=0 -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=0 -->

<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: #FFFFFF">
    <B><FONT style="font-size: 14pt">$275,000,000</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: #FFFFFF">
    <IMG src="c50412b5c5041200.gif" alt="(BORGWARNER LOGO)"><FONT style="font-size: 14pt">
    </FONT>
</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: #FFFFFF">
    <B><FONT style="font-size: 14pt">%&#160;Convertible Senior Notes
    Due 2012</FONT></B>
</DIV>

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

<CENTER style="font-size: 1pt; width: 25%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=115 -->

<DIV style="margin-top: 9pt; 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: #FFFFFF">
    <FONT style="font-size: 12pt">Prospectus Supplement<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 8pt; 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: #FFFFFF">
    <FONT style="font-size: 12pt">April&#160;&#160;&#160;, 2009
    </FONT>
</DIV>

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

<CENTER style="font-size: 1pt; width: 25%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=115 -->

<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: #FFFFFF">
    <B><I>Joint Book-Running Managers</I></B>
</DIV>

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

<DIV style="margin-top: 3pt; 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: #FFFFFF">
<TR>
<TD width="1%%" align="center" nowrap>
    <B><FONT style="font-size: 16pt">Morgan Stanley<BR>
    </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: #FFFFFF">
<TR>
<TD width="20%">
&nbsp;
</TD>
<TD width="32%" align="center" nowrap>
    <B><FONT style="font-size: 16pt">Merrill Lynch&#160;&#038;
    Co.<BR>
    </FONT></B>
</TD>
<TD width="48%">
&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: #FFFFFF">
<TR>
<TD width="40%">
&nbsp;
</TD>
<TD width="15%" align="center" nowrap>
    <B><FONT style="font-size: 16pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Citi<BR>
    </FONT></B>
</TD>
<TD width="45%">
&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: #FFFFFF">
<TR>
<TD width="99%%">
&nbsp;
</TD>
<TD width="1%%" align="center" nowrap>
    <B><FONT style="font-size: 16pt">Deutsche Bank
    Securities</FONT></B>
</TD>
</TR>
</TABLE>

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

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